What is the difference between a Loan Officer, Sr. Loan Processor, & Underwriter?

[Anonymous]

Anyone?

During the initial process, I was refered to a Loan Officer who then transfered me to a Sr. Loan Processor to collect more information on my file. Now my file is in undewriting. I am going through First Home Mortgage (www.gofirsthome.com). The Sr. Loan Processor stated that from her end she believes everything will go through smoothly. She asked for letters, statements in writing, etc.. It was transfered to the Underwriter on Wed. evening I believe. The Sr. Loan Processor told me we should expect the approval Monday or Tuesday.

[IOBA]

The Loan Officer if your point of contact.

Loan Processor collects documents and gets the file ready for underwriting.

Underwriting is the final approval (or denial or give me this...) for funding.

Congratulations!  Almost to the end!

[Anonymous]

Thanks!

So if the Loan Processor thinks my file is going to get approved, it's good to say my chances or good?

[IOBA]

Um, really no saying, but you can hold onto that star of hope.

The underwriters are fameous for coming back with UNBELIEVABLE conditions!   Think happy, good, positive thoughts and let things go their course.

On a happy note, it's the loan processors job to make sure the file is complete and to anticipate anything the UW might request.   So in theory, yes, if the LP thinks it's good to go, it should be good to go!  

[Anonymous]

Thanks! I pray the UW is nice. We're suppose to go to closing next friday. So any conditions will probably make us miss the closing.

[IOBA]

I am excited for you!!!  

[Anonymous]

Thanks. However, I'm not getting my hopes up until I have the keys in my hand...or at least until I get this loan approval. I'm extremely nervous at this point.

[ripper998]

just do what I did and think happy thoughts, jumping everytime an email came in. 

Hopefully it wont take long in UW, ours took less then a day to get approved.

[Anonymous]

LOL. Yeah, everytime an email comes in my heart skips a beat. It went into underwriting late Wed. The Sr. Loan Processor told me we should get the approval early next week (Mon. or Tues). She sounds very optomistic about it getting approved, so I guess that is a good sign.