Who Are The Different People Involved In Getting A Mortgage?

Parties To A Mortgage

The following example is for a mortgage for a property purchase. It is a little less complicated with a refinance because there are no buyers and sellers.

Real Estate

In a purchase you will have both real estate agents handling the paperwork and other parts of the transaction.

There is a buyer and seller of the property.

Lender

There is a loan officer to work with you on your loan. This is true whether you go with a broker or lender. You will usually have one person who manages the loan process from start to finish.

You may not interact directly with them but the lender will have an underwriter who will actually analyze your loan. This person decides if your loan is approved, and what, if any, loan conditions will need to be satisfied.

Title and Escrow

Title insurance is issued by the title company. Escrow agents are neutral intermediaries who ensure the paperwork is completed properly and the money is distributed between all the parties properly.

Service Providers

You will probably have a notary public who notarizes the loan documents. An appraiser conducts an appraisal of the property and issues a property appraisal report. You may have a structural or pest inspection done on this property, which will in turn also generate its own report.