ATTENTION: LOAN OFFICERS What can your processor do for you?

By
Mortgage and Lending with Mortgage Processing Solutions NMLS #86995/69352 & 5450

Everyone critiques themselves in one way or another, but at times self evaluation does not achieve the same benefits as having an associate give you assessment as to what improvements can be made in your services.

I pride myself as being really good at what I do. One of the ways I achieve this is by asking myself daily, How can I improve?  Call it the perfectionist in me, but I am always looking for new ways to be better and do better.   I believe this is one of the best ways to achieve not good, but GREAT customer service.

So I ask you;  What can your processor do for you?  How can your processor be more effective?  What does the perfect processor look like?  

I encourage all of your responses and look forward to learning how I can be better and do better.

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The BEST Loan Processors in the biz!
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Rainmaker
45,829
Michael Mullin
Caliber Home Loans NMLS 15622, Originating loans in CA, OR and WA. - Bend, OR
NMLS 11911 - Branch Manager, FHA, VA, USDA, Conv

Marie, were you at the DFI meeting today?  If so, I have some questions.

What does the perfect loan processor look like?  Oh boy, is that a loaded question!!!!

Before I begin to answer let me state the following biases:

  1. My current processor also happens to be my lovely wife.
  2. I've processed my own files.
  3. I've had central processing with files assigned on a rotational basis to different processors.
  4. I've had onsite processing

By far, the best has been an "assistant" who helped me when I processing my own files and then she grew into an incredible processor, and is now a contract processor/originator.

The perfect processor is  someone who can relieve me of all the junk that goes on between when the complete file (yes, I acknowledge we must start with a complete loan file) is submitted for processing and when it closes.

The perfect processor is someone who has as much, or more, knowledge about loan programs and lenders as I do so they can cath any mistakes I've made or suggestions on how to strenghthen the file.

Loan officers need to give their processors the latitude to make decisions in their abscence and to live with the consequences.  It's amazing the great solutions other people come up with when I get out of the way!

Some specifics:

Answer calls from client, vendors, and Realtors once the loan is submitted to processing.  Most of these calls are just transactional in nature and they don't really need me.

Order everthing that is needed, including any additional docs from the client.

Get the loan submitted to Underwriting without a ton of outstanding conditions coming back.

And the biggie, which I've not seen very many processors handle well, is to manage the pipeline to make sure everything is progressing ahead of schedule and not behind as is typical.

To make me more efficient I need to only handle the problems that the processor can't resolve, review the doc/fee request before it goes out, and meet the clients at the closing table.

Uh oh....I hear my wife coming!  Ok, that's it  for now.  See ya!!

Aug 06, 2008 02:54 PM #1
Rainer
284,387
Libby Cousins
Extraordinary Processing - Spokane, WA
Contract Mortgage Processor, licensed in WA

Marie, another thing that helps is finding out what and how others in your field accomplish their jobs. It always helps to have someone to bounce something against or discuss things with! I believe that most people have room for improvement!

 

Aug 06, 2008 06:04 PM #2
Rainer
50,042
Marie Ogle
Mortgage Processing Solutions - Spokane, WA
Contract Mortgage Processor

Michael, thank you for your comments.  You sound like a great loan officer.  It is nice to see what other LO's feel a processor's roles is.  Sometime we don't think alike, processors/loan officers that is.  Then again, that is what makes a good processor and a good loan officer a great team.

Yes, I was at the DFI meeting today and it was very good.  I was actually surprised that they were not more Brokers there.  I would be happy to answer any of your questions.  You can either post them or email me directly.

 

Libby, I couldn't agree more.  Fortunately for me I have a wonderful collegue that is very beneficial in that area. :)

Aug 07, 2008 04:28 AM #3
Ambassador
1,514,247
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

You sound like a diligent processor!

Aug 23, 2008 12:26 PM #6
Rainer
50,042
Marie Ogle
Mortgage Processing Solutions - Spokane, WA
Contract Mortgage Processor

Thank you Renee, I sure try to be. 

 

Aug 24, 2008 03:16 PM #7
Rainer
47,300
Lee Walsh
SecurityNational Mortgage - Lake Mary, FL
Executive Talent Scout for Mortgage Professionals

Hi Marie,

Welcome to Active Rain!

Here is my two word answer. (OK it's more than two words)

Proactive - a processor has to be proactive on a file - the last person a loan office want to manage is their processor.

Analyze -  Two heads  are better than one. If my processor is  analysing (instead of just moving paper) the file as we progress through the process my loan has a better chance of closing.

Lee W.

Sep 08, 2008 02:41 AM #8
Rainer
50,042
Marie Ogle
Mortgage Processing Solutions - Spokane, WA
Contract Mortgage Processor

Thanks Lee, that is great information for me and I appreciate your input.

Sep 08, 2008 03:21 AM #9
Rainer
38,744
Kevin & Maryellen Garasky
KMG Mortgage Group - Kevin & Maryellen, Idaho & Washington - Coeur d'Alene, ID
KMG Mortgage Group - ID & WA

Marie - Our Processor just decided to go back to school and become a teacher.  We found her valuable and her presence will be missed.  She was fun to work with, had a similar vision (treat our customers like clients for life, but still get the job done).  We saw her as an extension of ourselves and NEVER a "hired hand."

I was once an underwriter/processor for several years and when my husband decided to get into the business, I told him that he must, in order to be a TRUELY effective Loan Officer and give his customers the BEST service, process his own loans.  He fully agreed and, to this day, is greatful that he did it.

It's AMAZING to me how many loan officers don't know how to structure a loan
because they have never processed one before!!!

Since our processor decided to go back to school, we have decided not to replace her at this time.  However, that being said, we may occassionaly need the services of a Contract Processor to lighten the load.  We are licensed in Idaho and Washington.

Will you please forward me your resume, a copy of the contract you have your clients sign, and references along with contact phone numbers, along with other helpful information to aid in my decision?

Thanks and I look forward to hearing from you.  For the record, this was posted by Maryellen.

Sep 12, 2008 04:48 AM #10
Rainer
50,042
Marie Ogle
Mortgage Processing Solutions - Spokane, WA
Contract Mortgage Processor

Thank you for your input.

Please send me your email address so I may forward you the requested items.

I look forward to working with you

Sep 12, 2008 05:19 AM #11
Rainer
38,744
Kevin & Maryellen Garasky
KMG Mortgage Group - Kevin & Maryellen, Idaho & Washington - Coeur d'Alene, ID
KMG Mortgage Group - ID & WA

Marie - Likewise.  I have sent you my e-mail address.

Sep 12, 2008 07:43 AM #12
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Rainer
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Marie Ogle

Contract Mortgage Processor
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