Mortgage Loan Processing

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Tuesday, November 21, 2006

Tips on Working from Home as a Contract Mortgage Processor

There are many things you need to do before you can successfully work from home as a contract mortgage processor. Here we will discuss some tips and ideas for at-home work opportunities in the field of contract mortgage loan processing or commonly referred to as "outsource mortgage processing".

To work from home as a contract loan processor you will need to do the following:

1) Make sure to have a quiet at-home work environment. This means no dogs barking in the background. No kids screaming. No pots and pans clinging. And if you are going to forward your land line to a cell phone, make sure not to answer your phone while there is background noise. Remember, it is a privilege to work from home and you as a contract processor cannot take this for granted. There are many people across the country that would love to work from home. So make sure that you recognize this benefit and take all measures to ensure you maintain a quiet at home work environment.

2) It's not a bad idea to incorporate yourself as you do not want to retain liability if your mortgage broker or borrower performs fraud. You can do it directly through your state's website or through companies like www.incorporate.com, although it's a little more expensive that way.

3) Make sure that you equip your home office with everything you need to be a successful loan processor. So what do you really need to work from home as a contract processor? Phone. Fax. Fast Internet. Computer. Origination software (i.e. Caylx Point or Ellie Mae's Encompass). Perhaps one filing cabinet. And your favorite mug to put your pens in ;)

4) In order to be a loan processor who can work at home it's not a bad idea to also do other things. Such as notary. Real estate agent. Virtual administrative assistant. This way you can supplement your income during the slow times. But most importantly, you need to get yourself out there. Don't fall victim to watching TV or playing with the kids all day. Go out there and network yourself with local mortgage brokers, real estate agents, etc.

5) If you do not have loan processor training, then it's a good idea to start today. Without sound mortgage loan processing training, most mortgage brokers will NOT hire you! Mortgage brokerage firms do not have the time, nor the resources to train newly hired loan processors, so it's up to you, as the independent mortgage processor, to acquire mortgage processing training. Unfortunately, there are only a few legitimate mortgage career training schools on the internet and ever fewer in person, classroom training schools. We highly recommend the mortgage loan processing training classes offered online through Loan Processor University (LPU). At LPU, they offer very experienced instructors as well as "live" instructor-led training classes/seminars.

6) And finally and most important, join local and national networking organizations in your chosen field of mortgage loan processing. Organizations like your local Chamber of Commerce, National Association of Mortgage Processors, Kauffmen Center for Entreprenuership, Small Business Administation (SBA), and SCORE.org, just to name a few.

We at Nationwide Loan Processing hope this helps you in your search for the perfect work at home job opportunity. Good luck!

- Staff Writer
Nationwide Loan Processing

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