Best Mortgage Processing Companies for 2019

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The Mortgage Processing Co.

Editor's Take

The Mortgage Processing Co. is owned by an underwriter, ensuring a thorough review process to resolve issues before submitting the loan application. The team also keeps in contact with you throughout the process with status updates and guideline clarifications.

You’ll benefit from timely closings with an emphasis on top-notch customer service. Their extended hours of operation let you get in touch when needed, no matter what time zone you’re in. You’ll also find their expertise is broad, with a wide range of loan types available.

Extra Perks

  • Available loans: FHA, VA, Conforming and Jumbo
  • Expedited processing
  • Extended hours

Details

  • Underwriter-owned
  • Partners with brokers, lenders, and bankers
  • Simplified mortgage processing

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Expert Mortgage Assistance

Editor's Take

Expert Mortgage Assistance can help reduce your operational costs thanks to automated loan processing practices. They can also increase your loan volume as much as 50% when you’re experiencing peak times. With end-to-end support, it’s an easy solution to expedite your loan processing.

Extra Perks

  • More than 1,000 processors and underwriters
  • 99% accuracy in review process
  • Scale up to 50% during peak times

Details

  • Processes 10,000 loans a month
  • High transparency in operations
  • Major cost reductions

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Mortgage Pro 360

Mortgage Pro 360

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Editor's Take

Mortgage Pro 360 works with banks, lenders, and credit unions to provide a full suite of mortgage processing services. These include processing, title, appraisal, underwriting, closing, and audits. You could potentially save up to 50% of your processing costs with Mortgage Pro 360.

Extra Perks

  • Available loans: FHA, Conventional, and VA
  • Online loan navigator
  • 24/5 operations

Details

  • Process 100 to 5,000 loans per month
  • 200 full-time processors
  • 100 full-time underwriters

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Advantages

The biggest advantage of using a mortgage processing company is that it gives you external help from industry professionals without having to hire additional staff. You can use them periodically during the busy season (say spring through fall) then cut back when the real estate market slows down in winter.

Outsourcing the mortgage processing also keeps your lines of communications open more because administrative contacts go through them instead of you. This allows you to focus more on client relationships instead of the administrative side of making loans. If you went into the mortgage industry to focus on sales and marketing, then you could definitely benefit from working with a third party mortgage processing company.

Disadvantages

As with all things, outsourcing your mortgage processing can potentially come with some disadvantages. First, you can’t assume that the processor automatically does business the same way you do. You need to make sure their level of service matches up with your expectations. They may not handle all of the loan types that you offer your clients

Depending on the pricing structure, a mortgage processing fee can also be costly. Figure out how they charge, whether it’s a flat fee per loan or if there is the potential for additional charges as well. Even details as small as who pays for shipping and printing for documents is important to nail down at the beginning, especially if you’re a high-volume brokerage.

Frequently Asked Questions

Do mortgage loan processors have to be licensed?

Yes, a mortgage loan processor needs to be licensed in the state in which you’re operating. While some states might have certain options for exemption, in most cases, the processor needs a loan originator license and work at a licensed location as well. This is true whether you hire a single contractor or a third party company to oversee your loan processing.

Does a mortgage processing company do underwriting?

A mortgage processing company should review loan documents to pick out any potential red flags. However, this step happens before the application package is sent to the underwriter. A good mortgage processing company should review everything from an underwriter’s perspective to help expedite the process from start to finish.

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