Inet-Loan Processing: What We Do!

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FAQs

 

FAQs What Do our Processors Do? The Bankers Group/Inet-Loan Processing is responsible for collecting loan information from parties that may include the loan originator, the borrower, and third party service providers. The processor moves that loan information to the individual making the underwriting decision on the entire mortgage transaction. There are many other tasks for which our processors are responsible for, but in its simplest form, loan processing is the organization, and movement of loan data. Our loan processors have the ability to organize loan information, organize their daily duties, and possess excellent communication skills. Typically, a loan transaction starts with a loan originator taking an application on a borrower, qualifying the borrower for the best loan program available, and then selling the loan program to the borrower. Often times a loan originator will collect initial signed loan disclosures, income documents, photo identification, purchase agreements, and other various documents that may be needed to thoroughly qualify a borrower. Once these things are completed, our loan processor takes over the loan transaction by managing and monitoring its progress from loan submission to closing. This usually involves, but is not limited to the following items: Review the loan file for any deficiencies that may be required for initial loan submission. Running Automated Underwriting when applicable. Making the initial loan submission to an underwriter. Ordering third party services such as Appraisal and Title. Review the appraisal to insure the value, comps, and adjustments are in line. Review the title to insure all liens, judgments, taxes, etc. are rectifiable. Ordering all verification documents such as VOE, VOD, and VOM. Updating Insurance Information to reflect the lender’s mortgagee clause. Ordering payoff information on existing mortgages. Once the loan is approved, the processor will collect and clear any additional conditions requested by the underwriter. Once the loan conditions are cleared the processor schedules a closing date. Request signed closing documents to include in the loan officers file for compliance. Turning this laborious process over to one of our processors, frees up valuable time for the Loan originator to go out and develop new business. Outsourcing this service will allow Sales Managers to do what they do best, and that is, manage and develop their Loan Officers. Why manage two job functions, when you can concentrate on the one that generates income, while delegating the processing to a specialized company like The Bankers Group/E-Loan Processing? Outsourcing loan processing will cut a mortgage companies overhead, by reducing guaranteed salaries and benefits, and also help it become more productive by streamlining their daily operations.

What will my cost savings look like using The Bankers Group/Inet-Loan Processing? The benefits of Outsourced Processing are exponential, but it all starts with the elimination of guaranteed base salaries. More specifically, an experienced, qualified processor can usually command around $40,000 per year in total compensation (with benefits) and bonuses usually add to this amount. In a good month, your in-house processor may be able to process 20 to 25 loans. What about those months when business is slower and the processor only processes 5 loans? The bonus may change, but the base salary and benefits payout does not. By outsourcing and paying on an as-needed contractual basis per funded loan, instead of a guaranteed base salary, benefits and bonuses, you can save thousands every year. With The Bankers Group/E-Loan Processing, you only pay on processed loans that fund, meaning you eliminate losing money for loan processing. Even if a mortgage company employs in-house processors that have a steady processing pipeline, there still may be a need to work with an outsourced processor. An in-house processor like any processor has a maximum capacity. There are a maximum number of loans that any processor can effectively process in any given month. Once an in-house processor has reached their capacity, you need to have an option for all additional loans. Whether it is 1, 5, or 10 additional loans, they still have to be processed. Who’s going to process those extra loans? You have a few options: you can hire another processor and hope that business maintains, or picks up quickly enough to cover that new salary and benefits; you can take time out of your busy schedule, away from managing daily operations and developing new business, in order to pick up the slack; or you can outsource the processing to a qualified Processing Company like The Bankers Group/E-Loan Processing, which keeps you concentrating on new business and keeps you from having to commit to more overhead in salaries and benefits.

How will I stay updated on my loan file?

Just because you’re giving the workload to someone outside of your physical office it doesn’t mean you’re giving up control of the process. Thanks to advancements in technology and the proliferation of the internet, mortgage companies are still able to oversee their entire loan pipeline and get up-to-the-minute statuses on every loan in-process at any given time. Choosing the right outsourced processing company means finding a company that employs experienced processors, who have access to these types of technologies. The Bankers Group/E-Loan Processing contracts with ATLOS Mortgage Processing Software to allow for true collaboration on all loan files, giving all parties involved anywhere, anytime access to all pertinent loan information directly from a computer. Using this technology, we maintain a completely paperless loan file, in a secure hosted environment, that can be accessed any time, through a website. Our customers can track documents in and out of the system, changes in loan data, changes in loan statuses, condition statuses, and much more.

                                                                                                                                                  

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