When you’re diving into the mortgage world, it’s easy to get mixed up between different roles. There’s a great big group of people who work both with you, and behind the scenes, to get the loan approved and closed. Here’s the lowdown on who does what in a mortgage company:
Who’s your main point of contact, and when?
The process of getting a loan moves through several sections. Start with getting pre-approved—this shows sellers you’re a serious contender. Next, pick the loan that fits your needs and decide if you want to buy any credits. Then, dive into the application process. After that, the underwriting team will dive into your financials to make sure all the pieces fit. Once you’re cleared, you’ll sign the final docs and close on your new home.
| To get started (first 24 hours) | To get the loan terms and win the offer on a new home | To complete your application and approved for the loan | To prepare for closing on the loan | |
| Pre-Approval Advisor | X | |||
| Loan Advisor | X | |||
| Application Advisor | X | |||
| Closer | X |
The Pre Approval Advisor: Your first point-of-contact
- Role: When you first reach out to a mortgage company, you’ll probably talk to someone who can help figure out where you are in the buying process (and who you should talk to and when), and give you the right info to take the next steps.
- What to talk to them about:
- General information about a quote
- Application process
- How to complete a pre approval
- Timing: You connect with the Pre Approval Advisor right at the start, when you’re exploring your loan options.
The Loan Advisor (sometimes called a Loan Officer):
- Role: This is your main point of contact in the beginning. They help you understand your loan options, guide you through the initial stages of the application, and run the numbers for you to ensure you get the best price and terms. They’re licensed to explain loan products and interest rates. At Tomo, this person can also be really helpful in developing your pre approval and “offer letter” so that you win the bid to buy the home.
- What to talk to them about:
- Which type of loan to get and why
- Interest rates and terms of the loan
- Preparing your offer letter
- Submitting your initial loan application
- Timing: You connect with the Loan Advisor after you answer questions about your financials and home you’re looking for, and they’re the ones that will complete your pre approval.
Application Advisor (sometimes called a Loan Processor):
- Role: Once your application is in, the Loan Processor takes over. They handle the behind-the-scenes work, including verifying your financial information, collecting necessary documents, and ensuring everything is in order for the underwriter’s review. They also handle tasks from initial underwriting submission to final approval, including gathering title, escrow, and attorney information to get your file ready for closing.
- What to talk to them about:
- Document needs or issues (e.g., missing details)
- Application status and underwriting process
- Timing: This role kicks in after you’ve submitted your application and continues until you get the final approval on your loan post underwriting.
Closer
- Role: The closer is a key player in the final stages of a mortgage transaction. Their primary role is to ensure that all the legal documents are properly prepared, reviewed, and signed, and that the funds are accurately distributed according to the terms of the agreement. They coordinate with the buyer, seller, and various parties involved to ensure a smooth and legally compliant closing process.
- What to Discuss with the Closer:
- Confirm that all the figures on the closing disclosure are accurate and match your expectations.
- Verify that any credits or adjustments, such as seller credits or prorated taxes, are correctly applied.
Timing: The closer’s role typically begins once underwriting is completed and continues through the final steps of the closing process, ensuring everything is in order before the transaction is finalized.
Why are so many different people involved?
Loans are complicated financial agreements and there’s a lot of rules and regulations around what needs to be done and when, and this requires different licensing and certification. So, while one person might be great at running the numbers to get you the best terms on your loan (the Loan Advisor) another person might be better at identifying the nuanced contractual issues that might be holding up your loan in underwriting (the Loan Advisor).
By connecting you with the right person at the right time, we’re able to move a lot faster (and at less cost) than other lenders who might want to have a single “salesperson” in front, who has to play telephone with multiple people behind the scenes.
If you’re ready to start your journey to homeownership, get pre approved with Tomo Mortgage today.
