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Content provided by the Illinois Association of Mortgage Brokers
Contact:
Merton G. Silbar Public Relations
Brent Roberts or Bruce Kaufman
847/729-7333
broberts@silbarpr.com or bkaufman@silbarpr.com

FOR IMMEDIATE RELEASE

Sorting out the Professionals in the Home Buying Process

Lombard, IL---As consumers embark on the home buying process, it is important to understand the role of each professional that is part of the experience. The following are the main people that consumers will likely work with during the process:

• Loan Originator-Whether consumers work with a mortgage broker or with other financing sources, the loan originator's responsibility is to discuss loan program options, which should be based on the consumer's individual financial circumstances. The loan originator will take the initial application, secure a credit report, and if it's a mortgage broker, he/she will obtain a loan from a number of lenders to meet the consumer's needs not just offer programs that a bank or credit union may have. Do not sign any blank documents and only make application checks payable to the mortgage company. Upon receiving approval for the loan, the loan originator will provide to the consumer an approval letter from the lending institution. From there, the loan originator, and the processor in their office, will work with you to meet the conditions of the approval and to insure the funds will be at closing.
  

• Appraiser-Prior to approval for a mortgage, the lender will hire a licensed appraiser to assess the value of the property. The actual loan amount provided will be based on the appraised value of the home.
• Home Inspector-Once a consumer decides on a home that he/she would like to purchase, it is recommended that you retain the services of a professional home inspector, whose job is to look at the home from top to bottom and provide a written report of any defects that might require repair. At that point, it is up to the seller and buyer to determine how the issues will be addressed.
• Attorney-Many consumers choose to hire an attorney to represent them at closing. The role of the attorney is to review all documents related to the loan, and if any changes are warranted, to consult with the other parties involved.
• Real Estate Agent-The role of the real estate agent is to work with homebuyers and home sellers throughout the process and guide them on appropriate sale price, negotiations and local area information.
• Title Company-The title company is responsible for insuring that no liens exist on a property and also properly recording title upon a change of ownership.

For additional consumer information, visit the Illinois Association of Mortgage Brokers web site at www.iamb.org.

Interviews with IAMB President Terry Bivins are available upon request to discuss this, or any other mortgage related topic. Illinois Association of Mortgage Brokers
350 West 22nd St.
Lombard, IL 60148
Phone: (630) 916-7720
Fax: (630) 396-3501