Net Branch in Texas?

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Vinni100

145 Posts

Posted - 03/19/2008 : 10:28:06 PM

I'm not really sure what to ask for here. I have a brokers' license in Texas. I want to sign on with a company that lends in most of the 50 states, FHA and the whole lot. I need to drop down to LO status due to my lack of the minimum net worth requirement. Can you imagine a state that won't let you claim your home as part of your personal net worth?

I would like to keep my corp and DBA.

Any input will be greatly appreciated.

Thanks in advance!

1003s.com

2979 Posts

Posted - 03/20/2008 : 12:10:48 AM

Vince,

I have a number of options for you, with opportunity #1 below, work

from home could work.

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. And they have a large wholesale lender list.

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.

mj1133

267 Posts

Posted - 03/20/2008 : 01:20:41 AM

Could you give me an example of you "non-padded" pricing?

Schmillenium

332 Posts

Posted - 03/20/2008 : 05:25:52 AM

quote:
Originally posted by Vinni100

I am not really sure what to ask for here. I have a broker's license in Texas. I want to sign on with a company that lends in most of the 50 states, FHA and the whole lot. I need to drop down to LO status due to my lack of the minimum net worth requirement. Can you imagine a state that won't let you claim your home as part of your personal net worth?

Is there any companies somewhat local to me where I can hang a LO license and sell loans and not have to work in a shop and continue to work from home?

Any input will be greatly appreciated.
Thanks in advance.

http://www.supremebranch.com/index.aspx in Dallas

Vinni100

145 Posts

Posted - 03/20/2008 : 09:10:46 AM

yep!

1003s.com

2979 Posts

Posted - 03/20/2008 : 10:10:50 AM

quote:
Originally posted by mj1133

Could you give me an example of you "non-padded" pricing?

MJ, please feel free to give me a call, I can put you in contact with their

internal recruiter, as I don't have access, to each investers rates and he does.

newday

73 Posts

Posted - 03/20/2008 : 4:58:55 PM

You can get a bond if you don't meet the minimum requirements. The bond will cost you about $500-$700, and then you don't have to worry about the minimum asset requirements.
Hector
New Day Lending
Houston, Texas

quote:
Originally posted by Vinni100

I'm not really sure what to ask for here. I have a brokers' license in Texas. I want to sign on with a company that lends in most of the 50 states, FHA and the whole lot. I need to drop down to LO status due to my lack of the minimum net worth requirement. Can you imagine a state that won't let you claim your home as part of your personal net worth ?

Any input will be greatly appreciated.

Thanks in advance.

1003s.com

2979 Posts

Posted - 03/20/2008 : 7:11:38 PM

quote:
Originally posted by newday

You can get a bond if you don't meet the minimum requirements. The bond will cost you about $500-$700, and then you don't have to worry about the minimum asset requirements.
Hector
New Day Lending
Houston, Texas

quote:
Originally posted by Vinni100

I'm not really sure what to ask for here. I have a brokers' license in Texas. I want to sign on with a company that lends in most of the 50 states, FHA and the whole lot. I need to drop down to LO status due to my lack of the minimum net worth requirement. Can you imagine a state that won't let you claim your home as part of your personal net worth ?

Any input will be greatly appreciated.

Thanks in advance.

I have heard some brokers were having trouble, getting approved by the bonding

company this year, and in some cases bond renewals were even being rejected.

Considering the how many brokers shut down in the past year,

it makes sense bonding companies might be raising the bar a bit.

newday

73 Posts

Posted - 03/20/2008 : 8:05:22 PM

quote:
Originally posted by 1003s.com

quote:
Originally posted by newday

You can get a bond if you don't meet the minimum requirements. The bond will cost you about $500-$700, and then you don't have to worry about the minimum asset requirements.
Hector
New Day Lending
Houston, Texas

quote:
Originally posted by Vinni100

I'm not really sure what to ask for here. I have a brokers' license in Texas. I want to sign on with a company that lends in most of the 50 states, FHA and the whole lot. I need to drop down to LO status due to my lack of the minimum net worth requirement. Can you imagine a state that won't let you claim your home as part of your personal net worth ?

Any input will be greatly appreciated.

Thanks in advance.

I have heard some brokers were having trouble, getting approved by the bonding

company this year, and in some cases bond renewals were even being rejected.

Considering the how many brokers shut down in the past year,

it makes sense bonding companies might be raising the bar a bit.

Good to know. thanks.

Douggie

1359 Posts

Posted - 03/20/2008 : 9:29:21 PM

Supreme is good. Ive worked with them in the past.

Vinni100

145 Posts

Posted - 03/20/2008 : 9:30:18 PM

This is all highly useful info. The surety bond is currently out of my price range. I was actually quoted 500.00 before Christmas. Now its well over that and then some. One company even quoted me 7500.00.

domesticman

29 Posts

Posted - 03/21/2008 : 06:56:58 AM

Go to www.mybranchbank.com for affiliate opportunity with federal bank.

newday

73 Posts

Posted - 03/21/2008 : 08:04:53 AM

quote:
Originally posted by Vinni100

This is all highly useful info. The surety bond is currently out of my price range. I was actually quoted 500.00 before Christmas. Now its well over that and then some. One company even quoted me 7500.00.

Try North American Specialty 630-227-4700 for a mtg broker bond. Maybe things are different now, but in 06 I paid about $750

Txhmc

105 Posts

Posted - 03/21/2008 : 08:15:48 AM

quote:
Originally posted by newday

quote:
Originally posted by 1003s.com

quote:
Originally posted by newday

You can get a bond if you don't meet the minimum requirements. The bond will cost you about $500-$700, and then you don't have to worry about the minimum asset requirements.
Hector
New Day Lending
Houston, Texas

quote:
Originally posted by Vinni100

I'm not really sure what to ask for here. I have a brokers' license in Texas. I want to sign on with a company that lends in most of the 50 states, FHA and the whole lot. I need to drop down to LO status due to my lack of the minimum net worth requirement. Can you imagine a state that won't let you claim your home as part of your personal net worth ?

Any input will be greatly appreciated.

Thanks in advance.

I have heard some brokers were having trouble, getting approved by the bonding

company this year, and in some cases bond renewals were even being rejected.

Considering the how many brokers shut down in the past year,

it makes sense bonding companies might be raising the bar a bit.

Good to know. thanks.

VERY true, if you have the assets and don't need a bond you could qualify for one, if you don't the you can't qualify...very screwy. Texas is very selective onteh assets you can use to "qualify", almost to the point of being ridiculous

newday

73 Posts

Posted - 03/21/2008 : 08:22:35 AM

quote:
Originally posted by Txhmc

quote:
Originally posted by newday

quote:
Originally posted by 1003s.com

quote:
Originally posted by newday

You can get a bond if you don't meet the minimum requirements. The bond will cost you about $500-$700, and then you don't have to worry about the minimum asset requirements.
Hector
New Day Lending
Houston, Texas

quote:
Originally posted by Vinni100

I'm not really sure what to ask for here. I have a brokers' license in Texas. I want to sign on with a company that lends in most of the 50 states, FHA and the whole lot. I need to drop down to LO status due to my lack of the minimum net worth requirement. Can you imagine a state that won't let you claim your home as part of your personal net worth ?

Any input will be greatly appreciated.

Thanks in advance.

I have heard some brokers were having trouble, getting approved by the bonding

company this year, and in some cases bond renewals were even being rejected.

Considering the how many brokers shut down in the past year,

it makes sense bonding companies might be raising the bar a bit.

Good to know. thanks.

VERY true, if you have the assets and don't need a bond you could qualify for one, if you don't the you can't qualify...very screwy. Texas is very selective onteh assets you can use to "qualify", almost to the point of being ridiculous

I'm wondering if credit might be a factor. I had low assets, but strong credit, and I qualified for a bond, but agian, things might be different now with all of this mortgage mess.

1003s.com

2979 Posts

Posted - 03/21/2008 : 09:16:27 AM

TX, requires a 2 year bond, so the premium, is higher than in most

other states. The amount of the bond effects the premium,

the credit effects the premium, under a 650 FICO may double

the premium in some cases and the bonding company may look at both

a personal and business financial statement. Brokers with out

a CPA firm, auditing their financial statements,

might find getting the bond approved a greater challenge.

I expect most TX brokers will be paying somewhere in the $2000- $10,000

price range for their 2 year bonds, and a small fraction of brokers will pay an amount

higher or lower than that range.

Below, is a link for a bond broker, that might prove a good

resource.

http://www.probondins.com/bond-definitions/bond-mortgage-broker.htm

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