DO LENDERS & BROKERS KNOW HOW TO CHOOSE A COMPETENT
AND RELIABLE CONTRACT LOAN PROCESSING COMPANY?

Choosing the right outsourcing mortgage loan processing company is critical but it is just as important to take the proper steps to ensure you are able to achieve your business objectives.

There is no question the mortgage industry has gone through monumental change over the last several years. Increased regulatory requirements, customer expectations, and competition are prompting mortgage lenders to look more closely at new ways of doing business to improve efficiency and their bottom lines.

More and more, lenders and brokers are looking outside their company for help. Partnering with an outside mortgage loan processing company is becoming more increasingly popular. However, selecting the right company calls for some careful research and consideration.

THINK “PARTNERSHIP” NOT JUST “OUTSOURCING”

While there is a slew of mortgage loan processing companies to choose from in the mortgage industry, lenders and brokers tend to focus on the larger, more established outsourcing firms. What lenders or brokers may not realize is this: unless they are driving huge volumes, you will frequently receive very little management attention from the larger firms. Changing to another MLP company at such time involves enormous cost and effort.

That is why it is important to identify a reputable mortgage loan processing company who can deliver, not simply an outsourcing one. The best outsource MLP company will be well-versed in all the latest regulatory changes and updated lender guidelines and will have the right technology to keep track of all those changes, and will have built a readily accessible knowledge base. Look for a company that is willing to be flexible and customizes its offerings to meet your company’s specific needs. The right partner will take all steps necessary to assist you with your current focus, and will also present multiple ideas and solutions to help you grow.

While the benefits outlined below are great, choosing a mortgage loan processing company can be tedious and challenging if certain factors and benefits are not outlined.

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THE FOLLOWING ARE BENEFITS OF OUTSOURCING
YOUR MORTGAGE LOAN PROCESSING:

  • Elimination of the Cost of Hiring Full-Time Processors
  • Having Trained Processors with Accumulative Knowledge
  • A Plan B for Emergencies
  • Loans are Closed Faster and with Increased Efficiency
  • More Time to Focus on Your Core Business
  • An Uncompromised Level of Customer Satisfaction
  • Loans are Compliant with Industry Regulations
  • Reduction in your Overheads and Tax Liability

HERE ARE SOME QUESTIONS TO CONSIDER WHEN CHOOSING
A PROCESSING COMPANY

  • 1 Do they process the type of loans you plan to utilize?
  • 2 What are the qualifications of the staff?
  • 3 What is the price? Is it a flat fee per file or will there be additional charges? Is there a discount price for volume? Who pays for shipping and mailing?
  • 4 What about cancellation fees if the loan does not fund?
  • 5 Who will send out the initial loan disclosures?
  • 6 Will you be working with just one processor or a team? Or will your file be assigned as it is received?
  • 7 How will you receive status on your files, and how often?
  • 8 How many files can they currently accept from your company?
  • 9 What is the turn around time once a file is received for processing?
  • 10 What is the turn around time to contact the borrower once a loan has been conditionally approved?
  • 11 Who sends out the lock disclosures?
  • 12 Will your files be taken care of if the processor working on them is out sick, vacation or quit?

The contract mortgage loan processing company may have questions for you too, so be prepared to also answer a few from the representative that you will be speaking to. They may want to know if you are also a good fit for them. They may ask how many loans you have closed and funded on a monthly basis and how many have fallen out. Here is a great tip for you if looking for a more competitive pricing – having a Loan Setup Coordinator will always lower the cost of outsourcing your loans since they are handling all the setups and third-party vendor orders.  So that is something to consider sharing during the interview process.

At Fast Track Loan Processing, we are prepared to answer all your questions to help you make a more informed decision. We want you to join our family so that we can help you close more loans! Contact us today for more information in becoming a part of our team!

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