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psantos
570 Posts |
 Posted - 10/15/2008 : 12:24:25 PM
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As in above title, it seems lenders are dropping net branches lately?
And not all the same company.
Paul |
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craigppls
662 Posts |
Posted - 10/15/2008 : 12:26:42 PM
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quote:
Originally posted by psantos
As in above title, it seems lenders are dropping net branches lately?
And not all the same company.
Paul
Your source for this info is??? |
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Managing Prime
2801 Posts |
Posted - 10/15/2008 : 12:28:47 PM
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| It's been going on for the last year. That's why I decided to affiliate myself with a company that focused on compliance and could aggregate a large number of loans. |
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craigppls
662 Posts |
Posted - 10/15/2008 : 12:30:58 PM
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| I think the strong net branch firms will be fine |
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psantos
570 Posts |
Posted - 10/15/2008 : 12:40:03 PM
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I know 2 employees of 2 different nets, lost both CWBC, and Chase.
I don't know who is considered "strong" these days?
Any suggestions? To Managing Prime: I don't think Emery Federal truly does FHA.
Paul |
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Managing Prime
2801 Posts |
Posted - 10/15/2008 : 12:51:43 PM
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quote:
Originally posted by psantos
I know 2 employees of 2 different nets, lost both CWBC, and Chase.
I don't know who is considered "strong" these days?
Any suggestions? To Managing Prime: I don't think Emery Federal truly does FHA.
Paul
Emery Federal "truly" does FHA...1099 Associates do not. |
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1003s.com
3347 Posts |
Posted - 10/15/2008 : 2:00:05 PM
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I have had zero calls from any branches I recruited, expressing
concerns about any lenders targeting branch companies in this
manner. With regard to branch companies I do not recruit for,
the only folks who ever call me with concerns of that type,
are ones working for companies that are over due to be shut
down anyway.
IE, companies that allow LO's to process thier own loans
from home,and pretend, that they are just offsite LO's
and __not an illegal branch. While regulaters are often
over worked and under staffed, and at times, just
working a political job, they are grossly unqualified for,
it is a mistake, to assume they are all with out brains,
and uncapable of flushing out the truth.
The folks who think they are pulling a fast one, while
working from home and processing their own loans,
and are not properly branch licensed, may find them selves
in some hot water, down the road a peace.
Branch companies, that are pulling this type of garbage,
could be milking cash cows, and planning to shut their doors
at some future points owing their branches by any other name,
as much money as possible.
What is really funny, is listening to the LO's from these companies
spouting out the party line. " We are not a branch company"
as if repeating a lie, over and over again, will some how,
make it seem more like it is true. |
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velecico
3935 Posts |
Posted - 10/15/2008 : 9:11:59 PM
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We have every wholesale account that we had in the past , but we did loose CITI this week |
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1003s.com
3347 Posts |
Posted - 10/16/2008 : 08:55:02 AM
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quote:
Originally posted by velecico
We have every wholesale account that we had in the past , but we did loose CITI this week
Sorry to hear that Nick... |
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eddieinab
55 Posts |
Posted - 10/16/2008 : 09:03:54 AM
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| Yes this is happeing! CWBC cut 30,000 brokers off. As part of their annoucement, Chase said they were only going to do business with about 1,000 brokers on the wholesale level. I don't know if any others at this time. |
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1003s.com
3347 Posts |
Posted - 10/16/2008 : 2:11:42 PM
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quote:
Originally posted by eddieinab
Yes this is happeing! CWBC cut 30,000 brokers off. As part of their annoucement, Chase said they were only going to do business with about 1,000 brokers on the wholesale level. I don't know if any others at this time.
Many large lenders are losing money on mortgage loans these
days and as a result are cutting back, or ceasing their
wholesale operations in the entire. At this point though,
it remains unclear, how much pain branch providers will
feel from these types of changes. The impact of changes
like this on branch companies also depends on what you
construe, as a branch company.
A small broker, with 10-20 LO's all working from home may consider
him-self, a branch company, I however would consider him a broker,
and _not a branch company.
I define a branch company, as a company providing branch
opportunities with 25 or more commercial office locations.
In theory, some branch companies could survive, even if all brokers
were to shut down. Some branch companies, close nearly all their
business on the banker side, so they may actually do better if all the
brokers shut down. I am certainly _not implying all branch companies
would do better if all the brokers shut down, I expect that would not
be the case. Many branch companies broker all or most of their loans
and clearly would lack the financial resources, and or management
ability to migrate over all their business over to the banker side.
With so many uncertain potential outcomes facing the mortgage industry in
the near future, an old quote of unknown origin come to mind.
" May my words be gratuitous and tender today,
for I may have to eat them tomorrow."
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jackieharmon@bel
5 Posts |
Posted - 10/16/2008 : 3:02:03 PM
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| Yes. I am not a net branch. I was talking to my Citi rep, Chase rep, Wells rep... They all told me the same thing. Net branches are going to fall with brokers. They get a LOT of fraudulent loans from net branches. Primarily because the "hire" anybody. Yet, the very government that goes on TV saying they want to help small business is putting us OUT of business. I'll take a small mortgage brokerage business over a net branch anyday. Cheaper, less middlemen to go through, on hands processing, and the fear of God you wouldn't pass a state audit. Sorry net branches.. No offense |
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1003s.com
3347 Posts |
Posted - 10/16/2008 : 4:26:55 PM
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quote:
Originally posted by jackieharmon@bellsouth.net
Yes. I am not a net branch. I was talking to my Citi rep, Chase rep, Wells rep... They all told me the same thing. Net branches are going to fall with brokers. They get a LOT of fraudulent loans from net branches. Primarily because the "hire" anybody. Yet, the very government that goes on TV saying they want to help small business is putting us OUT of business. I'll take a small mortgage brokerage business over a net branch anyday. Cheaper, less middlemen to go through, on hands processing, and the fear of God you wouldn't pass a state audit. Sorry net branches.. No offense
Jackie, you make some good points. Many licensed brokers,
however, would not even qualify as a loan officer
for companies I recruit for, much less a branch manager.
Also,branch companies, that have the resources to banker all
their own loans, may also be able to convert many of their
branch employees to offsite LO's should the need arise.
Conversely, only a very small percent of brokers,
have the financial resources to become bankers and even
less have the know how, to mangage that type of operation.
So LO's working for brokers, would in most cases
become unemployed should lenders cease dealing
with brokers in the entire. I am hoping that
does not happen, however at this point, I would
__not by any means, rule out some potential for it happening. |
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BizMoney
45 Posts |
Posted - 10/17/2008 : 2:17:22 PM
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| As a Commercial-Only branch company I can say we've been sought out by new lenders. We have over 400 commercial finance companies and 100+ commercial real estate lenders on our books. |
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