1. Feature Article: WHY SOME CONTRACT PROCESSORS FAIL 2. Click-n-Learn at your convenience 3. Question of the month 4. Mortgage industry events 5. Tell us what you think
It’s a typical day at CMP where calls and e-mails are coming in from people looking to become contract processors. Most all of them sound confident that they have enough industry experience and knowledge to hit the ground running. A good majority of them take this confidence and jump ship. They dive deep and head for shore.
Fast forward 18 months from now. It’s likely that we’ll encounter that same individual again. They will still be in the business but NOT as a contract processor. They’re with another broker or lender working as a processor or sometimes even a loan officer. What happened? Why wouldn’t an experienced, knowledgeable in-house processor be able to survive independently? Was it the isolation? Was it the capital required to run the business? Was it volume? While those are all possible reasons for folding a business, it’s typically not what makes the difference between a contract processor who fails and one who succeeds. Excellent processing skills is a given. Here’s a list of the other skills that really make the difference:
PROJECT MANAGEMENT – A contract processor should be able to manage the pipeline of each broker as a separate project/entity. Each broker has unique characteristics, niches, and needs. Consequently, a strategy should be in place for servicing each broker. The moment you forget that, you’ll lose a valuable client.
SYSTEM AND PROCEDURE DEVELOPMENT – There are so many aspects of a processing business that have to be well-managed for it to remain viable. A contract processor has to be able to foresee those things and then design a system, a process, or a procedure to implement for use in daily operations.
TIME MANAGEMENT – As the old saying goes “there are never enough hours in the day to do all that has to be done”. With a multitude of tasks to completed on a daily basis, the contract processor needs to distinguish between the urgent, the essential, and the unnecessary. Those who are unable to do so will find themselves unhappy and overwhelmed.
INTERPERSONAL EFFECTIVENESS – In this age of advanced technology, communication has really changed. People hide behind e-mail, faxes, and other alternatives to face-to-face communication. Strong interpersonal skills are now more important than ever. Knowing how to influence the cooperation and commitment of others will make a huge difference in your ability to deliver quality service.
Sounds like a lot doesn’t it? And little of it has to do with how well you can process a loan. The good news is that a portion of the first two items can be outsourced. An industry expert can analyze your business and create what you need or at least make recommendations. For more strategies to enhance your business, visit our website at www.completemortgagenetwork.com and www.completemortgageprocessing.com.
Online interactive training at your convenience. It’s quick, easy, fun and you learn at the same time. Here are a few sample topics:
- 4 Steps to Getting Paid for Contract Processors - Do You Know Your Appraisal Reports? - Basic Mortgage Calculations - How to Do Loan Set-up - Learning the Language of the Industry - Do You Know Your Good Faith? - And more...
Visit www.completemortgageprocessing.com/clicknlearn.html --------------------------------------------------- QUESTION OF THE MONTH
Q. I’m considering advertising in an online e-zine that my target market subscribes to. I think it will really help my volume. What things can I do to make sure I get my moneys worth.
A. The biggest problem we’ve seen with e-zine publishers is that they sometimes boast of having thousands of subscribers but offer little proof that they have really captured the interest of your target market. In fact, we tested one e-zine by subscribing to it under a different name. This e-zine promised that our message would go out to its 210,000 subscribers 3 times per week. However, we found that during a 6 week period only a few editions were actually sent out. This pattern held true for all 6 secret subscriptions we took out. Needless to say we wiped that vendor off of our list for good. So, here’s our advice:
1. Start with a reputable company 2. Subscribe and monitor the publications before you pay for advertising 3. Get feedback from your peers or other subscribers 4. Start small. If you find that you’re dealing with a fraudster, you won’t be out of much money or time. ------------------------------------------------------
October 10, 2006 Illinois Assoc. of Mortgage Brokers St. Charles, IL
October 11 – 13, 2006 OriginationPro Mortg School Seattle/Lynnwood WA
October 12, 2006 Utah Assoc. of Mortgage Brokers Salt Lake City, UT
October 15, 2006 First Asian American Real Estate Convention & Gala Long Beach, CA
October 16-19, 2006 TNAMB Nashville, TN
Oct 17, 2006 - Oct 19, 2006 California REALTOR EXPO 2006 Long Beach, CA
Oct 18, 2006 Southern California Apart Assn Annual Expo California
October 19 – 20, 2006 2006 OAMP Convention Portland, OR
October 20, 2007 - Oct 21, 2007 First-Time Home Buyers Of America Pomona, CA
October 21, 2006 - Oct 22, 2006 Learning Annex Real Estate Wealth Expo Rosemont, CA
October 22 – 25, 2006 MBA's 93rd Annual Convention & Expo Chicago, IL
October 26, 2006 Maine Association of Mortgage Brokers Freeport, ME
October 26 – 27, 2006 Trigild Lender Conference San Diego, CA
October 26-28, 2006 SEMBC - Southeastern Mortgage Brokers Conference Atlantis Paris Island Bahamas ==============================================
Got Questions??
The Mortgage Trainer has answers. Submit your most important question today
www.completemortgageprocessing.com/askus.html
============================================= TELL US WHAT YOU THINK
If you have already purchased our Loan Processor In-A-Box® workbook or used our other training resources, we’d love to hear from you. Let us know what has helped and what you’d like to see more of. Leave a message at our Feedback line at 1 (800) 609-9006 x2128 or just click here to submit your comments online. You can also send us an e-mail to processinghelp@aol.com or fax us at (702) 543-5397.
