FOLLOW THESE USEFUL TIPS
TO DECIDE WHAT COMPANY IS BEST FOR YOU

Useful Tips Right Outsourcing Mortgage 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 more established outsourcing mortgage processing companies. What you may not realize is, choosing to work with a very large company may cause you to receive very little attention and customer service which will affect the level of service that your customers receive. This results in changing to another processing company,  which may cost you enormous time and effort.

That is why it is important to identify reputable loan processing companies who can deliver. The best contract loan company will be well-versed in all the latest regulatory changes and updates in the lending guidelines.  They 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 flexible and is willing to customize 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 and that is why choosing Procmyloan will be the right solution for you.

Let us help you reach your goals,
while we close more loans!

Learn how we can drive your company’s growth

REQUEST A QUOTE

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
Mortgage Loan Processing

 QUESTIONS TO CONSIDER WHEN CHOOSING
A PROCESSING COMPANY

  • 1 What type of files do they process?
  • 2 How many years of experience do the processors have?
  • 3 What is the price per file?
  • 4 Is there a cancellation fee for loans not funded?
  • 5 Do they send initial loan disclosures on your behalf?
  • 6 What LOS system do they use?
  • 7 How will you receive status on your loans?
  • 8 How many files can they accept from your company?
  • 9 What is their turn times when processing your loans?
  • 10 Do they contact your borrowers?
  • 11 Will they lock in your loans?
  • 12 Will your files be assigned to another processor when the current processor is out?

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.  Be honest about your closing ratio. Processing companies want to know this to determine if they have the capacity to handle your volume.

At Procmyloan, we are prepared to answer all your questions to help you make a more informed decision. We want your business. Let us help you close more loans! Contact Us Today for more information in becoming a part of our team!

Need Your Loans Closed Faster?

TAKE ACTION : 800-255-7142