Loan/Refinance process

Thanks for the explanation.  What are the differences between a loan agent,  a processor and an underwriter?  I always thought my loan agent will be the one who's dealing with the bank on my behalf?  I did not realize it involves that many parties.

Each person and company is a little different how they handle a transaction.  A beginning broker will limit further questions, while a good broker will ask the important questions.  Then it will move to the processor who will verify all the requirements, gather more the papers from you.  The processor will talk to you, ask for update paper works.  Then send the package to underwriter.  The underwriter never talks to you directly.  May ask for a few more items to be taken by the processor.  After signing off, the broker is notified via processor and let's you know when the signing date will be.  About four to six weeks time line.
All through this the broker is just a PR person from the company to you.  They want to keep you update so you will stay with them.  The broker will be on the phone to the next customer.
Did you have a particular question or underling reason for asking this question that we can help you further?

Kris Yates
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