Who Plays a Role in the Homebuying Process2017-11-28T14:58:25+00:00

Who Plays a Role in the Process?

Working with the right team of real estate and mortgage professionals makes all the difference in the homebuying process. Academy commits to working seamlessly with you, your real estate agent and other involved parties as a team to get your loan closed in a timely and professional manner.
You
Buyer’s Agent
Listing Agent
Loan Officer
LO Assistant
Loan Processor
Title Agent
Other Parties

Your Role in the Homebuying Process

  • Communicate with your real estate agent about your expectations, preferences, and concerns.
  • Meet with Academy Mortgage Team 101 Loan Officer to discuss your financial situation and goals.
  • Obtain pre-qualification as early in the process as possible.
  • Provide all the documentation that is required in a timely manner.
  • Be available for decision-making, and ensure that your schedule is flexible for final document signing 3-5 days before the closing date.

Buyer’s Agent

A buyer’s agent or buyer’s broker is an agent hired by you, the homebuyer. Generally, the buyer’s agent is paid from the commission fee agreed to by the seller.

Your buyer’s agent’s responsibilities during your home purchase transaction include (but are not limited to):

  • Identifying and showing homes that meet your criteria
  • Writing and submitting your offer to the listing agent of the property (including your pre-qualification letter)
  • Making sure that you are pre-qualified for the mortgage amount you need in order to submit an acceptable offer
  • Negotiate and oversee the negotiation process for the home you are trying to purchase
  • Getting you a copy of the Seller Property Condition Disclosure form

Listing Agent

A listing agent forms a legal relationship with the homeowner to sell the property and places the property in the Multiple Listing Service (MLS), a database of properties listed for sale. If you are buying a for sale by owner property (FSBO), then the property owner will essentially be acting as the listing agent.

The listing agent’s responsibilities during your home purchase transaction include (but are not limited to):

  • Presenting your offer to the sellers of the property
  • Negotiating price and conditions with your real estate agent
  • Coordinating visits/showings with your real estate agent
  • Getting you a copy of the Seller Property Condition Disclosure form

Mortgage Loan Officer

A mortgage loan officer (LO or MLO) determines your credit worthiness, matches you with a loan program, issues a pre-qualification letter to be used in conjunction with your home offer, and originates your loan. As a direct lender, Academy Mortgage has more control over the loan process when compared to a mortgage broker.

Your mortgage loan officer’s responsibilities during your home purchase transaction include (but are not limited to):

Loan Officer Assistant

Your loan officer assistant (LOA) provides support to your mortgage loan officer throughout the loan transaction. They will be one of your primary points of contact at Academy Mortgage Team 101 and help you get to the finish line.

A loan officer assistant’s responsibilities during your home purchase transaction include (but are not limited to):

  • Being a point of contact for you at Academy Mortgage Team 101
  • Scheduling appointments with your mortgage loan officer
  • Helping gather needed documentation
  • Scheduling your loan closing

Loan Processor

Loan processors play a vital role in the loan process. They double-check your loan documentation, debt-to-income rations, and employment information in order to insure that your loan file is approved.

A loan processor’s responsibilities during your home purchase transaction include (but are not limited to):

  • Introducing themselves to you and keeping you up-to-date on the status of your loan once your offer has been accepted
  • Collecting additional documentation and information that your mortgage loan officer may have overlooked
  • Submitting your loan file to an underwriter
  • Working through any conditions the loan underwriter may place on your file

Title Agent

A title agent, via their employment at a title company, insures that the title to the property you are purchasing is legitimate and issues title insurance for the property. Title agents are not employed by Academy Mortgage.

A title agent’s responsibilities during your home purchase transaction include (but are not limited to):

  • Performing a title search to and examining property records to insure that the seller does, in fact, legally own the property you are purchasing
  • Helping you choose how to hold your title
  • Maintaining in an escrow account the funds needed to close on your home (including holding your earnest money deposit when your offer is accepted, and  your down payment and closing costs at before closing)
  • Preparing closing documents in accordance with Academy Mortgage’s policies and attending your closing appointment and explaining the documents you are signing to assume the title on your new home

Other parties that may be involved during the loan process:

There are many great people at Academy Team 101 that will be involved in your loan transaction. You may get emails or voicemails from our disclosure department, appraisal team, and loan closer. It can get a little confusing, but just remember that if you have any questions about an email or voicemail you have received, don’t hesitate to reach out to your loan officer assistant or loan processor and they will help clarify.

  1. Disclosure Department (DOD): The Department of Disclosures team will send you a link to review and sign your loan disclosures
  2. Appraisal Team: The appraisal team at Academy Mortgage will send you a link to pay for your appraisal once we have received your intent to proceed
  3. Loan Closer: Your loan closer will send you a copy of your Closing Disclosure (CD) prior to closing
The information contained in this article is specific to the State of Utah. Roles in the homebuying process may vary by State.

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