Buying a home is a complex process, and everyone knows that. You may know who your realtor or your loan officer are, but not the many other roles and jobs that happen before you are given the keys. Here's everyone who is involved with your ongoing or future home purchase!
Appraiser
An individual who is licensed to estimate the worth (fair
market value) of the property you are purchasing.
Closing or Settlement Agent
The party who conducts the closing meeting. This
role may be filled by an attorney, title company, or
real estate agent depending upon the state where the
property is located.
Loan Officer
A Loan Officer represents one lending institution and
their loan programs. They help you choose the best
mortgage loan based upon your situation and will help
you complete the loan application.
Loan Processor
A Loan Processor is one who gathers, administers,
and processes your loan application before it gets the
approval of a loan underwriter. This individual is essential
to getting your mortgage loan request to the final close.
Loan Servicer
The entity that collects mortgage payments (it may or
may not be the lender) and pays taxes and insurance and
mortgage insurance, if required, on your behalf.
Mortgage Insurer
By compensating the lender for losses should a borrower
be unable to make payments, Mortgage Insurance allows
a borrower to get into a home without having to come
up with a 20% down payment. Many Mortgage Insurers,
such as Enact Mortgage Insurance, can assist borrowers
if they become behind in their mortgage payments.
Mortgage Lender
A financial institution that issues loans. Unlike brokers,
lenders control the whole process, from underwriting
to funding.
Property Inspector
An individual certified to conduct an examination of the
home. An inspector will look for issues that may affect
the value of the property and can assess the condition
of a property’s roof, foundation, heating and cooling
systems, plumbing, electrical work, water and sewage,
and some safety issues.
Real Estate Agent
A real estate agent is a person who acts as an
intermediary between sellers and buyers of real estate/
real property and attempts to find sellers who wish to
sell and buyers who wish to buy. They can often provide
helpful and specific community information such as
shopping, transportation, and schools.
Real Estate Broker
A broker is a licensed real estate professional who
represents the sellers or buyers of a property, and can
typically help determine the market values of properties.
While a broker may work independently and has the
ability to manage their own firm, an agent usually works
under a licensed broker to represent clients.
Underwriter
A worker who evaluates and determines the risk for
potential clients when applying for a mortgage. They
may decide whether and under what terms to provide
the mortgage
