Who’s Who in Your Mortgage Process?
What Can They Do for You?
You will probably work with many people during your home loan process, especially if you are purchasing a new home! While it may appear overwhelming at times, just keep in mind that each person you work with is there to provide a specific service to help you achieve your goal of refinancing or purchasing a home.
Your Home Loan Consultant
Your Home Loan Consultant at Target Credit Union is a mortgage specialist who will review your credit, income, employment, and financial information to see if you qualify for a mortgage. Your Home Loan Consultant will help you to complete your mortgage application and work with you to determine the best financing options to help you achieve your goals.
Your Home Loan Processing Specialist
Your Home Loan Processing Specialist at Target Credit Union is here to help you walk through the necessary steps to get your loan to close. Your Processor will request from you the required loan conditions such as documentation about your income, employment, monthly obligations, and assets. Your Processor also places the appropriate orders for your appraisal, title, and flood certification. Your Home Loan Processing Specialist is responsible for reviewing this information, guarantying its accuracy, making any necessary corrections to your application, and submitting your loan to the Underwriter for a final review. You will need to work closely with your Processor and provide the necessary documentation in a timely manner to help keep your loan process on track. You’ll receive periodic updates during your loan process to keep you well informed of your loan status. You may also check the status of your home loan online or contact your Processing Specialist at any time with your questions.
The Mortgage Underwriter reviews your file once all of the required underwriting conditions have been collected by your Processor. This review is performed to validate the accuracy of the data taken from your loan application in order to make a final determination of your eligibility for the home loan you applied for. Internally, the Underwriter plays an important role within the mortgage process by providing your Home Loan Consultant and your Processing Specialist answers to any questions they may have about the underwriting and qualification of your loan along the way.
Home Loan Closing Specialist: Your Home Loan Closing Specialist at Target Credit Union will work with you, the title company, the notary, and required attorneys to facilitate the closing of your loan. Upon scheduling your home loan to close, the Closing Specialist receives your file from your Processor in order to complete your closing documents and determine the final closing figures associated with your loan. The Closing Specialist will provide you with a copy of your closing documents and your figures prior to your closing. If you need to bring money to close, you will be informed of the amount. Please note that you will typically have to bring certified funds to close or have your money wired directly to the title company. To save you time, we can wire your funds on your behalf if they are held in a Target Credit Union account!
Real Estate Appraiser
The Estate appraiser is responsible for looking at your property, usually both the interior and exterior of the home, to determine how much it is worth. Real Estate Appraisers are selected randomly through an Appraisal Management Company to avoid any conflicts of interest. The appraiser determines the value of the home in a number of different ways, the most significant being the comparison of your home to other similar homes nearby that have recently sold.
Other Important Mortgage Professionals
Real Estate Agent
When you decide to purchase a home, Real Estate Agents (Realtors) can help you find the type of home you are looking for. A Realtor will give you the opportunity to view and compare homes and neighborhoods to find what is right for you! Your Realtor is a great source of information about specific community information and can provide you with data about schools, shopping, recreation, property tax rates and more. Your Real Estate Agent will help you find a home that meets your needs and financial circumstances. When you’re ready to make an offer, it’s your Realtor who typically handles the negotiations and presents your offer to the seller.
When purchasing a home, you may want to consider hiring a professional home inspector to make sure the property is in good condition before you buy. A qualified inspector can uncover defects that could cost you a lot of money down the road! If you know about needed repairs upfront, you will have the opportunity to negotiate with the seller to make the necessary repairs prior to close. Any significant items of repair that might impact the livability of the home are generally required to be completed prior to closing your loan.
In the home buying process, you might consider using the services of an attorney to represent your interests. For example, an attorney can review a purchase contract and tell you if it protects your best interests and covers the important details of the sale. If you are considering an attorney, you should ask what services will be performed and whether the attorney is experienced in representing home buyers. It would be a good idea to also ask if the attorney is representing anyone else involved in the transaction. Full disclosure is important.
In some areas, an attorney will act as your settlement agent and facilitate the closing of your loan, even on a refinance transaction.
Closing or Settlement Agent
Closing is the final step in completing your home financing. A representative of the title company will oversee the actual closing of your loan for both purchase and refinance transactions. After your documents are signed, the Closing Agent returns them to the title company for proper recording.
Mortgage Loan Servicer
To provide you with the best home loan services possible, Target Credit Union has partnered with Central Loan Administration & Reporting (Cenlar) to fulfill the servicing of your home loan. Cenlar is a national mortgage servicer with significant expertise in servicing home loans. The servicing relationship between Target Credit Union and Cenlar is simply for your information. Your loan has not been sold or transferred. As a partner, Cenlar enables us to offer you many convenient ways to make your mortgage payment and provide you with easy access to your home loan information when you need it.