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A contract processor manages the mortgage lending process, requires organizational and customer service skills, and field work experience. A degree in finance or business is helpful, and building relationships with mortgage companies and real estate agents is important for repeat business.
A contract processor typically works in a mortgage environment. He or she follows the mortgage lending process from start to finish, ensuring that all steps are completed. Tracking down the necessary documents, obtaining the necessary signatures, and looking up contract information is the responsibility of the contract processor. Many processors work from home independently. To become a contract processor, you must gain field work experience.
You must have a working knowledge of warehouses, inventory holds, data integrity and financial information to become and succeed as a contract processor. A vehicle is not necessary, but it saves time when you have to go out to get documents or signatures before closing. In this field, experience and business relationships are more important than formal education; however, a college degree in finance can help.
To become a contract processor, you must have a demonstrated ability to work with little supervision. Organizational skills are also important, as each contract involves multiple steps to complete. Customer service skills and the ability to conduct research online will make your job easier once you become a contract processor.
Finish high school and, if possible, earn a two- or four-year degree in finance or business. If you don’t want to get a full degree, enroll and complete courses that pertain to the mortgage business. Finance, real estate, and computer courses will help you become a contract processor.
As a contract processor, you will be required to record and post down payments, update financial information, and understand the closing procedure. To become a contract processor, you must take jobs where each of these skills is required in order to build your resume. Positions with financial institutions, mortgage companies and real estate companies can provide this experience. Gain several years of experience in such jobs to build a strong foundation for your contract processor career.
Familiarize yourself with laws pertaining to real estate, mortgages, and contract processing. Use the knowledge to develop the necessary background for your career as a contract processor. If contract processors in your area are required to have specialized licensing, comply with licensing mandates and obtain the license.
Become an expert on 10 keys, computers, Internet and telephone. When you become a contract processor, you are expected to troubleshoot and make the process as smooth as possible. If a signature is required, you will have to take care of it. When income verification is required, you will be the one doing the verification. Learn problem solving so you can market yourself as a contract processor.
Develop business relationships with mortgage companies and real estate agents. Submit your business card and let them know that you would like to handle contract processing needs. Meet all deadlines to ensure repeat business for customers.
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