What professional evaluates a mortgage loan?

Question

Zippia Team · Accepted Answer

The professional that evaluates a mortgage loan is called a mortgage underwriter. Mortgage underwriters collect, verify, and evaluate the financial information that clients provide on their loan applications. They also often utilize loan underwriting software to produce recommendations.

Here is some more information on mortgage underwriters and other professionals that participate in the evaluation of a mortgage loan and the overall process:

Mortgage underwriter
A mortgage underwriter is a professional who analyzes documents from potential borrowers to determine if they are eligible for a loan. Underwriters work for a particular financial institution, like a bank or credit union. They assess the risks their financial institution would be undertaking by granting a mortgage loan.
Underwriters may work closely with loan officers, investors, clients, and other interested parties throughout the mortgage application and approval process.
Mortgage loan processor
A mortgage loan processor is a professional that reviews and processes loan applications.
They work for banks or other financial institutions and ensure that clients submit all the necessary documentation for the loan process. Then they review mortgage loan applications and submit them to an underwriter for final review.
A mortgage loan processor guides a client's loan to the closing table.
Mortgage loan officer
A mortgage loan officer works for a bank and offers mortgages. A loan officer works for a bank, credit union, or mortgage lender.
They offer programs and mortgage rates from the institution they work at, help customers complete mortgage applications, and answer any questions the customer may have regarding the mortgage or the application.
A mortgage loan officer may also receive a commission for processing a client's application. In addition, they may offer certain programs specific to a customer's financial situation.