The Pros and Cons of Mortgage Processing

REWARDS AND CHALLENGES

The more you know about any job or business venture, the
more likely you are to be successful. This month, we
analyze the pros and cons of mortgage processing for both
in-house processors and contract processors.

Rewards of In-House Processing:

1. Abundance of training/continuing education resources

2. Management sustain for processing problems or conflict
resolution

3. No overhead or business paperwork (i.e., accounting)

4. Your specialized profile is enhanced from your
employers position in the industry

5. Free or reduced costs for association and organization
memberships

6. Pre-determined hours

7. Employee benefits (health, dental, vision, employee

assistance program, tuition reimbursement, etc.)

8. Possible expense reimbursement(meals,travel)

9. Specific and/or limited responsibility

10. Performance incentives and bonuses

11. Retirement or pension plan

12. Part of a team (sustain, conversation, friendship)

13. Recognition of accomplishments

14. specialized (and visually alluring) work ecosystem

15. High capacity equipment

16. Access to the latest technology

17. Set salary with regular increases

18. On-site or freely obtainable technical sustain

19. Other indirect benefits – Desk person to screen calls;

fax and mail sorted and delivered

Rewards of Contract Processing:

1. Flexibility in work hours to allow for lifestyle
preferences, i.e., childcare, college, family time, church,
exercise/as a hobby activities, hobbies, etc.

2. Flexibility in work location (home, satellite office,
virtual office, or other)

3. More opportunity to form independent relationships with
lenders/vendors

4. Freedom to choose brokers and originators you course of action
for

5. Personal satisfaction tied to business success

6. Ability to determine the kind of sets included in
standard processing

7. Freedom to analyze new territory or projects

8. Ability to acquire continuing education as needed

9. Ability to course of action loans nationwide

10. Ability to have higher earning capacity based on your
sets offered and the territory covered

11. Ability to match compensation with the size of the
project or difficulty of a file

12. Building a client base

13. Tax deductions for business expenses

14. Ability to provide jobs for others

15. Ability to standardize procedures

16. Ability implement course of action improvements quickly

17. Ability to grow the business at your own speed

18. Tremendous personal and specialized growth

19. Opportunity for financial independence

Challenges of In-House Processing:

1. Growth stifled until management feels youre ready

2. Difficulty getting time-off for vacations or other
personal needs

3. Lengthy chain of command or lengthy course of action for
implementing change

4. Inadequate compensation and/or benefits

Challenges of Contract Processing:

1. Capital requirements to run your business

2. Isolation

3. Long and sometimes unpredictable work hours

4. Total or meaningful responsibility for all aspects of
processing (marketing, processing, payroll, etc.)