Applications & Processing

Sharon Alva August 26, 2025

Financing Options	Shop for a Loan	Know the Numbers
Get Pre-Approved	Applications & Processing	Funding

Mortgage Brokers and Lenders – Who Does What?

The mortgage broker is the person or company with whom you will have your main contact throughout the loan process. 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 online. 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
Driver’s license or form of ID
If you’re not a US citizen, then a 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, there will be a loan approval committee that 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.