broker/net branch

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jamest0623

99 Posts

Posted - 03/13/2008 : 4:40:11 PM

I am looking for the best company to run my loans through. My current broker looks like he is going to close up shop and I need to be ready for when this happens. I have been with him for 5+ years and will tell you I am 100% self sufficent. I will have a handfull of deals per month max and would like a per file fee.

Any suggestions???

Gilby21

158 Posts

Posted - 03/13/2008 : 4:42:55 PM

I've been asking the same question. You won't get a ton of answers. It may help to do a site search and read some other posts. If you hear something good make sure you post it for the rest of us.
Good luck!

jamest0623

99 Posts

Posted - 03/13/2008 : 4:47:45 PM

will do

ChiHlava

854 Posts

Posted - 03/13/2008 : 6:02:15 PM

quote:
Originally posted by jamest0623

I am looking for the best company to run my loans through. My current broker looks like he is going to close up shop and I need to be ready for when this happens. I have been with him for 5+ years and will tell you I am 100% self sufficent. I will have a handfull of deals per month max and would like a per file fee.

Any suggestions???

I will e-mail you an option.....

1003s.com

3371 Posts

Posted - 03/13/2008 : 9:51:58 PM

quote:
Originally posted by jamest0623

I am looking for the best company to run my loans through. My current broker looks like he is going to close up shop and I need to be ready for when this happens. I have been with him for 5+ years and will tell you I am 100% self sufficent. I will have a handfull of deals per month max and would like a per file fee.

Any suggestions???

James,

you might want to have a look at opportunity #1 below, work from home,

is ok in FL as long as yo do no FHA.

Opportunity #1

No Set Up Fee, $500 – flat fee per file no monthly fee.

Raw banker pricing, no padding from 5 well known lenders,

Taylor, Bean & Whitaker
Flagstar
DK Funding
West America
SunTrust

for CONV,and FHA loans.

They are also set up to broker loans to provident. As well as many other lenders

This program supports 1099 or W2 employee’s classification is dictated by licensing in each state. If you plan to originate FHA loans you must be a W2 employee.

Many of the branches with this company close loans under their own DBA so they are

are able to build their own brand name, while at the same time having the ability

to close FHA loans and have access to a large lender list and in some cases take

advantage of a preferred price.

This program has a great technology platform.

Pick your own LOS.

AR,CA,,FL,IA,IL,IN,KS,MI,MO,NM,TN,TX,WA,WI

States where 1099 is an option = FL,WA,KS,MO,IA,TX

Branches can use a registered DBA with this program in all states except IL.

A branch that is W2 can still use a registered DBA for marketing.

This is a great feature, for brokers that are considering converting to

a net branch type opportunity for the purpose of doing FHA loans,

as it allows them, to retain the name, they spent

time, effort, and money establishing.

ezlimitz

288 Posts

Posted - 03/14/2008 : 08:26:33 AM

Can someone please answer a question? When someone is a branch and is doing FHA and therefore is w-2'd and the company is only charging something like $500.00 per loan;

How does the company afford to pay the employer side taxes for the L/O? On a paycheck of say $3,500 the employer side taxes (rough estimate) might be about $370.00.

So how is that handled?

I know I have bashed the "net branch" issue in the past but I am just looking for an answer not ammunition.

Thanks

ChiHlava

854 Posts

Posted - 03/14/2008 : 08:36:41 AM

Terry,

Most of the branch opportunities that offer the flat fee and 100% have in the commission agreement that the LO will be responsible for the payroll taxes for both the company and the LO. In other words, the 100% commission is actually, 100% less the cost of payroll to the company.

jamest0623

99 Posts

Posted - 03/14/2008 : 11:18:31 AM

I was under the assumption that they would 1099 you at 100% if you had your license? In which case they would not be responsible for your payroll taxes.

Keep me posted.....

989 Posts

Posted - 03/14/2008 : 11:26:37 AM

FHA requires that you be a W-2 employee - no 1099

ChiHlava

854 Posts

Posted - 03/14/2008 : 12:01:35 PM

James,

Terry was asking, I thought, specifically about states that require W-2 like IL and AZ. IF 1099 is allowed in your state, yes, there are no payroll taxes. If W-2 is required in your state, then most employers run your commissions like a P/L with the payroll charges as a deduction from your pay.

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