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17 Cards in this Set
- Front
- Back
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Account Executive
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A person who represents a specific banker or wholesale lender; The AE posses knowledge about rates and loans and is the contact person for mortgage loan officers and brokers. AE’s initiate and maintain relationships with local mortgage brokers, realtors, builders and other business partners.
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Appraiser
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A person who provides an opinion of the property’s fair market value based on specific data;
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Borrower
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A person who applies for and receives funds in the form of a loan and is obligated to repay the loan.
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Builder or developer
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A person or company that is actively involved in the building of homes for sale; Developers prepare raw land so that they can be built on.
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Credit reporting agency
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An agency that compiles maintains and provides credit and other personal information to creditors. The three main companies are Equifax, Esperian and Transunion.
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Escrow
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A procedure in which a third party acts as an intermediary for both the buyer and the seller, caring out both parties’ requests. Assumes responsibilities for all paper work and distribution of funds.
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Lender
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The institution or individual who provides the funds when a mortgage loan is made; Lenders typically have warehouse lines of credit to fund. Brokers typically do not have lines of credit and cannot fund loans.
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Loan Originator
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A person who for a commission or fee takes a borrower’s application and finds the best loan program to fit the borrower’s needs;
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Loan Servicer
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A company that works with the customer after the loan closes to provide customer service by collecting mortgage payments and paying property taxes and insurance payments.
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Mortgage banker
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A direct mortgage lender who originates and funds loans in his or her name for resale in the secondary mortgage market
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Mortgage Broker
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A person or company that arranges mortgage loans through a mortgage banker or lender; The broker acts as a go between the borrower and the lender. The broker uses his relationships with many bankers and lenders to get borrower the best loan package.
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Mortgage Insurance Company
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A company that insures the lender for higher-risks loans; the insurance policies protect the lender by paying the costs of foreclosing on a house if the borrower stops paying the loan. MI is typically required with conventional loans where the down payments are less than 20% of the sale price.
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Processor
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A person working with the loan originator who gathers information provided by the originator and submits the loan for a decision to the lender. Processors serve to gather all information required to meet the conditions specific to each lender.
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Realtor
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A person licensed to negotiate and transact the sale of real estate on behalf of interested parties
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Real Estate Broker
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A person who supervises agents with less experience to effectively run a real estate office; Brokers generally have high degrees of knowledge concerning all aspects of real Estate transactions.
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Surveyor
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A person or company that measures the boundaries of a parcel of land, including any improvements; Most lenders require a survey of the property in a purchase transaction.
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Settlement Company
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A company that acts as the go-between in coordinating the closing between the buyer, seller and the lender; this company is synonymous with an escrow company.
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