Applications & Processing

by Alex Mendel

Mortgage Brokers and Lenders – Who Does What?

Ever wondered who handles your loan process? A mortgage broker is your main contact, connecting you with various lenders who provide the actual funds. The lender pays the broker a fee for managing the customer service. This relationship ensures you get the best loan options available.

Filling Out the Application

Applying for a loan involves completing standard forms, often available online through your mortgage broker's website. These forms verify your information to qualify you for the loan, so be meticulous in your responses.

Documentation

To streamline your loan process, gather these essential documents:

2 years of W-2 forms or tax returns if self-employed

Recent pay stubs

3 months of bank and money market statements

Brokerage, mutual fund, and retirement account statements

Proof of additional income sources (alimony, rental income, etc.)

Credit card statements

Loan documents (auto, boat, student, etc.)

Driver's license or ID Green card or visa if you're not a US citizen

Existing mortgage documents if applying for a home equity line or another mortgage

Stay in Communication

Your lender's analyst, or "underwriter," will verify your documents and assess your creditworthiness. This underwriting process is crucial, and timely communication with your mortgage broker is key. Respond promptly to keep everything on track and check in periodically to ensure a smooth process.