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rapidloans4u
54 Posts |
 Posted - 10/27/2009 : 10:41:57 PM
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Hi Guys
Which company is offering best net branch service.
As far as Lowest fees and allows to do loans nationwide. I have come across but they charge too much.
Please advice
Gary |
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jvaldez
8 Posts |
Posted - 10/28/2009 : 07:38:13 AM
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Gary,
Im a branch consultant for VanDyk Mortgage. We are licensed in over 30 states and offer a very flexible fee structure allowing you to choose between 4 different branch programs. Feel to contact me diretly if you would like to learn more.
Jason Valdez
616-974-9216
www.bestbranchcompany.com |
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1003s.com
4162 Posts |
Posted - 10/28/2009 : 4:03:21 PM
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Gary,
opportunity # 1 below might be worth a look, though
doing loans in other states will have limits.
Opportunity #1
$500 – flat fee per file no monthly fee.
Plus $35- for FHA files
Raw banker pricing, no padding with:
Flagstar
Franklin American
SunTrust
FHA Approved with :
American Financial Resources
American Southwest Mortgage Corp
Assurity Financial
Birmingham Bancorp Mortgage Corp
Classic Home Financial
EverBank
First Guaranty Mortgage Corp
Liberty Mortgage
Nations Direct Mortgage
PMAC
Plaza Home Mortgage, Inc.
Polaris Home Funding Corporation
Reverselt
Senderra
Sun West Mortgage Company, Inc
Universal Mortgage Corporation
This program supports 1099 or W2 employee’s classification is dictated by licensing in each state. If you plan to originate FHA loans you must be a W2 employee.
Many of the branches with this company close loans under their own DBA so they are
are able to build their own brand name, while at the same time having the ability
to close FHA loans and have access to a large lender list and in some cases take
advantage of a preferred price.
This program has a great technology platform.
Pick your own LOS.
AR,CA,CO,FL,HI,IA,IL,IN,KS,LA,MI,MO,NE,NM,OK,SC,TN,TX,WI
States where 1099 is an option =WA,KS,MO,
Branches can use a registered DBA with this program in all states except,
IA, IL,NE,SC
A branch that is W2 can still use a registered DBA for marketing.
This is a great feature, for brokers that are considering converting to
a net branch type opportunity for the purpose of doing FHA loans,
as it allows them, to retain the name, they spent
time, effort, and money establishing.
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nw@8brook
538 Posts |
Posted - 10/29/2009 : 06:43:09 AM
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| it seems the ability to originate fha is the big carrot. a couple of wholesale places I worked with the last few years also have net branches with fee structure that are very favorable. I think I am just going to stick it out til 1/1 to see what happen with fha origination and the ysp boondoggle. Or if the mtg broker bond cost is outrageous, it might make the decision easier. |
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branchrecruiter
12 Posts |
Posted - 10/29/2009 : 08:39:00 AM
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Nelson - the one problem with your theory is that virtually all mortgage bankers function with warehouse lines to fund loans. With all the uncertainty about YSP legislation, there is a little rush for independent brokers to join a net branch mortgage banker right now. Warehouse line capacity is quickly shrinking, and it will take months to add additional capacity (if even possible).
So if you wait too long, then the best mortgage bankers will be unable to take on any new branches.
In addition to being able to originate FHA loans, the good mortgage bankers will actually increase your net revenue per loan. Yes, that is NET REVENUE - after all fees are paid to corporate.
Give me a call to find out how.
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1003s.com
4162 Posts |
Posted - 11/02/2009 : 07:28:59 AM
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quote:
Originally posted by nw@8brook
it seems the ability to originate fha is the big carrot. a couple of wholesale places I worked with the last few years also have net branches with fee structure that are very favorable. I think I am just going to stick it out til 1/1 to see what happen with fha origination and the ysp boondoggle. Or if the mtg broker bond cost is outrageous, it might make the decision easier.
Branching is not for everyone, if, you
are running solidly in the black and not
losing ground too fast, waiting might make
perfect sense.
However, some brokers try to remain as
brokers, long after the point where
converting to a branch may have saved
them from financial ruin.
Also, a broker that has considerable
liquid assets, and or strong spousal
income might be better positioned to wait
and see what happens than a broker that
is running on fumes. Some brokers, hang on
until they are out of money, and their
personal credit is trashed, and at that
point, no solid branch company will hire
them as a branch manager, and many won't
even hire them as an LO. I would not
speculate as to, what may or may or may
not be in any given brokers best interest,
without a through knowledge of that brokers
unique financial position. One problem a
broker faces in evaluating all this, is
where to turn for advice. Many will turn
to their CPA, for advice. The CPA's potential
income from the client, is effected by the
out come of the decision, so advice from the
CPA would normally be biased. CPA's often know
very little about branching operations, so even
if a CPA is capable of putting their own self
interest aside, their advice may prove of
little value, due to their lack of knowledge
regarding branching operations. |
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MarkIFC
936 Posts |
Posted - 11/02/2009 : 07:51:18 AM
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quote:
Originally posted by rapidloans4u
Which company is offering best net branch service.
As far as Lowest fees and allows to do loans nationwide. I have come across but they charge too much.
I get calls all the time from guys with other Net Branches inquiring about how I like Interactive Financial. They usually complain about the fees that IFC charges; but when I ask them why they are looking to switch Net Branch companies it's usually the same answer--- pay is slow in coming.
I've been with IFC since 2000 and pay has never been a day late. |
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nw@8brook
538 Posts |
Posted - 11/02/2009 : 11:11:05 AM
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thanks for the advice. even though I own a small shop, majority of my biz is purchase .Knock on wood the feedback from the lenders' ae, underwriters, processors and post closing (loan performance) has been positive throughout the years. I've been pondering about net branch for almost a year now and as long as the broker model is cost effective to me, I'll stick with it. If I do switch to the other side, I'll frame every single license over the years in my basement homeoffice and pat myself in the back every now and then.
quote:
Originally posted by 1003s.com
quote:
Originally posted by nw@8brook
it seems the ability to originate fha is the big carrot. a couple of wholesale places I worked with the last few years also have net branches with fee structure that are very favorable. I think I am just going to stick it out til 1/1 to see what happen with fha origination and the ysp boondoggle. Or if the mtg broker bond cost is outrageous, it might make the decision easier.
Branching is not for everyone, if, you
are running solidly in the black and not
losing ground too fast, waiting might make
perfect sense.
However, some brokers try to remain as
brokers, long after the point where
converting to a branch may have saved
them from financial ruin.
Also, a broker that has considerable
liquid assets, and or strong spousal
income might be better positioned to wait
and see what happens than a broker that
is running on fumes. Some brokers, hang on
until they are out of money, and their
personal credit is trashed, and at that
point, no solid branch company will hire
them as a branch manager, and many won't
even hire them as an LO. I would not
speculate as to, what may or may or may
not be in any given brokers best interest,
without a through knowledge of that brokers
unique financial position. One problem a
broker faces in evaluating all this, is
where to turn for advice. Many will turn
to their CPA, for advice. The CPA's potential
income from the client, is effected by the
out come of the decision, so advice from the
CPA would normally be biased. CPA's often know
very little about branching operations, so even
if a CPA is capable of putting their own self
interest aside, their advice may prove of
little value, due to their lack of knowledge
regarding branching operations.
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cyborg7
338 Posts |
Posted - 11/02/2009 : 4:35:23 PM
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| How are Net Branches affected by HVCC? I keep hearing rumors that NET BRANCHES would get around the FHA change that hits Jan 1 |
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1003s.com
4162 Posts |
Posted - 11/03/2009 : 07:37:10 AM
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quote:
Originally posted by cyborg7
How are Net Branches affected by HVCC? I keep hearing rumors that NET BRANCHES would get around the FHA change that hits Jan 1
Most branch companies are effected by HVCC, some however close their
entire pipe lines on the banking side, and are thus less effected, I would
__not go as far as to say they are not effected.
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cyborg7
338 Posts |
Posted - 11/03/2009 : 08:01:22 AM
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| What would "less effected" mean? |
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1003s.com
4162 Posts |
Posted - 11/03/2009 : 2:32:51 PM
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quote:
Originally posted by cyborg7
What would "less effected" mean?
If the lender is selling direct to Fannie or Freddie,
HVCC is a non issue. However, if they are selling
loans to one of the large players in the market,
in most cases those players are adding their
own rules, and treating the lenders more
like brokers, with respect to HVCC, so
mortgage bankers are effected by HVCC,
just to a lesser degree. |
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