{"id":3810,"date":"2024-09-18T12:14:31","date_gmt":"2024-09-18T17:14:31","guid":{"rendered":"https:\/\/tomo.com\/blog\/?p=3810"},"modified":"2025-02-10T13:18:42","modified_gmt":"2025-02-10T18:18:42","slug":"who-does-what-in-a-mortgage-company-understanding-your-lending-team","status":"publish","type":"post","link":"https:\/\/tomo.com\/blog\/who-does-what-in-a-mortgage-company-understanding-your-lending-team\/","title":{"rendered":"Who does what in a mortgage company? Understanding your lending team"},"content":{"rendered":"\n<p>When you&#8217;re diving into the mortgage world, it&#8217;s easy to get mixed up between different roles. There\u2019s a great big group of people who work both with you, and behind the scenes, to get the loan approved and closed. Here\u2019s the lowdown on who does what in a mortgage company:<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Who\u2019s your main point of contact, and when?<\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>The <a href=\"https:\/\/tomo.com\/blog\/what-are-the-steps-to-getting-a-mortgage\/\" title=\"process of getting a loan\">process of getting a loan<\/a> moves through several sections. Start with <a href=\"https:\/\/tomo.com\/mortgage\/app\/preapproval\" title=\"getting pre-approved\">getting pre-approved<\/a>\u2014this shows sellers you&#8217;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\u2019re cleared, you\u2019ll sign the final docs and close on your new home.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><\/td><td>To get started (first 24 hours)<\/td><td>To get the loan terms&nbsp; and win the offer on a new home<\/td><td>To complete your application and approved for the loan<\/td><td>To prepare for closing on the loan<\/td><\/tr><tr><td>Pre-Approval Advisor<\/td><td>X<\/td><td><\/td><td><\/td><td><\/td><\/tr><tr><td>Loan Advisor<\/td><td><\/td><td>X<\/td><td><\/td><td><\/td><\/tr><tr><td>Application Advisor<\/td><td><\/td><td><\/td><td>X<\/td><td><\/td><\/tr><tr><td>Closer<\/td><td><\/td><td><\/td><td><\/td><td>X<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The Pre Approval Advisor: Your first point-of-contact<\/h3>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Role:<\/strong> When you first reach out to a mortgage company, you\u2019ll 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.<br><\/li>\n\n\n\n<li><strong>What to talk to them about:&nbsp;<\/strong>\n<ul class=\"wp-block-list\">\n<li>General information about a quote<\/li>\n\n\n\n<li>Application process<\/li>\n\n\n\n<li>How to <a href=\"https:\/\/tomo.com\/mortgage\/app\/preapproval\" title=\"complete a pre approval\n\">complete a pre approval<br><\/a><\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Timing:<\/strong> You connect with the Pre Approval Advisor right at the start, when you&#8217;re exploring your loan options.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The Loan Advisor (sometimes called a Loan Officer):<\/h3>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Role:<\/strong> 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\u2019re licensed to explain loan products and interest rates. At Tomo, this person can also be really helpful in developing your pre approval and \u201coffer letter\u201d so that you win the bid to buy the home.<br><\/li>\n\n\n\n<li><strong>What to talk to them about:&nbsp;<\/strong>\n<ul class=\"wp-block-list\">\n<li>Which type of loan to get and why<\/li>\n\n\n\n<li>Interest rates and terms of the loan<\/li>\n\n\n\n<li>Preparing your offer letter<\/li>\n\n\n\n<li>Submitting your initial loan application<br><\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Timing:<\/strong> You connect with the Loan Advisor after you answer questions about your financials and home you\u2019re looking for, and they\u2019re the ones that will complete your pre approval.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Application Advisor (sometimes called a Loan Processor):<\/h3>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Role:<\/strong> 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\u2019s 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.<br><\/li>\n\n\n\n<li><strong>What to talk to them about:&nbsp;<\/strong>\n<ul class=\"wp-block-list\">\n<li>Document needs or issues (e.g., missing details)<\/li>\n\n\n\n<li>Application status and underwriting process<br><\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong>Timing:<\/strong> This role kicks in after you\u2019ve submitted your application and continues until you get the final approval on your loan post underwriting.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Closer&nbsp;<\/h3>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>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.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>What to Discuss with the Closer:\n<ul class=\"wp-block-list\">\n<li>Confirm that all the figures on the closing disclosure are accurate and match your expectations.<\/li>\n\n\n\n<li>Verify that any credits or adjustments, such as seller credits or prorated taxes, are correctly applied.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p>Timing: The closer\u2019s 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.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Why are so many different people involved?&nbsp;<\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>Loans are complicated financial agreements and there\u2019s 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).&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>By connecting you with the right person at the right time, we\u2019re able to move a lot faster (and at less cost) than other lenders who might want to have a single \u201csalesperson\u201d in front, who has to play telephone with multiple people behind the scenes.&nbsp;<\/p>\n\n\n<div style=\"padding-top:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--30);padding-right:var(--wp--preset--spacing--30);margin-top:var(--wp--preset--spacing--30);margin-bottom:var(--wp--preset--spacing--30);margin-left:0;margin-right:0;\" class=\"has-link-color wp-elements-c54b177fd5d2f341f8967a20726f2ac0 wp-block-post-author has-text-color has-contrast-color has-background has-tertiary-background-color has-large-font-size\"><div class=\"wp-block-post-author__content\"><p class=\"wp-block-post-author__name\"><a href=\"https:\/\/tomo.com\/blog\/author\/clairegtomonetworks-com\/\" target=\"_self\">Claire Gallaudet<\/a><\/p><p class=\"wp-block-post-author__bio\">Claire is a Mortgage Analyst at Tomo, where she explores the data and trends shaping the housing market. She is especially interested in how economic forces impact homebuyers. A Seattle native, she now lives in Austin, where she balances analysis and communications with teaching yoga and walks around the lake with her dog.<\/p><\/div><\/div>\n\n\n<p>If you&#8217;re ready to start your journey to homeownership, <a href=\"https:\/\/tomo.com\/mortgage\/app\/preapproval\" title=\"\">get pre approved with Tomo Mortgage today.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>When you&#8217;re diving into the mortgage world, it&#8217;s easy to get mixed up between different roles. There\u2019s a great big group of people who work both with you, and behind the scenes, to get the loan approved and closed. Here\u2019s the lowdown on who does what in a mortgage company: Who\u2019s your main point of [&hellip;]<\/p>\n","protected":false},"author":31,"featured_media":3837,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[288],"tags":[],"class_list":["post-3810","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-home-buying-process"],"aioseo_notices":[],"jetpack_featured_media_url":"https:\/\/tomo.com\/blog\/wp-content\/uploads\/2024\/09\/who-does-what-in-a-mortgage-company-tomo-mortgage-jpg.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts\/3810","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/users\/31"}],"replies":[{"embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/comments?post=3810"}],"version-history":[{"count":2,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts\/3810\/revisions"}],"predecessor-version":[{"id":3812,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/posts\/3810\/revisions\/3812"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/media\/3837"}],"wp:attachment":[{"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/media?parent=3810"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/categories?post=3810"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tomo.com\/blog\/wp-json\/wp\/v2\/tags?post=3810"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}