- HOW CAN I COMPARE DIFFERING LEVELS OF MORTGAGE BRANCHING SUPPORT?
When measuring various support levels for mortgage branching, remember that support is one of the easiest claims to make, yet one of the most hardest and expensive things to provide. It’s very important to ask the right questions. Make a spreadsheet and write notes about what each company offers you.
- WHICH COMPENSATION PLAN IS BEST FOR ME?
It is important to figure out how the corporate entity and their strategy. Is it to grow your branch or to grow more branches just like yours? The two most common mortgage net branch compensation outlines is flat fee per month or flat fee per file.
- HOW WILL I BE PAID?
This is the most important characteristic of a mortgage net branch. Look for fast payouts and steady payments. Make sure that the company hasn’t missed any payrolls (big sign of trouble with mortgage net branch companies).
- DO YOU OFFER A FULL BENEFITS PACKAGE?
It is very important to select a mortgage net branch company that is focused on your health as well as your success. Look for one that offers group health insurance.
- WHICH BANKS/INVESTORS ARE YOU SET UP WITH?
Look for a company that has a close relationship with a few investors instead of a insignificant relationship with hundreds of investors. Pricing, turn-times, and preferred rates are reliant on these factors!
- CAN I WRITE FHA, VA, Reverse, AND RURAL DEVELOPMENT LOANS?
Yes, should be able to originate FHA, VA and Rural Development loans. Make sure they have some Reverse loan investors as well.
- WHAT ABOUT PROCESSING?
Strong in-house processing support is the key to any branches success. While this is typically responsibility of the branch, you want to look for a company who supports you with building a capable processing department.
- HOW LONG DOES THIS TAKE TO GET SET UP?
Setup should only take up to one week (licensing will be a bit longer). Depending on your situation, it could be faster or slower. You should get everything you need from licensing to training manuals. This well show yo how to submit loans to their investors.
- WILL YOU HELP ME RECRUIT?
This is a core function of the branch manager, but a solid support system helps everyone achieve your goals. Look for a company that offers ads, employment handbooks, and brochures.
- WHO CONTROLS HOW MUCH MY LOAN OFFICERS GET PAID?
As the branch manager, you determine and set the compensation structure for your loan originators.