processing: to hire or not to hire - 02/15/09 06:43 PM
Sometimets its better to keep things small.  Handle it yourself, and things go smoothly.  Start hiring people and a lot more stress can follow.  I know this because this is the second time I have found myself in this position.  Lots of opportunities for work, plenty of work to currently keep me busy.  The opportunity to grow, but the need to hire someone in order to grow.  Big decisions are tough.
Last time I was in this spot, I jumped right in.  I hired and trained three people.  It took a long time to train them all.  Outsourced mortgage processing is … (2 comments)

processing: staying abreast of changes in your industry - 09/27/08 01:02 PM
In 2008 the biggest think I have learned in the mortgage industry is that it is absolutely essential that you stay up to date on changes within your own industry.  It amazes me the people within any industry that have no idea of how things change and when.  My thinking is if you stick your head in the sand, you lose.
It amazes my how many people put blinders on and chose to stick to the "old way".  I have news for you, in this economy the old ways don't work.  In the mortgage business guidelines change literally overnight.  If you … (3 comments)

processing: walking the line between being professional and friendly with clients - 08/06/08 08:58 PM
During the course of processing a mortgage I typically end up communicating quite a bit with the borrowers.  Frequently I find myself in the position of walking on that ever important line with the borrower between professional and friend.  I am kind to borrowers, I try to take the time with them to patiently explain the transaction, to answer questions, give realistic time frames etc.  Because documenting a mortgage can seem "borderline invasive" as I was told once by a borrower, I take the time to build a rapport with the borrower.  Its a lot easier to get docs when they … (3 comments)

processing: Top 10 self evident things buyers should know but don't always before applying for a loan: - 08/06/08 11:34 AM
I know some of these are rediculous, but in all seriousness I have received loan applications where this information was not completed.  Why?  The loan originators tells me the borrower "wasn't sure".  Of course this is funny, the saddest part is the loan officers actually forwarded me the apps without this information to "see what I think".
 
1. their social security number
2. current address, and if less than 2 years previous address
3. how long they have been at this address
4. employer
5. how long they have been at their job
6. job title
7. annual income
8. … (1 comments)

processing: What kind of difference can a good mortgage processor make? - 06/23/08 09:02 AM
Let me put it this way, if you were buying a house that is new construction, would you prefer to buy one that had plans drawn up by an architect, or ones that the builder pulled off the internet for free?
With the dawn of automated underwriting, whether it be DO, DU, LP or a lender's propriatary system, many mortgage brokers and lenders developed the theory that a good mortgage processor wasn't an intrinsic part of the loan process anymore.  Loans fit into nice little cubby holes, where they either fit the program or they didn't.  The automated systems approves the … (0 comments)

processing: Why use an outsourced processing company? - 06/14/08 08:30 AM
Considering the current market conditions, my answer to this very common questions is "why wouldn't you"?  For so many small to medium sized mortgage brokers and lenders a contract processing company makes all the sense in the world.  Here's why:
First, let's talk money.  Not really anyone in the mortgage industry has cash to burn anymore.  If your volume has dropped chances are you have a processor or two sitting in your office playing solitaire and shopping on the iternet for half the day, whose work load has dramatically dropped, but whose salary remained the same.  Best case scenario, that processor … (2 comments)

 

Colleen Couture

Douglas, MA

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Clear to Close, Inc.

Office: (401) 486-7638

Fax: (508) 476-5233

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Colleen's thoughts regarding processing, underwriting, and originated mortgages in today's competitive market.


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