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darkstar
18082 Posts |
 Posted - 08/26/2008 : 9:48:07 PM
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Maybe those inside saw it coming, but every person I have talked to there has been happy and I never heard of any issues with them...
That being said, why and who do you consider stable?...
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hherrm
1407 Posts |
Posted - 08/26/2008 : 9:55:49 PM
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Who knows who is stable these days? Banks are folding that are not even on the watch list, banks are pulling out of wholesale that are not even on the implode watch list.
So, who really knows if there are no warning signs? |
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peter
4543 Posts |
Posted - 08/26/2008 : 10:01:39 PM
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I consider Windsor Capital Mortgage Corporation of San Diego
stable. My ex-processor and some friends have been with them
and although they find compliance checking is very rigid they
feel they are with a good company.
Peter |
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1003s.com
3345 Posts |
Posted - 08/26/2008 : 11:57:31 PM
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Steve,
the deer in the headlights response from many people
after a branch company closes is really normal.
And it was there with QMAR,Dana,Bridge,
and Aapex,Premier,CFIC,Mavrick,ECT.
With all the above mentioned, there signs that the end was
near, and in some cases, those signs were very
easy to see.
I am under the impression, there were also some signs,
with the above mentioned company, within the past year.
As far as a stable branch company goes, by a long shot,
the most stable branch company on the planet has been
Allied, they have out lasted every large competing company
and shown impressive growth over a long number of years.
I don't recruit for Allied, I am just a big fan, so I pasted
information below for someone who does.
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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KHufford
5939 Posts |
Posted - 08/27/2008 : 12:00:45 AM
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If it has the words NET and BRANCH in it = not stable
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Promise Land
768 Posts |
Posted - 08/27/2008 : 01:21:14 AM
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quote:
Originally posted by KHufford
If it has the words NET and BRANCH in it = not stable
LMAO! |
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HonestNJBroker
315 Posts |
Posted - 08/27/2008 : 02:42:21 AM
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As a owner I can tell you COSTS are rising, taxes-compliance-health care-rent-insurance etc Production is maybe 50% of what it was last year (and I don't want to hear from the people that say "I'm up this year by 500%") Yes, in any market you will have those few who are doing better than most. I talk to my AE's and title companies on a weekly basis about how my competition is doing, they are in and out of these companies on a daily basis and I can tell you 95% of the LO's/Companies are down, WAY down.
They are also telling me these “net branches” are all complaining their branches are not producing but 2 to 3 deals per month. Now again you will have those who do more-I’m talking about the average.
To keep the doors open and only charge $495 to $995 per file you just can't afford to do it. Hence the reason they want you to use their warehouse line-i.e. padded rates.
Also remember as a “net branch” you are an employee-not an owner like some think they are. One of my employees left me to go to a net branch thinking he could get 100%, guess what it turned out he was ending up with about 60% after all costs and fees to run his branch, they closed down and kept 45k of his money. He who controls the check book wins.
quote:
Originally posted by KHufford
If it has the words NET and BRANCH in it = not stable
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Promise Land
768 Posts |
Posted - 08/27/2008 : 03:05:47 AM
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quote:
(and I don't want to hear from the people that say "I'm up this year by 500%")
This is a good point. Many should consider the underlying factors that is behind the "I'm up this year by 500%" remark. What is the underlying comparison to derive that %? Sometimes companies can have an all-time low return in the previous, but this year, the return is slightly better than that previous year... does this mean that the business is profitable and solvent? It's best to look at all the parameters that derive to the % figure.IMO Numbers can always be cooked... so it's best to do your due diligence.IMHO
Good post overall, HonestNJ |
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Scrooge McDuck
8753 Posts |
Posted - 08/27/2008 : 05:24:23 AM
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| i do agree that it is tough to say what is going on behind closed doors. the only way operating under a new branch set up is 100% stable is if you are constantly ready to pull the trigger to jump ship and move to the next one when/if you see any sort of writting on the wall. |
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Xanthan Gum
909 Posts |
Posted - 08/27/2008 : 06:40:58 AM
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quote:
Originally posted by Scrooge McDuck
i do agree that it is tough to say what is going on behind closed doors. the only way operating under a new branch set up is 100% stable is if you are constantly ready to pull the trigger to jump ship and move to the next one when/if you see any sort of writting on the wall.
I second this. In today's storm there are very few safe harbors. The best you can do is keep a watch on the horizon for gathering clouds and get ready to sail off to the next port at a moments notice. Ahoy, matey. |
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CoolMtgGuy
3658 Posts |
Posted - 08/27/2008 : 07:15:11 AM
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Sensible voices of reason ... I like that.
I echo these sentiments. The "sands" beneath our feet are constantly shifting so anyone who professes to be in the know regarding where our industry will be 6 months from now are simply full of ... you know what.
Personally ... I have already closed down my two independent mortgage brokerage shops. I'm taking a break while I figure out what shape my continued involvement in mortgage originations will be in the future. A couple of months ago, I was ready to jump into the net branch model but now I have doubts about that model's survival probability.
Good luck to all .... rough seas ahead forcasted.
quote:
Originally posted by Xanthan Gum
quote:
Originally posted by Scrooge McDuck
i do agree that it is tough to say what is going on behind closed doors. the only way operating under a new branch set up is 100% stable is if you are constantly ready to pull the trigger to jump ship and move to the next one when/if you see any sort of writting on the wall.
I second this. In today's storm there are very few safe harbors. The best you can do is keep a watch on the horizon for gathering clouds and get ready to sail off to the next port at a moments notice. Ahoy, matey.
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cspatmon
2088 Posts |
Posted - 08/27/2008 : 07:23:26 AM
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| This environment.....no one is exempt. |
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gsgroupinc
2032 Posts |
Posted - 08/27/2008 : 07:33:29 AM
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quote:
Originally posted by HonestNJBroker
As a owner I can tell you COSTS are rising, taxes-compliance-health care-rent-insurance etc Production is maybe 50% of what it was last year (and I don't want to hear from the people that say "I'm up this year by 500%") Yes, in any market you will have those few who are doing better than most. I talk to my AE's and title companies on a weekly basis about how my competition is doing, they are in and out of these companies on a daily basis and I can tell you 95% of the LO's/Companies are down, WAY down.
They are also telling me these “net branches” are all complaining their branches are not producing but 2 to 3 deals per month. Now again you will have those who do more-I’m talking about the average.
To keep the doors open and only charge $495 to $995 per file you just can't afford to do it. Hence the reason they want you to use their warehouse line-i.e. padded rates.
Also remember as a “net branch” you are an employee-not an owner like some think they are. One of my employees left me to go to a net branch thinking he could get 100%, guess what it turned out he was ending up with about 60% after all costs and fees to run his branch, they closed down and kept 45k of his money. He who controls the check book wins.
quote:
Originally posted by KHufford
If it has the words NET and BRANCH in it = not stable
I agree, everything else is just plain CRAP |
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broker3271
69 Posts |
Posted - 08/27/2008 : 08:01:00 AM
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quote:
Originally posted by gsgroupinc
quote:
Originally posted by HonestNJBroker
As a owner I can tell you COSTS are rising, taxes-compliance-health care-rent-insurance etc Production is maybe 50% of what it was last year (and I don't want to hear from the people that say "I'm up this year by 500%") Yes, in any market you will have those few who are doing better than most. I talk to my AE's and title companies on a weekly basis about how my competition is doing, they are in and out of these companies on a daily basis and I can tell you 95% of the LO's/Companies are down, WAY down.
They are also telling me these “net branches” are all complaining their branches are not producing but 2 to 3 deals per month. Now again you will have those who do more-I’m talking about the average.
To keep the doors open and only charge $495 to $995 per file you just can't afford to do it. Hence the reason they want you to use their warehouse line-i.e. padded rates.
Also remember as a “net branch” you are an employee-not an owner like some think they are. One of my employees left me to go to a net branch thinking he could get 100%, guess what it turned out he was ending up with about 60% after all costs and fees to run his branch, they closed down and kept 45k of his money. He who controls the check book wins.
quote:
Originally posted by KHufford
If it has the words NET and BRANCH in it = not stable
I agree, everything else is just plain CRAP
When a Mortgage company is advertising an MLM scheme on it's front page, then it's time to leave that company...Mona Vie was on carteret |
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The Board of Dir
46 Posts |
Posted - 08/27/2008 : 08:05:47 AM
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quote:
Originally posted by cspatmon
This environment.....no one is exempt.
Quite true. Forget about net branches being stable or not. painting a broad stroke here, everyone from the GSEs to Billy Bob's Mortgage in East Podunk Iowa, and everyone in between, is on pretty much the same shaking soil. |
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1003s.com
3345 Posts |
Posted - 08/27/2008 : 1:21:13 PM
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quote:
Originally posted by KHufford
If it has the words NET and BRANCH in it = not stable
A much higher percent of broker shops have shut down
than branch companies. Many large mortgage bankers,
have also shut down. At the end of the day, it boils down
to marketing and risk management, just like any other
business, companies that do well in these areas tend to
survive the test of time, and those who fail in these areas,
shall parish, regardless of their business structure.
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HonestNJBroker
315 Posts |
Posted - 08/27/2008 : 1:55:27 PM
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This is not a dig-but of course you want net branches to continue-you recruit for them-follow the money trail.
Please provide 3rd party proof of your statement. Other then providing proof this is just your option, and hey you’re entitled.
I disagree with you. Now I am ONLY talking for my market here in Southern NJ/Philadelphia area I can and will not speak for anywhere else.
In my town there were 8 mortgage companies, now there are three-the 5 that are gone were net branch operations. MOST of the people who get into branching do it why? Because they DO NOT have the fiancés or the knowledge to obtain their own license.
So now they are using someone else’s license. So let’s examine that-they couldn’t get their own-now they are using someone else’s? Sounds like a recipe for disaster.
I want to be a doctor-I do NOT have the aptitude or the money to go to medical school-can I “borrow” my family doctors license and open up my own shop?
Can I let my neighbor “borrow” my Drivers License?
My stock broker has a Series 7-can I “borrow” his license?
Again, from my above post I speak to all my AE’s and title people all the time-I want to know what/how everyone else is doing. They tell me they walk into most of these net branch places and they are playing X-Box. Or they were there two weeks ago and today the place is closed up. Now I’m talking about the branches-NOT the corp. office but if the branches are not producing-how is corp. paying the bills?
Like I stated in my above post-I had an employee who left me for 100%-NOW he is back because he does not know how to run his own business. I would say (again NO proof) MOST who enter into a net branch are NOT the cream of the crop-If they were they would put up their own $$$ study for the state test and go out on their own. When you have these people “using” another’s license-it’s a recipe for disaster.
For full disclosure I was a net branch manager for one year before I took the step to put up my own money and study for my states test. I think, by some of the post’s I see here and other sites, the reason MOST do not get their own license is because they could not pass the test.
quote:
Originally posted by 1003s.com
quote:
Originally posted by KHufford
If it has the words NET and BRANCH in it = not stable
A much higher percent of broker shops have shut down
than branch companies. Many large mortgage bankers,
have also shut down. At the end of the day, it boils down
to marketing and risk management, just like any other
business, companies that do well in these areas tend to
survive the test of time, and those who fail in these areas,
shall parish, regardless of their business structure.
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SoCalRay
2698 Posts |
Posted - 08/27/2008 : 1:59:16 PM
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MYSELF
I am talking in general -
Quit trying to do all 50 states
Stop relying on other people
Do it yourself
Yes, you won't be in all 50 states. But look how many you have done a loan in Rhode Island, North Dekota, Nevada or West Virginia? (just picking at random)
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1003s.com
3345 Posts |
Posted - 08/27/2008 : 2:36:08 PM
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quote:
Originally posted by HonestNJBroker
This is not a dig-but of course you want net branches to continue-you recruit for them-follow the money trail.
Please provide 3rd party proof of your statement. Other then providing proof this is just your option, and hey you’re entitled.
I disagree with you. Now I am ONLY talking for my market here in Southern NJ/Philadelphia area I can and will not speak for anywhere else.
In my town there were 8 mortgage companies, now there are three-the 5 that are gone were net branch operations. MOST of the people who get into branching do it why? Because they DO NOT have the fiancés or the knowledge to obtain their own license.
So now they are using someone else’s license. So let’s examine that-they couldn’t get their own-now they are using someone else’s? Sounds like a recipe for disaster.
I want to be a doctor-I do NOT have the aptitude or the money to go to medical school-can I “borrow” my family doctors license and open up my own shop?
Can I let my neighbor “borrow” my Drivers License?
My stock broker has a Series 7-can I “borrow” his license?
Again, from my above post I speak to all my AE’s and title people all the time-I want to know what/how everyone else is doing. They tell me they walk into most of these net branch places and they are playing X-Box. Or they were there two weeks ago and today the place is closed up. Now I’m talking about the branches-NOT the corp. office but if the branches are not producing-how is corp. paying the bills?
Like I stated in my above post-I had an employee who left me for 100%-NOW he is back because he does not know how to run his own business. I would say (again NO proof) MOST who enter into a net branch are NOT the cream of the crop-If they were they would put up their own $$$ study for the state test and go out on their own. When you have these people “using” another’s license-it’s a recipe for disaster.
For full disclosure I was a net branch manager for one year before I took the step to put up my own money and study for my states test. I think, by some of the post’s I see here and other sites, the reason MOST do not get their own license is because they could not pass the test.
quote:
Originally posted by 1003s.com
quote:
Originally posted by KHufford
If it has the words NET and BRANCH in it = not stable
A much higher percent of broker shops have shut down
than branch companies. Many large mortgage bankers,
have also shut down. At the end of the day, it boils down
to marketing and risk management, just like any other
business, companies that do well in these areas tend to
survive the test of time, and those who fail in these areas,
shall parish, regardless of their business structure.
Michael,
I am talking about net branch companies, not branch offices.
Branch offices are not branch companies. Again, far more broker shops
have shut down than branch companies.
You do however, raise another question though.
Have more broker shops shut down in the past 2 years
than branch offices?
I will not opinion, on that question, however, I will say,
broker shops that are not FHA approved, are folding up these
days, like cheap suits. So much of the market is FHA is now.
And most branch companies of any size, are FHA approved.
The increase costs of license, bonding and compliance,
tend to be harder on broker shops, than they are on branch
companies, do to economy of scale.
Not with standing the forgoing, one big advantage broker shops
have over branch companies, is they often have a lack of assets,
and this renders them less attractive targets for litigation.
"Not, to be construed as legal advice, just my own un-verified opinion." |
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KHufford
5939 Posts |
Posted - 08/27/2008 : 2:49:11 PM
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quote:
Originally posted by SoCalRay
MYSELF
I am talking in general -
Quit trying to do all 50 states
Stop relying on other people
Do it yourself
Yes, you won't be in all 50 states. But look how many you have done a loan in Rhode Island, North Dekota, Nevada or West Virginia? (just picking at random)
Great advice
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ice5146
103 Posts |
Posted - 08/27/2008 : 3:05:34 PM
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I have been a Carteret LO for 4 yrs. LOVED the business model, felt 200% safe that my loans were Compliant and never had such a great and warm experience with the Corp level as I have with Carteret. With that being said, I am NOW moving on to Candor Mortgage. Candor is owned and operated by 2 of Carteret's VP's and the same business model applies but only better.
No waiting for pay...loan funds on Wed, you get paid on Friday
70% Commission if you are experienced, slightly less if need of mentoring and training
Over 100 Lenders
FHA
PHENOMINAL In-House Processing from Veteran LO that will do EVERYTHING from structuring the deal to Post-Audit Review
50 states in matter of a month, right now 10 states
If you are interested in a Power Point Presentation, please email me and I'll forward.
Thank you
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Goat roper
70 Posts |
Posted - 08/27/2008 : 3:14:53 PM
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| Emery Fed has been around since the 1930's. They are not a net branch either. Seems like the logical choice. |
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ttaylor2008
105 Posts |
Posted - 08/27/2008 : 3:18:14 PM
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Private Capital will always be stable ...... Venture capital has played key roles in Health Care companies world wide ......
Try a small federally chartered bank that pays 100% ....
For example Home Capital Savings
Great time to make a career change ........
s & l is also coming back it's amazing how history repeats itself ...
Todd
778-378-9813
Work smart not hard .... Try private capital 4 to 5 hours a day no night or weekends ...... 250k plus a year
Diversify work for Federally chartered and try something new ...that is when you come across interesting professions ....
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1003s.com
3345 Posts |
Posted - 08/27/2008 : 10:21:06 PM
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quote:
Originally posted by SoCalRay
MYSELF
I am talking in general -
Quit trying to do all 50 states
Stop relying on other people
Do it yourself
Yes, you won't be in all 50 states. But look how many you have done a loan in Rhode Island, North Dekota, Nevada or West Virginia? (just picking at random)
Paul,
THe market now is manly FHA, this may change in the future.
Most folks considering a branch or a broker shop, lack the where
with all to get FHA approved. And even if they do have the funds and
the time to wait, companies that are well established often do better
with FHA.
IE, I have seen huge improvements in branch production,
with branches that used in house DE underwriters.
This is mainly due to a temporary shortage
of DE underwriters.
I recruit for branch companies with and with out in house,
DU underwriters, so, I am not biased on that issue, in the entire. |
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ncorning
204 Posts |
Posted - 08/28/2008 : 05:30:36 AM
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has anyone watched the hiring video for Candor. Its like a very,very,bad mad tv skit.
copy paste
http://gallery.me.com/candorceo#100008 |
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darkstar
18082 Posts |
Posted - 08/28/2008 : 05:38:55 AM
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| What about Guaranteed Rate?...I spoke to someone that works there last week and I have never been impressed with a mortgage company until I spoke with them...They are growing like it's 2005...IF I was looking, they would be my first consideration now...Any one know anything about them????...I know their people don't play Xbox or on the BO so they may be ok! LOL |
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D41
69 Posts |
Posted - 09/03/2008 : 1:50:28 PM
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Take a look at Top Flite Financial.
We are "smaller" only 70 branches and VERY COMPLIANT.
Back ground checks on everyone that applies. I could give you the
break down but you are probably better off looking over the website.
www.tffinc.net/fha
Give me a call with any questions!
Darick Hensel
517.214.3257 |
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Jkatz
355 Posts |
Posted - 09/03/2008 : 2:15:32 PM
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i have heard bad things about candor...
quote:
Originally posted by ncorning
has anyone watched the hiring video for Candor. Its like a very,very,bad mad tv skit.
copy paste
http://gallery.me.com/candorceo#100008
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lucky1s
3614 Posts |
Posted - 09/03/2008 : 2:17:47 PM
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| West Star Mortgage sounded interesting but is not in Ca. |
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benjamin
2196 Posts |
Posted - 09/03/2008 : 2:20:41 PM
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| Nobody. |
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jvanpetten
2511 Posts |
Posted - 09/03/2008 : 2:24:21 PM
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Ditto
quote:
Originally posted by benjamin
Nobody.
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ski2313
749 Posts |
Posted - 09/03/2008 : 2:27:44 PM
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If you primarily do business in WI, drop me an email. We are doing some hiring for net branches and work at home LO's. No padded rates, 70% W2 commission, FHA, VA, and WHEDA. File fee is only $150, and in house processing available for $250.
Dave@WatchMyRates.com
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Carlsbadd
756 Posts |
Posted - 09/03/2008 : 3:55:51 PM
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I would agree with what Denice above stated, I ran a Carteret Branch for a few years and then went into wholesale.
Carteret as a company was very compliant and was set us as a branch system, not a "net branch"
The problem was not how the company was run but rather a sign of the times and the environments we face today.
No matter how compliant you are lenders are looking for any reason to force a buyback and attorneys are looking for ways to sue using the as yet undefined 'predatory lending' complaint.
I mean undefined as in HUD has never issued a definition of what predatory is, but a minor mistake on a TIL or HUD one is what many of these lawsuits are about. Some may have some sticking power but as a owner it's easier to close up shop, turn in your license and forget the hassle.
East West did the same thing this spring after a couple lawsuits were filed, easier to keep what you have and sell the business outright.
That's my take anyway |
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ttaylor2008
105 Posts |
Posted - 09/08/2008 : 12:18:05 PM
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www.bennettandtaylor.com
Todd
778-378-9813
The Account Executive is responsible for contacting Canadian Accredited Investors and explaining opportunity products and services. Responsibilities include: Contacting and setting up Canadian Accredited Investors Advise Investors of any changes to our programs or policies Act as liaison between Investor and Senior Partner Assist in protecting our assets through careful review of Investors qualifications Provide Regional Sales Manager with timely production reports Ensure all compliance regulations are met Successful candidates will have: One year of experience as a wholesale Account Executive or Top producing Loan Officer Consideration will be given to top notch retail sales performers. Must be self motivated and have a track record of being a top sales performer. Knowledge of qualifications and products a must. Excellent verbal and written communication skills along with public speaking via webcam. Bachelors degree preferred. We are looking for Account Executives nationwide to work from home on vontage line and company email........ Regional VP National Accounts Reps (25) Provincial Account Reps (10) We are also looking throughout the USA since it is a work from home position
Dear Potential AE's --- Opportunity - Every Saturday 10am Pacific and 1pm Eastern
Bennett & Taylor LTD will be holding a Conference call Monday - Friday at 5 pm Pacific and 8 pm Eastern time. Also Saturdays 10am Pacific and 1pm Eastern . Log in to hear about this exciting new opportunity that is a first of its kind .Conference call will be hosted by Todd Taylor
Dear Potential AE's --- Training - Every Saturday 11am Pacific and 2pm Eastern
Bennett & Taylor LTD will be holding a Conference call Monday - Friday at 4 pm Pacific and 7 pm Eastern time. Also Saturdays 10am Pacific and 1pm Eastern . Log in to hear about this exciting new opportunity that is a first of its kind .Conference call will be hosted by Todd Taylor
Name: TODD TAYLOR
Email: TTAYLOR19@GMAIL.COM
Free Conference Call
Conference Dial-in Number: (269) 320-8100
Participant Access Code: 275346#
CALL 778-378-9813 FOR DATES AND TIMES
--
Cheers,
Todd Taylor |
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