Contract Loan Processing: An Essential Tool In Mortgage Origination


The housing and mortgage industry has swung wildly in recent years, with contract loan processing standing out as one of the stabilizing services in an otherwise volatile market. While new home construction has dropped and existing home sales has plummeted, interest rates have dropped as well and foreclosures have made the cost of housing drop to an all time low. It is a buyers' market, but mortgages are hard to attain because banks have tightened their restrictions.

Inconsistent Business

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All of these facts have led to a very inconsistent market. While big corporate mortgage companies can withstand the ebb and the flow of this unpredictable industry, small independent mortgage and loan originators struggle to keep afloat. Weeks may go by with no new business, but if two or three potential clients arrive at once, you must deal with major time constraints will have trouble service all of them at once in a timely manner. This can cost you in time and money, but you cannot afford to turn anyone away. Contract loan processing is the answer. Utilizing a contract service, you can provide each client with the time and attention they deserve, while offering a prompt turnaround time and accurate documentation.

Special Situations

Thanks to the recent changes in the housing market, you will be met with a wide array of potential clients with special situations. Perhaps they would like to refinance their home to keep from losing it but have credit problems or are unemployed; perhaps a family with a foreclosure in their credit background would like to try to get a new mortgage. Each of these situations will take a specific expertise to manage, and one person cannot be an expert in all areas. Rather than turning away non traditional clients, you can utilize a contract loan processing company to research the circumstances and determine if there is a way to process a mortgage for them. This translates to money in your pocket.

Pay For What You Need

If you are an independent loan or mortgage originator, you may be running your business alone or with a partner; you likely lack the budget necessary to employ full time processors, underwriters, and default specialists. When you utilize contract loan processing services, it is as though you have this full time team at your fingertips, but you will only have to pay for the services you need. In other words, there is no salary to be paid when there is no business. You will pay your team for each mortgage processed, not for every week their salary demands.

Free Up Your Time

Accurate, prompt service is crucial in the business of mortgage processing. Obviously a team of mortgage experts can ensure these amenities more readily than you can when doing it all on your own. However, there is another perk to contracting out this work. It frees your time up to work with your clients, offer one on one customer service, and build your client base. By allowing you to focus on revenue generating activities, while providing accurate, thorough, and prompt documentation review, analysis, and follow-up, a reliable contract loan processing service can help boost your business and your profits.


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