Growing your net branch business.
Should you hire more loan officers or is there a better way?
After becoming branch managers many successful loan officers try to duplicate themselves by hiring more loan officers. It is a logical step. But is it the right step?
The internal conversation usually goes something like this: “If I can hire 3 [...]

Finding mortgage net branch companies is easy, locating the best net branch companies is not so easy!
A search for “net branch” on Yahoo lists 126,000,000 results. Most people do not go past the 1st 2-3 pages of results. With 10 results per page that 20 - 30 listing to review for information. That’s almost information [...]

In the last post we covered broker vs. lender for FHA loans.

Now let’s take a look at the next items on the list of important criteria you should consider if you are considering a net branch opportunity and intend to originate FHA loans.

FHA originated using the corporate address or the branches?
Corporate processing of FHA loans [...]

In the previous post we looked at the common questions everyone asks.
“What are your net branch fees and how long will it take to get approved?”
I speak to people everyday that are looking for a mortgage branch partnership. Many times the key questions are not asked.
The questions that I think are important to ask [...]

What are your fees?
How long will setup take?
These are the most common questions I am asked.
Are they the most important?
My answer is NO!
These are important questions but just about every company is close to the same answer.
Most companies are between $350 and $500 per file.
(We are $395 in most states)
Most companies are about 3-7 working [...]

I just read the news that another national net branch company - Global Mortgage Inc. located in Clearwater Florida - has declared CH-7 bankruptcy.
Global like many others in the net branch segment of the industry was plagued with investor buy backs and operations problems that were caused in part to poor management and also from [...]

I want to originate in every state where you are active.
In my work speaking to prospective branch managers I hear this statement every day.
My answer / question is always the same. Are you sure?
I then ask several important questions.

Have you researched the licensing requirements for loan officers and branch offices in the states where [...]

A virtual net branch - web based loan origination system.
Is using a web based loan origination system really better that a PC based system like Byte or Point?
A personal note.. I have been a Point user since the early 90’s and have spent hundreds of hours learning how to make it [...]

This is a very important topic that many net branch companies do not want to address.
Q. Can you work for a mortgage net branch company and be paid all or part of your income as a 1099 contractor?
(There are many companies telling prospective branch managers that this is OK - legal - [...]

Are you looking for a net branch company to work with?
There is good news and bad news.
The good news is that the number of companies that you have to choose from has been cut in half in the last 12 months.
The bad news is that the number of companies that you have to choose from [...]