In most cases, a contractor processor works in the mortgage industry. He or she oversees the entire mortgage loan process, ensuring that all steps are completed. The contract processor is in charge of keeping track of necessary documents, obtaining signatures, and researching contract information. Many processors are self-employed and work from home. Work experience in the field is required to become a contract processor.
To become and succeed as a contract processor, you should have a working knowledge of deposits, inventory holds, data integrity, and financial information. It is not necessary to have a vehicle, but it saves time if you need to go out to get documents or signatures before closing. Experience and business relationships are more important in this field than formal education; however, a finance degree can help.
To work as a contract processor, you must be able to work independently with little supervision. Because each contract requires multiple steps to complete, organizational skills are also essential. When you work as a contract processor, having good customer service skills and the ability to conduct online research will make your job easier.
Finish high school and pursue a two- or four-year college degree in finance or business, if possible. If you don’t want to get a full degree, enroll in and finish courses related to the mortgage industry. You can become a contract processor by taking courses in finance, real estate, and computer science.
You will be expected to record and post down payments, update financial information, and understand the closing procedure as a contract processor. To develop your resume and become a contract processor, you should work in jobs that require each of these skills. This experience can be gained by working in financial institutions, mortgage companies, or real estate firms. Build a strong foundation for your contract processor career by working in such jobs for several years.
Learn about the laws that govern real estate, mortgages, and contract processing. Use what you’ve learned to build the foundation you’ll need for a career as a contract processor. If specialized licensing is required for contractor processors in your area, follow the licensing requirements and obtain a license.
Learn everything there is to know about 10-key, computers, the Internet, and the phone. When you work as a contract processor, you’ll be expected to solve problems and ensure that the process runs smoothly. If a signature is required, you will need to obtain it. When income verification is required, you will be the one conducting the investigation. So that you can sell yourself as a contract processor, learn to solve problems.
Establishing business relationships with mortgage companies and real estate agents is essential. Send them your business card and tell them you’d be happy to take care of their contract processing. To ensure repeat client business, meet all deadlines.