People involved in Loan Process
Posted by nabeelshaukat on September 7th, 2010
People involved in Loan Process:
This is for sure that when you need instant cash, and you don?t have any other way to arrange it then loan can be your last resort to fulfill your urgent need. On the other hand, due to current unfavorable economic conditions a lot of people are forced to take loans to fulfill their urgent needs. There are several types of loans which are available today each with different specifications and requirements. One of the most popular types is the mortgage loan for home. This loan is used to purchase a home or to renovate the home.
Getting a home loan is not an easy task as there are a lot of requirements which you will be required to meet and submit. You can fulfill these requirements by your own if you understand all these correctly, but keep in mind, even a single mistake can result in failure to get a loan. On the other hand, there are some professional people who can help you to get any type of loan, and can guide you in any kind of loan application. These people are well trained and used to deal with loan related problems that you may encounter in your case. Let?s meet some people who can help you in your mortgage loan approval process.
Loan Officer: This is the first person to whom you will be meeting regarding your loan application. He will be guiding you about different aspects of a loan application, and will guide you in filling the application form. After you have filled out the application form, loan officer will check and verify all the information provided on the form.
Loan Processor: After the loan officer has verified all the information that you provided, loan processor will be the first person who will be processing all the paperwork. After reviewing all the documentation, he will send the details to underwriter.
Loan Underwriter: This is the most important person regarding your mortgage loan application, because he has the final say regarding your loan approval.
Mortgage Loan Appraiser: This person will be setting the actual value of your home. He always considers the damages that are present inside and outside the house, and after that he sets the appraisal value of your home.
Mortgage Loan Inspector: This is one of the most important persons due to the fact that he will be making sure that whether a property deserves the price demanded by the seller or not? He examines the home from each angle right from the flooring up to the roof. A property with low damages would get higher price, and one which is more damaged would certainly be getting low value.
Mortgage Closer Agent: He is the person who wraps up all the required paperwork to close a loan deal or home loan deal. After finalizing all the things, he transfers all the paperwork to the settlement agent.
Mortgage Settlement Agent: This person completes the transaction of home loan made between the buyer and the seller. His main task is to transfer the cash from buyer to seller as well as transfer the legal title of the property from seller to buyer.
These are the persons who are involved in a loan process, and their tasks are very important for your loan approval. So, you can say that a quick loan approval depends on all these persons.
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About the Authornabeelshaukat
Joined: August 12th, 2010
Articles Posted: 193
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