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Federal Bank Hir
35 Posts |
 Posted - 06/18/2008 : 10:05:21 AM
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We are a Subsidiary of Barrington Bank & Trust, who is owned by Wintrust Financial Corp. WTFC is publically traded and also owns 15 Banks with assets totaling over $10 Billion.
Here are our Highlights;
1. NO SIGN-UP FEES
2. FNMA/FHLM, FHA/VA, Reverse Mortgages, 2nd Liens, HELOCs, Construction and Commercial Loans.
3. Eliminate having to disclose YSP/SRP on 95% of your Loans.
4. Bank Fees as low as $750 includes; Admin, U/W, Doc Prep, Tax Serv. & Wire Fee.
5. The Ability to Broker without Bank first right of refusal condition.
6. Exempt from licensing requirements in all 50 states.
7. No Surety Bond required.
8. No state continuing education required.
9. Web based best execution via Sollen.
10. Free Web Based Origination System.
11. Free Business Cards.
12. Free DU and LP.
13. LO Web Sites with personal pages.
14. Marketing support
15. Database Management through Mortgage Returns
16. Employee Stock Option Plan
17. 401k with Employer Contributions
Additional Benefits - If you close 2 to 3 Loans per Month.
18. Free Long Term Disability Insurance
19. Free Life Insurance and Accidental Death and Dismemberment
20. Major Medical and Dental - Bank Pays the Majority of the Monthly Premium.
For more information copy and past this link to your web browser. Clicking on the below link will not work. You can then open a 6 page PDF doc. to view the bank information. After you review, then give me a call. My number is on the document.
http://www.filesanywhere.com/v.asp?v=%89jh%8A%5C%5Fm%AA%B2%99
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gopackers
454 Posts |
Posted - 06/18/2008 : 5:22:52 PM
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| Is this still Gateway FSB or Allfund? or do you got another thing going? |
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Federal Bank Hir
35 Posts |
Posted - 06/18/2008 : 5:37:25 PM
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| Please review the first paragraph. |
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kjdv
777 Posts |
Posted - 06/18/2008 : 8:10:13 PM
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| What is the split? And are there monthly close requirements? |
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Federal Bank Hir
35 Posts |
Posted - 06/19/2008 : 07:49:36 AM
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| Our program allows a Branch Manager to make more than 100% by allowing the BM to share in the bank profits. We consider a BM to be a bank partner not just a net branch manager. |
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brokergal
4 Posts |
Posted - 06/22/2008 : 1:07:15 PM
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| Any training/programs for new LO's? |
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Federal Bank Hir
35 Posts |
Posted - 06/23/2008 : 09:36:22 AM
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| We do offer web based training for LO's and processors. One advantage that we do have is that LO's are exempt from all state licensing requirements and education. |
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Federal Bank Hir
35 Posts |
Posted - 06/24/2008 : 1:32:50 PM
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| You do not have to be a Branch Manager to recruit LO's. You can receive a 5% production bonus from their volume. When you and your LO's have enough volume you can then convert to a Branch Manager position and the LO's that you recruited will be placed under your Branch. |
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fundid
209 Posts |
Posted - 07/08/2008 : 10:35:24 PM
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| anyone have any feedback so far on this company? |
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mdube
44 Posts |
Posted - 07/20/2008 : 6:20:32 PM
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| I would like more information. Who do I call? |
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MoneyLenderP
1952 Posts |
Posted - 07/20/2008 : 8:16:30 PM
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quote:
Originally posted by mdube
I would like more information. Who do I call?
Same here. |
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goodguy1
1682 Posts |
Posted - 07/30/2008 : 2:40:18 PM
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| left message |
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MoneyLenderP
1952 Posts |
Posted - 08/05/2008 : 1:32:32 PM
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| in this market fed charter is the best way to go... |
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Federal Bank Hir
35 Posts |
Posted - 08/14/2008 : 3:42:15 PM
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For the most recent information copy and past this link to your web browser. Clicking on the below link will not work. You can then open a 6 page PDF doc. to view the bank information.
http://www.filesanywhere.com/v.asp?v=%89jh%8A%5C%5Fm%AA%B2%99
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Federal Bank Hir
35 Posts |
Posted - 08/14/2008 : 3:42:40 PM
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For the most recent information copy and past this link to your web browser. Clicking on the below link will not work. You can then open a 6 page PDF doc. to view the bank information.
http://www.filesanywhere.com/v.asp?v=%89jh%8A%5C%5Fm%AA%B2%99
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homebroker@sbcgl
7251 Posts |
Posted - 09/04/2008 : 10:09:24 AM
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| How are the rates compared to wholesale, any padding? |
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Federal Bank Hir
35 Posts |
Posted - 09/04/2008 : 10:13:43 AM
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| Our Branch Managers receive Correspondent pricing so an extra 50bps on a conforming loan and 2 points on a FHA loan goes into the Branch P&L!! Correspondent pricing is of course much better than wholesale pricing that is usually offered to a net branch. |
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Federal Bank Hir
35 Posts |
Posted - 09/04/2008 : 10:19:55 AM
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| If you are a Net Branch doing FHA and your parent company is not on the lease and the utuility bills are not in their name, then you are not a legal Branch according to HUD and the state in which you operate. |
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Federal Bank Hir
35 Posts |
Posted - 09/04/2008 : 10:23:02 AM
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| Also, if you are personnally responsible for any branch operating cost, credit reports, DU/LP etc... then your company is not HUD compliant |
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Federal Bank Hir
35 Posts |
Posted - 09/04/2008 : 4:12:15 PM
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Most states will prohibit a broker from receiving YSP in the near future, which is another reason that you need to be with a bank. Here is the first state to pass this law.
North Carolina passed a bill prohibiting yield spread premiums in connection with rate spread home loans. Under the new law, mortgage lenders may not provide and mortgage brokers may not receive any compensation that changes based on the terms of a rate spread home loan. The new law does not prohibit mortgage broker compensation based on the principal balance of the loan. The bill is effective October 1, 2008. |
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dmortgage
43 Posts |
Posted - 09/04/2008 : 7:35:36 PM
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| I can not get any of your links to work. Do you allow a lo to work from there home? And if so, do you have fees per loan and take a % for payroll and such? |
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Federal Bank Hir
35 Posts |
Posted - 09/05/2008 : 08:29:02 AM
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| Yes, LO's may work from home since we are totally web based. In order to make the link work, you must copy it and paste it into your web browser. |
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dmortgage
43 Posts |
Posted - 09/06/2008 : 05:53:19 AM
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I have read all the info you have posted and I have a couple of questions for you.
1. can i use any appraiser i want? (as long as they are approved by the goverment agency/fha)
2. can i broker all my loans if I wanted to?
3. what fees are charged to my loan and what percent of payout do I receive for brokered loans?
4. The same question above but with banked loans?
5. Can you post what your banked rates and ysp would be for 30 yr fha, so i can compare to my broker side.
6. ""Bank Fees as low as $750 includes; Admin, Underwriting, Doc Prep, Tax Serv. & Wire Fee."" What exactly does "as low as" mean?
Thanks for your help! |
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dmortgage
43 Posts |
Posted - 09/06/2008 : 05:55:24 AM
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| How long does it take to sign up? |
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Saving Homes
46 Posts |
Posted - 09/15/2008 : 08:08:59 AM
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quote:
Originally posted by dmortgage
I have read all the info you have posted and I have a couple of questions for you.
1. can i use any appraiser i want? (as long as they are approved by the goverment agency/fha)
2. can i broker all my loans if I wanted to?
3. what fees are charged to my loan and what percent of payout do I receive for brokered loans?
4. The same question above but with banked loans?
5. Can you post what your banked rates and ysp would be for 30 yr fha, so i can compare to my broker side.
6. ""Bank Fees as low as $750 includes; Admin, Underwriting, Doc Prep, Tax Serv. & Wire Fee."" What exactly does "as low as" mean?
Thanks for your help!
Did anyone get any answers to these questions....???? |
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Saving Homes
46 Posts |
Posted - 09/15/2008 : 08:25:39 AM
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| Everything looks good and I am interested I just cant seem to get a hold of the guy |
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