Contract Loan Processing - What Is Contract Loan Processing?

 

Mortgage lead processing involves gathering and reviewing documentation about potential home buyers for home loans, such as income, asset, credit and property information. It is crucial that lenders can underwrite and close loans as quickly as possible; that is why so many mortgage companies utilize third-party contract loan processors during times of high volume or capacity without needing to hire or train additional team members.

Mortgage processes are complex and time consuming processes, typically requiring the help of several parties to be completed successfully. A loan goes through various steps from its inception until funding. Collecting and analyzing credit histories, verifying employment and calculating debt-income ratios to ensure applicants qualify for loans is all part of this process.

There are various documents to gather and review, such as property appraisals, insurance policies and tax records. A mortgage processor works to put all these items together into one package for submission to an underwriter for review - making sure there are no errors that would delay loan closings.

Mortgage lead generating services specialize in engaging potential borrowers to apply for mortgage or refinance products and services, using various marketing tactics and strategies to attract them and then selling these leads directly to mortgage loan officers. Their rates depend on whether their business model involves charging per mortgage lead, per exclusive lead or providing access to an open database.

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