So you have finally decided to open a mortgage net branch after practicing as an independent broker for years. That is actually a good step, considering how high commission rates can get for branch managers and how much freedom you will enjoy just being your own boss. However, if the whole idea of starting out still seems so large and up there, let’s try to put some structure into it.
Preparations to Make
There are three basic things you need to prepare, the first of which is a state license to partner with a mortgage net branch company. That is if your state requires it, so you have to do some research on that. If your state does require such a license, expect that you will be evaluated based on your credit history, your police record and your score on a written test. Second, you need to create an impressive resume highlighting your experience in the mortgage business. Usually, you need to have spent at least three years in this industry, and have steadied, adequate income. Third, start looking for a commercial space prospect because you will be required to have an office where you can receive customers’ Housing and Urban Development or HUD complaints.Mortgage Right
Scouting for a Net Branch Company
Once you have set these three things up, you can start looking for a net branching company that you can partner with. The safest advice would be to go for one that has been in the industry for a long time, such as PRMI. To be able to sell more, you need to tie up with an established name in the business. For example, PRMI has been in operation for 14 years and enjoys a respected stature in the industry. Of coarse, the better the mortgagee’s reputation, the more sales you will be making. You do not want to be affiliated with a name that is less than credulous in the business. Since these companies can differ significantly in how they screen branch manager applicants, you have to check each of their requirements to know if you are even qualified.
Application and Initial Set-up
Once you have found a good company where your qualifications fit, apply to be a branch manager. Fill out an application form and provide all required information as truthfully and neatly as possible. Do not be surprised if you will be asked to expound on your criminal and credit backgrounds. If all goes well, you can precede to arranging a pay structure and fee schedule with your mortgagee of choice. You can either pay them a flat fee or give them a percentage off every loan you write. Of course, you had like to keep these costs to the lowest for obvious reasons.
These and the general steps you need to take when applying to become a net branch mortgage provider. There may be a few twist and turns in the process, but this is the usual flow that you can expect. In any case, always ask all the questions you have in your mind so you do not end with regrets just after you have signed the contracts.