alot of loans, what to do?

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jsmith22309

14 Posts

Posted - 07/25/2008 : 10:31:48 AM

Hi everyone, I've been lurking here for some time trying to figure out my best options.

I currently work for a mortgage company, and know I can generate A LOT of FHA business. I want to break out on my own, but not sure what the best path would be. I've been in the Mortgage Industry for 13 years. Can get a license with no problem.

What should I do???

I want to be a lender, but do not have the $$$ to back it. Should I start as a net branch or be a broker? I want control over my own processing, and want to be able to put my own name on the marketing info.

I would LOVE to originate loans in all 50 states without having to get licensed in all of them.

Any ideas would be greatly appreciated! I have even thought of trying to find someone in the mortgage industry who has this all in place and would be willing to partner.(I think this would be a great option, but a lot of factors come into play with this.)

Any suggestions would be greatly appreciated!

John Smith

bestbet123

1577 Posts

Posted - 07/25/2008 : 10:35:10 AM

John,
I was in the same position as you 2 years ago.Thank god that i hooked up with an old friend and started a net branch.I can do FHA,which prior to that i had to give those deals away.If you're interested e-mail me off board and i'll discuss some options with you.

jsmith22309

14 Posts

Posted - 07/25/2008 : 12:32:05 PM

Thanks for the reply...

Are Net Branches as bad as everyone is saying? I need a solution that would allow me to close over 60 Million per month. Will they be able to handle that or should I look at brokering loans with Wells and Chase?

Thanks
John

bestbet123

1577 Posts

Posted - 07/25/2008 : 12:46:28 PM

John,
Normally i would consider 60 million a joke by some moron on BO.if you seriously are doing even half that , we should speak via telephone.My number and extension are listed below.

dkendall1979

10261 Posts

Posted - 07/25/2008 : 12:50:42 PM

I've got a 50 state solution for you with no per file fees. Email me and I'll put you in touch with my buddy. The company is backed by a major law firm.

HonestNJBroker

336 Posts

Posted - 07/25/2008 : 1:50:26 PM

"60 Million per month" HAHHAHAHHAHAHHAHHAHAHAH I bet this guy is not doing 2m per month and all of you are telling him "call me" in hopes this guy can help your business. He would have to be doing 33.3 loans per month at a average of 200k per loan for 60m-97% of the brokers out there with 10 people are not doing that volume. This is a YANK!

quote:
Originally posted by jsmith22309

Thanks for the reply...

Are Net Branches as bad as everyone is saying? I need a solution that would allow me to close over 60 Million per month. Will they be able to handle that or should I look at brokering loans with Wells and Chase?

Thanks
John

bestbet123

1577 Posts

Posted - 07/25/2008 : 1:53:19 PM

Of course i'm thinkin the same thing,but you never know.

quote:
Originally posted by HonestNJBroker

"60 Million per month" HAHHAHAHHAHAHHAHHAHAHAH I bet this guy is not doing 2m per month and all of you are telling him "call me" in hopes this guy can help your business. He would have to be doing 33.3 loans per month at a average of 200k per loan for 60m-97% of the brokers out there with 10 people are not doing that volume. This is a YANK!

quote:
Originally posted by jsmith22309

Thanks for the reply...

Are Net Branches as bad as everyone is saying? I need a solution that would allow me to close over 60 Million per month. Will they be able to handle that or should I look at brokering loans with Wells and Chase?

Thanks
John

jsmith22309

14 Posts

Posted - 07/25/2008 : 2:07:40 PM

Hey Alex left a message on your phone, tried calling you all day but no answer. You now have my number, please give me a call.

Thanks
John

frank drigotas j

1518 Posts

Posted - 07/25/2008 : 2:33:02 PM

...close over 60 Million per month...j

smith, above

Why is it that the posters with less than ten posts (in this case, 3) and just arrived on BO (7/25/today) are making mega money?

Is it possible for me to become a mortgage broker virgin all over again?

dollar

jsmith22309

14 Posts

Posted - 07/25/2008 : 3:58:14 PM

Why are people so skeptical? I came here to find advice on how I can better myself. Why is it so hard to believe someone has the ability to close 60 Million in loan volume? There are companies closing hundreds of loan per day!

John

jsmith22309

14 Posts

Posted - 07/25/2008 : 4:02:50 PM

Moreover... regardless if I'm closing those numbers or not... Just pretend I am... whats my best option? Net Branch, Broker, or partner?

Thanks,
John

dkendall1979

10261 Posts

Posted - 07/25/2008 : 4:28:43 PM

Well, I never got an email from you, so it's hard to give advice when the advice offered isn't taken.

I could care less, I have no monetary interest in referring you over, but I would like to help out a friend of mine and feel confident in what he can offer.

quote:
Originally posted by jsmith22309

Moreover... regardless if I'm closing those numbers or not... Just pretend I am... whats my best option? Net Branch, Broker, or partner?

Thanks,
John

jsmith22309

14 Posts

Posted - 07/25/2008 : 4:32:37 PM

U have private mail, sorry did not see your post.

Thanks
John

kellamtom

633 Posts

Posted - 07/25/2008 : 5:33:19 PM

quote:
Originally posted by jsmith22309

Hi everyone, I've been lurking here for some time trying to figure out my best options.

I currently work for a mortgage company, and know I can generate A LOT of FHA business. I want to break out on my own, but not sure what the best path would be. I've been in the Mortgage Industry for 13 years. Can get a license with no problem.

What should I do???

I want to be a lender, but do not have the $$$ to back it. Should I start as a net branch or be a broker? I want control over my own processing, and want to be able to put my own name on the marketing info.

I would LOVE to originate loans in all 50 states without having to get licensed in all of them.

Any ideas would be greatly appreciated! I have even thought of trying to find someone in the mortgage industry who has this all in place and would be willing to partner.(I think this would be a great option, but a lot of factors come into play with this.)

Any suggestions would be greatly appreciated!

John Smith

60mil monthly and you don't have money; are you on crack

bestbet123

1577 Posts

Posted - 07/25/2008 : 6:38:47 PM

John,
Pay no mind to the geniuses on here.Anyway i was on the road most of the day in a dead zone.You can always call my cell.570-212-0150.
Talk to you soon.

quote:
Originally posted by jsmith22309

Why are people so skeptical? I came here to find advice on how I can better myself. Why is it so hard to believe someone has the ability to close 60 Million in loan volume? There are companies closing hundreds of loan per day!

John

KHufford

5993 Posts

Posted - 07/26/2008 : 01:10:09 AM

quote:
Originally posted by bestbet123

John,
Pay no mind to the geniuses on here.Anyway i was on the road most of the day in a dead zone.You can always call my cell.570-212-0150.
Talk to you soon.
quote:
Originally posted by jsmith22309

Why are people so skeptical? I came here to find advice on how I can better myself. Why is it so hard to believe someone has the ability to close 60 Million in loan volume? There are companies closing hundreds of loan per day!

John

Then why be here in the first place for advice?

ownerop

389 Posts

Posted - 07/26/2008 : 08:55:03 AM

quote:
Originally posted by jsmith22309

Hi everyone, I've been lurking here for some time trying to figure out my best options.

I currently work for a mortgage company, and know I can generate A LOT of FHA business. I want to break out on my own, but not sure what the best path would be. I've been in the Mortgage Industry for 13 years. Can get a license with no problem.

What should I do???

I want to be a lender, but do not have the $$$ to back it. Should I start as a net branch or be a broker? I want control over my own processing, and want to be able to put my own name on the marketing info.

I would LOVE to originate loans in all 50 states without having to get licensed in all of them.

Any ideas would be greatly appreciated! I have even thought of trying to find someone in the mortgage industry who has this all in place and would be willing to partner.(I think this would be a great option, but a lot of factors come into play with this.)

Any suggestions would be greatly appreciated!

John Smith

For starters you will not get FHA approval if you just got you brokers license, you will need at least 2 years of experience on your own and once you get that it will take almost 1 year right now to get you HUD approval. I would suggest you look into a net branch operation that doesn not pad their rates too bad and shares and gives you a decent cut of the SRP on FHA so that you can be competitive.

johnnyboy38109

3057 Posts

Posted - 07/26/2008 : 08:59:10 AM

quote:
Originally posted by HonestNJBroker

"60 Million per month" HAHHAHAHHAHAHHAHHAHAHAH I bet this guy is not doing 2m per month and all of you are telling him "call me" in hopes this guy can help your business. He would have to be doing 33.3 loans per month at a average of 200k per loan for 60m-97% of the brokers out there with 10 people are not doing that volume. This is a YANK!

quote:
Originally posted by jsmith22309

Thanks for the reply...

Are Net Branches as bad as everyone is saying? I need a solution that would allow me to close over 60 Million per month. Will they be able to handle that or should I look at brokering loans with Wells and Chase?

Thanks
John

The name gave it away for me.

jsmith22309

14 Posts

Posted - 07/26/2008 : 09:15:12 AM

Thanks ownerop for the direct response... I have thought about everything you said and It's why I'm thinking buying a "Going out of business" FHA DE N/S would be the best way to go. I know I'd be buying problems, but I think I know a way to find one that minimizes the possible problems, but you cant know everything.

I'm starting to like "Plan B" which would be to find someone who currently is FHA DE N/S has or can get a large Warehouse line, and partner with them. They will be making more then they ever have, and I would have a partner who has experience and can help! looks like a win win?

Thanks,
John

PS JonnyBoy "The name gave it away for me.", was hoping I was making the fake name as obvious as possible! hahahahha

Randy@TEN

44 Posts

Posted - 07/26/2008 : 12:33:23 PM

John,

Your post is exactly what many Brokers and Independent loan officers are facing today. I recruit and hire those whom are looking to streamline their costs to run a mortgage branch. We seek both Independent loan officers and Independent Team Managers. we at, www.TheEquityNetwork.com offer four Platforms. They are IBA, IBA Flexfit, ITM, and ITM Flexfit. Please visit our site to learn more.

I see we are both located in Florida. Our corporate office is in Clearwater and we do allow for Dba's. This is a common request and this would help with your marketing. We recognize the relationships you have built with your previous efforts and name branding is offten positive. Our platforms allow you or a third party processing company to assist in your deals, however for FHA your processor needs to be certified with a basic FHA 101 test. We are currently licensed in 17 states. Our goal is to be great in our general market area and we understand we are not everything to everyone. What we do, we do well.

We have a monthly fee structure that starts at $99.00 for single Loan Originators (IBA) and ending at $999.00 for full Independent Team Managers (ITM) I would love to offer a full tutorial of our programs and we together can determine a program that serves your needs and goals best.

Respectfully,

Randy Williams
rwilliams@TheEquityNetwork.com
727.475.2705 Direct Line

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