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A contractor processor typically works in a mortgage environment. He or she follows the mortgage loan process from start to finish, ensuring all steps are completed. Tracking necessary documents, obtaining needed signatures, and researching contract information are all the responsibility of the contract processor. Many processors work from home on a freelance basis. To become a contract processor, you must gain work experience in the field.
You should have a working knowledge of deposits, inventory holds, data integrity, and financial information to become and succeed as a contract processor. A vehicle is not required, but saves time when you need to go out to obtain documents or signatures before closing. In this field, experience and business relationships are more important than formal education; however, a college degree in finance can help.
To become a contract processor you must have a demonstrated ability to work with little supervision. Organizational skills are also important, as each contract involves multiple steps to complete. Customer service skills and the ability to conduct online research will make your job easier once you become a contract processor.
Complete high school and, if possible, obtain a two- or four-year college degree in finance or business. If you do not wish to obtain a full degree, enroll in and complete courses that pertain to the mortgage business. Finance, real estate, and computer courses will all help you become a contract processor.
As a contract processor, you will be expected to record and post down payments, update financial information, and understand the closing procedure. To become a contract processor, you should hold jobs in which each of these skills is needed so you can develop your resume. Positions in financial institutions, mortgage companies, and real estate firms can provide this experience. Gain several years' experience at such jobs to build a strong foundation for your contract processor career.
Familiarize yourself with laws pertaining to real estate, mortgages, and contract processing. Use the knowledge to develop the background necessary for your career as a contract processor. If contractor processors in your area are required to hold specialized licensing, meet the licensing mandates and get licensed.
Become an expert on 10-key, computers, the Internet, and the telephone. When you become a contract processor, you will be expected to solve issues and make the process go as smoothly as possible. If a signature is needed, you will have to get it taken care of. When income verification is necessary, you will be the one checking it out. Learn to be a problem solver so you can sell yourself as a contract processor.
Develop business relationships with mortgage companies and real estate agents. Send them your business card and let them know you would like to handle their contract processing needs. Meet all deadlines to ensure repeat client business.