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lerman
2 Posts |
 Posted - 05/07/2008 : 08:59:15 AM
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| Pretty much a one-man show for the past 15 years, I'm now considering becoming a net branch. At the moment primarily for the ability to lend in other states (liscensed in Idaho, i used to do yearly deals in MT, CO, and WY and currently have 3.5MM in the pipeline for those states), but i'm also seeing the writing on the wall in terms of new regs. Any comments, suggestions or recomendations? Thanks... |
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srebellon
34 Posts |
Posted - 05/07/2008 : 10:10:05 AM
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Check out Net loan officer and Home First lending...
One down side to Net branches is that you cant really sign up with any new lenders you get what they got on there lender list.
You can put in a request... But I havent had any luck.
As for what states I am not sure.
I ve used both of these companies. |
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lerman
2 Posts |
Posted - 05/07/2008 : 3:16:30 PM
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| thanks for getting back...you say you have "used" both...was that concurrently, or at different times, and who do you use now?...can you use a net-branch for your out-of-state loans, yet still work as an independant company (in my case an S-corp.) in your home state? |
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1003s.com
2979 Posts |
Posted - 05/07/2008 : 3:57:05 PM
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Laird,
opportunity #2, just might be worth taking a look at,
though, they are not licensed in MT.
Opportunity #2)
$500- flat fee per file no set up fee
AZ,CA,CO,FL,IL,IN,ID,LA,MA,MI,MD,,MO,MN,NC,NM,NY,NJ,OH,OR,PA,SC,TN,UT,VA,
WA,WI,WY
OH,IN,NJ=Banker only
SC First MTG only.
Licenses Pending: AL,,NV,
(This company will consider going into any other state
where someone wants to open a commercial branch office.)
Conventional, FHA, VA
It is your choice you can either close loans on
the banker side or broker out your entire pipeline.
Branches must close a MIN of 2-3 files per month.
Monthly E&O fee $100-$300 - varies with volume.
If you like to banker loans,
they have open book pricing with:
GMAC
AM Trust
City Mortgage
NATL City Mortgage
Branch managers last 2 years w2’s should average a MIN of 50K
Stable Employment history required.
Good Credit Required
Bricks and sticks required for,NC,IL,MD, NY,and AZ,branches.
AZ,CA, NC,NY, branches must close a MIN of 10 files per month.
NY, & NC COMP plan varies from above, call for details.
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