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What Your Mortgage Processors Aren't Telling You

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  • Chris Jones | | 10 Mar 2012, 09:23 AM Agree 0
    Aime, great points made here. 1 hr/day in complaining accounts to 6.5 weeks in lost productivity. Geez, I might have lost half a year! Kidding, but you are dead on. This is the new reality. Like it or leave it. I'm actually settling in and am beginning to see tremendous opportunities in our business in the future.
  • Mark | | 10 Mar 2012, 11:48 AM Agree 0
    Well said. Processors and originators are reliant on one another to be successful. Knowing the rules going into a deal makes for a happier client and a more productive working environment. When I get an application and it's just painfully obvious that the deal isn't going to work, I feel as if the originator dropped the ball. Having to tell the originator, "We don't have a source for this deal," is no fun. If you don't know the rules of the game it makes it tough for you to be a player... and sometimes I feel like "sales" trumps professional insight. The last thing you want to be as an originator is the guy/gal that could not get the deal done. Carrying that forward, I don't particularly like being the processor who shot the deal down or worse, submitted the deal... having a pretty good idea that it would be denied. If you're going to collect the paperwork, and give people a sense that, "it's going to happen", you really want to have a pretty firm grasp on the realities of the market. I'm comfortable with the rules of the road, and I would be hard pressed to go back to the old days at this point... so I don't spend much time lamenting them. If others in the industry would do the same, they would find their time much better spent.
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