Which mortgage professional is responsible for consummating residential mortgage loans or advancing funds for mortgage loan applicants?

The mortgage professional responsible for consummating residential mortgage loans or advancing funds for mortgage loan applicants is a mortgage lender. Mortgage lenders are financial institutions or organizations that provide loans directly to borrowers, enabling them to purchase real estate or refinance existing mortgages. They evaluate a borrower's creditworthiness, determine the terms of the loan, and ultimately fund the loan amount, making them central to the mortgage process.

In contrast, a real estate agent primarily assists buyers and sellers in the transaction of real estate, but they do not provide funds for loans. A mortgage servicer manages the loan after it has been originated, handling customer service, accepting payments, and managing the loan account but does not advance funds for new loans. A loan processor aids in preparing the necessary documents for the loan application and ensuring all paperwork is in order, but they do not have the authority to provide funds. Therefore, the mortgage lender plays the key role in providing the actual funds for mortgage applicants.