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Reduce overhead with contract loan
processing. The cost of marinating an in-house contract loan processing staff adds up. Eliminate the cost of employee benefits, paid vacation days, sick leaves, workman’s comp., etc. Pay no ongoing recruiting expenses and experience no downtime for loan processor training. Knowledge & Experience. Our contact loan processors specialize in FHA, VA conventional (Prime and Sub-prime loans) and can offer years of contract loan processing experience along with personalized, competent service. Expedite Closing Cycles with Contract Loan Processing. Each contract loan processor will handle all “back-end” loan processing activities associated with closing a loan: appraisal and title/escrow follow up, submissions to underwriting, clearing all conditions, coordination of closing and confirmation of funding. Simply put, our contract loan processors help to increase your closing ration as well as shorten your closing cycles. Flexible Appraiser & Title/Escrow Company Selection. Feel free to use your own appraiser or title/escrow company, or one of ours – the choice is yours. For example, if you’re originating a loan in a new state or county you are unfamiliar with, allow our contract loan processors to find and manage one for you. Most importantly, our contract loan processors will make the necessary follow up to ensure all timelines and important deadlines are met. Smooth transition. Using Contract loan processing requires no new equipment, supplies or desk space. Each contract loan processor will provide you with weekly status updates on all loan files in process. Getting started is simple: As the broker or loan officer, you do the “front-end” selling and make sure to gather the needed materials up front from the borrower. Simply lock the rate with the lender that you have chosen to use. Obtain from the borrower the following: complete 1003, borrower’s credit report, signed authorization, W2’s TIL, and sales agreement, if a purchase, Next, allow for a single point of contact. The contract loan processor should call the borrower, title company, lender and Appraisal Company for follow ups – not you. This will free your time to sell more deals and allow the contract loan processor to do their job. From here, it’s monitoring monthly “fallout” and closing ratios to fine tune performance among you and the contract loan processor.
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