What common term refers to both individuals and entities that initiate the mortgage loan process?

The common term that refers to both individuals and entities that initiate the mortgage loan process is "Loan Originator." This title encompasses a variety of professionals, including mortgage bankers, mortgage brokers, and individual loan officers, who work on behalf of borrowers to help them secure financing for purchasing real estate. Loan originators play a critical role in the mortgage industry by identifying appropriate loan products, assisting with applications, and facilitating communication between lenders and borrowers.

The importance of the loan originator lies in their expertise and ability to navigate the complexities of mortgage products and the approval process. They not only serve the borrower’s interests but also adhere to regulatory requirements, helping to ensure that transactions are compliant with the law.

While mortgage brokers and financial advisors are also involved in aspects of real estate financing, the term "Loan Originator" is broader and encompasses more types of professionals participating directly in the mortgage loan initiation process. Real estate brokers typically focus on the buying and selling of properties, which is a distinct function separate from loan origination.