What is Contract Processing?

Contract processing is the process of reviewing and approving loans for closing. It usually includes input from various departments, such as underwriting, accounting, legal, and operations. Contract processors are responsible for signing off on each loan before it can be approved to close. It is the final step in the mortgage lending process that ensures all aspects of a home loan are complete. For example, contract processors have to make sure all proper documentation has been submitted and go through contingencies such as bankruptcy or divorce before approving the loan and letting it close.

What does a Contract Processor Do?

The contract processor reviews title insurance policies, ensures that all necessary signatures have been collected for each document, verifies lender requirements are met, and makes sure there aren't any errors in legal documents before sending them off to the underwriter. Contract processors must be good at many things. These things include mortgage...

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Contract Processing 101: The Complete Beginner's Guide

contract processing Jul 12, 2021

This blog post will give you an idea on how how to process mortgage loans. We'll start with a general overview of the mortgage industry and then we'll dive into contract processing, including what is needed for each stage of the process.

A mortgage loan enables an individual to purchase property, and they have two main options: getting a traditional bank-provided or financing their own house with private lenders such as family members who are willing to offer money for them. Mortgages can be used by both first-time buyers and those looking at refinancing on existing properties too. There are multiple parties involved, such as the borrower(s), loan officer, underwriter, and last, but not least, a contract processor.

A contract processor is a behind-the-scenes individual who helps guide loan applications to the closing table. After borrowers complete an application, processors take over and provide the necessary guidance for getting all of the paperwork in order so that it can be...

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Contract Processing: The Basics

Would you like to learn more about contract processing? Contract processors are the backbone of mortgage lending. They play a key role in helping loan officers move files through the mortgage process by helping qualify borrowers, reviewing documentation for accuracy, and ensuring that all necessary documents have been submitted before submitting the file to underwriters. This blog post will provide an overview of what contract processing entails and how we can help with it!

What is a Contract Processor?

A mortgage or contract processor is an individual who either works for the loan officer or the company as a contractor. These financial experts collect and prepare all of the materials needed in order to secure a home for their borrowers which is why they play such an important role in the home-buying process. They help out by gathering and qualifying borrowers, reviewing documentation for accuracy before submitting them to underwriters so they can be processed easily,...

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The Benefits of Contract Processing

Mortgage contract processing is something that many loan officers don't understand until they've been in the industry for a long time. It's not an overly complicated process, but there are some benefits to using it that might be easy to overlook. This blog post will go over some of those benefits and ways that The Mortgage Processors can help you save time, money and get more (and more satisfied) clients.

Better customer satisfaction

Lenders are in a fierce race to improve customer satisfaction and stay ahead of the competition. Contract processing will ensure that all your back-office processes are handled efficiently so that you can close faster which means you’ll then have more time for enhanced customer relations, which is an essential aspect of business growth.

We are constantly in touch with the consumer and their loan officer throughout the journey, which means we're aware of any changes that need to be made or questions that arise along the way so your clients will...

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