Priority Mortgage Processing
Why Contract Processing?
Enjoy increased profits.
Cut costs by reducing or eliminating unnecessary salaries, employee benefits, employer payroll contributions, workman's compensation, supplies, and office equipment. This will help you avoid the ups and downs of hiring and training, then laying off in lean times.
No need to hire Temps or Part-Time help, send us your overflow files. We take 1 file or 100 files, we have the staff to work them all.
Increase individual agent production by eliminating their need to process loans, which frees up valuable time to originate more loans.
Increase loan production by utilizing valuable office space for additional loan agents and investing the company dollar in advertisement, instead of processing expenses.
Shorten loan cycles by utilizing our experienced processors, that take advantage of the latest automation and processing tools available in our industry today.
An increase in customer satisfaction means more referral and repeat business for your company.
The Work Flow
As a processing company, it is our goal to process files for you as quickly as possible. For this reason, we ask that you send files to us after you have met with a potential borrower and had your loan officer take the application. We recommend following the Loan Officer Checklist we provide. This will insure all documents are sent to us and necessary information is available to assist us with the processing of your loan.
With this information we are ready to work for you.
When we receive the loan from you, within 24 hours it is set up for data input where we will send out an “Additional Items Needed List”. This list outlines any missing information we feel will be needed to submit the loan to the investor and is faxed to the loan officer. In addition, a welcome letter is sent to the borrower identifying Priority Processing as the processing company along with the “Additional Items Needed List”. This assists the borrower in knowing where to mail documentation we are requesting.
Within 24 hours we will do the following
1. We need your computed file emailed to us to verify ratios for the loan. it is the responsibility of the broker to meet the three-day deadline for the truth-in-lending disclosure.
2. We review file for compliance and any missing disclosures.
3. We order all VOE’s, VOD’s
4. We order all VOM’s and VOR’s
5. We order title work and any payoffs that are not covered by the title company.
6. We order the appraisal, unless the broker has already done so.
7. We begin tracking the progress of all documentation needed to submit your loan to the lender. If any needed documentation is overdue, we work with the loan officer to quickly obtain it.
8. We provide a weekly spreadsheet of loan status every Monday.
9. We submit a full package to the lender of your choice for approval.
10. We track the time spent underwriting the loan, and contact the investor if we do not receive an approval within 48 to 72 hours.
11. Immediately upon underwriting approval (or denial), we fax a copy to you. We request that you verify the approval to ensure the loan approved meets your requirements.
12. Once we meet conditions and receive all payoffs, we will contact the loan officer or branch manager to coordinate a closing time or inform them of a time the seller and buyer’s have established.
13. We will call the escrow company to provide information for them to confirm the closing with the lender. We will schedule the closing with the borrower on a refinance.
14. We will fax a Closing Fee Sheet for review and sign-off.
15. We will obtain an estimated HUD-1 to review and will fax it to the loan officer to confirm fees against the Good Faith Estimate. We will have any errors corrected with the escrow company.
16. If there are any last minute requirements regarding the closing of the loan, we will work with the escrow and loan officer to meet them and close the loan.
17. We follow up on any missing requirements through the funding of the loan.
18. Our copy of the loan package is returned to the broker’s office after funding.
The Benefit
The bottom line is that Priority Processing will make you money. A lot of brokers try to do everything from origination to the funding of the loan. Ask yourself this question; "What really produces the income for my company?" Sure, you think that origination is the most important, but, if the loan does not fund, you do not get paid. The fact is, processing and originating are on a parity with each other. Processing is very frustrating and time consuming for the average processing crew. So frustrating, that most loan officers are spending most of their time processing, instead of originating. This limits them and you.
Just think, how nice it would be, if all your have to worry about is originating loans, not ordering supplies, training processors, dealing with difficult lenders, and so on. All you need to do is advertise, visit realtors, set appointments, work with loan agents, and bring in more loans. You take the application and get the documents from the borrower, then send the loan to us for processing. You never have to worry about the file after that. Your time is free to originate for your company.
Now, when business slows your processing expense adjusts with the slowing, and when your loan production increases, we are there to help you meet your production needs. No more over and under hiring. Well, what sounds better? 1. Working to get loans in, then spending hours processing to fund the loan, or 2. Originating loans, then originating more loans and enjoying the increase in profit for your company and for you.
Who we Are
Priority Processing provides an outsource processing solution that is professional, efficient and complete. Leveraging 21 years industry experience, we know what it takes to close the loan — not only from a task perspective, but from a customer care point of view. We have a propensity towards people. Priority Processing will take care of your borrowers, your loan officers and you. The key to our solution is knowledge. Priority Processing has the tools, information and expertise to exceed all of your client’s expectations. We help you service and support your client’s needs. If you are frustrated with re-training loan processors, paying for salaries, benefits, sick time, vacation, and workman's compensation... Outsource your processing with Priority Processing. With Priority Processing, you build productivity as well as client loyalty.
Come grow with us.
Business Philosophy
We're committed to building a relationship with you through project ownership,commitment and hard work. We want to see you succeed. At Priority Processing Center, our goal is to deliver high quality mortgage processing to each of our clients.
Our Commitment to You
* Priority Processing Center will handle all activities associated with ordering of verifications, disclosing to borrowers, submission to underwriting, clearing of conditions, coordination of closing, and the confirmation of funding.
* Priority Processing Center will leave you, the broker, in control and welcomes phone calls and involvement.
* Priority Processing Center will provide weekly status updates on all files in process.
* Priority Processing Center's business is exclusively to process loans and close them as quickly and professionally as possible.
* Priority Processing Center will process each loan with the expertise and priority you would expect from an in-house processor.
Why Outsource?
In today’s new economy, business and client demands are changing — fast. You need to process the loan quickly and understand your client across all touch points, and do it better than ever before to stay ahead of the competition. If you don’t meet their needs, the competition will. Are you providing the best possible service to your borrowers? The only way to increase your company’s revenue is to increase your closing volume per month. If you consider the size of your organization and imagine closing just 10% more loans a month than you are right now, you might grasp the potential. Just think about it — Greater revenues, increased profits, higher ROI. Is your company working to it’s potential? Supporting an in-house processing staff is expensive. The costs to hire and retain a certified processor can be very high. But even higher, is the cost of employing someone who has a lower than acceptable closing ratio. Is your staffing overhead producing the results you need? Could a qualified processing outsource help you meet those goals? Yes! Consider that a processing outsource can:
* Increase borrower satisfaction
* Increase the percentage of loans closed
* Reduce broker overhead
* Shorten closing cycles
An outsource solution can help you meet these goals and more!
Getting Started
1
Review our Services, Fees and Agreement These documents may be found on this web site. Also, to gain an understanding of how our business process works, take a look at our workflow page. If you have any questions, please contact us.
2
Consultation As each of our client’s needs are unique, we want the opportunity to discuss your business with you personally and to review your specific business needs. Please contact us for a no obligation consultation.
3
Return your signed Processing Agreement to us.
Q & A
Why outsource processing?
More time to write business. Cuts down on loan officers processing their own files and adds years of experience to your office. Enables you to accelerate your turnaround time on loans, thus, closing loans more expeditiously and receiving your commissions sooner. If you are frustrated with re-training loan processors, paying for salaries, benefits, sick time, vacation, and workman's compensation, contract processing with Priority Processing is your best choice
Will Priority Processing contact my borrower?
We work with the loan officer to expedite the loan process. Many times this means contact with the borrower. We want to work in a manner that mirrors your business practices. Contact with a processor often gives a borrower a sense of comfort about their loan process and allows them to ask questions.
Will Priority Processing speak to attorneys or real estate agents?
Priority Processing is your biggest cheerleader when it comes to customer service. Nothing creates more discord with your clients when they feel a phone call is not returned or they are being avoided. We will follow up with attorneys and real estate agents throughout the loan process.
Will Priority Processing order credit reports?
We ask that you provide a in-file credit report with the file upon submission of the loan to us. If there are any credit lines which need updates or correction per the investor, we will work with your credit company to obtain the necessary information.
Can we use our own appraisers?
We will order appraisals from people you already have established working relationships with. If you need a recommendation, we have worked with excellent appraisers in the industry and would be happy to provide you with names and phone numbers.
Is Priority Processing a broker?
No, we are solely and exclusively a processing company. At no time will we solicit your clients for other services or sell information to another party.
What is the average processing time?
The average turnaround time on a file is 15 business days with the use of alternative documentation. Most delays occur with the title and appraisal or the borrower's inability to forward information in a timely manner. The loan officer will be notified immediately if any delay is expected.
What makes Priority Processing different from the competition?
One of the biggest challenges mortgage brokers currently face is finding Processors with knowledge, integrity and excellent customer service skills. Priority Processing is a contract processing company which meets this criteria. We specialize in Conventional financing and have excellent skills with loan products as well. We have 21 years of experience to offer in mortgage banking as well as ...Integrity,Trust
What if I don’t like the service?
Our hope would be that you contact us immediately so we can remedy any situation which may not be to your satisfaction. If we cannot resolve our differences, the Processing Agreement calls for 10 days notice to be given. All outstanding fees will need to be paid by the broker at the time the files are returned.
How do I get started?
There are three easy steps to having Priority Processing handle your loan processing...Getting Started