How many Home Loans Should an Experienced Loan Processor - Be expected to Process per Month 10-15+.?
Assuming you are utilizing your own in-house Loan Processor's.
Based upon Production: What type of Incentive Pay Plan's are in place.
by Flamer December 30, 2009 11:38 AM
depending on level of experience and competency of LO's a processor should be able to hadle up to 30 loans a month. If your LO's are submitting crappy files that have 4 page stip sheets, your processor can probably only handle about 10.
Compensation should be on par with the amount of profit they allow your office to generate.
by Donktard Borker December 30, 2009 12:03 PM
by BOYDSTUN951 December 30, 2009 12:13 PM
The average I have seen out there is a flat fee between $350 and $500. Some borkers pay their processor a salary of let's say $2,000 a month
and a small per file fee of around $50 or so. It varies.
Are you a broker looking to hire a processor? How many LOs do you have? The biggest obstacle to avoid is having all of your LOs bog your processor down with shitty files that are not fundable. An LO should be able to run their own DU at least and be able to cash-flow the borrower as part of the pre-approval anyhow.
That's one of the reasons I left the broker shop I used to work at. Too many LOs handing in half ass files that weren't worth jack. The processor was so busy dealing with crappy files that it was taking her too long to work on the clean files from the other LOs.
by BigHappy December 30, 2009 12:21 PM
Oh yeah, 20-30 closed files per month if they are any good.
by BigHappy December 30, 2009 12:22 PM