Envision Lending or Apex Lending???

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mttrosen

82 Posts

Posted - 04/12/2008 : 3:24:11 PM

Any personal experiances with either of these company's? What does one offer that the another one doesn't. What's the good? Whats the bad?

thanks eveyone

chrisjones

17 Posts

Posted - 04/12/2008 : 4:30:47 PM

the good with apex is they do everything by the book and I am assuming therefore you wont have to worry about getting screwed out of your money. they do 32 states i believe, fha, and charge $495 a file but if it is FHA it has to be processed by them for close to another $500 which I personally think is worth it. Envision is similiar although they do some kind of split I believe on FHA which is like 80% of your commission is 1099 and 20% W2. The only thing I would be worried about as far as Envision goes, and there have been other threads on this, the owner Jerry hasnt been responding to my repeated emails after he sent me over the initial application and I sent it back to him. That to me is a big red flag.

jvanpetten

2412 Posts

Posted - 04/12/2008 : 4:56:48 PM

Jerry at Envision answered all my questions, twice by email and once by phone. This was in February. He gave me his number to call him and he answered, was very helpful and seemed to care and want me to come to the company.

All W2 now, no 1099 starting May 1st. Employer taxes are about 12% taken out and $450 per file fee.

lennyg12345

59 Posts

Posted - 04/12/2008 : 5:48:24 PM

Apex makes you get licensed in every state, just like you owned your on company. I dont know how Envision does it. Apex made it sound like you sign up and you can do 33 states, but you cant.

quote:
Originally posted by mttrosen

Any personal experiances with either of these company's? What does one offer that the another one doesn't. What's the good? Whats the bad?

thanks eveyone

mttrosen

82 Posts

Posted - 04/12/2008 : 6:25:28 PM

does anyone know if you have to be licensed in each state with both company's? I am in IL.

mttrosen

82 Posts

Posted - 04/12/2008 : 8:32:42 PM

do both have in house underwriting? pricing engine?decision engine?

thanks

kcm70

59 Posts

Posted - 04/12/2008 : 9:48:25 PM

mttrosen....no you can choose which states you want license with
@envision,however you can partner w/an LO in state u r not lic in
with notification to corporate in Utah
envisiondoes have in house processors,not u/w..there is a pre
qual type engine that isavailable but AE'S justifiably are not
big fans of it..as of may 1st all LO'S will be pd strictly w2
head honchos very accessible, cordial

clearwaterny

345 Posts

Posted - 04/12/2008 : 9:55:07 PM

I'm with Envision right now and so far so good. Jerry was very helpful and everyone on the support team are helpful. Everyone is W2 now due to being FHA approved. Hope this helps.

jvanpetten

2412 Posts

Posted - 04/13/2008 : 02:43:29 AM

No pricing engine. The "look at my loan" is available, but I have not used it since being with them since February 25th. It is not to be used for pricing is what I was told, just to find a lender for the particular scenario.

Douggie

1365 Posts

Posted - 04/13/2008 : 03:28:44 AM

Im with envision now. Theyre a really good company. Ive been with some bad ones and even set myself up as a banker in the past. So far Envision has been the smoothest, most trustworthy place.

Seems to me, unless theyve gotten the messes cleared up. Apex is normally carrying a lot of baggage. Last year or so there were employees complaining about not getting paid and such.

GSE_

428 Posts

Posted - 04/13/2008 : 06:50:48 AM

How is envision on getting paid? How fast do they pay once you fund a loan?

jvanpetten

2412 Posts

Posted - 04/13/2008 : 07:13:27 AM

First 3 loans it takes 3-5 days. They do a QC on all three. After that it is 24-48 hours. They do perform QC after the first three, but I don't know the percentage of files.

riley1p

186 Posts

Posted - 04/13/2008 : 08:06:34 AM

Does anyone have a contact at Envision or their website to sign on with them?

quote:
Originally posted by jvanpetten

First 3 loans it takes 3-5 days. They do a QC on all three. After that it is 24-48 hours. They do perform QC after the first three, but I don't know the percentage of files.

jvanpetten

2412 Posts

Posted - 04/13/2008 : 08:10:57 AM

www.envisionlending.com

Got to the "join" button and fill out the information request. They will email you a package with information about states and an application to fill out.

The process is easy and quick, or at least in February it was easy and quick. I understand they have been flooded with new applications recently.

mttrosen

82 Posts

Posted - 04/13/2008 : 09:12:57 AM

Does anyone know how much each pays???? w2 and 1099?? thanks all

jvanpetten

2412 Posts

Posted - 04/13/2008 : 09:17:20 AM

Envision pays W2 only and is $450 per file. Pays 100% less employer taxes, which is about 12%. Of course, since you are W2, you have personal deductions for federal, state, fica, medicare, etc...

jvanpetten

2412 Posts

Posted - 04/13/2008 : 09:36:39 AM

This is the email I got from Macey Buker, one of the owners. Now I am not sure. I got paid to my Marketing company mostly, guess I will see on May 1st.

Email: 11.45=6.2 social security, 1.45 medicare, 1.5 suta, 1.5 workers comp, .8 futa

slants

4261 Posts

Posted - 04/13/2008 : 09:51:47 AM

quote:
Originally posted by jvanpetten

First 3 loans it takes 3-5 days. They do a QC on all three. After that it is 24-48 hours. They do perform QC after the first three, but I don't know the percentage of files.

We always got our direct deposit from the very 1st file 24 hours after they received the broker check and a copy of our file. Of course our files are always 100% complete.

jvanpetten

2412 Posts

Posted - 04/13/2008 : 10:06:15 AM

They charge $10 for each direct deposit, unless you have a WAMU account. I would pay more for direct deposit. You can't over night a check for that.

ichibanbroker

701 Posts

Posted - 04/13/2008 : 11:05:57 AM

Wrong Apex, Douggie. Apex Lending in Clearwater, Florida has never had trouble paying on time. There WAS an Aapex in Brandon, Florida that had trouble paying their employees.

quote:
Originally posted by Douggie

Im with envision now. Theyre a really good company. Ive been with some bad ones and even set myself up as a banker in the past. So far Envision has been the smoothest, most trustworthy place.

Seems to me, unless theyve gotten the messes cleared up. Apex is normally carrying a lot of baggage. Last year or so there were employees complaining about not getting paid and such.

Douggie

1365 Posts

Posted - 04/13/2008 : 1:21:55 PM

quote:
Wrong Apex, Douggie. Apex Lending in Clearwater, Florida has never had trouble paying on time. There WAS an Aapex in Brandon, Florida that had trouble paying their employees.

I stand corrected then. Not trying to bash them. Theyre too close in name and location to know the difference.

mganovsky

1937 Posts

Posted - 04/13/2008 : 1:47:58 PM

I am glad every one is so happy with envision, but please do not slam a company you know nothing about. Apex Lending Inc. out of clearwater fla is a solid net branch company.

100% pay out, minus $495 per file fee
1099 or W2 (unless you orig FHA then must be W2)

over 200 lenders to choose from

licensed in 32 States and counting ( Apex DOES NOT require you to be licensed in other States they are complying with the Individual State Laws that require it). The only way that you can orig loans in States that require licensing is if you work for a federally charted bank or lender/Mortgage Company that is federally chartered. If envision allows you to work with an LO from another State and co-broker the loan I would be vey carefull how you do it, because unless both Indiv work for the same company co-brokering loans is illegal.

Every file is audited by our compliance Department,to ensure all applicable State and Federal laws are followed.

We work off a server, so encompass and your outlook e-mail account is available where ever you have internet access.

We have a super program that you can upload your 1003 and credit into and within seconds it tells you what lenders will do the file and who has the best pricing and fee's. The software is updated every 10 minutes with pricing and daily with product updates. You also can click on a button that will update pricing and product guidelines right then.

I can go on and on, I have been with Apex for almost 4 years and have never had any problems.

There are a few Net Branch companies out there that are good, which one is better is up to you.

mganovsky

1937 Posts

Posted - 04/13/2008 : 2:21:12 PM

If you are 1099, once your file clears auditing you are sent an imediate e-mail, then the disbursement is signed off on and then payroll cuts and send the chack that day, it can go regular or overnigt your choice. If you are W2 then checks are sent weekly, if W2 you can have direct deposit if you want.

average turn times after Corp receives the check and Title package is 24 to 48 hours tops to clear auditing and get to payroll dept.

The States that we are licensed in is on our back office with all requiements per State Laws; but in excell format, I tried to copy just States using HMTL and could not do it, tommorow I will copy and send to you.

mttrosen

82 Posts

Posted - 04/13/2008 : 3:13:52 PM

Can anyone comment on the states that both company's can work in...With and without individual licenses. I am in IL....Thanks everyone for the great feedback. this helps alot.

jvanpetten

2412 Posts

Posted - 04/13/2008 : 3:31:09 PM

Check envisionlending.com and ask for info, too long to list here. Some states require individual licensing. When they give you the info, they give a list of states and which need individual licensing.

slants

4261 Posts

Posted - 04/13/2008 : 3:35:35 PM

quote:
Originally posted by mttrosen

Can anyone comment on the states that both company's can work in...With and without individual licenses. I am in IL....Thanks everyone for the great feedback. this helps alot.

Licensing requirements are dictated by regulations as per state laws, not by individual companies:

DO require individual licensing or registration:

Arkansas ---- Iowa -------- New Hampshire -- Texas
California ---- Kansas ------ New York ------- Utah
Colorado ---- Louisiana ---- North Carolina - Vermont
Connecticut - Maine ------- North Dakota --- Washington
Hawaii ------ Maryland ---- Oregon; West --- Virginia
Idaho ------- Mississippi --- South Dakota --- Wisconsin
Illinois ------ Montana ----- Tennessee
Indiana ----- Nevada

Have Important Instructions:

Alabama
Georgia
Virginia

No Individual Requirements

Alaska --------- Michigan ----- Rhode Island
Arizona -------- Minnesota ---- Wyoming
Delaware ------ Missouri
Kentucky ------ New Mexico
Massachusetts - Pennsylvania

jvanpetten

2412 Posts

Posted - 04/13/2008 : 3:53:59 PM

That is how you get your posting numbers up.

slants

4261 Posts

Posted - 04/13/2008 : 3:54:06 PM

quote:
Originally posted by Banker0679

what are the states that envision is NOT licensed in?

The ones not on the approved list?

DO require individual licensing or registration:

Arkansas ---- Iowa -------- New Hampshire -- Texas
California ---- Kansas ------ New York ------- Utah
Colorado ---- Louisiana ---- North Carolina - Vermont
Connecticut - Maine ------- North Dakota --- Washington
Hawaii ------ Maryland ---- Oregon; West --- Virginia
Idaho ------- Mississippi --- South Dakota --- Wisconsin
Illinois ------ Montana ----- Tennessee
Indiana ----- Nevada

Have Important Instructions:

Alabama
Georgia
Virginia

No Individual Requirements

Alaska --------- Michigan ----- Rhode Island
Arizona -------- Minnesota ---- Wyoming
Delaware ------ Missouri
Kentucky ------ New Mexico
Massachusetts - Pennsylvania

slants

4261 Posts

Posted - 04/13/2008 : 4:05:13 PM

quote:
Originally posted by Banker0679

so they're licensed in 44 states.

I was hoping for SC. I recall 2 ppl telling me that they weren't licensed in 3 states, but couldn't tell me which 3

As of 3/19/2008.

slants

4261 Posts

Posted - 04/13/2008 : 4:15:12 PM

quote:
Originally posted by Banker0679

someone sent me an email with the approve list

you were missing

Florida Nebraska

so 46 states!!!

that's still good

I sent you those e-mails from Nancy's e-mail address. They don't copy and paste properly to this site.

Scrooge McDuck

8054 Posts

Posted - 04/13/2008 : 4:15:31 PM

mass will soon have LO licencing.

jvanpetten

2412 Posts

Posted - 04/13/2008 : 4:59:19 PM

I am sure a lot of states will have individual licensing soon.

Douggie

1365 Posts

Posted - 04/14/2008 : 12:00:08 AM

I would think so too.

ITs too bad theyre blaming so much on the brokers.
But then again I would have to admit that I have seen some pretty bad stuff over the last few years. People I give good advise to. Get your finances in order come back in a year. Call me up a few weeks later just to mock me and imply that I dont know what Im doing because they got financed through so and so.
But normally within 6 months of there purchase they would call me back because they were 2 months behind on there mortgage and needed help.
Then there the ones that totally couldnt get done....lmao late on everything...10.00 an hour job, never paid a thing on time. 3 kids, wife that doesnt work, low 500's fico, no downpayment. All of the sudden boom they bought a 100,000.00 house.

jvanpetten

2412 Posts

Posted - 04/14/2008 : 05:49:40 AM

I don't see where the individual licensing will help in those situations. The lenders offer the program and the brokers sold them. I think most of the brokers that could not pass individual licensing are already out of the business. Most of us here have nothing to hide to get licensed. Maybe it will weed out those last few that need to be gone.

jvanpetten

2412 Posts

Posted - 04/14/2008 : 06:49:06 AM

I don't think the money will weed out the crooks. It might weed out the part timers. I hope they make ALL loan officers get licensed. Banks, mortgage companies, employees of brokers, etc..... It is the back ground check that will weed out a lot of people. Some states will take advantage of the licensing and be a lot more money than others, they see this as a chance for revenue, we will see.

Carpet Muncher

1385 Posts

Posted - 04/14/2008 : 07:00:03 AM

When I checked into Apex, they had $1500 in start up costs. This is paid by taking an additional $500 out of your first three deals. Overall they seemed like a good net branch.

ichibanbroker

701 Posts

Posted - 04/14/2008 : 07:15:55 AM

Actually, it's spread out over 4 loans now. However, $500 is refunded back to you upon your resignation/termination of the position.

quote:
Originally posted by Carpet Muncher

When I checked into Apex, they had $1500 in start up costs. This is paid by taking an additional $500 out of your first three deals. Overall they seemed like a good net branch.

cleach

186 Posts

Posted - 04/17/2008 : 6:33:50 PM

do either of the two allow you to process your own?

slants

4261 Posts

Posted - 04/17/2008 : 6:39:35 PM

quote:
Originally posted by cleach

do either of the two allow you to process your own?

Envision does.

mttrosen

82 Posts

Posted - 04/17/2008 : 6:41:16 PM

can't get in touch with envision for 4 days now....apex....next day....just a personal experiance

jvanpetten

2412 Posts

Posted - 04/17/2008 : 6:59:22 PM

Who are you trying to reach at Envision. Maybe I can help, I have direct phone numbers.

slants

4261 Posts

Posted - 04/17/2008 : 7:05:24 PM

quote:
Originally posted by mttrosen

can't get in touch with envision for 4 days now....apex....next day....just a personal experiance

I was leery about that prior to signing up. Felt better after speaking with owner Jerry. Pleasantly surprised by the staff's efficiency and responsiveness after we signed up, refreshing.

jvanpetten

2412 Posts

Posted - 04/17/2008 : 7:11:49 PM

I process my own, I think you have to negotiate that with the processors. They are not paid by the company, they are contract processors. You can charge it to the HUD.

quote:
Originally posted by Banker0679

how much is processing ?

and can you charge it on the HUD?

mttrosen

82 Posts

Posted - 04/17/2008 : 7:20:56 PM

jvanpetten,

trying to get a hold of anyone that can answer my questions. perhaps jerry?

jvanpetten

2412 Posts

Posted - 04/17/2008 : 7:55:05 PM

801.617.8102 Jerry Anderson

Did you do an info request on their web site? He is the contact on that information, it has his phone number and contact info, at least it did in February when I signed up with them.

slants

4261 Posts

Posted - 04/17/2008 : 8:26:08 PM

quote:
Originally posted by mttrosen

jvanpetten,

trying to get a hold of anyone that can answer my questions. perhaps jerry?

I think it takes Jerry a while to respond to inquiries because he seems to be the only point of contact for these queries. They have a pretty well oiled machine on their day to day operations.

ichibanbroker

701 Posts

Posted - 04/17/2008 : 8:32:54 PM

So does Apex.

quote:
Originally posted by slants

quote:
Originally posted by cleach

do either of the two allow you to process your own?
Envision does.

slants

4261 Posts

Posted - 04/17/2008 : 8:38:05 PM

quote:
Originally posted by ichibanbroker

So does Apex.

quote:
Originally posted by slants

quote:
Originally posted by cleach

do either of the two allow you to process your own?
Envision does.

I'm pretty impressed by their loan scenario engine. One is on their own with Envision. If you're not a seasoned LO who can interface lenders on your own and resolve your loan structures and work out issues, it may not be a good fit.

jvanpetten

2412 Posts

Posted - 04/17/2008 : 8:42:33 PM

When I called, he answered the phone, when I emailed him, I heard back in about an hour. I am sure they are getting a lot of new applications from LO's right now, this was back in February.

quote:
Originally posted by slants

quote:
Originally posted by mttrosen

jvanpetten,

trying to get a hold of anyone that can answer my questions. perhaps jerry?
I think it takes Jerry a while to respond to inquiries because he seems to be the only point of contact for these queries. They have a pretty well oiled machine on their day to day operations.