Why Should Loan Officers use Contract Processors

Loan officers may choose to use Contract Loan Processors for a variety of reasons, including:

1. Time-saving: Contract Loan Processors can handle much of the loan processing work, which saves the loan officer a significant amount of time.

2. Cost-saving: Contract Loan Processors may be able to offer loan officers competitive rates for their services, which can help reduce the overall cost of the loan processing.

3. Expertise: Contract Loan Processors have experience in loan processing and can provide expert guidance to loan officers, especially in navigating complex loan requirements and regulations.

4. Increased Efficiency: Contract Loan Processors can help increase the efficiency of the loan processing process, which can help loan officers close loans faster and more efficiently.

5. Focus on Core Business: By outsourcing loan processing tasks to Contract Loan Processors, loan officers can focus on their core business activities, such as finding new clients and developing business relationships.

Contract Loan Processors can help loan officers save time and money, increase efficiency, and provide expert guidance, enabling them to focus on their core business activities.

How a broker can get started with 3rd party processing

 

I receive many calls and emails from potential loan officers that would like to take the smart leap into working with a 3rd party loan processing company.  There are several questions that are asked and answered.  Here are the top frequently asked questions.

1.  What are your fees?                                        

2.  What are your turn times?   Within 24 hours or less.

3.  Do I work with one processor or several?  We try to have each loan officer work with 1 processor.

4. What do you need from me?

Completed application via 3.4 or POINT (PCF)

Lender information - AE contact information, Comp plan information, logins for lender and credit

Program information along with rate and impounds?

Current income, assets, mortgage statements (all properties owned), Insurance statements (all properties owned), HOA statements (all properties owned)

Current credit report.

Escrow/title information

Purchase contract (if applicable)

5.  What does the processor do?

Create the initial disclosures based on the information provided by the LO

Pre-underwrite the file to ensure the file will go as intended.

Follow up with all items needed for a complete file

Work with borrowers, LO, underwriting, and title/escrow.

Handle submission, approval, and closing conditions.

Order appraisal ONLY with written authorization from LO and borrower.

Once loan if funded - file will be audited for compliance and sent to broker

6. What won't the processors do?

Lock a loan

Discuss rate and pricing with borrowers

Create file from scratch and find a lender/home for the borrower (you would be surprised on how many LOs want us to do this)

If you are a loan officer in the state of California or Florida - We can help you.  Contact Kelly today! Kelly@thecontractprocessors.com