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hman1217
7 Posts |
 Posted - 07/07/2008 : 12:42:55 PM
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| I have had my own independent brokerage for the last seven years licensed in MD, DC, WV and VA (twenty years as a LO). With the changes that have taken place in the mortgage market in the last year- I find myself in a position where it makes more financial sense to either become an affiliate of an FHA approved lending entity ( I want to originate 203K and reverse in addition to 203B) or try to find one that offers a high split. I would like to work with a company currently licensed in the states I have been originating in but being able to offer loans in other states also is appealing. I'd like to get some feedback from others that may be or have been in my position and find out what your opinions are. Thanks! |
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nreleford
8 Posts |
Posted - 07/07/2008 : 1:17:56 PM
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I have read all the posts, & I too have been looking to set up as a Net Branch even though I have owned my company for over 13 years. A couple of the companies I looked at were nothing more than Brokers no Bankers. If you run the numbers as to what it would cost you to use their services per file, it would be much more cost effective to do your own thing unless you don't have the required funds for FHA approval. I am now resolved to the fact that I will submit my company for FHA approval rather than a Net Branch. Just my opinion.
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hman1217
7 Posts |
Posted - 07/07/2008 : 2:32:03 PM
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| nreleford- Since I am a one man band and don't wish to have an office with two full time employees, $60K in the bank at all times and audited financials- getting a mini-eagle is not an option for me. I appreciate the feedback as I also explored that avenue and gave it some thought. Given the current market- it would not be a good investment on my part. Thanks. |
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nreleford
8 Posts |
Posted - 07/07/2008 : 2:37:16 PM
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| I too am a one person shop. As far as 2 full time employees, you can be one & an LO can be 1099 if commsssion only. As far as the $60,000 that also can be put in an investment account or CD whatever until your yearly audits. Of course youhave to have brick & mortor which I have do you? |
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STIFFLER
106 Posts |
Posted - 07/07/2008 : 2:41:00 PM
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| You cannot be 1099 at all if you are going to perform FHA Loans. |
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CitizensFinancia
57 Posts |
Posted - 07/07/2008 : 3:05:23 PM
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Hi I think I have what you are looking for and I would love the opportunity to discuss. please check out my website www.295netbranch.com and also www.citizensfinancialmortgage.com
thanks
Scott Citizens Financial Mortgage inc
(215) 396-5414
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hman1217
7 Posts |
Posted - 07/07/2008 : 3:31:29 PM
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| Scott- it does not appear that Citizen's Financial is licensed in DC or WV (from the website). Your 295netbranch site did not come up. TX |
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1003s.com
3025 Posts |
Posted - 07/07/2008 : 6:14:26 PM
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Howard,
Opportunity #4 might be worth a look if you
can live with out DC.
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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vburek
505 Posts |
Posted - 07/07/2008 : 7:33:29 PM
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| try benchmark mortgage. i work for a net branch of theirs with no regrets. |
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CoolMtgGuy
1959 Posts |
Posted - 07/07/2008 : 7:34:34 PM
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He says with confidence ... ill-founded confidence that is. Amazing.
quote:
Originally posted by nreleford
I too am a one person shop. As far as 2 full time employees, you can be one & an LO can be 1099 if commsssion only. As far as the $60,000 that also can be put in an investment account or CD whatever until your yearly audits. Of course youhave to have brick & mortor which I have do you?
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hman1217
7 Posts |
Posted - 07/08/2008 : 07:08:00 AM
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vburek- thanks for the reccomendation on Benchmark. They are one of the companies that I have on my research list for consideration. I appreciate the feedback. Best wishes for continued success.
1003s.com- thanks for the info but I would definitely need to be able to originate in DC. I have seen many forum members positive feedback on you and if any additional opportunities come up- keep me in mind. Thanks. |
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1003s.com
3025 Posts |
Posted - 07/08/2008 : 11:58:31 AM
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quote:
Originally posted by hman1217
vburek- thanks for the reccomendation on Benchmark. They are one of the companies that I have on my research list for consideration. I appreciate the feedback. Best wishes for continued success.
1003s.com- thanks for the info but I would definitely need to be able to originate in DC. I have seen many forum members positive feedback on you and if any additional opportunities come up- keep me in mind. Thanks.
Thanks Howard,
I pasted contact information below, for a company I do _not recruit for,
that does business in DC.
RE:
Greg Leech
National Recruiter
Allied Home Mortgage Capital Corp.
(Direct Phone) 713-684-0728
(Direct Fax) 713-332-0516
(Email) gleech@alliedhomenet.com
www.branchasap.com
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