Why Net Branch and not be a offsite LO?
A lot of banks and mortgage companies are offering offsite LO opportunities these days. One of the big advantages of net branching is controlling your files in process. Most of these off site LO opportunities insist they do the loan processing at their Corporate office. It is hard enough for some people to keep track of their files with a processor in their own office. If your borrower is on the phone and has a question, you can’t just go get the file or talk to your processor. Chances are if you put the borrower on hold and tried to call the processor at their corporate office you would not get through on the phone. So you send an email, if the processor takes a day to respond, what can you do? As you did not hire the processor, it seems likely you would be too powerless to do anything.
Should you decide to Net Branch either at home or at an office these are some things to consider:
look for a company that was here yesterday, is here today, and will be here tomorrow.
Many will open, many will close and only a few will survive the test of time.
Any Company in business less than 10 years has not yet passed the test of time.
Are their fees to low? I know this seems like an odd question, however net branch companies are in a business full of mine fields if they are not making profits when the sun is shining how will they save for a rainy day. Rainy days for net branches can take many forms, they can be loans they are required to repurchase, fines for lending violations, or labor law issues.
The bottom line is, companies in business many years making solid profits are clearly more likely to survive a storm.
Below is a small list of Net Branch Companies that have all been in business since 1989
Aapex Mortgage
Http://www.aapexnetbranch.net/
Other Considerations
Will they require you to rent a commercial office space?
Do you meet their volume requirements?
Do you meet their experience requirements?
Will you be required to spend money every month to pay a software provider for them to monitor your pipeline?
How easy is it to get information from them?
If you can go their web site and download a lender list, State license list, branch agreement, ETC, It is a good indication signing up with them might be easier than some companies.
How long does it take them to get a branch up and running?
Some branches take 48hrs or less while others take more than 48 days.
Will you need to fly to their corporate office for training?
Will they encourage you to broker your loans, or will you be pressured to deal with padded mortgage banker rate sheets?
Will they reward you for attaining hire volume levels with reduced fees?
Do they require you put up money into a reserve account?
How fast do they pay?
If you would like information on a non-padded net branch opportunity
give me a call at 630-918-8945 or visit:aapexnetbranch.net
