The number of people that work on your mortgage loan will depend on your unique situation. If your loan needs to be submitted to several lenders before getting an approval, you will obviously have more people working on your loan and having access to your personal information. This is some of the parties that will facilitate the closing of your mortgage loan.

Once completed the loan will be entered into the mortgage lender's database and is off to their servicing department. This process usually takes 2-3 weeks to complete. More often than not, the loan is then sold or transferred to other servicing companies. This can happen several times over the next several years.

One of the first third parties involved with your new mortgage will be the appraiser. The appraisal will determine a fair market value of the house by by providing examples of other comparable properties that have recently been sold. If you paid for the appraisal you have the right to a copy of it. You should examine the appraisal carefully as it is full of statistics regarding your home, its history, and the neighborhood.

Loan officer this is the person you work directly with most of the time. They generally take your loan application, and coordinate the loan process to see it to completion. If you work with broker, your loan officer will work with you to determine which lender and loan program is right for your situation.

Underwriter- An underwriter is the person who essentially approves, denies, or counter-offers your home loan application. They use their specific lender's guidelines, matrices, rates and programs to try and fit your loan into their qualification requirements. The underwriter will review everything in your file, such as credit report, mortgage application, appraisal, income documents and income verification, mortgage history, legitimacy of documents submitted, and everything else you could possible think of regarding your mortgage application. The underwriter plays a very vital role in the mortgage process, and the better and more experienced loan officer you have, usually the better your chances of getting approved for a loan, since he/she will be able to package your loan as efficiently as possible to make the loan seem as appealing as can be for the underwriter to review.

Processor- Many mortgage companies will have a processor working for them. The processor may be the person to call you and acquire more information that is needed to close your loan. The processor is often times the person who will order you appraisal, title, verification of employment and rent, and any other documentation that the underwriter is requiring. The role of the processor can vary from mortgage company to mortgage company.

Escrow: A neutral third party regulating compliance. The escrow will handle funds, documents pay-offs, dispursments and any other part of the transaction.

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