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melanie7hamilton
5 Posts |
 Posted - 05/08/2008 : 12:31:37 AM
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I am currently signed up with a broker but I am not happy with my split. I would like to start working from home. I have been a Loan officer in Ga for 4 years. I have heard of some horror stories dealing with net branches so I want to make sure that I choose the correct one. So if anyone can offer a list of net branches that are approved in GA with low fees. Thanks for your help
my email is melanie7hamilton@yahoo.com |
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melanie7hamilton
5 Posts |
Posted - 05/08/2008 : 01:39:22 AM
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| Thanks I will give them a call |
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1003s.com
3025 Posts |
Posted - 05/08/2008 : 06:04:36 AM
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Melanie,
opportunity #4 below requires a commercial space, they will
allow a branch to start on a per file basis at $499- per
file if they see the branch has potential to do some volume
down the road a peice. I also have some VLO options for GA,
however I have concluded their fee structure does not
compete well against local brokers or bankers in GA.
Opportunity #4
$1495- Flat Monthly fee, monthly accounting fee of $149 = 1644
CONV, Non CONV, FHA,- Reverse Mortgages, VA, Rural Development.
Licensed States.
AL#1, AR#2, AZ#3,CA#4, CO#5, CT#6, DE#7 ,FL#8, GA#9, IA#10,
IL#11, IN#12, KY#13, LA#14, MA#15. MD#16, MI#17, MN#18,
MO#19 MS#20, NM#21, 0H#22, OR#23, RI#24 SC#25 TN#26,
TX#27,UT#28 WI#29 WV#30
Watch this list grow! Several more states are pending.
Large Lender List.
Other Costs $7- per week for each employee covers fees do to outside payroll
Company.
$7 per employee, per week Fee which covers all payroll related fees from Paychex® (payroll provider), the set up and monthly hosting fee for a personalized website and the set up and monthly usage of Encompass® (TFF’s Loan Origination software).
Pay is once per week
Pay Method: W2
Getting Started: Application fee is $99- non- Refundable. This covers all Background checks. Security for you to know were hiring Quality Partners
Set up fee : $400 includes LOS - Encompass Registration, labor law posters, $400 of this setup cost is used to provide you with the necessary branch start up material needed: Licenses, charm booklets, all labor law posters, Brochures, Folders, Letterhead & Envelopes, Encompass registration, this all comes in Logo Leather Brief case etc…
CORP, volume prices on lead purchases.
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gleech403
38 Posts |
Posted - 05/08/2008 : 06:33:42 AM
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Melanie,
I recruit for Allied Home Mortgage, the largest branch company in the country. If it would not be impossible for you to work from a commercial spot, executive suite, etc., give me a call.
Greg Leech
713-684-0728 |
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Back9
171 Posts |
Posted - 05/08/2008 : 06:59:06 AM
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Q: Does Georgia allow net branches of mortgage licensees?
A: NO. The Department considers the following factors in determining whether an office location qualifies as a branch or is a separate business/legal entity that must be licensed separately:
Who will be the owner or lessee of the property location proposed as a branch?
Are branch employees supervised employees of the applicant/licensee or unsupervised independent contractors paid on a 1099 basis? The financial and employee records for the branch need to be kept at the main office. Payroll should originate at the main office.
Are income and expense items accounted for on the books of the licensee? No separate books and records may be maintained for each location [although subsidiary records may be maintained for convenience purposes (see Rule 80-11-2-.01)].
If the licensee is a lender, they must provide funding for the loans generated by that branch. It is not appropriate for a lender's branch to broker loans to other lenders.
The licensee must have consistent policies and procedures and quality control for loan origination and processing that are enforced at all the branches.
While these factors may not negate approval of an application for a legitimate branch, they are used to evaluate whether or not a branch application or an application for a license is appropriate and needed.
NOTE: Unlike some states, Georgia does not issue a separate license for each established branch. Branch offices and those individuals who are proposed to serve as branch managers must be approved, as well as any changes in managers for existing approved branch locations. A listing of approved branch locations is contained on our database for each licensee. Operating an unapproved office can jeopardize a license and subject the licensee to monetary fines.
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pdm
293 Posts |
Posted - 05/08/2008 : 07:02:17 AM
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quote:
Originally posted by Back9
Q: Does Georgia allow net branches of mortgage licensees?
A: NO. The Department considers the following factors in determining whether an office location qualifies as a branch or is a separate business/legal entity that must be licensed separately:
Who will be the owner or lessee of the property location proposed as a branch?
Are branch employees supervised employees of the applicant/licensee or unsupervised independent contractors paid on a 1099 basis? The financial and employee records for the branch need to be kept at the main office. Payroll should originate at the main office.
Are income and expense items accounted for on the books of the licensee? No separate books and records may be maintained for each location [although subsidiary records may be maintained for convenience purposes (see Rule 80-11-2-.01)].
If the licensee is a lender, they must provide funding for the loans generated by that branch. It is not appropriate for a lender's branch to broker loans to other lenders.
The licensee must have consistent policies and procedures and quality control for loan origination and processing that are enforced at all the branches.
While these factors may not negate approval of an application for a legitimate branch, they are used to evaluate whether or not a branch application or an application for a license is appropriate and needed.
NOTE: Unlike some states, Georgia does not issue a separate license for each established branch. Branch offices and those individuals who are proposed to serve as branch managers must be approved, as well as any changes in managers for existing approved branch locations. A listing of approved branch locations is contained on our database for each licensee. Operating an unapproved office can jeopardize a license and subject the licensee to monetary fines.
+1 |
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