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What Contract Mortgage Processing companies do to cut down mortgage processing time by 50%?

Posted by maxbpoblog Apr 09,2021

contract mortgage processing companies

Did you know that you can reduce your mortgage processing time by almost 50% by hiring the service of a contract mortgage processing?

To understand how mortgage processing companies are able to do this, we need to know what work they do and understand how they do the process at a faster pace.

What contract mortgage processing companies do to make the process faster?

  • Document Completion: Experts working with a mortgage loan processing company ensure that all contract documents are fully executed. They scan the document for missing information, signatures or initials and get them filled up to complete the file. This reduces any delay due to missing information at a later stage of processing.
  • Maintaining Timeline: Companies providing mortgage loan processing services maintain a track of the timeline and ensure they complete the work on or before the given timeline. They keep in track and notify interested parties regarding deadlines and timelines before they are due so that the process is not delayed.
  • Coordinate the process: A cause for delay is the involvement of several parties in the process. Professionals from companies providing contract mortgage loan processing services coordinate the following processes:

 

  • They order the appraisal, insurance, title, statements, transcripts etc. and complete all employment verification- both verbal and written.
  • They process and verify disclosures for accuracy and completeness.
  • They also coordinate closings with titles and borrowers, assemble the post-closing packages and also assist in fast retrieval of post-closing deficiencies.

As they have both experience and expertise in doing this work on a regular basis, they can complete all processes at a faster pace and with accuracy.

  • Use of Technology: Almost all 3rd party mortgage processing companies use technology to make their process faster. There are several tools available in the market that help in doing this. Some of the tools that the mortgage loan processing companies use are Amazon Chime and Byte Enterprise LOS.
  • Amazon Chime is secure enterprise-ready unified communication software that can be adopted by users from anywhere and using any device. This helps in real time communication with the processor making the whole process faster. Chat rooms provided in the software enable various parties to interact with each other using group chat facilities.
  • Byte Enterprise is a Loan Origination Software that helps in originating loans and uploading files directly in the cloud using the Chrome browser. This helps in easy collaborating and real time visibility through different stages of processing.
  • Extended Hours of Operation: Contract mortgage processing companies work for extended hours which enables them to process the work within a faster time frame.
  • Well-Designed Loan Process: As contract mortgage processing companies are experts in handling mortgage loan processing, they have devised loan processes which can be completed within a reduced turnaround time.

Hence, the time taken by the companies offering contract mortgage processing services to process mortgage loans is much less compared to the time taken by lending organizations to process these loans internally.

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