Making a Living as a Contract Processor: What You Need To Know | The Mortgage ProcessorsAug 05, 2021
How much money can you make as a mortgage processor? How do mortgage processors work? What does mortgage processing entail? These are all great questions. In this blog post, we will answer these questions and more!
What is contract processing?
We'll start with how mortgage, or contract, processors work. Mortgage processors typically process loan applications on behalf of mortgage lenders or banks that have requested their services. They may also be tasked with reviewing the details of an application to ensure compliance with lender guidelines and then determining whether an applicant is eligible for a particular type of mortgage product.
Education and Skills Needed
While a high school diploma is all that is needed, an associate degree is usually preferred for this role. Receiving training and certification through the National Mortgage Licensing Program (NMLS) is also preferred by some employers.
The work of being a contract processor is not easy; it requires multitasking skills that are necessary for getting things done quickly without missing details or making mistakes along the way, so one's attention to detail needs to be high.
As a mortgage loan processor, you will need to be flexible and manage your time wisely. Sometimes this means having the ability to rearrange your schedule at a moment's notice to present accurate information for an underwriter.
You will find that each workday is quite different from the previous one. There's paperwork handling involved especially on days when there are verifications to carry out. Interactions with other people are also common in this job; for example, conversations might involve talking with the lender officer and underwriter as well as borrowers on an average day. Once a borrower submits their loan application, you will most likely be their main point of contact, so if your outgoing personality meshes well with these aspects of the job, then it'll be great!
Mortgage processors typically work in an office setting or at home depending on their personal preference. With the advantage of using digital documents and other technological means, mortgage processors don't have to travel as much as other professions, as getting signatures and verification of information can be done remotely.
As of 2021, the average pay in the US is about 60, 000 a year. When it comes to making money as a mortgage processor, the salary varies depending on location, experience, company size, and other factors. On top of a regular salary or hourly wage, you may get paid with commissions. this of course changes based on the cost of the house being sold and the rates within that state.
If you're looking for a way to make money, meet some great people and enjoy flexible hours, mortgage processing is the perfect fit. If you're interested in becoming a contract processor with The Mortgage Processors, contact us today!
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