Loan Processing Services

An unimaginable array of loan processing services advertises through associations, trade publications, and on the net. The only real difference between the different services is found in their experience levels and ability to get the job done quickly, and error free, the first time.

It can be difficult to separate the different loan processing services and find the one that is right for each individual mortgage broker. The forums are full of real estate agents and independent mortgage brokers who try to do their own processing. This might make sense at first pass but does it make as much sense when you really look at it closer?

When considering whether a loan processor or loan processing services are worth their fees, put a dollar figure on a few items: * How much time does it take you to process the loan?

* What other things like marketing or recruiting could you be doing with that same time?

* How many times has a loan been delayed because you have too much on your plate?

* How much faster could your loans close if a senior loan processor carefully checked, even pre-underwrote each document as it came in to reduce the number of conditions you have to resubmit into underwriting?

* How much more professional would you look to clients having a team supporting you vs. being a one man/woman show?

* How much is it worth to reduce frustration?

Looking for contract loan processing and other resources?

After this list is finished, realistically, most mortgage brokers will admit that it will be cheaper and less stressful to outsource to one of the top loan processing services instead of chasing their own paperwork. A frustrated mortgage broker is not a good sales person. Trying to do everything makes it tough to do anything well. There is often a lack of focus in a business plan since the mortgage broker is busy with paperwork instead of planning and executing a strategy to grow their business.

High producing loan officers understand loan processing services can free them up to do their real job.. which is to prospect and sell. That’s why they fund more and earn more. If a loan officer has time to process their own loans then their business isn’t focused where it should be if a higher income is their goal. If you look at the schedule of a high earning loan officer they spend their time prospecting, educating and serving new borrowers, marketing to past clients or educating themselves on the latest loan program to figure out how to market more loans with it.

Mortgage brokers are in business to earn a profit and loan processing services can be excellent team members to help maximize profit while reducing stress. Loan processing services give the brokers the time needed to excel.