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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...
Read MoreYes, in nearly every state, an independent contract mortgage processor must hold a state mortgage license, even though a W-2 processor working in-house under a licensed company usually doesn't. You can verify any processor's license status for free on NMLS Consumer Access. Willow Processing currently holds active licensing in 35
Read MoreAccording to the National Association of Realtors' Realtors Confidence Index, 13 percent of contracts experienced a delayed settlement in a recent three-month period, and 6 percent were terminated outright. Separately, a Redfin survey of real estate agents found that financing falling through was the second most common reason home purchase...
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