As most of us know, there are several basic criteria that are used to approve or disapprove a mortgage application. These include income, employment history, credit rating, debt-to-income ratio, property appraisal, etc. In metro-Atlanta, the typical mortgage application takes 3-6 weeks to process and, during this period, it is crucial that borrowers fully understand the process. If they don’t, they could inadvertently undermine their own application. Here’s how.
There are three principal players at the mortgage company – the loan officer (or mortgage originator), the loan processor and the underwriter. The loan officer takes the initial mortgage application from the borrower, reviews the credit report and other basic qualifications, provides information regarding loan programs, interest rates, etc. and advises the buyer of their loan options.
Once the application is complete, the packet is passed to the loan processor. This person is responsible for verifying information provided by the borrower, analyzing documentation, obtaining missing documents and generally ‘packaging’ the file. When the file is fully ‘packaged’, it is then sent to the underwriter.
The underwriter represents the final, and sometimes the most difficult, hurdle in the process. While all lenders want to lend (after all, it’s how
There are three principal players at the mortgage company – the loan officer (or mortgage originator), the loan processor and the underwriter. The loan officer takes the initial mortgage application from the borrower, reviews the credit report and other basic qualifications, provides information regarding loan programs, interest rates, etc. and advises the buyer of their loan options. 
