Being a Mortgage Refunds Processor

Kristie Lorette

Work-at-home positions tend to be popular with stay-at-home moms or those looking to start their own business. One work-at-home opportunity in the mortgage industry is to process mortgage refunds at home. The Federal Housing Authority (FHA) is a government and the biggest provider of mortgage-guarantee programs in the country. Some borrowers that have used FHA to obtain mortgage financing are due a refund, but FHA is unable to locate the borrower. This is where a mortgage refund processing position may be a lucrative work-at-home opportunity.

Mortgage Refund Processing

A mortgage-refund processor is a position that you can fulfill working from a home office. What a mortgage-refund processor does is to help the FHA to locate the borrowers that are due refunds. A mortgage refund processor then works with the borrower that is due the refund in processing the claim paperwork and submitting it to FHA. 

The Pay

As a mortgage refund processor, you are essentially your own boss, which means you can set your fee for processing refunds. Typically, the mortgage refund processor negotiates the fee with the borrower and the fee is a percentage of the amount of the refund due to the borrower. The going rate for mortgage refund processors is anywhere from 20 to 30 percent. 

For example, if the borrower is due a $1,000 refund from FHA, the mortgage processor could earn anywhere from $200 to $300, once the claim is filed and the refund is issued

Obtaining Leads

The easiest way to obtain a list of borrowers that are due refunds is to contact the FHA directly. You can contact the FHA online at www.fha.gov or by phone to obtain a list of borrowers who have unclaimed funds. The FHA typically charges a nominal fee of approximately $20 to obtain the list of names and last known addresses and telephone numbers.

The Process

Once you have the lead list of borrowers with unclaimed funds, you try to contact the borrower by phone or by mail to alert them to the fact that they have a refund that is due to them. You may also have to do some investigative work to track down the borrower's new address or phone number.

Once you're in contact with the borrower and you make them aware of the unclaimed refund, you can then discuss your service and negotiate your fee for processing the refund on their behalf. When the borrower agrees to work with you then mail, email or fax the Tracer Found Case Form to the borrower. The borrower needs to complete, sign and returned the form to you to continue the refund processing.

Getting Paid

In order to get paid for the processing of the refund claim, you must fill-in your contact information and the unclaimed funds case number. Review the form to endure the borrower has completed it accurately. Then mail it into the FHA office. When the form and claim is processed by FHA, the FHA cuts two checks. One check is to you for your percentage of the unclaimed funds. The other check is to the borrower, minus your processing fee.

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About the Author

Kristie Lorette is a freelance writer and marketing consultant that specializes in personal finance. She is also the editor of The Mortgage & Credit Diva, a blog devoted to mortgage and personal finance tips, tricks, and advice for consumers. You can read Kristie's blog at www.mortgageandcreditdiva.blogspot.com or learn more about her writing and marketing services at www.studiokwriting.com.

Article Tags: Mortgage Refunds, Unclaimed Funds

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