| Are you entrepreneur at heart?
Are you entrepreneur at heart?
A loan officer will often make the decision to become a Net Branch because they feel compelled to be more independent. Because being an entrepreneur is in their blood, and they perceive a Net Branch more as a turn key operation than starting their own broker shop. Are you entrepreneur at heart?
Is a loan officer job or a Net Branch better for you?
Loan Officers considering opening a Net Branch have a lot of things to consider.
Here is a list of questions that might help in making that decision.
Are you currently making your living from the leads of your employer provides?
Most Net Branches provide no leads, so unless you have your own marketing plan, this could be a big challenge.
Are you able to process your own loans?
If you need to hire someone to process or contract out processing expenses could increase to such an extent as to offset the increased gross profits per file often associated with a Net Branch.
Are you capable of following more strict compliance often imposed by a net branch?
This is very important, a lot loan officers that could not turn in a compliant file to save their own life! This could result in either delay of pay or termination in the case of a branch showing a pattern of non-compliance.
Are you experienced at hiring sales people?
A lot of people open a Net Branch with the hope of hiring sales people. Hiring good commissioned sale people to sell anything is not easy. Those who have contacts already to bring into the fold seem to do well.
Will hiring loan officers and or processors distract you so much from your own loans that you will lose income? This will depend a lot on the experience level of the people you hire.
Many loan officers go with a Net Branch because they are able to get more loans closed with a lender list 5 times larger than their brokers. Will such a large list really help close more loans?
Many Loan officers become a Net Branch manager because they are tired of losing price wars to Net Branches.
Will you win more deals on price with a net branch?
Often Loan officers will open their own net branch just to add 30 states they can close loans in. How many out of state lose will you close?
For more information on a net branch opportunity call 630-918-8945
or visit aapexnetbranch.net
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