Mortgage Professional America forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Branching out

Notify me of new replies via email
Mortgage Professional America | 29 May 2014, 12:26 AM Agree 0
Going it alone in the mortgage origination world can be tough, especially when new hurdles such as the QM rule are thrown in your way. Joining a branch network and making the most of all the corporate support that comes with it is one way to ease the pain
  • broker bob | | 29 May 2014, 09:19 AM Agree 0
    Don't believe this hype. I was a broker for 10 years then went to a net branch for a banker. Oh man talk about the ultimate bait and switch. Once the license's for myself and my LO's were transferred everything changed. You name it - rates,fee's,turn times,underwriting guidelines, etc. Worst feeling in the world is when you are stuck at a company - too scared to move because your LO's have to switch their license too. Came in with 10 producing LO's and left to become a broker again with only 2 LO's. But I will say that they all know what kind of pricing I get and smoke the tails off their rate and fee's every day. If you are a broker your wholesale Lender does compliance right along with you. You cant get from submission to funding with out many people checking compliance on the file through the process. But honestly I have to admit - the only deal recently I have lost was to another broker. So maybe you should all go rush off to the banker side and leave us brokers alone.
  • Mortgage Guy | | 29 May 2014, 09:19 AM Agree 0
    How is the legality of compensation laws handled in "branch networks"?
  • HappyLO | | 29 May 2014, 09:38 AM Agree 0
    The legality of compensating mortgage officers where I work is based on a Loan Officer Comp Plan. It's set for 3 months, and then can be changed if needed. I have been with this company forever They are bankers and brokers and have everything from A paper, Sub Prime, Hard money and I can sell real estate there too. So I need access to these services in case anyone has a recommendation. I've been there forever and am very happy. But I am always up for new opportunities though in case someone feels there is a better one. =)
  • Mortgage Gal | | 29 May 2014, 01:20 PM Agree 0
    This is a great article. Nice job Ryan. Hey HappyLO, I've never heard of your company but I know in Mission Viejo is a branch company that has been around for more than 10 years.
  • Don Currie | | 29 May 2014, 05:46 PM Agree 0
    Branch vs. Broker? I own HighTechLending mortgage bank and we do both wholesale and branch partnership. After 30 years in the business and 15 years as a broker, my opinion, do what feels right for you and your business. Believe me, as a lender we appreciate the business anyway you want to sell it to us. We actually like working together in a wholesale relationship to make sure we have the right fit for Branch Partner. Bottom line is most of our branches have been with us for years and don’t leave because they like the family environment and we look out for each other. Sure we provide price, product and service but most importantly find a healthy, productive and aggressive place grow.
  • broker dave | | 05 Jun 2014, 12:09 PM Agree 0
    I love being a broker, and agree totally with broker bob.
Post a reply