The mortgage industry is full of skilled financial professionals, many of whom you may not even come in contact with during your home buying journey. The mortgage originator, however, is likely to be your key point of contact throughout the home loan process.
In this post, we will help you have a better understanding of what a mortgage originator does and how he or she works to help you achieve your homeownership dreams.
Who is a mortgage originator?
Mortgage originators are industry professionals who work closely with the borrower to complete a mortgage transaction. From pre-qualification to pre-approval to closing, the mortgage originator is frequently the liaison between the borrower and the bank or mortgage company. In many cases, mortgage originators have to be licensed through the various states where they originate loans.
What are the duties of a mortgage originator?
- Help you complete the mortgage application – The mortgage originator will typically gather the necessary information from you and help you complete the application so that the underwriter has accurate and thorough information when reviewing the application.
- Educate you on loan products and the borrowing process – One of the biggest jobs the mortgage originator has is to educate the borrower on the various home loan products offered as well as help
them understand the borrowing process as it relates to each loan. Some loans require certain things that other loans do not require, while some loans may take longer to process than others. Each loan is a little different, so a mortgage originator serves as a resource to help a borrower understand what to expect during the loan process.
- Ordering or helping coordinate the appraisal and title work – The appraisal offers documentation on the fair market value of the home being financed. The mortgage originator needs the appraisal in order to determine the loan amount. Mortgage originators often order appraisals and title work themselves or work their processing and/or support teams to set the ball in motion.
- Obtaining and verifying borrower’s information – The mortgage originator often helps deal with outstanding conditions and acts as the liaison between the borrower, the processor, and the underwriter. Skilled originators will review documentation prior to passing it to their underwriting departments to make sure that everything appears complete and sufficient.
- Coordinate closing – While many mortgage companies have closing departments, your mortgage originator will likely have a hand in arranging the closing with all appropriate parties. Closing can be held at the mortgage originator’s office, at the home being closed on, or at any other mutually agreed on place.