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FAQ'S:
1) Q. Why contract processing?
A. Mortgage Minders' staff has years of combined experience in the industry, which helps give you, the broker, a competitive edge. The less time you have to spend researching options for your loans, putting out small fires, explaining what needs to be done and the like, the more time you have to originate them. With in house processors, your job does not stop once the loan is originated. Processors have to be managed and all of their decisions have to be answered for. This can add up to a lot of excess time being spent on getting involved in the processing and not originating more loans.
2) Q. How will contract processing benefit my company?
A. The benefits of contract processing are numerous - but most importantly, Mortgage Minders' staff has the experience and knowledge to catch potential problems early on so that decisions can be made in a timely fashion thus avoiding the chances of diminishing your relationships with your borrowers. Basically, you are gaining a consultative staff proficient in not only processing, but settlement, origination and sales and you don't have to pay a processor's salary with benefits to get good service on your loans. Best of all, you don't pay anything if your loan does not close and fund! No out of pocket expenses are incurred until you make money.
3) Q. Why Mortgage Minders, LLC over other contract processing companies?
A. Mortgage Minders is extremely flexible - whether you prefer e-mail status or direct phone to phone conversations regarding your loans, we will acommodate you. Our goal is to keep you informed as much as possible in a non obtrusive manner that allows you, the broker, to not only stay on top of your pipeline, but also gives you the freedom from paperwork that is essential to a loan officer's increased originations. Mortgage Minders' staff has no problem speaking with your borrowers directly - we have successfully developed many good relationships with out client's borrowers and a lot of times, it has proven to be very helpful when the borrower feels more than one person is concerned about their loan. Our job is not considered complete until your loan funds - we will do all that is necessary to help facilitate your fundings, including obtaining additional necessary items directly from your borrowers.
Monthly Cost Comparison
Salary
FICA
Benefits
$150
$250
$2,400Avg. $400 per loan closed Office Supplies Office Equipment Telephone Leased Space Management Time: (Recruitment, Training,
Supervision, Coaching, Counseling)
x 2 hours daily
x Minimum of $75 hr
$150 x 20 days =0 LOANS: 10 LOANS: Processor Expense:
$50 Incentive - $ 500
FICA -$ 35
Management Time:
(Same 2 hours)
$535
$3,000
$6,14015 LOANS: Processor Expense:
$50 each - $ 750
FICA - $ 57
Management Time:
3 hours Daily x $75
$807
$4,500
$7,91220 LOANS: Processor Expense:
$50 ea - $ 1,000**
FICA - $ 75
Management Time:
3.5 hours Daily x $75
$1,075**
$5,250
$8,930
your time is freed up!
What can you do with an extra 3 hours per day?
We are sure you will recruit, train and develop loan officers.
More loans, More Money!
**Does not include additional incentives.
The benefits are obvious. Regardless of the size of your office, Mortgage Minders saves you money up front and continues to do so no matter what the volume.
We are doing all leg work to make it happen and you are focusing on new loans and not the day to day headaches of managing a processing person or team.
4) Q. How do I sign up with Mortgage Minders, LLC?
A. Please visit the "contact us" tab on our website, at your request, we can send you a copy of our proposal and fee schedule along with our flyer. We look forward to hearing from you soon.
Heidi Miesemer
President
Mortgage Minders, LLC
11880 Bright Passage
Columbia, MD 21044
410 740-8880
410 740-8834
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