What is a Mortgage Loan Processor?

A loan processor is an employee or an independent contractor whose primary responsibility is to validate the truth and accuracy of information provided for use in the home loan approval process. They may work with many parties to the loan including the borrower, the loan officer, the lender, the employer, the title company, the appraiser, and other third party service providers.

What is a Contract Mortgage Loan Processor?

A contract mortgage loan processor is an independent professional who enters into an agreement with a bank, mortgage lender, or mortgage broker to process loans on their behalf. Contract processors are typically paid on a "per file" basis and are included on the HUD or settlement statement so that funds may be disbursed directly to them at closing. Most contract processors are responsible for costs associated with running their business including office space, equipment, supplies, etc.

What skills are important for contract mortgage loan processors?

It goes without saying (but we'll say it anyway) that anyone considering a career as a contract loan processor, should have excellent loan processing skills. The following attributes are also essential for success as a contract processor:

• Excellent written and verbal communication skills
• Project management skills
• Ability to adapt to change easily and quickly
• Resourcefulness. The ability to find multiple tools and resources to accomplish the goal
• Willing to embrace widely used and leading edge technology

What CMP mortgage training tools do most contract loan processors start with and why?

Those who function as sole proprietors typically get the contract processor version of Loan Processor In-a-Box self-study guide. It serves as a great desk reference since they may not have access to as many continuing education resources. Those who have a staff often go with the Processor's Training Trio to take advantage of both versions of Loan Processor In-a-Box along with the business and marketing tools for contract processors that are included with it.

Those who need to be on the fast-track with their contract processing business typically choose a custom designed training program that only focuses on the concepts they want to master in the next 1-6 months. There is also an extensive homestudy program for independent contract processors.