Slow season is coming. See how contract mortgage processing turns fixed processing payroll into a per-file cost and protects your P&L when the pipeline thins.
Key Takeaway: Bring your own processor (BYOP) is a mortgage processing model where a broker’s existing processor joins Willow Processing and keeps working the broker’s files. The processor is paid through the processing fee disclosed on the Loan Estimate instead of the broker’s payroll. Willow charges a flat $395 per file, and the processor...
Choosing an outsourced mortgage processing company isn't a decision most brokers make often, which is exactly why it's easy to get wrong. Licensing gaps, a poor LOS fit, or an inconsistent compliance record don't show up in a sales conversation. They show up three months in, when a file stalls or a state audit raises questions the broker didn't...
Contract loan processing means outsourcing the work of managing a mortgage file, from application intake through closing, to a third-party team instead of hiring processors in-house. Brokers and lenders use it to handle file volume, cover multiple state licenses, and hit closing timelines without the cost or delay of building an internal
Contract loan processing carries more misconceptions than most outsourced services in the mortgage industry, largely because brokers are handing off a function that touches borrower data and compliance obligations directly. Some of the hesitation is fair caution. Some of it is outdated or simply inaccurate. Here's a look at the most common myths...
Outsourcing loan processing does not outsource compliance liability. Under the GLBA Safeguards Rule, lenders and brokers remain responsible for overseeing any third party that touches borrower data, and under the SAFE Act, whether a processor needs an individual NMLS license depends on whether they're a supervised employee or an independent...