I’m back at it today, shaking up the mortgage world (literally)!

Today I wanted to provide a brief “Who’s Who” in your mortgage transaction so you know what’s going on behind the scenes.

Check it all out in today’s video:

(Watch it on your mobile phone or email reader here)

Congratulations to Guinness World Record holder Don Gorske from Fond du Lac Wisconsin. He Just ate his 25,000th Big Mac yesterday! Don if you would like to stop in an learn how to use the Shake weight let me know. You’re only 20 miles away. It might just help you get to 50,000. Click here to read the full story!

Let’s talk about these four main people involved in your mortgage transaction.

  • Loan Officer
  • Loan Processor
  • Underwriter
  • Closing Agent

It all starts with your loan officer or loan originator (they go by many names). This should be the person you spoke with to structure and negotiate the terms of your mortgage.

After you make your decision on what loan program you want and lock your loan, you get to meet the loan processor. This is the person who orders the necessary documentation to get your loan done. They get verifications of employment, deposits, title insurance and whatever else is needed on your loan. Then they package up your loan file in a nice little package with all the necessary documents to deliver it to your loan to the underwriter.

The underwriter is like the Wizard of OZ. You don’t ever get to talk to them or see them but they run the show. What your underwriter wants, your processor gets. Your loan originator may be the person you actually talk with on a day to day basis but the processor and underwriter are the ones getting your loan ready for closing. Everyone has there role in a loan transaction all equally important and necessary.

The last person you see should be seeing is the closing agent. This means the other three individuals did their job. You might want to ask if you have a designated underwriter on your file. That means the same underwriter works your file from start to finish. In my opinion that is the most efficient way to do it.

Rates are Up today!

Mortgage Bonds are lower today and have bounced off that 200 day moving average ceiling of resistance and resulted in worse pricing today. This should be no surprise. Rates have been extremely volatile.

Today’s rates with no lender fees are 4.5% on a 30 year fixed, 3.75% on a 15 year fixed, and 3.0% on a 5/1 ARM. Click here to get the details and other rates I found today with NO lender fees.

Please don’t forget to share today’s episode and let’s change the way people shop for a mortgage…forever!

See you tomorrow!

– Mike

To ask a question, get advice, or find out what your lender is making off your loan, just post a comment with your question.

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