Real Estate VIPs
Here are some Very Important People (VIPs) involved in the process.
An individual qualified by education, training, and experience to estimate
the value of real property and personal property. Although some appraisers
work directly for mortgage lenders, most are independent.
A public official who establishes the value of a property for taxation
Broker has several meanings in different situations. Most Realtors are
"agents" who work under a "broker." Some agents are brokers as well, either
working for themselves or under another broker. In the mortgage industry,
broker usually refers to a company or individual that does not lend the
money for the loans themselves, but broker loans to larger lenders or
investors. As a normal definition, a broker is anyone who acts as an agent,
bringing two parties together for any type of transaction and earns a fee
for doing so.
An additional individual who is both obligated on the loan and is on title
to the property.
A person to whom money is owed
A person named in a will to administer an estate. The court will appoint an
administrator if no executor is named. "Executrix" is the feminine form
A term which can refer to the institution making the loan or to the
individual representing the firm. For example, loan officers are often
referred to as "lenders."
Also referred to by a variety of other terms, such as lender, loan
representative, loan "rep," account executive, and others. The loan officer
serves several functions and has various responsibilities: they solicit
loans, they are the representative of the lending institution, and they
represent the borrower to the lending institution.
A mortgage banker is generally assumed to originate and fund their
own loans, which are then sold on the secondary market, usually to Fannie
Mae, Freddie Mac, or Ginnie Mae. However, firms rather loosely apply this
term to themselves, whether they are true mortgage bankers or simply
mortgage brokers or correspondents.
A mortgage company that originates loans, then places those loans with a
variety of other lending institutions with whom they usually have
The lender in a mortgage agreement.
The borrower in a mortgage agreement.
real estate agent
A person licensed to negotiate and transact the sale of real estate.
A real estate agent, broker or an associate who holds active membership
in a local real estate board that is affiliated with the National
Association of Realtors.