Today's mortgage industry is very different than it was 12 months ago. The amount of loans have drastically decreased and loan officers have to spend more time marketing and talking to prospective clients. Loan officers should not have to spend their precious time worrying about chasing down conditions for a loan approval. Once the loan is received by the loan officer - they should be able to hand it off to the loan processor and go back out and get more business. This is a win-win for everyone.
Many mortgage companies have had to let go of their in-house processing team because of lower production. In-house processing is a cost to the mortgage company and loan officer. Guess what?? Contract Processing is a NO COST to the mortgage company or loan officer. Contract Processing companies are fully licensed just like the broker and loan officer. We have our state license and our NMLS license. Because we are licensed we can charge the borrower directly at closing. Another thing to take into consideration - if the loan does not close - the loan officer has not lost a red penny. Contract Processors are paid on RESULTS just like them. We work harder to ensure a closing because our income depends on it!
My team of contract processors have been in the mortgage industry for many years and have had experience in all types of loans. We have closed in excess of 10,000 loans since 1996!
We have faster turn times.
Better Customer Satisfaction.
We are EXPERTS in the field.
We save loan officers a ton of money.
We are contractors/self employed which means we are not 9-5 employees.
In conclusion - it's just silly for loan officers not to use contract processing - We make it happen at no risk to them.
"Behind Every Successful Loan Officer is a Great Processor!"
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