Mortgage Branch and Loan Officer
Frequently Asked Questions to Success
Do I have to be Licensed? What about education and exclusivity?
How do I get started?
How long does it take and what is the cost?
When and how is an Associate compensated?
W2 or 1099?
Lead generation and pricing engine?
Title, escrow, appraisal, credit?
How are expenses paid?
How is Associate revenue accounted for?
Why would a mortgage professional consider becoming a Net branch Nationwide Associate?
Are there production guidelines set for Associates?
Can I sell Real Estate?
LOS and technology requirements?
Are you FHA / VA approved?
May I process my own loans?
What lenders are you approved with?
What states are you licensed in?
Stated income loans?
What if I want to terminate the agreement?
Misrepresentation and lender relationships?
Q: Do I have to be Licensed? What about education and exclusivity?
A: Yes, currently all states require a Loan Originator License. We have a partnership with Training Pro, Financial Strategies and several others to provide you with state by state continuing education as needed at a discounted rate Online Training.We also require exclusivity meaning you may not work for more than one mortgage company at a time. In California we are both BRE and DOC licensed.
Q:How do I get started? How long does it take and what is the cost?
A: Complete the Associate Agreement and email it to us today with supporting documentation. There is a $99 monthly technology fee payable by credit card via Paypal (go to www.paypal.com ) or certified check. Back ground checks are ordered upon receipt of the fully completed associate agreement and fee. Our background check is an extensive third party previous employment, criminal and civil investigation. The set up process generally takes one week or less. “If” your state requires a branch license than that fee will be due after the background check is complete and you application is approved. Upon receipt of the branch licensure fee your branch will be activated.
Q: When and how is a NET BRANCH NATIONWIDE Associate compensated? W2 or 1099?
A: NET BRANCH NATIONWIDE is compliant with IRS, State and HUD Regulations in regards to pay. All loan commissions are 1099, unless W-2 is required by the state or loan type. Branch business expenses are reimbursable with pre tax / pre W2 funds, see FAQ - How are expenses paid? W2 pay will be issued twice per month. Pay periods are the 1st – 15th and 16th – 31st. Your file must clear QC three days prior to be included in that pay period. Checks are mailed within a few days or you can elect direct deposit. Direct deposit is strongly encouraged. You have the option of selecting 9 for the withholding or blocking federal and state income tax your W2 to increase your net income (check with your accountant). Rush issuance is available at a minimal fee. In the case of a rush the check is usually cut the same day. All files and conditions are QC'd within one business day of receipt.
Q:Lead generation and pricing engine?
A: NET BRANCH NATIONWIDE has negotiated an inexpensive, high value, volume based lead program that can be tailored to your individual needs. Experience the benefits of volume pricing and watch your profits soar! We also have hi-tech software to search NET BRANCH NATIONWIDE lenders to let you know who is offering the lowest rate and highest rebate.
Q: Title, escrow, appraisal, credit?
A: You may choose your own title, escrow and appraisal providers from our approved providers. All appraisals must be COD made payable to the appraiser. You may not collect fees for appraisals up front or at closing. The Associate or the borrower must pay the appraiser prior to inspection. If the COD appraisal policy is violated it may result in the reserve account being increased or termination. We ask that you use the credit report company of our choosing for compliance reasons. The credit application and further details are available to Associates. At no time will the Associate ever accept upfront fees for any service as this violates laws concerning trust accounts.
Q:How are expenses paid?
A: The Associate is responsible for all their own expenses, or we can handle them for you.
Q:How is Associate revenue accounted for?
A: On a single transaction where the broker proceeds are $10,000.00 and under: You get 100% commission for a monthly volume commitment. This fee structure accounts for the vast majority of the files we do.
Q: Why would a mortgage professional consider becoming a NET BRANCH NATIONWIDE Associate?
1. Independence: As an Associate you set your own hours and income levels.
2. Multi State Origination.
3. Easily met reserve requirements.
4. Investor Relations: You choose the investors you want to use and we get you set up. Many lenders have strict requirements such as brick and motor locations,
audited financials, bonds, high net worth, etc.
5. Direct Deposit Compensation.
6. To reach new business heights: If you can imagine it, we can help you get there!
7. To get volume based pricing on lead generation.
8. 100% Commissions.
9. Non disclosure of YSP with Banking.
Q:Are there production guidelines set for Associates?
A: Yes, NET BRANCH NATIONWIDE requires an average of six units per quarter and / or a minimum closed volume necessary to maintain a net profit. We review this on a quarterly basis. Proof of previous production is required with your application and this can be funded pipeline reports, W2's, 1099's, etc.
Q: Can I sell Real Estate?
A: Yes, in California & Colorado you may sell real estate, with the appropriate license.
Q:LOS and technology requirements?
A: We use a web based LOS. You may purchase a discounted seat under NET BRANCH NATIONWIDE’s Point Central license (approx $348 first year, or $35 monthly). Proficiency with scanning technology is required. Funded file packages are transmitted to us electronically as a single attachment in PDF so understanding how to merge attachments and scan at the correct resolution to minimize file size is a must.
Q: Are you FHA / VA approved?
A: Yes we are nationally FHA and VA approved, meaning we can originate FHA and VA loans in the states we are licensed in.
Q: May I process my own loans?
A: Yes, you or a contract processor may process your loans where the law allows as long as either you or your processor is licensed in that state as required by state. We also have a Processing Center with only the highest qualified Processor in the industry. Each has at least 10 years experience. Complete guidelines on processing and origination are available to Associates and should be reviewed prior to originating your first loan and followed at all times. Certain states require loan processors to be W2 employees of Net branch Nationwide. In these cases you must have your processor pass our criminal background check prior
Q: What lenders are you approved with?
A: Click APPLY NOW to email us for a link to see our lenders.
Q: What states are you licensed in?
A: Licensed States Click on the Areas Of Service to see our licensed states. NET BRANCH NATIONWIDE is licensed for commercial loans nationwide.
Q: Stated income loans?
A: Stated income is best defined as the borrowers true and fully verifiable income; however for the purposes of a loan the lender is allowing reduced documentation. Executed 4506T's must show the same income as the 1003, 4506T’s and VOD’s are required on all loans.
Q:What if I want to terminate the agreement?
A: Either party, NET BRANCH NATIONWIDE or the Associate, can terminate the agreement at any time.
Q: Misrepresentation and lender relationships?
A: Misrepresentation on a loan is the worst possible situation for a company to be placed in. The harm caused by misrepresentation is far reaching: it can cost the company its licenses, lender relationships, agency approvals, monetary and criminal consequences as well as hurting the industry and the borrowers in general.
NET BRANCH NATIONWIDE expects its associates to catch misrepresentation in a file before it is sent in. This level of professionalism is shown with redundant levels of quality control. You must have various checks and balances in place to protect the integrity of your loan file. In the event that a lender terminates their lending relationship with NET BRANCH NATIONWIDE due to a specific associate then that associate and the office he or she works with will be terminated without question. You as an associate of NET BRANCH NATIONWIDE must go to any length to protect, cherish and nurture our lender relationships. Lenders and licenses are our lifeline to success. Pull through ratios on submitted and locked loans are also critical to our relationships with the lenders. NET BRANCH NATIONWIDE desires a 75% pull through ratio on all locked loans and locks should not be executed until the file is at a stage where there is little to no chance of fall out. All the large lenders closely monitor these ratio’s and terminate relationships for poor performance. For instance Bank of America had 22,000 approved brokers in 2008, they currently have less than 1,000 due to terminating relationships for poor pull through, that is approximately an 800% cut which shows how serious the lenders are at rooting out the under performing brokers. Access to these lenders is vital to any companies success so we strictly enforce their requested performance ratios.
To get started NOW or to find out more, Click below !!!
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