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How to start a Home Base Contract Mtg Processing - LoanUniverse Community

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How to start a Home Base Contract Mtg Processing


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#1 Guest_Maritza Rivera_*

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Posted 16 July 2004 - 08:52 PM

Hello
I have over 5 year of experience in Mortgage processing and Underwriting conventional loans for a Bank. I am not working now so I would like to start a contract Mortgage Processing Business from home but i do not know how to start. At the bank they had there own in house mortgage system so i do not know what mortgage software i whould nee, in other word i do niot know how to star to process mortgage loan from home. Can you help me.

#2 loanuniverse

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Posted 17 July 2004 - 03:08 PM

Maritza:

I am only superficially familiar with the software used for mortgage loan processing. Therefore, I can not give you feedback about what you would need. Your needs will also depend on what it is that you are trying to accomplish.

If you are interested in doing contract work for an outsourcing company, but don’t want to work on getting the leads, then I am pretty sure that the outsourcer will provide you with the required software. The one problem that I see here is that unfortunately a lot of “work at home” programs are either a scam or pay very little. This means that you need to be careful about who you trust.

On the other hand, you could be thinking of really being a freelancer and working truly on your own. The biggest obstacle I see here is getting the contacts at the lender level that can feed you the work. Finding out the software that the particular lender uses should not be too difficult. I would imagine that the most lenders use something like this: http://www.loanprospector.com/

Good luck

#3 Commercial Lender

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Posted 28 July 2004 - 04:04 AM

if you would like, PM me for more info. I can post names of copmanies and software etc but that would fall under advertising on site which i wanna avoid. Thanks

#4 Guest_Sam Taylor_*

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Posted 09 December 2004 - 01:13 PM

Why Not Manage a Contract Loan Processing Branch of a Nationally Recognized Company?

As interest rates continue to rise and the refinance boom comes to an end, small to mid-size mortgage brokerage firms are left with no other choice but to downsize. Typically, it’s the in-house loan processors that get laid off first, and as a result, brokerage firms opt for a more cost-effective option: contract mortgage processing. In an effort to reduce overhead, these brokerage firms look for reputable, well-recognized contract processing companies to outsource their loan processing. Operating a branch of <<snipped>> enables an independent loan processor to capitalize on this growing trend and begin to work with local and national mortgage brokerage firms who increasingly seek this type of outsourced solution.

The Benefits?

Do you have at least 3 years of prior contract mortgage processing experience? Are you looking to work from your own home office and have the freedom to work your own hours? The most intriguing aspect of contract loan processing is that you can conduct business without a fancy storefront or office. There’s no additional real estate to buy, no expensive leaseholds or property development, no inventory to carry, not even any staffing requirements. We practice what we preach and use innovative Internet technologies to not only improve client satisfaction, but also increase your own deal flow. At the heart of each branch is a business model composed of advanced technologies and a proven methodology; thus, driving our network of contract processors to success!

As a Branch Manager...

You’ll enjoy the freedom of setting your own hours, managing clients the way you’re accustom, processing loans in your own style; while at the same time, knowing you have the security and backing of a well-recognized, national processing company. You’ll also have the option of adding additional processors and setting new performance benchmarks as your branch grows. As your partner, we’ll provide you with the tools and “infrastructure” needed to quickly market your processing services. We’ll even provide you with 10 new clients to get you started!

As a Contract Mortgage Processor...

You’ll manage all activities associated with closing a loan: submissions to underwriting, obtaining stips from the borrower, clearing of conditions, appraisal and title/escrow follow up, coordination of closing and confirmation of funding. We’ll handle the monthly accounting, client acquisition and provide you with ongoing support and guidance, so you can focus squarely on processing loans.

To Learn More About Opening a Branch of <<snipped>>

Sorry Sam but to advertise you need to register and keep advertisement to the signature

Edited by loanuniverse, 09 December 2004 - 01:43 PM.


#5 Guest_LoanGirl Texas_*

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Posted 03 January 2005 - 03:23 PM

There are several things you need to do to start a contract processing service from home. The first ofcourse is experience which you obviously have. Then you need to decide if you want to market your services to individual mortgage brokers or loan officers. You can also work as a sub contractor under another company. The main firm sub contracts the work to you for a fee per loan.

As far as software if concerned you will need a LOS system that is used most often by loan officers. There are several with Calyx Point, Encompass, Genesis etc to name a few. Any of those will work and you can accept any .fnm files in case they have a different systems than you.

The main thing to remember is that this will be a home-based business and you should treat it as such, meaning plan first. You will need funds to get you through the first couple of months, and a plan of where to get your pipeline.

I hope this helps you get started, and welcome to the world of contract mortgage loan processing!

#6 Guest_johnson_*

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Posted 20 May 2006 - 04:47 PM

Are there certain licenses that are needed to start a contract processing center and are there certain compliances that a person would need to be aware of?







QUOTE(LoanGirl Texas @ Jan 3 2005, 03:23 PM) View Post

There are several things you need to do to start a contract processing service from home. The first ofcourse is experience which you obviously have. Then you need to decide if you want to market your services to individual mortgage brokers or loan officers. You can also work as a sub contractor under another company. The main firm sub contracts the work to you for a fee per loan.

As far as software if concerned you will need a LOS system that is used most often by loan officers. There are several with Calyx Point, Encompass, Genesis etc to name a few. Any of those will work and you can accept any .fnm files in case they have a different systems than you.

The main thing to remember is that this will be a home-based business and you should treat it as such, meaning plan first. You will need funds to get you through the first couple of months, and a plan of where to get your pipeline.

I hope this helps you get started, and welcome to the world of contract mortgage loan processing!



#7 Guest_Laura_*

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Posted 19 June 2006 - 09:11 PM

QUOTE(LoanGirl Texas @ Jan 3 2005, 03:23 PM) View Post

There are several things you need to do to start a contract processing service from home. The first ofcourse is experience which you obviously have. Then you need to decide if you want to market your services to individual mortgage brokers or loan officers. You can also work as a sub contractor under another company. The main firm sub contracts the work to you for a fee per loan.

As far as software if concerned you will need a LOS system that is used most often by loan officers. There are several with Calyx Point, Encompass, Genesis etc to name a few. Any of those will work and you can accept any .fnm files in case they have a different systems than you.

The main thing to remember is that this will be a home-based business and you should treat it as such, meaning plan first. You will need funds to get you through the first couple of months, and a plan of where to get your pipeline.

I hope this helps you get started, and welcome to the world of contract mortgage loan processing!



#8 Guest_Laura_*

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Posted 19 June 2006 - 09:19 PM

I too have been looking into becoming a contract processor. I have 14 years experience and have always worked for a lender. I have all kinds of questions on how to get started. Where do you get the LOS software? Who is resposible for compliance. I don't really know which way would be the best to go, with a national company or on my own. I do not want to pay for leads or pay a company to process for them. I live in a small city in Florida so my local brokers probobly would not beable to give me enough business which is the best way to go?


Laura

#9 Guest_Guest_Christine_*_*

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Posted 22 July 2006 - 07:58 AM

Laura ~

I am also interested and have 10 years experience living in Floriday. Did you have any luck starting up a business at home? Any tips that may be helpful?

Thanks,
Christine



QUOTE(Laura @ Jun 19 2006, 09:19 PM) View Post

I too have been looking into becoming a contract processor. I have 14 years experience and have always worked for a lender. I have all kinds of questions on how to get started. Where do you get the LOS software? Who is resposible for compliance. I don't really know which way would be the best to go, with a national company or on my own. I do not want to pay for leads or pay a company to process for them. I live in a small city in Florida so my local brokers probobly would not beable to give me enough business which is the best way to go?
Laura



#10 Guest_Jay_*

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Posted 27 July 2006 - 07:18 AM

QUOTE(Guest_Christine_* @ Jul 22 2006, 07:58 AM) View Post

Laura ~

I am also interested and have 10 years experience living in Floriday. Did you have any luck starting up a business at home? Any tips that may be helpful?

Thanks,
Christine

I have a marketing firm, and have thoughts about getting into the mortgage processing industry. I have my resource in getting leads, and referrals for at least 10 processors to start. But if I was to outsource, how do I protect myself from processors taking my clients away for themselves?

#11 Guest_Laura_*

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Posted 31 July 2006 - 10:10 AM

QUOTE(Guest_Christine_* @ Jul 22 2006, 07:58 AM) View Post

Laura ~

I am also interested and have 10 years experience living in Floriday. Did you have any luck starting up a business at home? Any tips that may be helpful?

Thanks,
Christine



#12 Guest_Laura_*

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Posted 31 July 2006 - 10:13 AM

Christine,

I am still looking into it. Kind of hard when you are working. Where in Florida are you? I have questions basically about the access to systems. I found were I can purchase software for an LOS system like Calix Point but how do I get access to credit bureaus, DU, LP etc. Without being a broker etc. I am not sure if the individual broker would provide that access or what.


Laura

#13 Guest_Laura_*

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Posted 31 July 2006 - 10:15 AM

QUOTE(Jay @ Jul 27 2006, 07:18 AM) View Post

I have a marketing firm, and have thoughts about getting into the mortgage processing industry. I have my resource in getting leads, and referrals for at least 10 processors to start. But if I was to outsource, how do I protect myself from processors taking my clients away for themselves?






Jay,

I would think that you would have the boker sign with you (a processing agreement) that would protect you re: the contact. Do you have a lot of mortgage borker contacts. what state are you in?


Laura

#14 theloanchick

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Posted 07 August 2006 - 02:53 PM

I would suggest going to www.elliemae.com. You will be able to download the single user version of Encompass for free. It is a software that isn't used by a majority if brokers, however, if they email you the file in .fnm format it can be uploaded by any software. I also suggest this software because they have very helpful info on their site, including training classes for the software, free of charge.

All usernames and passwords needed to process the loan would come from the broker. You are working as an independent contractor for them so they should provide this information. If they want their loans run thru du, lp or a specific lenders own au system, they would have to supply that info. You would be unable to obtain this stuff as processor.

I am also looking to start a contract processing company in Florida. From what I understand, you only need to have an agreement signed before the work is done. This agreement should state that it is the brokers resposibility to be in compliance. As a processor, you are not governed by the laws that are required of LICENSED brokers. Of course, you should do all you can to help the broker stay in compliance but it is their job to review all files once they have been closed/withdrawn/denied.

If there are any marketing companies that would be able to help me in starting this, I would love to hear from you.

#15 Guest_Laura_*

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Posted 07 August 2006 - 07:28 PM

Theloan chick,


Thanks for that information. I checked out the ellie mae website and I see the free trial offer. Will I only beable to use that for a little while since it is a "trial offer" Would you recommend going ahead and purchasing either the encompass software or Calyx Point software. If I used encompass and the broker could not email me a file would I just have to input the data manually?? I have been working on an agreement and have spoken to a few brokers in my area who seem interested so I am getting there. I am working on getting set up. I am excited!! any any information is greatly appreciated.


Thanks,

Laura





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