The Contract Processors Team Players

When I started this 3rd party processing company back in 1996 - I had a thermo fax machine, one monitor, one computer, one copy machine and myself.  I would go through the want ads in the Sunday paper and fax my resume and company flier to all the loan processor wanted ads. This was before the Internet took off and lender's required 2-3 "copy packages" for each loan.  I would find the nearest Transbox and ship off the packages to the lenders for morning delivery.  Emails were not used.  Lender's did not have websites.  Correspondence would typically come over the fax machine.  Email and websites have definitely changed how we do business.

My company was a small company - It was company I started from home so I could raise my daughters. My oldest born in 1996 and my youngest born in 1998 (she now works for me).  Once my kids were out of high school and in college the industry took off like crazy and I was working 16 hour days - 7 days a week and I was turning down new business.

I decided to expand my company by bringing on other processors. Processors that were fully licensed to be a 3rd party processor.  They had to have the real estate license and their NMLS endorsement.. I have been very blessed to have the opportunity to have the below team players working with me and my small company.  

Why Should Brokers Use Contract Loan Processors?

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!"