Get to Know Prime Processors, Inc.
As the real estate market fluctuates, lenders, bankers and brokers are looking for ways to control costs and stabilize overhead. The smart solution has been to outsource most or all of the mortgage loan placement, processing and compliance requirements to us. Why should you consider going to a 3rd party for your loan placement, processing, compliance and marketing operations? You would be surprised how much of your competition has already made this smart business decision. 1. The One-Stop-Shop Back Office Most lenders and brokers want to offer their clients a complete package from origination to closing. Recent consumer surveys show that if given a choice most consumers would choose the one-stop-shop provider. Outsourcing allows brokers and lenders to do this from one platform, instead of going to a hodgepodge of service providers for things like leads, best product/rate searches, processing, appraisals, credit reports, flood certification, title search and compliance, all of which take hours of searching and follow up. A total fulfillment back office solution like Prime Processors, Inc. offers a seamless interface on a national basis of all the services required to support a growing national business model. All parts of the mortgage process from marketing to post-closing compliance can be handled in a private label scenario without requiring the client to fill out multiple forms with redundant information. 2. Cost Control Many national mortgage lenders and brokers are paying their originators high commission splits up to 100% to recruit and retain the most top producing employees. Margins are tight. The main reason to outsource your mortgage processing is to control your fixed costs without losing control or quality, especially when market forces dictate workflow increases and decreases. Outsourcing allows you to use these services only when you need them. There is not need to staff up in anticipation of a short-term influx of applications, for example, when interest rates go down. When all processing for example, is done in-house, an increase in workflow can mean that understaffed processing departments keep customers waiting for long periods to close their loans. What is your turn around time for loan processing? Typically 20 days of less, unless there are significant delays at the chosen lender, title company and other third parties. We have better than usual turn times because we have dedicated teams just for verifications and other vendor follow ups, also some of our automated systems work 24X7. What's the cost of Prime Processors Loan Processing service? Fees vary based on the type of service requested. See our pricing section or call for details. Discounts for NAMB and Broker Outpost members. No minimum order requirements. Volume discounts available for customers with more than 20 loans per month. 3. RESPA Requirements Timely action on a mortgage application is not only good business, it's the law. Understaffed processing divisions may not be able to meet the 72-hour disclosure requirement defined by RESPA. This is another reason why lenders, banks and mortgage brokers outsource their back office operations. Technology now allows these documents to be provided online for the borrower to download. In any case our system makes sure that you do not have to worry about meeting the deadline as we send out the Initial Disclosure package for you at your request. 4. Virtual Assistant By Your Side Through the use of a Web Camera and our WebExTM software, you will enjoy having a full-time assistant by their side while you enjoy increased profits and efficiency. 5. Disaster Relief Back Up Backup all data on our redundant server farm. 6. Go Paperless With select lenders the entire loan process can be paperless from initial 1003 to closing, to post-closing compliance. From a technology and stewardship perspective we are very excited about these developments. 7. Discount Bundled Services Settlement charges, title charges, appraisal fees, FedEx charges and much more.... 8. Vendor Affiliation We only do business with the most trusted and value conscience vendors in the industry who are members of the National Association of Mortgage Brokers, National Association of Mortgage Bankers or the National Association of Mortgage Processors. Our extensive client base can offer you assistance in finding the right vendor service in every state that you may be dealing with. 9. Discounts on Services Members of the National Association of Mortgage Brokers and the National Association of Mortgage Bankers receive a 10% discount on all services offered by Prime Processors, Inc. Members of the Broker Outpost (www.brokeroutpost.com) receive an additional 5% discount. 10. More Productivity No matter how big or small your company may be, our knowledgeable, professional staff will perform all of the tasks that have over-burdened your staff and take up their valuable time, allowing them to accomplish the important work they were hired to do.
NON FHA-APPROVED MORTGAGE BROKER FEES IN FHA MORTGAGE TRANSACTIONS ***POLICY ALERT - RESPA/FHA EXISTING POLICY REGARDING NON FHAAPPROVED MORTGAGE BROKER FEES IN FHA MORTGAGE TRANSACTIONS*** HUD just recently published a policy ...
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