| Author |
Previous Topic | Next Topic |
|
cbc58
25 Posts |
 Posted - 05/29/2008 : 10:26:48 AM
|
What are the top 5 largest net branches / affiliation opportunities ??
Allied
Cartaret
?
?
? |
|
jpar994
885 Posts |
Posted - 05/29/2008 : 11:07:46 AM
|
primary residential mortgage
|
|
|
eserna
31 Posts |
Posted - 05/29/2008 : 11:29:20 AM
|
| DO NOT GO NET BRANCH!!!! YOU WILL GET RIPPED OFF!!! THEY CAN TAKE YOUR ORIGINATION AT ANY TIME AND YOU HAVE ABSOLUTELY NO LEGAL RECOURSE TO GET YOUR MONEY BACK. AND IF YOU STILL GO THROUGH WITH IT, DO NOT GIVE THEM A LARGE SUM UP FRONT EVEN IF YOU THINK IT'S CHEAPER THAT WAY! |
|
|
1003s.com
3434 Posts |
Posted - 05/29/2008 : 11:50:06 AM
|
Chris,
to my knowledge there are no public records on this topic,
where good quality information could be obtained from.
On the state level, often only the lenders information is recorded
by the county. So many counties would have no data,
on brokered loans at all, rendering their information of no utility
in addressing your question. |
|
|
FLProcessor
442 Posts |
Posted - 05/29/2008 : 11:58:30 AM
|
Yes, I don't know that we can say definitively, but you're on the right track. I don't know that you could classify them one-to-five.
In the mix above (Carteret, Allied, PRMI) you also have First Metropolitan.
After those four, it drops off pretty heavily for companies that are primarily "brach" companies. Of course, you have a lot of big banks with branch programs: Sierra Pacific, GatewayFSB, etc |
|
|
velecico
4213 Posts |
Posted - 05/29/2008 : 12:06:39 PM
|
All the ones above , you are a broker , in this inviroment you need to be a banker with the ability to broker , you want a net thats a banker |
|
|
goodguy1
1681 Posts |
Posted - 05/29/2008 : 12:35:30 PM
|
| what about envision or apex? |
|
|
1003s.com
3434 Posts |
Posted - 05/29/2008 : 12:52:18 PM
|
quote:
Originally posted by Xanthan Gum
quote:
Originally posted by eserna
DO NOT GO NET BRANCH!!!! YOU WILL GET RIPPED OFF!!! THEY CAN TAKE YOUR ORIGINATION AT ANY TIME AND YOU HAVE ABSOLUTELY NO LEGAL RECOURSE TO GET YOUR MONEY BACK. AND IF YOU STILL GO THROUGH WITH IT, DO NOT GIVE THEM A LARGE SUM UP FRONT EVEN IF YOU THINK IT'S CHEAPER THAT WAY!
TALK LOUDER!! I CAN'T HEAR YOU!!
LOL,
he does however, make a good point with regard to upfront fees though.
Most of the branches I recruit, pay _no up front fee to the company at all. |
|
|
bcarrier
7 Posts |
Posted - 05/29/2008 : 12:58:48 PM
|
| Millenia Financial |
|
|
FLProcessor
442 Posts |
Posted - 05/29/2008 : 1:33:29 PM
|
Are you kidding me, Millenia, Apex, Envision, really? Just to be sure we're on the same page... The topic for discussiong: the -largest- net branches.
I'll give you that Apex and Envision are larger than many, but not along the lines of the four mentioned above.
Also, I always here you say "Carteret is not a branch"; they were previously, weren't they? Or are you referring to the fact that you can only originate in your licensed state? |
|
|
FLProcessor
442 Posts |
Posted - 05/29/2008 : 1:51:33 PM
|
Well, I guess the term "net branch" is not a formal one. In one sense, I think it is a "co op" where you operate under a larger organizations name and taking advantage of their supposed infrastructure. And if I'm not mistaken, a couple other large branches operate the same way. See what Bob has to say...
However, I think most on this forum look at it as a way of writing business in multiple-states, I agree :-).
So by that definition Carteret is not a "multi-state branch opportunity", but I think they would still qualify under the general description.
Of course, I certainly could be wrong :-). |
|
|
1003s.com
3434 Posts |
Posted - 05/29/2008 : 2:24:47 PM
|
quote:
Originally posted by FLProcessor
Well, I guess the term "net branch" is not a formal one. In one sense, I think it is a "co op" where you operate under a larger organizations name and taking advantage of their supposed infrastructure. And if I'm not mistaken, a couple other large branches operate the same way. See what Bob has to say...
However, I think most on this forum look at it as a way of writing business in multiple-states, I agree :-).
So by that definition Carteret is not a "multi-state branch opportunity", but I think they would still qualify under the general description.
Of course, I certainly could be wrong :-).
Tiffany,
you are dead on, a lot of folks like to pretend they are compliance lawyers,
and offer up legal opinions on mortgage boards. And often, they offer
opinions, on the legal status of "net branches" in their home state.
Like many legal issues, if you had room full of lawyers,
you would have a room full of opposing opinions.
States vary on how they define a "net branch" as do,
the companies them selves. |
|
|
FLProcessor
442 Posts |
Posted - 05/29/2008 : 7:45:13 PM
|
Bob - we seem to agree on a lot of things :-).
Now if we could just get Darren to create a forum for Net Branch Q&A & opportunities, we'd aggregate some of this info and save people from having to re-post the same question each and every day! |
|
|
mtg_lady
2 Posts |
Posted - 05/29/2008 : 8:47:49 PM
|
| Along the same lines 'net branch' I am seeking companies who are federally licensed, so can originate in all states. Any info is appreciated. |
|
|
1003s.com
3434 Posts |
Posted - 05/29/2008 : 9:44:40 PM
|
| LOL Tiffany... |
|
|
1003s.com
3434 Posts |
Posted - 05/29/2008 : 9:52:36 PM
|
quote:
Originally posted by mtg_lady
Along the same lines 'net branch' I am seeking companies who are federally licensed, so can originate in all states. Any info is appreciated.
Penny, FED charters come and go all the time, leaving many displaced LO's
The more stable FED Charters, are ussually looking for branches with very high
monthly volume. IE, Many really don't want a branch doing less than
5 million per month of "very clean" bankered business. |
|
|
cvm2
242 Posts |
Posted - 05/29/2008 : 10:50:19 PM
|
northstar or first choice has been killing it in nc
they can get 5% on small fha loans
they have been doing loans i turned down, because i couldn't make a fee
they are doing well here
that is the only company beating me locally
i like alot of the lo's they have |
|
|
1003s.com
3434 Posts |
Posted - 05/29/2008 : 11:05:27 PM
|
quote:
Originally posted by cvm2
northstar or first choice has been killing it in nc
they can get 5% on small fha loans
they have been doing loans i turned down, because i couldn't make a fee
they are doing well here
that is the only company beating me locally
i like alot of the lo's they have
Jim,
I think the company you referred to, is actually called Norstar,
and they are out of Birmingham AL. A branch company by the name of "Northstar",
shut down about a year or 2 ago. |
|
|
cvm2
242 Posts |
Posted - 05/30/2008 : 06:46:45 AM
|
quote:
Originally posted by 1003s.com
quote:
Originally posted by cvm2
northstar or first choice has been killing it in nc
they can get 5% on small fha loans
they have been doing loans i turned down, because i couldn't make a fee
they are doing well here
that is the only company beating me locally
i like alot of the lo's they have
Jim,
I think the company you are you referred to, is actually called Norstar,
and they are out of Birmingham AL. A branch company by the name of "Northstar",
shut down about a year or 2 ago.
You are correct |
|
|
cvm2
242 Posts |
Posted - 05/30/2008 : 07:09:54 AM
|
quote:
Originally posted by Banker0679
what rates are you quoting?
Now there's that dumb 5% we have to abide by which includes the MIP funding fee, YSP, attorney fees, etc.
quote:
Originally posted by cvm2
northstar or first choice has been killing it in nc
they can get 5% on small fha loans
they have been doing loans i turned down, because i couldn't make a fee
they are doing well here
that is the only company beating me locally
i like alot of the lo's they have
It doen't matter the rate. They hold some of their loans so they don't disclose the YSP. They are getting the 5%. I wish I could |
|
|
BB
989 Posts |
Posted - 05/30/2008 : 2:17:14 PM
|
quote:
Originally posted by velecico
All the ones above , you are a broker , in this inviroment you need to be a banker with the ability to broker , you want a net thats a banker
Allied has a wide range of banked product but also has the abiltiy to broker. |
|
|
reverseguy
128 Posts |
Posted - 05/30/2008 : 2:53:05 PM
|
| Is anybody familiar with U. S. Mortgage? I just lost 3 loan oficers to them in a net branch. |
|
|
JEMORTGAGE
347 Posts |
Posted - 05/30/2008 : 2:56:45 PM
|
| Who offers the best branch in North Carolina?? thanx |
|
|
EMScommercial
5141 Posts |
Posted - 05/30/2008 : 3:40:56 PM
|
| smg is dead right? |
|
|
velecico
4213 Posts |
Posted - 05/30/2008 : 3:48:44 PM
|
quote:
Originally posted by BB
quote:
Originally posted by velecico
All the ones above , you are a broker , in this inviroment you need to be a banker with the ability to broker , you want a net thats a banker
Allied has a wide range of banked product but also has the abiltiy to broker.
thats correct , and we bank 90% of our deal with Allied they broker 90% despite having a correspondent line , at least thats how it was last year , i dont know about today , they are probably the biggest |
|
|
1003s.com
3434 Posts |
Posted - 05/30/2008 : 3:51:03 PM
|
quote:
Originally posted by EMScommercial
smg is dead right?
they merged with, "The Moneystore". |
|
|
liverichly
3975 Posts |
Posted - 06/09/2008 : 08:40:18 AM
|
quote:
Originally posted by bcarrier
Millenia Financial
Mellenia Financial Group requires you be located in Florida. |
|
|
gleech403
38 Posts |
Posted - 06/09/2008 : 09:36:31 AM
|
| Nick.....you are a little off there. |
|
|
FLProcessor
442 Posts |
Posted - 06/09/2008 : 10:26:32 AM
|
liverichly - thank you for that interesting piece of information..
If I understand correctly.. Millenia is a net branch that requires you're located in Florida, yet allows you to originate in 50 states? I've never heard of such a thing, what's their logic? Is this a TPO licensed only for FL or something?
Thank you in advance! |
|
|
liverichly
3975 Posts |
Posted - 06/09/2008 : 10:40:10 AM
|
quote:
Originally posted by FLProcessor
liverichly - thank you for that interesting piece of information..
If I understand correctly.. Millenia is a net branch that requires you're located in Florida, yet allows you to originate in 50 states? I've never heard of such a thing, what's their logic? Is this a TPO licensed only for FL or something?
Thank you in advance!
That is correct as far as I was told. I didn't get much further into the conversation since I am located in California. |
|
|
mudshark
3873 Posts |
Posted - 06/09/2008 : 10:53:30 AM
|
| We're on the small side, but we do banking. We are FNMA/FHLMC direct with FHA/VA (going through test cases for full eagle). www.rightstartmortgage.com. |
|
|
| |
Previous Topic | Next Topic |
|
Search for: 
