 Sam
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Joined: 21 May 2005
Posts: 281
Location: CALIFORNIA
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 Posted: Fri Mar 26, 2004 6:04 am Post subject: Who is who in the housing business? |
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Real Estate Agent/Broker
A broker is a state-licensed agent who assists the clients in arranging funds or negotiating contracts. He does not loan the money himself. Brokers generally receive a commission or a fee for their services. When you decide on a home to purchase, make an offer on the home. The real estate broker will present your offer to the seller.
Mortgage Broker
Mortgage Broker is an individual or a company, which acts, as an intermediary between the borrower and the lender that originates loan and charges a service fee. They represent numerous wholesale lenders and will find the best loan program to suit your financial needs and concerns.
Loan Officer
The loan officer is the buyer's liaison to the lender for obtaining a loan.
Lender
Any bank, mortgage broker, or financial institution that provides the loan funds to a borrower is known as Lender. Your lender will ask you to fill out a loan application form.
State or Local Housing Finance Agency
Some government agencies provide valuable housing assistance to low-and-moderate income homebuyers and renters.
Property/Mechanical Inspector
A qualified inspector examines the home from basement to attic. The knowledge of flaws can help to negotiate a better price on the house.
Appraiser
An educated, trained and experienced person has being appointed to estimate the market value of real property and personal property. They are hired by the mortgage broker or lender. This helps the lender to decide a reasonable loan amount for the mortgage.
Underwriter
The underwriter works for the lender for evaluating a loan application to determine the risk involved. It usually involves an in-depth analysis of the value of property, borrower's credit history, borrower's ability, risk and borrower's willingness to repay the debt.
Attorney/Closing agent
They are responsible for ensuring that all documents have been completed properly including those related to the title search and title insurance. The closing agent will explain all closing documents to you and the seller, obtain your signatures, and record the documents with the appropriate local governments. |
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