Contract Loan Processing

Does anyone do contract processing? I would really like to work from my home. I have always loved loan processing and still do. Any suggestions on how to get started. Everything I see on the internet is geared to sell you their package. What I am realy looking for is to work for someone else.

I would like to know how I can become a contract processor. I have been in the mortgage industry over 15 years but I have always been interested on what steps need to be taken to do this type of work from home? Can someone out there please help me. If anyone would like to discuss, please e-mail me at lauri.garza@yahoo.com

Hey Lauri, I am in the same boat, I have over 25 years experience and was just laid off recently. I looked into this yesterday and what I have found so far is that you will need your own software. Calyx point is the most popular and easy to use. You will have to draw up a contract to sign up your brokers and basically you will have to market yourself to them and get them to come on board. If you do a search on the internet for contract mortgage processing, you will find several websites that show a sample contract and fees for different types of loans. I am not sure about the business name and what you have to do to register that, etc. I am sure you will have to have a dedicated phone line as well and a home fax, copier, etc. Hope this helps, this is all I know for now. Best of luck to you, please feel free to email me if you want to at rping257@aol.com

Have the FHA rules changed to allow contract processors to process FHA loans for a broker approved to do FHA?

Sallyann Jones in Clinton, Arkansas said: Does anyone do contract processing? I would really like to work from my home. I have always loved loan processing and still do. Any suggestions on how to get started. Everything I see on the internet is geared to sell you their package. What I am realy looking for is to work for someone else.

Hi.. did you ever get an answer about this?

Hello All,

Can someone please tell me if there are any license or other requirements needed to become a contract processor in GA?

Thanks!

I would like to know the same thing about being a contract processor in FLA.

I’ll be speaking with the Institute that certified me to process ( some many years ago ) regarding the contract processing and will inquire about Florida contract processors as well. I will post back to assist.

Thanks this helps greatly

This is a question to all that are already contract processors. I have a new contract with a broker who is just getting their FHA approval and will be doing all their FHA loans. I called FHA and they said I cannot get an FHA ID to pull case numbers if I am processing for more than 1 broker. I was just wondering how the other contract processors handle this when you process FHA for more than 1 broker. If this works out, I hope to pick up some more brokers. I would appreciate your input. Please email me at rping257@aol.com. Thanks very much!!

I am a contract mortgage processor, underwriter and housing project manager. I am trying to get business in other states. Does anyone have any ideas. I have been in the industry for 11 years. please email me at fastprocessor@aol.com

I've been a contract Processor for 10 years but due to the market conditions I find myself looking for more work. Does anyone have any suggestions?

Sure... I would first start with the National Association of Mortgage Processors at www.MortgageProcessor.org

I am also a contract processor in addition to processing I also have my notary stamp and I offer to do loan signings to supplement my income

I am a Director of Operations for a Mortgage Broker firm that I started 7 years ago. Through that period of time I have always hated the disappointment of processor's who were able to talk the talk but not walk the walk. I have been looking for a contract processor for just a short time and have hired a firm to do processing for us but I am not happy with their performance and their is a language barrier. I know that to be a contract processor in VA you must either be an "employee" of the company or your company must be licensed as a Mortgage Broker.

We originate Conventional, FHA, VA and State Bond Loans with are pretty much like conventional or FHA in VA, WV, MD and North Dakota. There seems to be a lot of talent here so I was hoping that if anyone would be interested in talking to me further about the possibility of doing contract processing for us that you would contact me.

My number is <Edited by Host: Contact info removed> and my email address is <Edited by Host: Contact info removed>. Please feel free to call me or email me, I would love to talk to you.

Thanks, good luck in your search.

Robyn Graves

Hi Robyn,
Where did find out that a contract processor has to be licensed to process VA loans? What HUD clip is that in? That is not true for FHA and I have processed VA loans. I have a contract processing company and 10 years experience although I do not have any experience in State Bond Loans but heard they were not difficult to process.
Please email me if interested: <Edited by Host: Contact info removed>
Thank you for your time and have a great day.
Lynn Hafer

Hi Lynn, if you are not a w2'd employee with the mortgage broker firm and you are paid by way of 1099 in Virginia you MUST hold a Mortgage Brokers License. Hope that helps.

Thanks, Robyn

Here is some good info on FHA processing: mortgageprocessor.org/loan-processing/search.php?PostBackAction=Search&Keywords=fha&Type=Topics. Also, take a look at this as it discusses whether or not contract processors can process loans: mortgageprocessor.org/loan-processing/comments.php?DiscussionID=120&page=1#Item_0

Hi everyone,

Is there a place where I can get the updated list of states that we need to be licesed in. So far I only know about GA, VA, CA, and possibly NY.

Thank you and I lok forward to hearing from all of you.

NAMP offers a State Licensing manual for contract processors. You can download it here: www.mortgageprocessor.org/mortgage-state-licensing-requirements.php

I have been in the mortgage business for 25 years as a loan processor. I was laid off the beginning of this year, and have set up an office at home to be a contract processor. I am processing for the company I was previously employed with but would like to pick up another broker. If anyone in the Maryland area needs an experienced processor or has any suggestions to increase my business, please respond.

For those who are having trouble finding contract work due to the current market, I am a recruiter who is working with a mortgage broker that is searching for an experienced loan processor in the Alpharetta area NOW! They are looking for at least 3 years experience. FNMA.FHMLC and FHA guideline knowledge is a must. Knowledge of DU, LP underwriting systems is a plus. They have 5 loan officers and only 1 processor and they are swamped!
email your resume to me at mfrasier@staffingpriorities.com

Maybe I should clarify my post for the processor opportunity. This is NOT contract work. They are looking to hire someone permanently, and the candidate must be local, meaning within 15-20 miles of Alpharetta, GA.

Sorry for any confusion this may have caused.

Looking for contract processing work in Arizona. I have over 16 years experience in Processing/Underwriting and Processor Training. If interested please email me at mortgagesbykim@gmail.com Thank You!

Processtoclose in Canton, Georgia said: Hello All,

Can someone please tell me if there are any license or other requirements needed to become a contract processor in GA?

Thanks!

i need a contract procees asp dont nee a license <Edited by Host: Contact info removed>

Hi Michael

If I do not need a license I would be happy to be your contract processor if you dont mind that I am in Phoenix. We could work by email and fax which is what I do with most of my Loan Officers now. What type of loans do you need done? I do everything...I am also a local trainer for FHA/VA and Conventional loans and used to underwrite as well. Let me know...my direct email is mortgagesbykim@gmail.com

Thanks and have a great day!!!

Actually yes in ga you do need a license. You have to go through the process of receiving the license. contact the department of banking and they will confirm this

Does anyone know how I can get started with contract loan processing in the panhandle area of Florida. I am experienced with residental loans only and have been processing for 7 years. I am looking for something flexible where I will be able to work from home and take care of my kids as well as make a decent income. If anyone can help me I would appreciate it. Thank you

Hey Susan, I was in your same boat 6 mos ago. I have 25 years experience and joined this forum and have had people contact me because of it so hang in there. I also have put ads on Craigslist and they are free. You will need a Processing agreement for your new brokers to sign and you need to decide how much you will charge for services. I work with Calyx and my broker gave me the software for my computer so I didn't have to buy it. I also created a flyer and send it out to brokers in the area and even to some people who advertise on job sites that are looking for loan officers. In florida you don't need a license. I also have a fax/copier/scanner at home which is a must!! If you want more info, feel free to email me at rping257@aol.com. I have only been doing this a short time, but I am absolutely loving it and my broker is so happy with my services!!

You do not have to be licensed in CA.

From my understanding you do NOT need a license in CA... I found a good state licensing manual for contract processors here: www.mortgageprocessor.org/mortgage-state-licensing-requirements.php

I have been contract processing in California for 6 years and you do not need a license.

michael meadows in Alpharetta, Georgia said: i need a contract procees asp dont nee a license freebee8787@yahoo.com

You need to check out your states Dept. of Financial Institute. I am in WA and our regulations changed as of 2007 requiring ALL contract processors to become licensed loan originators along with our State regulating us opening up our own business with a license # separate from our loan originator license in order to pay taxes to have a business. Called B&O tax in our state. The start up fee for me was about $250 for the license but well worth it. I work under an broker but yet call my own shots as a processor and can also originate loans.

ok lets get those loans

I am looking at starting contract processing, I live in Oregon but will be processing loans for Utah, can someone tell me do i need to have a license to process if i am not contacting the borrowers? and if so will i need to be licensed out of both states or just the states i will be processing for?, Also do i have to set up a business license also?

Heather Embleton in Vancouver, Washington said: You need to check out your states Dept. of Financial Institute. I am in WA and our regulations changed as of 2007 requiring ALL contract processors to become licensed loan originators along with our State regulating us opening up our own business with a license # separate from our loan originator license in order to pay taxes to have a business. Called B&O tax in our state. The start up fee for me was about $250 for the license but well worth it. I work under an broker but yet call my own shots as a processor and can also originate loans.

Hello Heather,

Please e-mail me when you get a chance. I have a few questions on the Loan originator test broker test. I already have a business license. valerie.oconnor@gmail.com

I have 38 years in the mrtg. industry and would like to do processing on a p/t basis. I am a stickler for compliance and accuracy. My last 10yr of my 38yr have been in processing. I have been processing FHA & VA loans over the last 9 months. I would like to be able to do this from my home if possible. Thanks

I am a contract processor out of Birmingham, AL and am currently employed with a company out of Alpharetta. I am always looking for more loans. I have many years of experience and I mainly process FHA loans. I know how to use LP and DU and would love the opportunity of helping out. I charge $350 per loan and have pretty good turn around time. Thank you in advance and I look foward to working with you.

Sincerely,

Nic Hagewood

What is your background as far as FHA? How much would you charge for FHA streamlines?
Please send me your contact information.
Pat Bishop

Pat Bishop said: What is your background as far as FHA? How much would you charge for FHA streamlines?
Please send me your contact information.
Pat Bishop

Hi Pat I forward a copy of my resume to your email and my price for FHA streamlines are $295 and we have a two week turn time (that if the client can turn in everything I ask for). Let' talk tomorrow. Bobbie

Bobbie,
I believe you called but I wasn't able to understand all of your phone number. Call me again.
Pat

What would you charge for FHA streamlines?

TLD in Saint Paul, Minnesota said: I've been a contract Processor for 10 years but due to the market conditions I find myself looking for more work. Does anyone have any suggestions?

Are you still looking for brokers to do processing for? Do you do FHA processing?

Yes, I'm still looking for new brokers. Yes I do FHA loans too.
I charge $450 per file for government files. Please let me know if your still interested.

I'm so happy that this site exists! I'm in the beginning steps of starting my own processing business from home but am moving to a new state, South Carolina. Does anyone have any helpful hints on requirements or connections within the Greenville area? I've worked five years as a in-house processor for a lender...

Thank you and your responses are much appreciated!

Hey Ya'll....I want to thank you first off, for every single one of you who watch, monitor, read, subscribe, see, and anything else that I did when I was so fortunate to find this site. All of us are in the same boat. I have learned so much from my postings here it is incredible. More so than anywhere else. Call it a blog if you will, but it is working. We are all there...here....needing to make money. So, why not help each other>????? If you have brokers, they won't be stolen; if you are processing, GOOD for you!!!!!! My personal opinion for myself IS.....I know that I am good at processing and if a broker/loan officer is not using my services, then too bad for them.

I have some ideas and some tips for FLORIDA new contract processors, BECAUSE YOU DON'T HAVE A JOB, if you are interested, please email me at rhondastill@verizon.net. OH....I AM IN FLORIDA. You do not have to be licensed here. You do however, have to be licensed in nearby states, so please check with your state before checking with me. FELLOW PROCESSORS......HEAR ME SAY....IT'S TOUGH OUT THERE RIGHT NOW..... PLEASE HELP YOUR FELLOW PROCESSORS GET STARTED. THE ONES THAT WANT TO DO IT WILL MAKE IT. IT'S NOT EASY...YOU HAVE TO WORK HARD AT IT, BUT REMEMBER, IF THIS IS WHAT YOU ARE GOOD AT, YOU WILL MAKE IT.

I talked to someone on the phone about processing FHA Sreamlines and regular FHA, was that you? Let me know
Pat Bishoo

please e-mail your fees to me at cobramrktg@aol.com

What fees are youy referring to.
1. commerical loans
2. buesiness leases
3. factoring
4. agents for r/e investors
5. jumbo home loans
6. SBa loans
Regards, Don L

I have been processing for 2 years now and have just found out that the company I am working for is closing their doors due to the market. I have a home office and am hoping to become a contract processor. I have experience in conventional, FHA, and reverse mortgages. If anyone could use my assistance or has any recommendations for getting started, please email me at melenygarcia@americaonefinance.com. I am from Oregon. Thank you so much!