Loan Processing Anyone?

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Isabel 25 months ago	Hello, I am a loan processor as well, but I just started as an independent processor. I was working for a mortgage business, but company closed down and I have not been able to find a job as a processor. I kinda feel lost, but I just want to make sure I am up to date on everything and also have the right equipment. HELP!!! - Was this comment helpful? Yes / No (2) Reply - Report abuse
Loan Processing in Chula Vista, California 25 months ago	Well, make sure that you are up to date on all loan processing software Calyx 7.2 is what I use. Make sure that you have a multi-function printer (scanner, printer, fax.) Be sure to read up on all guidelines for FHA and the new GFE 2010 rules and regulations. - Was this comment helpful? Yes (2) / No (3) Reply - Report abuse
Isabel 25 months ago	Where can I get information on FHA guidelines?? What type of multi-function printer would you recommend?? I use to go off of a small book that we use to get in our office, but I forgot the name of it for all my FHA QUESTIONS. - Was this comment helpful? Yes / No (1) Reply - Report abuse
Loan Processing in Chula Vista, California 25 months ago	You can always read the 4155 FHA Guidelines, you can also make sure you go to the FHA website and read all the updates on there as well. Any type of monochrome multi function machine works good...i own a brother... and I don't like any printers that print color because it wastes toner. :0) - Was this comment helpful? Yes (2) / No (2) Reply - Report abuse
Isabel 25 months ago	One last question?? Promise? What kind of Brother all in one do you have?? I was on the internet and there are several kinds. - Was this comment helpful? Yes / No Reply - Report abuse
Loan Processing in Chula Vista, California 25 months ago	mine is a MFC-7340 - Was this comment helpful? Yes / No Reply - Report abuse
Isabel 25 months ago	With this scanner, will i be able to scan and email files to lenders???? - Was this comment helpful? Yes / No Reply - Report abuse
Isabel 23 months ago	Hello everyone, I love to process and I just cannot find any loan officers or brokers to work with me. I have been processing for a little over 13 years. What am I doing wrong???? How may I approach them? - Was this comment helpful? Yes / No (1) Reply - Report abuse
Stan in Irving, Texas 23 months ago	Where do you live? - Was this comment helpful? Yes / No (1) Reply - Report abuse
Isabel 23 months ago	Bakersfield, Ca. - Was this comment helpful? Yes / No (1) Reply - Report abuse
Silly Shell in Temecula, California 23 months ago	Can someone tell me what the new rule is for contract processors? I have read and been told so many different versions. I guess I am sort of looking for the right answer.. Or just another answer... - Was this comment helpful? Yes / No Reply - Report abuse
Cathy Belligan in Thiensville, Wisconsin 23 months ago	All contract loan processors have to be licensed mortgage loan originators as of 1/2010. You have to pass the NMLS Safe Act Exam and become licensed in the states you are processing. I passed my NMLS exam, background check and everything else. I have my Loan Originator License subject to Wisconsin State test because they are not offering it until August. My conversation with WDFI was I could NOT process until I passed the NMLS requirements for L.O.'s and got a license subject to completion of the Wisconsin State test. There is some confusion about all of us processors out here. Some say we can process with the license subject to and some say you cannot process without the state test complete, even if the state is negligent in providing it immediately. I disagree. Regardless, you need to get licensed now. If you are working without a license you are in violation of the SAFE ACT passed by the Obama Administration. - Was this comment helpful? Yes (4) / No Reply - Report abuse
Cathy Belligan in Thiensville, Wisconsin 23 months ago	If you need answers contact NMLS on their website or contact the Dept of Finance in your respective states. If you process and are W2 employed by a banker, etc., you do not need to be licensed. If you are truly a contract processor, you need to be licensed. - Was this comment helpful? Yes (1) / No Reply - Report abuse
Elite Processing in Oakland, California 23 months ago	Does anyone know what the licensing requirements are for California for contract loan processors? - Was this comment helpful? Yes / No Reply - Report abuse
Cathy Belligan in Thiensville, Wisconsin 23 months ago	The State of Wisconsin just put me out-of-business this week. They have construed the law as not allowing 1099 employees any longer. - Was this comment helpful? Yes / No Reply - Report abuse
Isabel in Pittsburg, California 22 months ago	Loan Processing in Chula Vista, California said: Well, make sure that you are up to date on all loan processing software Calyx 7.2 is what I use. Make sure that you have a multi-function printer (scanner, printer, fax.) Be sure to read up on all guidelines for FHA and the new GFE 2010 rules and regulations. Hello again, are you still an independent loan processor??? I have had no luck in finding a broker that will allow me to work from home as a loan processor. - Was this comment helpful? Yes (1) / No Reply - Report abuse
Cathy Belligan in Thiensville, Wisconsin 22 months ago	No - the State of Wisconsin is interpreting the Safe Act incorrectly and I am now out-of-business. - Was this comment helpful? Yes / No Reply - Report abuse
Isabel 22 months ago	Hi there- This mortgage industry is getting very scary. I have been originating loans, but now that we have to be licensed and me not having the money to get licensed, its tough. Im hoping something changes and hoping to get a processing job quick. I need to start making some income some how. Good luck my friend. - Was this comment helpful? Yes / No Reply - Report abuse
Cathy Belligan in Manitowoc, Wisconsin 22 months ago	Indeed. Good Luck to you as well. I've been in this industry for 23 years and I have never seen anything like this before. Wisconsin is a job killing state anyway and a tax hell. I am moving to Utah in a few years so everything should look brighter then....Good luck to you as well! - Was this comment helpful? Yes / No Reply - Report abuse
Isabel 22 months ago	Thank you very much. Now, is it true that processors need to be licensed as well???? - Was this comment helpful? Yes / No Reply - Report abuse
Cathy Belligan in Manitowoc, Wisconsin 22 months ago	You are exempt from licensing if you are a W2 employee, except in Florida. You have to be licensed there, no matter how you are paid. - Was this comment helpful? Yes / No Reply - Report abuse
Isabel 22 months ago	Im 1099'd - Was this comment helpful? Yes / No Reply - Report abuse
Cathy Belligan in Manitowoc, Wisconsin 22 months ago	Contact NMLS for your state requirements. - Was this comment helpful? Yes / No Reply - Report abuse
yomira in Anaheim, California 21 months ago	Are there any NMLS contract processors on here in Southern California? Preferably in Inland Empire or North Orange County. - Was this comment helpful? Yes / No Reply - Report abuse
Cat28 in Cumming, Georgia 21 months ago	Cathy Belligan in Thiensville, Wisconsin said: All contract loan processors have to be licensed mortgage loan originators as of 1/2010. You have to pass the NMLS Safe Act Exam and become licensed in the states you are processing. I passed my NMLS exam, background check and everything else. I have my Loan Originator License subject to Wisconsin State test because they are not offering it until August. My conversation with WDFI was I could NOT process until I passed the NMLS requirements for L.O.'s and got a license subject to completion of the Wisconsin State test. There is some confusion about all of us processors out here. Some say we can process with the license subject to and some say you cannot process without the state test complete, even if the state is negligent in providing it immediately. I disagree. Regardless, you need to get licensed now. If you are working without a license you are in violation of the SAFE ACT passed by the Obama Administration. That law has ceased now until Speing 2011 for Peocessors and Underwriters. The Gov't has suspended for now because they have gotten the results they were looking for so quickly, like 50% improvement in the quality of the loans origianted. So we may be spared for now. If you are still studying or about to take the test you still can, it will just be another feather in your cap. Cathy - Was this comment helpful? Yes / No Reply - Report abuse
Cat28 in Cumming, Georgia 21 months ago	FYI so everyone knows, processors, underwriters and closers do not have to take the NMLS testing. This has been suspended until spring 2011, per the gov't. They have already succeeded in results of 50% or better in the quality of the loans being originated. They did not know the numbers would be so good so quick. So we are off the hook for now. YEAH!!! Cathy - Was this comment helpful? Yes / No Reply - Report abuse
Isabel 21 months ago	Hello, Does this mean contracted processors do not have to be licensed yet??? - Was this comment helpful? Yes / No Reply - Report abuse
EMP in Athens, Georgia 21 months ago	If you're a contract processor for one broker/lender and are a W2 employee you do not have to be licensed. If you're a contract processor working with multiple brokers then you need to be licensed through your state's the Dept of Real Estate or Dept. of Banking & Finance as well as the Safe Act MLO license endorsement. - Was this comment helpful? Yes / No Reply - Report abuse
Marnt in Port St Lucie, Florida 19 months ago	I would like to get into the Mortgage trade, any advice where to start? I'm thinking underwriter, processor? I live in Port St Lucie, FL so I also would like to know to going salary for these positions. I used to be a realtor up north and would like to be on the other end now. - Was this comment helpful? Yes / No Reply - Report abuse
Cathy in Madison, Wisconsin 19 months ago	Not a good time to be getting into this industry. Seriously, don't do it. Lots of changes and lots more regulation on the way for 2011. - Was this comment helpful? Yes / No Reply - Report abuse
Cat28 in Cumming, Georgia 19 months ago	I agree about bad timing, however you need to know that processing is where you would need to start and there are a lot of openings for processors right now since rates are so low and people are refinancing like crazy and people with money are starting to come out of the woodwork to purchase too. Underwriting requires you to have those skills that processors have acquired, most good underwriters were once processors. There's always going to be regulation changes in the mortgage industry just as with the real estate industry so you should send your resume to companies that are willing to train you and ask if they also might have a processor assitant position, you will really learn the ropes that way too. Good luck! Cathy - Was this comment helpful? Yes / No Reply - Report abuse
Isabel 18 months ago	EMP in Athens, Georgia said: If you're a contract processor for one broker/lender and are a W2 employee you do not have to be licensed. If you're a contract processor working with multiple brokers then you need to be licensed through your state's the Dept of Real Estate or Dept. of Banking & Finance as well as the Safe Act MLO license endorsement. How can I get the number to get licensed? Im running out of time. - Was this comment helpful? Yes / No Reply - Report abuse
Laura in Fort Myers, Florida 16 months ago	Hello all fellow processors, I am a licensed processor in the state of Florida. I was told that HUD does not allow processors to work for multiple companies?? does anyone know anything about this. I have for the past year worked for one company but am considering going back to contract processing. But was told that HUD does not allow you to work for multiple companies as processors. I talked to HUD office and was referred to the 4060.1 2-9 and it states in there that an employee cannot work for multiple companies.. Anyone hear of this? is there a way around this? - Was this comment helpful? Yes / No Reply - Report abuse
Paul in South Jordan, Utah 16 months ago	Cathy Belligan in Thiensville, Wisconsin said: The State of Wisconsin just put me out-of-business this week. They have construed the law as not allowing 1099 employees any longer. "1099 Employee" is an oxymoron, there is no such thing. If you are an employee you are paid on a W-2. If you are paid on a 1099, you are an independent contractor (self employed). It is plain and simple and the term "1099 Employee" was manufactured at an attempt to skirt state and federal laws. Laura in Fort Myers, Florida said: Hello all fellow processors, I am a licensed processor in the state of Florida. I was told that HUD does not allow processors to work for multiple companies?? does anyone know anything about this. I have for the past year worked for one company but am considering going back to contract processing. But was told that HUD does not allow you to work for multiple companies as processors. I talked to HUD office and was referred to the 4060.1 2-9 and it states in there that an employee cannot work for multiple companies.. Anyone hear of this? is there a way around this? If you process loans for a HUD approved broker/lender then you must be an employee of that lender and cannot work for another lender even if you only process conventional loans. This has been a HUD regulation for many, many years. There is (and never has been) a way around it. - Was this comment helpful? Yes (1) / No (1) Reply - Report abuse
JMarcus in Lake Worth, Florida 14 months ago	Isabel said: Hello, I am a loan processor as well, but I just started as an independent processor. I was working for a mortgage business, but company closed down and I have not been able to find a job as a processor. I kinda feel lost, but I just want to make sure I am up to date on everything and also have the right equipment. HELP!!! It depends on the state in which you wish to process in. All state requirements differ. If you are looking for employment we are always looking for qualified and seasoned loan processors. Check out our website at www.hightowerfinancialsvs.com Julie - Was this comment helpful? Yes / No Reply - Report abuse
Rebecca Vadas in Bloomington, Indiana 6 months ago	Hello, I have my NMLS license and would like to do some processing as well. I am experienced with FHA and Reverse Mortgages in additional to conventional. I have all of the equipment needed to produce quality work. If anyone has suggestions for any employer that may be interested, I would really appreciate it. - Was this comment helpful? Yes / No Reply - Report abuse
Rebecca Vadas in Bloomington, Indiana 6 months ago	Hello, I have my NMLS License and am looking for employment as an independent processor. I am very experienced with all types of mortgages including reverse mortgages. I have all of the equipment necessary to produce high quality work. If anyone knows of any employer that may be interested, I would really appreciate any information. Thank you! - Was this comment helpful? Yes / No Reply - Report abuse
smh in Houston, Texas 4 months ago	If any of you still have to do hard copy files for brokers and use the mortgage stacking tab dividers, I have a box that I am trying to sell. I paid @$150 for a box of 50 sets and used 1-2 sets out of it before the broker went paperless. Sells for $152.50 through Greatland right now. Will sell for $75 plus shipping. Price is negotiable. Thanks - Was this comment helpful? Yes / No Reply - Report abuse
trusgold in Bridgeville, Pennsylvania 1 month ago	Isabel said: Where can I get information on FHA guidelines?? What type of multi-function printer would you recommend?? I use to go off of a small book that we use to get in our office, but I forgot the name of it for all my FHA QUESTIONS. HP iis the toket by and Far... - Was this comment helpful? Yes / No Reply - Report abuse

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Loan Processing Anyone?

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