As a Lender or Broker, you always want to please every borrower possible because word of mouth is the best marketing you could ever get for your business. Apart from the services that the loan officer offers in the field, it’s the job of the Loan Processor to either make or break the relationship with the borrower. A Loan Processor should always be on top of every loan file he has in his pipeline, and make sure that none of them sit and stagnate. “Being On Top Of Every Loan” is the expectation that every Lender or Broker has of their Loan Processors. However, it’s never easy for a Loan Processor to meet this expectation.
A Loan Processor deals with about 30 loan files at a time, and if they just had to open, review and close each of the loan files every day, it would leave them with only a few hours to do anything else for the day. Responding to emails from Loan Officers, following up for documents with the borrower and 3rd parties, and reviewing documents for completeness and correctness are some of the time consuming and tedious tasks that Loan Processors have to cope with. Because of this, it is easy for them to miss a follow-up, which can eventually cause delays in closing.
When there is a delay in 1 of the 30 files he or she is working on, to a borrower that would mean delaying the celebration of the purchase of their new home by another day. Buying a home is not only a financial decision, but also an emotional decision, hence any delays in closing cause a lot of frustration to the borrower.
A solution to this ongoing problem would be to simplify loan processing by breaking it up into smaller pieces—such as treating Title, HOI, Appraisal, Payoffs, VOEs and VORs as separate tasks? Wouldn’t it be nice if you had a few teams taking care of each of these tasks separately? Each team can have a set turnaround time, from the time they receive these requests to fulfilling them.
A Mortgage Service Provider would be of great help to your organization if you wish to simplify loan processing, as they offer dedicated teams for each of these processes. They offer resources that are specialized in these tasks, and are used to working with tight turnaround times. While the mortgage service provider’s teams take care of these individual tasks on every loan, your Loan Processors could be on top of their loans, track their progress and handle communications with LOs and borrowers.
Quicker turnaround on these individual items could help in getting a loan ready for underwriting, and more time to schedule a closing date. On time closing pleases borrowers and increases positive word-of-mouth for your company.
Contact ExpertmortgageAssistance for comprehensive, cost effective worry free solutions for your Mortgage Loan Processing needs.