I have a relatively new office that has grown to a substantial business almost overnight. My biggest downfall is getting my deals processed in a timley manner. Is there such thing as a processing school that I could send my people to? They are great employees but have been practically self taught. How long should it take to process an average deal?
Contact NAMB for a contact for your state mortgage broker association. At least in MO, we have Processing 101 and Origination 101 schools periodically for those that have only been in the business for less than a year. Hopefully your state does the same. By the way, if the file is properly originated (all are complete and signed: 1003, GFE, TIL, Sign. Auth., Mtg. Loan Orig. Agreement, Broker Disclosure, Servicing Transfer, Equal Credit, Errors & Ommissions, Financial Privacy, & Copy of Appraisal…Accompanied with paystubs, w-2′s and/or Tax Returns(2 yrs), Proof of Reserves, i.e. bank satatements or 401(k) statement, etc.), then the file should only take 2 weeks to process and close. If not, it hasn’t been properly originated or the processor is beeing inefficient in their process.
I attended a processing class put on by the Missouri Association of Mortgage Brokers. Perhaps you should check with you state association.
You can send your people to Memphis Tn. We process our loans and close with in 8 days.