Is sending files to a Processing company worth it?

maraba · Joined: 25 Jan 2006 Posts: 11 Location: Miami

We are a new mortgage broker company very small and i am the only one to process and do everything in the office, from prequal, to filing to everything lol. I was told that there are companies that u can send ur files to that process it for you for a fee ofcourse (400/file etc...). Has anyone had experience with this?

Guest · Posted: Wed Mar 15, 2006 6:23 pm Post subject:

I can offer you processing up here in new york. give me a call. {phone number deleted}

Guest · Posted: Wed Mar 15, 2006 6:27 pm Post subject:

I am sorry by the way My name is Denesh Maharaj of National Lending corperation. I have people down in fl that can provide you with processing. I can also have the processing done up hear in NY. Let me know.

Anonymous wrote: I can offer you processing up here in new york. give me a call. {phone number deleted}.

David · Joined: 19 May 2004 Posts: 754 Location: Atlanta, GA

Please register for the forums and become a participating member before talking to consumers.
Thanks

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

Well, what David means to say is feel free to talk, but talk here. We don't like seeing 'drive-by' advertisements and phone numbers.

The bottom line is that at some point yes it becomes worth it. If you're the only one then get *used* to the process first. You are going to want to know what it is that your lenders need, so that you get that stuff to your processer at the beginning, rather than sending it in a piece at a time. If you're not making enough yet, then don't bother. You need to learn the process, and it's just an expense. Spend the time that you have available bringing in more business and when you find that you simply don't have the time to process your files because you have so much business coming in and you still need to prospect for more, that's when you sign up a processer.

maraba · Joined: 25 Jan 2006 Posts: 11 Location: Miami

ok thanx for your reply

The Wizard · Joined: 02 Apr 2006 Posts: 48 Location: So. Cal

I would like to give you another point of view on this topic. If you are new every deal is extermely important since you do not have a full mature pipeline with many loans at different stages. Having a processor that is experienced and knows how to handle a file from start to finish and any hang ups that may come along allows you to focus on what you should be focusing on originating to fill up that pipeline. If your new it to the business, does not make good sense to split your time between bringing in loans and processing loans to get to your goal of funding loans.

If you use a contract processing company instead of hiring an in-house processor then the Borrower not YOU the broker pay for the processing, thus allow you access to a professional processor for free.

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