In this guide, we will cover the role of mortgage loan coordinator in the mortgage process. When borrowers apply for a mortgage and go through the process, a team of mortgage professionals is involved with every borrower. Top-producing loan officers become the best because of their business model. Here is what Alex Carlucci, the top-producing loan officer at Gustan Cho Associates, says:
The loan officer should concentrate in sales and getting new business. The loan officer’s operations staff should move the file from submission to close. It is the role of mortgage loan coordinator to take charge and quarterback each file as smooth as possible to the finish line.
The first contact borrowers have with a lender is the mortgage loan originator. Loan Officers are licensed mortgage professionals who will take charge of borrowers from the beginning stage of taking the mortgage loan application to the finish line of closing the home loan. Some high-volume mortgage companies have mortgage loan coordinators.
Bridge Between Other Mortgage Professionals
The role of mortgage loan coordinator is to act as the bridge between the following professionals:
- loan officer
- mortgage processor
- underwriter
- lenders’ closing department
- title company
- buyers and sellers
- buyer’s realtors and seller’s realtors
- everyone on the mortgage and real estate team
The role of mortgage loan coordinator is to ensure that every mortgage loan application is complete and that the file is ready to submit to the processing department. Mortgage processors rely heavily on loan coordinators when certain items are missing on a mortgage file. A missing item or items on a mortgage file could delay closing a home loan.
Importance Role Of Mortgage Loan Coordinator
Mortgage Loan Coordinators are in charge of prepping and scrubbing the mortgage loan file once it comes in. The most important role of mortgage loan coordinator in the mortgage process is the most important stage. An experienced loan coordinator makes sure the following is done, and here is the role of a mortgage loan coordinator:
- title is ordered
- homeowners insurance declaration page and invoice are on hand
- appraisal is ordered
- FHA case number is ordered
- the borrowers submit all documents
Difference Between A Good Versus Great Loan Coordinator
A great loan coordinator will even take a step further. They will thoroughly review each mortgage loan file that is assigned to them. They will thoroughly go over every page of every document. They make sure there are no missing pages or documents missing
Case Scenario
For example, here’s a case scenario. Suppose there are missing pages in bank statements provided by borrowers or pages of the divorce decree or child support paperwork. Michael Gracz of Gustan Cho Associates said the following about the role of mortgage loan coordinator:
The mortgage loan coordinator has the most important role in the mortgage process. The job the mortgage loan coordinator does is invaluable. Without having a mortgage loan coordinator, loan officers will not be effective in their jobs.
In that case, the whole mortgage loan file can get kicked back by the mortgage underwriter. The file can be placed in suspense. The file will be placed on the back burner until the missing or incomplete documents are provided again. Loan coordinators play a huge role in the mortgage process. A great loan coordinator is a person that not only makes the loan officer look great but gives the mortgage company a great reputation.
Great Mortgage Loan Coordinator
In this article, I would like to introduce my viewers to a very special loan coordinator who is also the national operations director at Gustan Cho Associates and needs a special mention. This is because she goes above and beyond. Her name is Angie Torres.
Angelica Torres is the national operations director at Gustan Cho Associates. Angie leads by example. Even though she managers the processing, operations, and support teams, Angie is hands on and does the work herself. Angie is in charge of train mortgage loan coordinators but she handles being a loan coordinator herself as well.
Those fine folks who have closed with me or are going through the mortgage approval process most likely have been in contact with our Angelica Torres. Angelica Torres is an expert mortgage loan coordinator, team leader, and mortgage professional who goes above and beyond the call of duty.
Role Of Mortgage Loan Coordinator Who Goes Above And Beyond
Angie Torres is one of the most amazing people I have met in my professional life and every employer’s dream: Angie takes every single borrower who has been assigned to her personally and not just attaches herself just to borrowers but also to the whole family of the borrower, including the family pet. Alex Carlucci says the following about Angie Torres:
Everyone who comes in contact with Angie Torres gravitates toward her. They instantly form a bond with Angie. She has a sixth special sense where people automatically naturally trust her. One of her natural traits that come as an instinct is mainly because she is a mother. She devotes every spare time she has to her beautiful children.
Our team and staff at Gustan Cho Associates are not grateful to have Angelica Torres as our National Operations Director and in charge of our mortgage loan coordinator training program. Still, they are blessed to have such an outstanding team player and leader as part of our growing team of the finest mortgage professionals in the industry. The role of mortgage loan coordinator is priceless and top producing loan officers need a dependable hard working experienced mortgage loan coordinator.
