We offer Contract Processing Services. Please click the link below:
As a Loan Originator, your job is to take the loan application from the borrower, and present them with a Estimated Fees Worksheet. You can run the credit then, if you have a Borrower’s Credit Authorization completed. With all that information completed, you, as the Loan Originator, can determine if we have a good possibility of closing this loan. Once the Borrower approves the basic Loan Program and fees, and they indicate they want to proceed with the loan, the Loan Processor steps in.
I will check your Fees Worksheet, and if we both agree, we will go forward with processing the loan.
In my 30+ years in the business, most of the processors I knew, were in-house. They were on salary, W-2 employees, with benefits, and employer paid taxes.
Occasionally you’d find someone who worked independently. She was paid per loan closing, and she was judged by her performance alone.
Now, with telecommuting, contract processing is an accepted way of doing things. Even contract off-site underwriting is the norm. It definitely has advantages for both parties. The employer saves a ton of money on taxes and benefits.
The contract processor can work any hours she wants. As long as she gets the job done she can work in the middle of the night, and all day too. Most of the time she takes the risk of not being paid, the same way the loan originator does.
The contract processor begins her job as soon as the Loan Originator work is complete. She electronically takes files apart, puts them back together, and coordinates between the Loan Originator, funding lender and the escrow company.
She unravels cryptic conditions at the underwriter calls out. She communicates what’s needed between the broker, mortgage loan originator, and borrower.
She orders the appraisal online, after learning each funding lender’s site accesses and idiosyncrasies.
Eventually, she orders loan documents, and coordinates the delivery to escrow, to be sure that the loan documents are received.
After that, she deals with the loan conditions, until the loan closes.. Then the loan closes. All in a days work.
If you need help with loan processing, please contact me. I have a processing contract that we can both sign. The biggest message in the contract is that you and I are properly licensed, and will stay that way. It also sets out my fees and fee options.
Call me though, so we can get to know each other little. Thank you, Judy Sellens 909.797.1024