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Applications & Processing

Mortgage Brokers and Lenders – Who Does What?

The mortgage broker is the person or company who is your main contact throughout your loan. They are often able to work with a number of lenders, who actually provide the funds for the loan. Typically, the lender pays the mortgage broker a fee for acting as the intermediary and providing all the customer service.

Filling Out the Application

There are standard forms to be completed when applying for a loan. Some mortgage brokers keep these on their website so you can fill out and submit the forms on line. The information will be verified and used to qualify you for your loan, so take the time to answer questions accurately.

Documentation

The mortgage broker will need copies of the documents you began gathering in the first phase of the loan process, including:

  • Either 2 years of W-2 forms from your employer or 2 years of tax returns if you are self-employed
  • Recent pay stubs
  • 3 months bank and money market statements
  • Brokerage, mutual fund and retirement account statements
  • Proof of other income sources (alimony, trusts, rental income, etc.)
  • Credit card statements
  • Auto /boat / student / miscellaneous loans
  • Drivers’ license or form of ID
  • If you’re not a US citizen, then copy of your green card or visa
  • Copy of any existing mortgage debts if you are applying for a home equity line of credit or another mortgage

Stay in Communication

The lender will have an analyst, usually called an "underwriter", crunch your numbers and verify your documentation to confirm your ability to repay the loan. Once you are in contract on a property, there may

also be a loan approval committee which will meet to review the underwriters’ conclusions regarding your creditworthiness, and to evaluate the property on which they are lending. This is called the underwriting process, and questions

are bound to arise. Be sure to return your mortgage broker’s calls promptly to keep the process moving forward smoothly. Check in with your broker periodically.

Testimonials

"Dorit and Joel Cooper are excellent Real Estate brokers. They listened to our needs and worked with us tirelessly for over a year to find the perfect home for our family. They helped us re-envision homes that needed updating and they spent hours guiding us, as first time home buyers, to make the right decision. While getting to know our growing family, Dorit and Joel helped us navigate the home search process to incorporate the needs of all of our family members. They were always available to answer questions and worked around our crazy schedule to arrange viewings. The end result is that WE LOVE OUR HOME!" - Eitan & Cassie W. -

"We want to thank you from the bottom of our hearts for your great efforts in working out everything beautifully and timely with our new home! Your professionalism and willing to go above and beyond to help truly warmed our hearts! We felt so lucky to have the opportunity to work with you on this project, and we certainly want to work with you in the future. We have not seen anyone who could be this responsive, attentive, professional, resourceful and helpful like you. You left a great impression onto us. We cannot thank you enough for what you did for us. " - Juming Z. & Su C. -

"I cannot rave enough about the experience of working with Joel and Dorit to buy a home in Encino. They were incredible business partners, very respectful of our needs and wishes, unbelievably organized and professional, and willing to get down into the weeds on anything- even if it was not a part of the job. I will definitely use them again in the future." - Bryan S. & Bethany S. -

"Joel was amazing to work with to buy a home. He was able to get me in to see homes immediately, and was extremely responsive when I called or emailed. I was able to find a home within two-three months and when the home of my choice fell through Joel was there to find other options. I love my home, and would use Joel again for any future purchases I do in the future. I recommend him to all my friends." - Miriam G. -

"Joel is a broker of great integrity. His knowledge of the market is very good and he was always available to us during the buying process. He worked very hard for us and I would highly recommend him." - Brian K. -

"Joel and Dorit are a powerhouse team -- pleasant to work with and very thorough. They went out of their way to not only make sure I found what I wanted in the price point I wanted, but they made sure I understood what my options were and walked me carefully through each stage of the process. I'm a first time homebuyer who was referred to them by a friend who also had a great experience with them buying his first home. I had an idea of what area of the city I wanted, generally the kind of place I wanted, what I thought I could afford. Right away, in our first meeting, they had pulled comprehensive market reports on the neighborhoods I was targeting as well as nearby neighborhoods. I got a bird's eye view of what inventory was like, how much places in the last year sold for, etc. When I was ready to begin searching, they were happy to let me set the tempo. How many listings do I want to receive? How many places would I like to see each week so I get a good sense of what's available without becoming overwhelmed? Given that I was kind of learning as I went, this was exactly what I was looking for in an agent. Someone very knowledgable about the marketplace, equally concerned with my satisfaction and enjoyment of the search as they were with closing a deal. When it came to making offers, Joel went out of his way to make himself available to what worked best with my schedule. He was helpful in my search for a broker, navigating the tricks that selling agents and developers try to get away with, and gave me perspective on the big picture. I have already began referring Joel and Dorit more clients and wouldn't hesitate to work with them again when I'm ready for the next stage of home ownership." - Theo T. -

"As a first-time homebuyer I had no idea what to look for in a realtor. Joel Cooper made buying a home painless and in some ways fun. Throughout the entire process of picking out a home and signing paperwork Mr. Cooper definitely made me feel as if I was always in the drivers seat. He was also more than happy to give his professional option whenever I wasn't sure of something. Joel Cooper has all the characteristics of a great realtor. He is honest, determined and most import VERY PUNCTUAL. I had worked with 3 realtors before I found Mr. Cooper and there is nothing more frustrating than waiting at a home you are interested in buying and your realtor calls you and says, "I'm on my way". I highly recommend Joel Cooper when deciding on a realtor and I will definitely request his services again when the time comes to either buy another home or sell my current one. " - Felipe A. -

Joel Cooper

(310) 968-2401 joel(at)joelcooper(dotted)com
Joel Cooper - Joel and Dorit Cooper
Dorit Cooper - Joel and Dorit Cooper

Dorit Cooper

(310) 990-4655 dorit(at)doritcooper(dotted)com