You Buying a home or Refinancing can be very confusing. There are so many people involved in the process. Below is an explanation of the key players involved in your transaction! This should help you understand who is who!
1. Lender - A lender is the agenctyt that lends money for a home purchase or refinance. Lenders can be banks, savings & loan aasociations, credit unions, or even government agencies and private individuals.
2. Mortgage Banker - A mortgage banker is a person or compnay tyhat is contracted to originate, finance, close. sell and service home loans on behalf of an institutional lender. Mortgage Bankers and Lenders are synonymous.
3. Mortgage Broker - A mortgage broker is a middleman who charges a fee to match up a homebuyer or owner to an appropriate lender for their indivual needs.
4. Loan Processor - The loan processor is employed by the lender, mortgage banker or mortgage broker. This person is in charge of verifying employment, assets, and analyzing the applicants infomation in order to qualify.
5. Escrow - The escrow company is a nuetral third party that is incharge of executing the lender's instructions, incharge of holding and dispursing funds from a realestate transaction or refinance and reviewing the title report. They are a critical part of the transaction.
6. Title - The title company is incharge of insuring the title of the property from fraud for a fee. They provide the preliminary title report and record any changes in title with the local county recorder.
7. Real Estate Agent - The real estate agent is reposible to the buyer of a home to show/list properties, coordinate the sales transaction and communicate with escrow and title on the buyers behalf.
8. Loan Signing Service - The loan signing service is typically contracted by the escrow officer to coordinate the time and location for the appointment to sign the loan documents. They also provide a notary public who will supervise and notarize loan documents.
Now you are more familiar with the key players involved with your purchase or refinance transaction. This information should help you sort out who is who and that there is much more involved in this process than you though! Good luck with your transaction!
Notary Near You Inc. is your prompt, precise, and professional network of mobile notaries that saves you time by coming to you for signing. Backed by nine years of experience and over 10,000 sets of completed loan documents for lenders, banks, loan officers, real estate agents, escrow firms, and title companies, we'll work with you when and where you need us!
