Mortgage Grapevine

Average Processor - How Many Files Per Month Should They Process

I have my own dedicated processor and am wondering how many files a month should be the target closing number. I don't do much in the way of any refi's. Everything is primarily FHA/USDA purchases, so the loans closed aren't as easy as a FHA/VA streamline.

Currently my processor is closing about 8 files a month. I pay her around $2,400 per month so my cost per file is around $300. She handles about 80% of the issues on the file but I seem to be dragged into each transaction a little more than I like. Don't know what my expectations should be. Appreciate your feedback.
by MarylandDavid February 15, 2013 2:37 AM


30
by dead eye February 15, 2013 6:51 AM


The big question here is are you doing your job, getting complete applications, filling out and sending disclosures correctly. If she is basically doing your job for you, talking with your customers and the like (phone time is a killer to a processor) as is usually the case across the land, about 10 per month is right. And you aren't paying her enough.
by bury sean hannity at wounded knee February 15, 2013 8:01 AM


She works for you and you don't know what the expectations are or should be?
How about you setting the benchmark?
As for being DRAWN IN?
How much do you get paid compared to her?
by Sooner Nation February 15, 2013 8:18 AM


Well the money is neither here nor there...if the processor is happy.only You need to investigate the reason why the back log. It sounds like you don't know what the hold up is. Now I agree that you're more profitable to manage and sell. But YOU are responsible for ALL the work. Investigate and fix the problem. Only YOu can do it..
by Power Pig February 15, 2013 8:51 AM


The big question here is are you doing your job, getting complete applications, filling out and sending disclosures correctly. If she is basically doing your job for you, talking with your customers and the like (phone time is a killer to a processor) as is usually the case across the land, about 10 per month is right. And you aren't paying her enough.
by bury sean hannity at wounded knee February 15, 2013 8:01 AM

Wow, BSHAWK comes up from the basement to offer the absolute best answer.

Her ability to do her job is greatly impacted by the quality of the files you are giving her to work with. And as BSHAWK mentioned, you have her on the cheap.
by ConservativeMe February 15, 2013 8:58 AM


Cut her base and give her a good bonus on each closed file. Give her complete doable files!
by dead eye February 15, 2013 10:30 AM


Bs is right.


by turdly February 15, 2013 10:37 AM


Ive handled as many as 200 loans at one time by myself. I dont care if nobody believes it. Of course---you can have 30 great loans but then get 2 or 3 FROM HELL that clog you down horribly. Any processor should be able to handle two files a day. Any processor who cant handle 30 a month should be selling shoes
by Cedonulli2 February 15, 2013 2:00 PM


My Processer is a finely tuned, well oiled machine, and so are the LO's who submit files to her. She wont even look at you without a complete 1003 and full documentation in hand READY for processing.

Your processor is only as good as the LOs who submit the files and she should be able to complete as many as you can throw at her.

The only thing that slows down our office are the people who dont do their job outside of our office, and that rarely happens. UWs love our files because they are done right the first time and we have a reputation for that.

Train, hold people accountable and then reward them for it.

OH, and we pay her a base plus files closed. She does very well.
by Unfair and Imbalanced February 15, 2013 2:54 PM


but of those 200 how many were active????

It's like those douch-bag borkers that say "I've got a pipeline of 40million right now".....maybe true but most were originated in 2011 and are just sitting in the pipe.....

I personally have handled upwards of a steady 100 (65 to 75 closings per month).....but noone can go at that pace very long without burning out...

I agree on the bonus, give some decent incentive and you'll see good results....
by Donktard Borker February 15, 2013 2:58 PM


200 loans at one time huh? How many closed?



by Hey everyone, look at me! February 15, 2013 3:04 PM


Dead eye,

From a QC perspective is paying a processor per closed loan a good idea? They should be paid double for a denial, and the pay should come out of the LO's pocket.






by YATI February 15, 2013 4:16 PM


Yati is right.
by turdly February 15, 2013 7:43 PM


Yati,

"Give her complete doable files!"!

If she is not getting doable files, it's time to train or fire some loan officers!

by dead eye February 15, 2013 9:20 PM


Exactly Dead Eye

LOs still submit files that will be denied? What a waste of time. But I agree with Yati...Denial should be double pay out of the LOs pocket.
by Unfair and Imbalanced February 16, 2013 12:27 AM


U&I

Deniable loans should be very few if the office is ran right. There has to be a process to stop deniable loans from getting to the processor and a process NOT to have loan officers that submits Turn Downs to the processors.




by dead eye February 16, 2013 5:25 AM


Contract processing is a lot different: good ones DEMAND complete files and the loan officers understand their responsibilities. And they get paid even if the file fails.


by bury sean hannity at wounded knee February 17, 2013 10:59 AM


Hi Think_FHA, I use a contract processor and pay $700 per file (only if it closes). How much does your daughter charge? Thanks,
by dambra1 February 20, 2013 12:18 PM


Eat me raw Helam. When I first moved to Oragun with rates nobody else had, and before I could train processing people, I had a pipe of 200 LIVE loans and I handled them all with my wifes help on the phones. I dont remember losing any of them. I was lucky though---none were monsters. On the other hand, while sending loans through CARL I BROWN I had 6 loans that retarded me so much I couldnt take any other business. I was LO and processor on those. It was just as those aholes closed down as we were trying to close.
by Cedonulli2 February 22, 2013 12:59 PM


Reply

Username:
Password:
(No password? Register here)
Message:
(Don't be a nuisance.  Please avoid offensive language.  Advertisements are not allowed.)


Twitter
Facebook
LinkedIn
Already a subscriber? Log in here
Please note you must now log in with your email address and password.