Many seasoned mortgage loan brokers enjoy what they do. One of the best rewards of being a successful mortgage loan originator is you are able to make your dream of home ownership very much a reality for many home buyers. However there is one challenge in this area and that is Net Branch. It is not as easy as it sounds, Net Branch is a fierce competitor and one of the reasons why is it not easy to start Net Branch is because Net Branch has so many channels and programs that are competing with their origination counterparts. It is important when you start Net Branch to understand these differences and work around them. Below are netbranch some of the key differences you will find when working with Net Branch.
Due Diligence: Net Branches have in house brokers while many mortgage brokerages use third party vendors. A Net Branch’s strongest weapon is due diligence, which is the process of performing due diligence on any prospective Net Branch borrowers. A lender can spend thousands of dollars on doing due diligence on Net Branch borrowers but a Net Branch will spend even more due to the number of customers and programs that are available through their origination arm. This due diligence process includes performing asset verification on potential Net Branch borrowers, review of Net Branch financial statements, and a thorough review of the underwriting process and borrower credit. Each Net Branch broker will have their own unique process and will use their own asset verification and underwriting guidelines.
License Type: The two most common license types are the non-recourse and recourse track licenses. Non-recourse track licensing is the most common licensing option available to an origination broker. Liability coverage is limited to a Net Branch’s assets under the law and protects the Net Branch from personal lawsuits by clients who suffer loss because of an NRI mis-sold mortgage. Proximity of the Net Branch’s office to the origination dealership is also a major factor that influences licensing decisions. A mortgage company that does not have an office in your local market may be a better choice for you than a mortgage company that has a regional presence.
Training Requirements: All licensed underwriters must meet specific requirements and training requirements prior to beginning employment. These requirements and training requirements can vary depending on the mortgage banking industry, state licensing, or mortgage company location. Most good Net Branch offices will require their underwriters to attend and pass a comprehensive and in depth training session that focuses on the new applicant as well as the Net Branch’s industry specific operations.
Branch Managers’ Compensation: Net Branch loan officers will generally be paid on a performance-based commission basis. In addition to receiving a base salary, the Net Branch loan officer will receive a performance bonus based on the Net Branch’s sales volume over the last three months and receive credit for financial incentives such as discount points and commercial banking credit. Net Branch management will also be responsible for correcting errors that may exist in Net Branch’s financial and loan applications.
Net Branch has many advantages over traditional mortgage companies. The Net Branch provides its customers with higher quality customer service, increased options, and a more cost-effective and efficient service system. Because of these Net Branch’s superior services however, Net Branch is sometimes difficult to find and it may be more trouble than it’s worth for you, the beginning mortgage officer. While you’re trying to find a Net Branch, the Net Branch will charge you an exorbitant fee, even though they are not licensed to serve in your state. It’s best to start your search on the Internet because you’ll find literally hundreds of Net Branchs that are in the United States.
