Role Of Mortgage Loan Coordinator And Mortgage Process
This BLOG On Role Of Mortgage Loan Coordinator And Mortgage Process Was UPDATED And PUBLISHED On April 25th, 2020
When borrowers apply for a mortgage and go through the mortgage process:
- A team of mortgage professionals is involved with every borrower
- 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 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 in the mortgage and real estate team
The role of mortgage loan coordinator is to make sure that every mortgage loan application is complete and to make sure 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 mean delays on 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 importance role of mortgage loan coordinator plays 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 mortgage loan coordinator:
- title is ordered
- homeowners insurance declaration page and invoice is on hand
- appraisal is ordered
- FHA case number is ordered
- all documents are submitted by the borrowers
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:
- if there are missing pages in bank statements provided by borrowers
- or pages of the divorce decree and/or child support paperwork is missing
- the whole mortgage loan file can get kicked back by the mortgage underwriter
- the file can be placed on suspense
- the file will be placed on the back burner until the missing and/or incomplete documents are provided again
- Loan coordinators play a huge role in the mortgage process
A great loan coordinator is a person that makes not only the loan officer look great but gives the mortgage company a great reputation.
Great Loan Coordinator
On this article, I like to introduce my viewers a very special loan coordinator who works for Gustan Cho Associates and who needs a special mention
- This because she goes above and beyond
- Her name is Trish Mangiaracina
- Those fine folks who have closed with me or are going through the mortgage approval process most likely have in contact with our Trish Mangiaracina
Trisha Mangiaracina is not just an expert mortgage loan coordinator, but also a team leader and a mortgage professional who goes above and beyond the call of duty.
Role Of Mortgage Loan Coordinator Who Goes Above And Beyond
Trish Mangiaracina is one of the most amazing people I have met in my professional life and every employer’s dream:
- Trisha 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
- Everyone who comes in contact with Trisha Mangiaracina gravitates towards her
- They instantly form a bond with Trisha
- She has a special six sense where people automatically naturally trusts her
- One of her natural traits that come as a natural instinct is mainly because she is a mother
- She devotes every spare time she has with her beautiful children and her husband Robert Mangiaracina
- Robert is a loan officer and supports his wife be the best she can be as a Loan Coordinator
Our team and staff at Gustan Cho Associates are not grateful to have Trisha Mangiaracina as our mortgage loan coordinator but are blessed to have such an outstanding team player and team leader as part of our growing team of the finest mortgage professionals in the industry.
April 25, 2020 - 3 min read