THE MORTGAGE PROCESS
From the time you complete your mortgage application 'til the moment you sign the last document at setlement, there is an army of people involved, each doing their part to bring your home finance goals to fruition.

Several of the people involved are working within the walls of WestStar Mortgage. Here are a few key people and what they do for you to help you get to settlement -

THE PROCESSOR
The Processor is a partner with the Mortgage Loan Originator, orchestrating behind the scenes to ensure the mortgage application is properly prepared for underwriting, that third party services are obtained in a timely manner and that any details in the process are handled with as little distraction as possible in the quest to get the file to settlement.

Upon receipt of the completed application package, the wet-ink disclosures and the supporting docs and info from borrower(s), the Processor will initiate third party verifications (EG: employment, tax transcripts from the IRS) and request those key third party services (EG: the appraisal, the title binder and settlement, etc...) needed for settlement.

After the initial underwriting compliance review, the Processor works to obtain any outstanding conditions (remaining docs or info for the package) and will submit them all at once for the final underwriting review.

With an Underwriting "Clear-to-Close" (CTC), the Processor will ensure the Closer has proof of third party fees (EG: the settlement agent's fees, etc...) and may assist with the Closer's final "Quality Control" (QC) check.

Here are some of the third parties the Processor works with to get the job done:
APPRAISER:                             www.weststar-ashburn.com/Appraisals    
SETTLEMENT AGENT:                www.weststar-ashburn.com/SettleAgentInfo    
HAZARD INSURANCE:                 www.weststar-ashburn.com/Hazard
HOMEOWNERS' ASSOCIATION:    www.weststar-ashburn.com/HOA
PRIVATE MORTGAGE INSURANCE: www.weststar-ashburn.com/PMI

You may hear from the Processor occasionally, but the majority of the time the Processor works quietly behind the scenes. 

THE UNDERWRITER
The Underwriter is where the "buck stops". The underwriter determines whether a mortgage application package meets loan program guidelines, then checks and double-checks to ensure the package is sufficiently vetted.

The typical underwriting compliance review happens in to parts - the "initial review" with the determination about the package meeting the loan program guidelines and the "final review" in which the underwriter confirms the package is sufficiently documented.

The underwriter will always work to complete underwriting in two reviews. Even so, the underwriter always reserves the right to request additional documentation or information to ensure the package is sufficiently documented.

Once the final review is complete, the underwriter issues a "Clear-to-Close" (CTC), meaning the package meets program guidelines and can move on to Closing.

THE CLOSER
The Close gives the mortgage application package one final review to ensure there haven't been any substantial changes in your personal situation since the application was originally submitted (EG: that you are still employed).

The Closer also has responsibility for confirming the package meets Federal compliance guidelines, including "Were the required disclosures issued within the times allowed by law?" and "Do the final costs fall into line with the initial cost estimates?".

After the QC check, the Closer will prepare closing docs and instructions for your loan and deliver them to the settlement agent. The settlement agent will prepare the settlement docs, including the final HUD-1 (settlement statement), then submit them to the Closer for approval.

There are definitely others working with the Processor, Underwriting and Closer behind the scenese, but these are three key players in getting your loan from application to settlement.