| Author |
Previous Topic | Next Topic |
|
Rob885
2 Posts |
 Posted - 07/09/2008 : 6:19:53 PM
|
| I am New York State Licensed Mortgage Broker. Is there any way for me to net branch with a company and only send them FHA loans and continue to keep brokering non-FHA loans through my company? Does anyone know of a company who will allow this? Also is it Legal? |
|
dkendall1979
10261 Posts |
Posted - 07/09/2008 : 6:22:46 PM
|
www.yahoohomefinance.com
Check em out, it's my buddies venture. You can eamil him at douglas@yahoohomefinance.com
All 50 states, FHA/FHA Secure/VA and Reverse! |
|
|
bordobo
5 Posts |
Posted - 07/09/2008 : 7:31:34 PM
|
it is not legal, from HUD´s FHA Guidelines:
"A mortgagee may employ staff full time or part time (less than the normal 40 hour work week). They may have other employment including self employment. However, such outside employment may not be in mortgage lending, real estate, or a related field."
|
|
|
mgd
119 Posts |
Posted - 07/10/2008 : 06:39:41 AM
|
| e-mail me off the board |
|
|
velecico
3991 Posts |
Posted - 07/10/2008 : 07:00:31 AM
|
Give Joe Smalley , EVP at Gateway Funding a call 610-585-4025
We have been in business since 1986 , just aquired Arlington Capital making us one of the largest mortgage bankers in the Delaware Valley , corportate headquaters are in Horsham PA , you can do virtually any program in house with the ability to broker , you could not keep your own company , at least not in your name , and work for Gateway , as a net branch manager you would be w2 , Joe can give you more info on investors , both correspondent and wholesale |
|
|
South Shore
406 Posts |
Posted - 07/10/2008 : 07:26:56 AM
|
quote:
Originally posted by Rob885
I am New York State Licensed Mortgage Broker. Is there any way for me to net branch with a company and only send them FHA loans and continue to keep brokering non-FHA loans through my company? Does anyone know of a company who will allow this? Also is it Legal?
The way I interpret HUD guidelines, you cannot Net Branch for FHA and what you would need to do is be solely employed as a W-2 employee of the FHA Lender and no longer at your company.
While you are searching for the best fit for your needs, please keep in mind that I am in NY and our Company (est. 1987) has a well established Affiliate Program for non-FHA approved Brokers where you can assist your existing client with FHA product.
Our focus is to work hard to close your clients loans and to build a long term relationship with your company. You are recognized as the Broker, can make up to 2% Broker Fee, payable right on HUD; no ysp.
Give me a call. I am directly available to discuss our Program and your scenarios for properties in NY, FL, MD, DE, CT, MA, ME, IL, MN, AZ, and CO.
Neely Mondello; DE
South Shore Mortgage
866-237-7452 x242
FAX: 631-574-1442
neelymondello@myfastmortgage.com
|
|
|
1003s.com
3365 Posts |
Posted - 07/11/2008 : 07:27:51 AM
|
Please note recent changes : Opportunity # 2 has ceased recruiting both NY,& NC,
branches located in either NJ, or SC, doing a substantial percent of their volume,
in either NY or NC, will be considered, on a case by case basis.
AZ,CA,CO,FL,IL,IN,ID,LA,MA,MI,MD,MO,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, and CA, branches must close a MIN of 10 files per month.
_________________
Please note: Opportunity #6 on my list, does cover NY also
|
|
|
lmpromoabc
39 Posts |
Posted - 09/05/2008 : 02:01:15 AM
|
Hi my name is Harvey Marder and my company’s opportunity for you to expand your business and begin closing loans nation-wide. Nations Funding Source, INC. is a Nationwide, FHA Correspondent Lender approved in 47 States, giving you the opportunity to close FHA,VA,REVERSE MORTGAGES in our approved states. THERE IS NO MONTHLY FEES OR QUOTAS AND WE HAVE OVER 200 LENDERS.WE ARE MINI EAGLES AND WILL BE FULL EAGLES BY JANUARY 2009
Listed below is my contact info. Feel free to reach me at any time of day as I operate like Wal-Mart and never close my doors. I will be contacting you again in the near future in regards to establishing a great business relationship. Call or E-mail me in regards to setting up a conference call so you have a clear understanding on how Nations Funding Source operates. If you have any questions feel free to reply back to this e-mail and I will be happy to get that information for you. I Look forward to doing business with you soon. Refer to the Broker Presentation which is attached with our lenders.
Our website is at www.nfsowners.com by clicking on business opportunity then click on Associate Broker Opportunity AND OPEN PDF PRESENTATION.
BEST REGARDS
Harvey Marder
National Director
CO-Founder
Nations Funding Source
280 W. Prospect Road
Ft.Lauderdale Fl. 33309
Cell 305-299-5617
FAX 305-468-6502 |
|
|
rainmand
3837 Posts |
Posted - 09/05/2008 : 07:28:47 AM
|
>>NO MONTHLY FEES OR QUOTAS
What are your commission splits Harvey? And is there a per file fee? |
|
|
Dan-NewLifeLendi
286 Posts |
Posted - 09/05/2008 : 08:48:15 AM
|
It's definitely not legal...of course, you can always open another corporation that does business from a suite adjacent to yours...if ya do the corporate paperwork properly...
Dan
New Life Lending
http://www.newlifelending.us
dan@newlifelending.us
"Wholesale Loss Mitigation, Loan Modification & Debt Settlement Services in 41 states. Our programs turn your impossible loans into cold, hard cash."
|
|
|
D41
74 Posts |
Posted - 09/11/2008 : 5:58:02 PM
|
Question
What are the requirements for employees of FHA lenders?
Answer
An approved mortgagee must employ trained personnel that are competent to perform their assigned responsibilities.
Employees are those individuals who are under the direct supervision and control of an FHA approved mortgagee and where the individuals are exclusively employed by the FHA approved mortgagee in the mortgage lending and real estate fields. The mortgagee must demonstrate the essential characteristics of the employer-employee relationship upon inquiry by the Department. A mortgagee must exercise control and responsible management supervision over its home office and branch employees. Control and supervision must include, at a minimum, regular and ongoing reviews of employee performance and of work performed.
Compensation of employees may be on a salary, salary plus commission, or commission only basis and includes bonuses. All compensation must be reported on Form W-2. Employees who perform underwriting and loan servicing activities may not receive commissions.
During normal duty hours employees who are involved with FHA transactions may conduct only the business of the mortgagee.
A mortgagee may employ staff full time or part time (less than the normal 40 hour work week). They may have other employment including self employment. However, such outside employment may not be in mortgage lending, real estate, or a related field. DE underwriters are included in this provision. Further, a DE underwriter may not work on a part time basis for any other mortgagee, even underwriting conventional mortgage loans. A DE underwriter may not underwrite loans for a parent or subsidiary of the underwriter's approved employer. A DE underwriter's authority is through the employer and does not extend under any corporate umbrella.
These requirements only apply to those employees of a lender that are involved in the origination, underwriting or servicing of FHA loans.
See paragraph 2-9 in Chapter 2 of the Title II Mortgagee Approval Handbook 4060.1, Rev-2 at: http://hudclips.org/sub_nonhud/cgi/pdfforms/40601HB.doc.
Questions can be directed to the HUD Headquarters Lender and Recertification Division at 202-708-3976 or email at
FHALender@hud.gov
DISCLAIMER: All policy information contained in this knowledge base article is based upon the referenced HUD policy document. Any lending or insuring decisions should adhere to the specific information contained in that underlying policy document.
Additional Information
Reference: Handbook 4060.1 REV2, Paragraph 2-9
|
|
|
lmpromoabc
39 Posts |
Posted - 09/16/2008 : 12:20:11 AM
|
We are Mini Eagles and will be full eagles before November.
Since we close a large volume of loans Nationwide we get better pricing with our lenders. 3/8 of one percent for FHA and 1/4 of one percent better on conventional loans with Chase.
1- The fee is 600.00 for loans up to $250,000.
2-10% or $600.00(whichever is greater) of the
commission for loans above$250,000.
3-199.00 (one time fee for Joining Nations Funding
Source).
4-Brokers get the latest Version of Calyx
point data software server based LOAN APPLICATION with ALL
disclosures and templates built in for every state at
a Yearly cost of $349.00 with gfe standard templates for all states included
5- When closing loans in the L.O. States that require a license
You will pay a one hundred dollar flat fee to use our L.O. License.
6-You will get a tri-merge credit card generated account from Settlementone for a one time set up fee of fifteen dollars so you can bill your borrower and not have a bill at the months end.
7-You will get credit card generated Data Verify Account which is a fraud detection software that all the Banks use for fraud detection. Your processor will get your user I.D. and password and run a fraud report on every loan plus the appraisal and a 4506t before the loan goes to the any underwriter.(Manditory)
The cost for the Data Verify is eleven dollars and the 4506T is $9.95 that you will bill you borrower .
8-The Loan package has to be in our office before Friday
To get paid on the next friday We have a third party payroll
Company that sends out checks every Monday All files go through a compliance check.
BEST REGARDS
Harvey Marder
National Director
CO-Founder
Nations Funding Source
280 W. Prospect Road
Ft.Lauderdale Fl. 33309
Cell 305-299-5617
FAX 305-468-6502
Email marderharvey@yahoo.com
|
|
|
203k Expert
10 Posts |
Posted - 09/17/2008 : 4:30:23 PM
|
Nations Funding Source is the broker for the (Ken) Steltmen Group.
They have the same loan officer Neerij sign all the 1003s.
They do not license you as a loan officer and they haircut your commission with a hatchet.
Caveat Emptor!!
Google ripoff.com and put in their name |
|
|
lmpromoabc
39 Posts |
Posted - 09/17/2008 : 7:59:07 PM
|
we sign in the broker and work with the broker and cannot protect the broker if anyone of the people sign in directly with nations funding source and thats what they do and please do not make accusations they are unfounded and incorrect ,just be fair and get he facts please. i am not here to argue with you only to share the opportunity.
BEST REGARDS
Harvey Marder
National Director
CO-Founder
Nations Funding Source
280 W. Prospect Road
Ft.Lauderdale Fl. 33309
Cell 305-299-5617
FAX 305-468-6502
Email marderharvey@yahoo.com
|
|
|
| |
Previous Topic | Next Topic |
|
|
|
Search for: 
