In real estate terms, a beneficiary is anyone who makes a loan for a home. There are many different lending institutions that you can choose from. You may go to a bank, a credit union or ask for a loan from an Internet lender. Your lender will work with you to create a loan that you can reasonably pay back. There may be a mortgage underwriter who works with the beneficiary to craft the loan. Borrowers can expect to work with a representative of the lending agency throughout the process. Loans can take several weeks to process and complete. Therefore, it is important that you provide your lender with any and all necessary documents to make it easier to approve your loan. Any missing paperwork could result in delays and a postponement of your closing.