There are many more than three reasons to use a contract processor. But these three reasons are the primary drivers in your quest to find quality support for your sales staff while minimizing fixed expenses.
#1 Contract Loan Processors, are paid on a closed loan basis. Sure its glamorous to have your processor sitting in the office, at your disposal in a moments notice. But let’s be frank, in a refinance boom that may be critical, but in a purchase driver market, you only need to pay for what you close, not for wages, benefits, sick days, and even the potential harassment or workplace injury lawsuit.
#2 Contract Processors, are already trained. No need to spend weeks getting your new processor up to speed. Our Sr. Processors are already trained, able to work with your investors already, fully versed in creating disclosures, working with all the various lender platforms, and used to closing loans in a commission based environment. Remember they don’t get paid unless you do.
#3 Contract Mortgage Loan Processors save money. In a recent study, it was shown that contracting or outsourcing your third party services saves brokers and bankers money. It’s that simple. Full time employees in a declining production volume environment are expensive. Save the time and energy focusing on sales and marketing, not you operations.