Like a doodad on a factory assembly line, a mortgage application goes through many processes before it becomes an approved loan. The typical loan requires 3 mortgage professionals and an AUS (automated underwriting system) to complete.
Why is this important to know? Borrowers are caught off guard when the nice loan officer lady that helped them with their application hands them off once approved. Confused, borrows don’t know who to turn to with which questions. Knowing what part of the loan process the officer, processor and underwriter handle will minimize confusion down the road.