Full Service Mortgage Loan Processors

Successful mortgage lending is a team effort between the mortgage broker and mortgage loan processors. There are 100s of mortgage products on the market at any given time. It is a daunting world for mortgage brokers who must try to wade through the mortgage products that 'look good' but have hidden guidelines or requirements that end up declining the loan last minute.

It takes a skilled broker to wade through the products available. The competition is stiff. Every rejected application is lost revenue and a lost opportunity. That is why it is important to hire the right mortgage loan processors. A processor's skills can increase the number of products a broker can offer their clients, like FHA or VA.

With competition at all time highs a mortgage broker doesn’t want to pay the processor to 'learn their trade' on their production. Simple mistakes in the loan processing can ruin a file if the processor is unaware of the new changes in conventional, FHA, VA or other program guidelines. While changes happen quickly and sometimes without much notice, mortgage loan processors need to stay on top of them which requires a lot of training and support.

Loan officers and mortgage brokers also need mortgage loan processors that take the application and run with it. This frees up the loan officer to spend more time finding more loans. I’ve always insisted my processors help me prepare and send my disclosures, collect borrower signatures and documents, run my AUS findings and be capable of problem solving past issues that may come up on a file with minimal input from me.

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Many processors will claim that these type activities are not their job. They just work with the information given them. If I just want someone who will collect paperwork and wait for me to solve all the problems or tell them what to do next, I could hire an Administrative Assistant or Secretary for half what good mortgage loan processors get paid. I admit, I want the most for my money I can get. The fact is, the loan processor should be able to suggest submitting extra supporting documents and process the file in a way that increases the chance of the loan's approval. They should also be handling almost all the clerical, repetitive tasks.

If you can afford it, hire and build an entire team of mortgage loan processors to support you. One person can easily become bottlenecked or your business comes to a complete stop when they take a day off. If you can’t afford or don’t want the management headache of directly managing people, there are contract processing companies who will assign you an entire team with a Team Lead as your primary contact. Interview your options carefully and demand as much as possible from your contract processing service. Have them be very specific with how much and how quickly they will do things for you. There are not very many contract processing companies that guarantee there service but if possible find one. Mortgage loan processors can be a huge help in your financial and personal success in the business so have high standards.