Empowering brokers through third-party origination support

CEO shares efficiency tips for brokers and loan originators

Empowering brokers through third-party origination support

Brokers and loan originators are constantly seeking ways to expedite the origination process while ensuring a seamless experience for borrowers. Cheryl Dempsey (pictured), founder of Coastal Breeze Processing, has emerged as a key player in this arena.

Enhancing efficiency

Dempsey’s company specializes in third-party loan processing. Her clients are mortgage loan originators who rely on her team to support their origination files, from processing to closing. This unique model allows loan originators to focus on what they do best: working directly with clients to structure files and secure loans.

“I am a licensed loan originator, and I am a licensed broker because that is a requirement for having the company license,” Dempsey explained. “But what I do specifically is operations, so my clients are mortgage loan originators, I support their origination files and loans to get them through processing and to get them all the way through closing. So, if you think about the funnel, the leads come in, the loan originator structures the file, and they work more on the client side. 

“I also deal with borrowers, but get the contract in and have the loan set up and ready to go. And once it’s ready to go through underwriting, that’s when my company comes in, so that the loan originator can step outside, work with more clients, increase their efficiency in getting more loans, and we take on the back-end operations process once it goes through underwriting and all the way to closing.”

What began as a one-woman operation has grown into a thriving business. Dempsey’s team now includes two full-time processors, with plans for further expansion. Within just 13 months of starting her company, it had secured licenses to operate in 13 states and has a few more slated by the end of 2023.

Challenges and opportunities

When asked about the challenges in speeding up the origination process, Dempsey reframed them as opportunities for growth and learning. She emphasized the importance of communication and having a complete file.

“One of the things that makes for a successful and streamlined process is making sure that there’s great communication between the loan officer and myself, as well as all of the documents and narrative,” she said. “Making sure that when it comes to our office, we have a full understanding of what that big picture looks like, the goals of the client, how this is going to be structured, what their thoughts are, and even the simple things like preferred methods of communication for the borrower.”

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These details enable her team to streamline the process and minimize delays. “So that’s helpful in letting us move a lot faster so that there’s less headache for both the borrower and the loan officer,” Dempsey added.

Exploring new horizons

“This year is actually the first year that our company is going to be an exhibitor at AIME’s Fuse event in a couple of weeks, which is super exciting,” Dempsey shared. “That’s one new adventure that we’re going on.”

Dempsey and her team are also in talks with a lender to assist in processing files that come through their loss mitigation department – a fresh avenue for their business.

“A lot of that is through word of mouth and justice referrals, making sure that folks understand the value,” she said. “How to work well with all of the lenders available in the channel is one thing that we really like to highlight.

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“And so those are two new things on the horizon that I’m pretty excited to delve into in terms of gaining new business.”

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