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diesel350
558 Posts |
 Posted - 03/20/2008 : 12:33:43 PM
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| I have been in contact with a friend that can give me the opportunity to work as an affiliate of a Federally chartered bank. The main benefit I see is this bank will give my branch exemption from state licensing and be able to originate mortgages in all 50 states. How do you guys think this compares with Net Branching? Is aligning with a Federally chartered bank always better than Net Branching? |
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mganovsky
1104 Posts |
Posted - 03/20/2008 : 12:39:49 PM
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| depends on whether you have to use them with all loans, and if they allow you to use other lenders who are you signed up with, net branches have hundreds of lenders you can choose from, both commercial and residential. But with a net branch depending upon the State laws you would have to be individualy licensed in each state that you originate loans in. It is really up to you. |
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MoneyLenderP
930 Posts |
Posted - 03/20/2008 : 12:45:11 PM
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| fed chartered easily. |
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diesel350
558 Posts |
Posted - 03/20/2008 : 12:49:53 PM
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quote:
Originally posted by mganovsky
depends on whether you have to use them with all loans, and if they allow you to use other lenders who are you signed up with, net branches have hundreds of lenders you can choose from, both commercial and residential. But with a net branch depending upon the State laws you would have to be individualy licensed in each state that you originate loans in. It is really up to you.
This particular bank will allow me to do loans in house or with the wholesaler. |
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dtabar
268 Posts |
Posted - 03/20/2008 : 1:35:17 PM
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My company went from a net-branch to a federally chartered bank. There was some kinks to work out, but it is working out fine.
With this market, I would go w/ a federally charted if you want to originate in all 50. The legit and strong net-branches that are left will make you get licensed in that individual state.
Also, you have to make sure you are not getting taxed too bad on the charted side as well. It defeats the purpose if your rates are in the 7's but the market is in the 5's. |
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celtsfan75
154 Posts |
Posted - 03/20/2008 : 1:58:25 PM
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Yeah beware of any bank that does not allow you to broker as well. IF you are in a captive shop you might as well be working for countrywide retail as you ahve no advantages that come with being a broker. No way to move a lock, no way to send a loan to multiple investors if one lender is jerking you around, if your appraisal does not fly you are stuck.
Make sure you find out what they charge to broker as many of them charge stiff fees to "encourage" you to use their lending piece while piling on the rates and fees there. Any lender worth it's salt would have no problem putting their products up against those of the wholesale market and woo your business with service rather than by strong arming you to use them
quote:
Originally posted by dtabar
My company went from a net-branch to a federally chartered bank. There was some kinks to work out, but it is working out fine.
With this market, I would go w/ a federally charted if you want to originate in all 50. The legit and strong net-branches that are left will make you get licensed in that individual state.
Also, you have to make sure you are not getting taxed too bad on the charted side as well. It defeats the purpose if your rates are in the 7's but the market is in the 5's.
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jimmysol
63 Posts |
Posted - 03/20/2008 : 2:06:55 PM
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FED Charter for sure! 50 states. broker your deals. Usually pay good commission splits. BEST PART= LEGALLY put your name on the 1003 as you are licensed thorugh the Charter. So no more co-brokering crap. Most net branches have you put someone else on 1003, or they require you to get registered/ licensed in each state you do a loan.
No brainer.
I am with Fed Chartered Credit Union and it rocks. They are on top of it big time with compliance, so I feel safe. We broker everything. plus you cant beat 100% commissions. Good luck out there. |
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mb1321
43 Posts |
Posted - 03/20/2008 : 3:52:08 PM
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| I have looked into net branching, but never considered going with a Federally Chartered Bank. Can anyone suggest some good contacts for a Federally Chartered Bank willing to work with a broker in Alaska? Any assistance is greatly appreciated. |
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kenvphan
422 Posts |
Posted - 03/20/2008 : 4:42:12 PM
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| Diesel, would you mind sharing with us which Bank are you referring to? |
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diesel350
558 Posts |
Posted - 03/20/2008 : 5:11:32 PM
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quote:
Originally posted by kenvphan
Diesel, would you mind sharing with us which Bank are you referring to?
You have mail. |
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Douggie
1243 Posts |
Posted - 03/20/2008 : 9:43:43 PM
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| Yeah I agree Federally chartered is awsome. Ive noticed though they may nickle and dime you more. But the over all advantage is a ton better. |
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bdimitsh
11 Posts |
Posted - 03/20/2008 : 9:51:17 PM
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diesel,
Can you share with me the name of the bank you are referring to?
Thank you |
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kjdv
548 Posts |
Posted - 03/20/2008 : 11:27:38 PM
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| deisel I wouldn't mind knowing what bank you are with! |
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kenvphan
422 Posts |
Posted - 03/20/2008 : 11:31:42 PM
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Everbank is also a Federally Chartered FDIC insured financial institution.
We do lend nationwide but you would have to be an employee to originate loans through us. I do not know of any affiliates(net branch). |
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domesticman
29 Posts |
Posted - 03/21/2008 : 06:55:27 AM
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| Go to www.mybranchbank.com. You can broker and bank you loans. FHA and all. This is not a recruiter but an actual federally chartered bank. |
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1003s.com
2677 Posts |
Posted - 03/21/2008 : 07:56:41 AM
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quote:
Originally posted by diesel350
I have been in contact with a friend that can give me the opportunity to work as an affiliate of a Federally chartered bank. The main benefit I see is this bank will give my branch exemption from state licensing and be able to originate mortgages in all 50 states. How do you guys think this compares with Net Branching? Is aligning with a Federally chartered bank always better than Net Branching?
A big issue branch companies of all kinds have, FED Chartered or other wise
is liability, loan buy backs, employee litigation, advertising violations, ETC.
The more assets the company has the better target they become for litigation,
FED Charter banks, by their very nature usually have more assets, hence,
greater liability concerns. Some of the FED Charters use subsidiaries,
to limit liability, while this may be effective, it does seem logical,
the parent company could lose their charter, as an indirect result
of litigation against one its subsidiaries. While the Charter its self
may not have a book value, do not think for one moment, FED Charter banks,
do not consider the charter as a huge asset. As a result of all the above,
rates and or fees charged by FED Charters appear to be higher than,
rates and fees charged by non-FED Charters as a general rule.
Greater risk, should equal greater reward. Bank mergers are another
huge issue with FED Charters, often a larger bank purchasing a smaller bank,
just says "no" to, "net branches by any other name".
Many Also say "no" to offsite LO's.
All this really would be less of a concern, if bank mergers were not the order
of the day. However, since bank mergers, are the order of the day,
and odds are, they will continue to be in the upcoming years,
death of a branch program via merger is a real concern.
All that said,
FED Charters still offer the best opportunity for lending in many states.
From what I have observed the most stable and established FED Charters,
require a 2 year average monthly volume at a minimum of 2.5 million,
and nearly all their business is conducted on the banker
side. That is not to say, FED Charter opportunities that broker all their loans
can't do well. One KS based FED Charter was around for several years,
brokering loans, prior to shutting down.
Are FED Charters with lower hiring standards more inclined to shut down?
I suspect they are, just as other branch companies with lower hiring
standards might be more inclined to shut down.
What did, Aapex, Dana, QMAR, and Bridge, all have in common?
Another often wild card with FED Charters is their relationship,
to their branching DIV, often the branch DIV, will be a subsidiary,
that is ran by some folks, that are lacking are really solid relationship
with the parent company. A number of people running FED Charter subsidiaries
of went through 4 or 5 FED Charters in less than 2 years and some went through
nearly that number in less than a year.
Loan buy back requests, consumer complaints, ETC, may convinnce
bank management the income generated from the branching DIV is just
not worth the risks involved.
On the plus side, I suspect FED Charters might be a bit less inclined to
shut down owing folks money.
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cig123
30 Posts |
Posted - 03/24/2008 : 1:14:00 PM
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| diesel350 can you send me a message on who you use as well thanks |
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mb1321
43 Posts |
Posted - 03/24/2008 : 1:21:38 PM
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Hi Diesel,
I too would be interested in their contact information. Can you send me an email as well?
Thanks in advance! |
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goodguy1
1329 Posts |
Posted - 03/24/2008 : 1:26:39 PM
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diesel and douggie,
who are you using??
I've read the pros..what are the cons? |
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diesel350
558 Posts |
Posted - 03/24/2008 : 1:38:19 PM
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quote:
Originally posted by goodguy1
diesel and douggie,
who are you using??
I've read the pros..what are the cons?
I am not signed up with one yet but the one I am looking at requires a capital contribution by the Branch Manager which is a reserve equal to one month of estimated fixed branch expenses which includes rent, telephone, utilities, salary, etc. This does not include transactional commissions and other per loan expenses. The reserve shall be built to equal 60 days of estimated fixed expenses by applying 50% of the branch profits until reserve levels have been met. |
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Mnlender
33 Posts |
Posted - 03/24/2008 : 1:50:39 PM
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| I know of several net branch of banks, but never heard of one that requires a reserve. Please email me and let me know whom you are talking about. I never heard of a federal credit union doing one so I would like to know whom this is. Most bank net branches charge a good amount and pricing is off. Also several change the rules once you are signed up including one on the east coast that has been talked about before. |
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celtsfan75
154 Posts |
Posted - 03/24/2008 : 1:51:22 PM
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I understand why they want the reserve, but what protection do you have?
I know a lot of folks from Amstar, Global, Dreamhouse and some of these these other operations lost a lot of funds that were tied up with these banks. The line they give people when they go under is that they have to pay wages by law but not commissions.
I guess as a branch manager you can always set your "salary" super high to offer some protection ;)
I think it's scary to fork over money to an unknown outfit seeing as how so many companies are failing |
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diesel350
558 Posts |
Posted - 03/24/2008 : 1:57:53 PM
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quote:
Originally posted by celtsfan75
I understand why they want the reserve, but what protection do you have?
I know a lot of folks from Amstar, Global, Dreamhouse and some of these these other operations lost a lot of funds that were tied up with these banks. The line they give people when they go under is that they have to pay wages by law but not commissions.
I guess as a branch manager you can always set your "salary" super high to offer some protection ;)
I think it's scary to fork over money to an unknown outfit seeing as how so many companies are failing
Yes this is very true. That is a good question. What protection do I have if they go under. |
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tenbody
131 Posts |
Posted - 03/24/2008 : 2:01:56 PM
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| I too have been looking for a federally chartered bank to partner with..I'm in no huge hurry but I would like to make a move sooner than later..I would like to be able to broker if need be..also would like fha in all states if possible..I see a lot of hits on here giving some good advice but could someone send me some info via email thanks a ton guys!! |
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Jmtgs4u
45 Posts |
Posted - 03/24/2008 : 2:23:48 PM
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| What if you got out of the game before a state License was a thing of the times but your interested in getting back into the business. Can you work exempt from state licensing requirements while being employed by a federally chartered bank? My Pops would jump at the chance |
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diesel350
558 Posts |
Posted - 03/24/2008 : 2:30:35 PM
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quote:
Originally posted by Jmtgs4u
What if you got out of the game before a state License was a thing of the times but your interested in getting back into the business. Can you work exempt from state licensing requirements while being employed by a federally chartered bank? My Pops would jump at the chance
No |
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Jmtgs4u
45 Posts |
Posted - 03/24/2008 : 2:33:46 PM
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| Pops needs to go study up then and take the state test. You must have a brokers license correct? |
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gopackers
393 Posts |
Posted - 03/24/2008 : 2:42:14 PM
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| You do not need a state license if you work for a Federal Chartered Bank. Fed guidelines supercede state guidelines. |
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tenbody
131 Posts |
Posted - 03/24/2008 : 2:43:59 PM
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GOpackers ,
can you send me some info on your company cost etc..I think you sent me an email the other day but I can't find it..thanks |
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gopackers
393 Posts |
Posted - 03/24/2008 : 2:47:17 PM
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you have mail.
quote:
Originally posted by tenbody
GOpackers ,
can you send me some info on your company cost etc..I think you sent me an email the other day but I can't find it..thanks
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WorldWideWayne
1490 Posts |
Posted - 03/24/2008 : 2:54:55 PM
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| Would you please send me that email too. |
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infinite1
24 Posts |
Posted - 03/24/2008 : 4:18:47 PM
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[quote]Originally posted by goodguy1
diesel and douggie,
who are you using??
I've read the pros..what are the cons?
cons = W2 |
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ChiHlava
854 Posts |
Posted - 03/24/2008 : 4:42:23 PM
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As Michael already pointed out....absolutely NOT. Pops can originate tomorrow under a Fed Charter without any state licensing....
quote:
Originally posted by Jmtgs4u
Pops needs to go study up then and take the state test. You must have a brokers license correct?
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jimmysol
63 Posts |
Posted - 03/26/2008 : 10:20:04 AM
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Hey this is James, I posted earlier about being happy with my Federally Chartered Bank I am aligned with and i got about 30 emails of people interested. So in order to stop getting all the personal emails, I wanted to pass along contact information...
IF you are licensed or broker in CA, CO, OR, WA, AK, FL, or TX, & are experienced, please contact:
Scott Roseveare
VP of Sales
650/620-9504 (W)
650/240-3504 (F)
sroseveare@umaxmortgage.com
* 100% Commissions minus small flat fee per file.
* Broker out everything, so no padded banking lines.
* 50 states including Guam and Puerto Rico.
* Soon to be FHA in all 50 states (within 2 weeks).
* Great support
* VERY compliant! Established in 1939. Will be around for many years to come!
NO Newbies! Must be able to get your own business, close loans, and work from your own office. No set up fees, no reserve account, no BS. Just good people looking for good people. I have been with the company for only about 3 months now, but I get paid on Friday when my check comes in by Tuesday (of the same week!). They are always there to help. They are growing. Its everything I need in a Broker/ Federally Chartered Bank.
Serious Inquiries only please, VP does not have time for looky loos.
www.umaxmortgage.comis our company and when you join our team, then you may become an Associate Loan Officer in our partnership with the top Federally Chartered Bank (Credit Union of Proctor and Gamble Employees) available!
Good luck!
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Douggie
1243 Posts |
Posted - 03/26/2008 : 10:33:10 AM
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| One thing thatshould be mentioned. Correct me if Im wrong. But in order to be allowed to work with an FHA approved FCB you have to have a brick and mortor business. If you have a home office it is required to have a separate entrance from your home and be an FHA approved office. |
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Jmtgs4u
45 Posts |
Posted - 03/26/2008 : 10:39:12 AM
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| Alrite this is Great, I have not seen my father this interested in anything since he got divorced. Bank rates are slightly Padded correct? good service always makes up for it in the long run, how are your numbers looking in comparison to what the lot lizzards(reps) bring by the office? |
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learntoswim
47 Posts |
Posted - 03/27/2008 : 09:23:20 AM
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| Does working with a Net Branch or a Federally Chartered Bank allow you to use your existing company name in any way? |
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1003s.com
2677 Posts |
Posted - 03/27/2008 : 11:23:28 AM
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quote:
Originally posted by learntoswim
Does working with a Net Branch or a Federally Chartered Bank allow you to use your existing company name in any way?
Scott,
I recruit for a branch company that does biz in WI,
that will allow for the use of a registered DBA.
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Jmtgs4u
45 Posts |
Posted - 03/27/2008 : 3:37:52 PM
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| Major frustration w/ broker today, about to take Pops up on his offer, Can you guys E-mail me on the fed charter opportunity? |
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GoFundYourself
2 Posts |
Posted - 03/27/2008 : 3:55:39 PM
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This is becoming a great thread-
I am branch manager who is currently looking for a new home with a federal charter..I am very open to everyone's advice. I have done business this way in years past until another bank took over and did away with the branch model. I like it but there are a lot of shady places out there.
Recruiters need not reply- I am looking for real world experience please. |
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tenbody
131 Posts |
Posted - 03/27/2008 : 4:07:50 PM
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I have been looking all over..beware of the virtual setups ..most of them are a marketing company getting a piece of the pie..if anyone has a good quality FCB please email me too.. |
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celtsfan75
154 Posts |
Posted - 03/27/2008 : 4:10:00 PM
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WOuld like a schedule of fees from the gentleman that posted earlier about his fed chartered bank. No padded rates, but they must charge you osmething to hang your hat there.
Also do they have VA capabilities?
quote:
Originally posted by GoFundYourself
This is becoming a great thread-
I am branch manager who is currently looking for a new home with a federal charter..I am very open to everyone's advice. I have done business this way in years past until another bank took over and did away with the branch model. I like it but there are a lot of shady places out there.
Recruiters need not reply- I am looking for real world experience please.
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1003s.com
2677 Posts |
Posted - 03/27/2008 : 4:12:51 PM
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quote:
Originally posted by tenbody
I have been looking all over..beware of the virtual setups ..most of them are a marketing company getting a piece of the pie..if anyone has a good quality FCB please email me too..
If only, that were the only problem with the many of the virtuals... |
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GoFundYourself
2 Posts |
Posted - 03/27/2008 : 4:57:34 PM
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That's it? No names, contacts, etc.?
This is not like giving away a lead source, boys....
The more volume your bank has, the better it is for everyone..
There must be a home for a small branch doing $30M annually in 'A' paper loans that are clean and honest. |
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gopackers
393 Posts |
Posted - 03/27/2008 : 5:50:10 PM
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| We are about 90 days away from rolling this out nationwide. we are focusing in the midwest for now. i can put you in my follow up folder and let you know once it is available in your area. |
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the_mortgage_guy
462 Posts |
Posted - 03/27/2008 : 7:41:47 PM
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quote:
Originally posted by jimmysol
FED Charter for sure! 50 states. broker your deals. Usually pay good commission splits. BEST PART= LEGALLY put your name on the 1003 as you are licensed thorugh the Charter. So no more co-brokering crap. Most net branches have you put someone else on 1003, or they require you to get registered/ licensed in each state you do a loan.
No brainer.
I am with Fed Chartered Credit Union and it rocks. They are on top of it big time with compliance, so I feel safe. We broker everything. plus you cant beat 100% commissions. Good luck out there.
Amerisave has you pass it to an LO who is licensed. All you lose is 10%.
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fundid
29 Posts |
Posted - 03/27/2008 : 8:10:21 PM
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jimmysol,
you stated your payroll is weekly but the website says its twice a month?
I am curious though, how many states you can do FHA in right now?
Also, are you guys doing reverse mortgages?
thanks in advance!! |
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jimmysol
63 Posts |
Posted - 03/28/2008 : 10:50:05 AM
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OK, I am posting this again because I still get people emailing me....
IF you are licensed or broker in CA, CO, OR, WA, AK, FL, or TX, & are experienced, please contact:
Scott Roseveare
VP of Sales
650/620-9504 (W)
650/240-3504 (F)
sroseveare@umaxmortgage.com
* 100% Commissions minus small flat fee per file. $595 or $895
* Broker out everything, so no padded banking lines.
* I repeat, WE DO NOT BANK ANYTHING! NO IN-HOUSE BANKING! I like this because in-house bank usually have crappy rates.
* 50 states including Guam and Puerto Rico.
* Soon to be FHA in all 50 states (within 2 weeks).
* Great support/ training. But not looking for beginners!
* VERY compliant! Established in 1939. Will be around for many years to come!
NO Newbies! Must be able to get your own business, close loans, and work from your own office. No set up fees, no reserve account, no BS. Just good people looking for good people. I have been with the company for only about 3 months now, but I get paid on Friday when my check comes in by Tuesday (of the same week!). They are always there to help. They are growing. Its everything I need in a Broker/ Federally Chartered Bank.
Serious Inquiries only please, VP does not have time for looky loos.
www.umaxmortgage.comis our company and when you join our team, then you may become an Associate Loan Officer in our partnership with the top Federally Chartered Bank (Credit Union of Proctor and Gamble Employees) available!
Good luck!
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hudmacom
19 Posts |
Posted - 03/28/2008 : 7:58:55 PM
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| Anyone know of a good FCB oportunity in MA? |
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mortgagewrangler
25 Posts |
Posted - 03/28/2008 : 8:34:30 PM
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| I've checked out several Chartered FSB opportunities. The thing that scares me is that I would have to deactivate my Real Estate license here in California. What say you JimmySol (and any others that want to chime in)? |
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jimmysol
63 Posts |
Posted - 03/31/2008 : 10:10:07 AM
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You should contact Scott my VP listed above. I have my license active in CA. In fact, I was under the impression you needed to be licensed. That is why my company only takes people in CA< OR< WA< TX< FL< AK< CO. You must be licensed in one of those states to work with us and get access to our Federally Chartered Bank.
PLUS, we do so much volume and have been with the Fed Charter so long that we have a unique relationship with them. Our per file fee is lower than if you were to go directly to the Fed Charter. And since I do mostly Jumbo Loans, this is a HUGE benefit! |
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