what is the title of a person who locks, floats, and apply points to loans in a mortgage company?

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  1. Reply
    February 1, 2011 at 8:19 pm

    By what you are asking you are searching for the loan processor. Then if you are talking about dealing directly with the lending company itself (which could be seperate from the mortgage company) you are talking about the underwriter.
    There are plenty of sources on the internet which provide glossary of mortgage terms.
    Email me and I can give you a great resource to go to.

  2. Reply
    February 1, 2011 at 8:21 pm

    I would say that would be the Loan Officer (or loan originator).

    I am the person who finds the loan program that we have discussed, locks in the rate, sends you the application and disclosures and applies points or not based on our agreement when selecting the loan program.

    This may not hold true for all broker offices however… My office is pretty loose and I handle alot of these items just to make sure there is no miscommunication between myself, the lender and the client. Also, if I have processing take care of this it could cause issues. What if they do not get to the file until tomorrow and the pricing changes? Who gets to eat the 1/2 point or 1/4 point for this? I just find it eliminates problems if I handle these tasks… It only takes 15 minutes anyway.

    Kevin 866-562-6838 x 106

  3. Reply
    February 1, 2011 at 8:21 pm

    There may be a pricing department or secondary marketing department depending on the size of the company.

    The processor or loan officer will float or lock the loan for the Borrower, but then passes that information to a different department to actually commit the loan to an investor or pool of funds. The rates and points that are quoted by the processor or loan officer are usually determined by someone else.

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