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BEST mortgage net branch?

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October 08, 2007 04:34 AM

Hi all!

I have a client that is attempting to research the BEST mortgage net branch available. There is just SO many options online that the research is rather daunting. My client is looking for the following specifics:

- 1099 ONLY in any state (if possible)
- Would prefer to use our own processing (and not have their in-house processing be mandatory)
- Multiple States (at least 30 states)
- Would be great if we did not have to hang a license with them ... but it can be done if required.

If anyone can recommend a great branch they have worked with ... I would love to hear it so that I can pass it on to my client! Thanks in advance for your assistance!!!

Deirdre Hamilton

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Ted Lyons

www.nosurpriseloans.com - Livonia, MI

Deirdre,

It's a challenging process to wade through. I don't think you'll find that it is possible to do net branching VIA 1099s. I believe that there are HUD regulations that say that all comp needs to be VIA a W-2.

If you go with a net branching company that is Federally Chartered, you'll be able to close in all 50 states without individual state licensing. The best ones of those in my opinion are First National Mortgage Sources and Colorado Federal Savings Bank. Both want to see 10 loans a month for the preceding year.

If you go with one that licenses state-by-state, it's more complicated and you'll have to do state specific licensing for each state. Of those, I think you might find that Global and Benchmark might be among the better ones - but you'll have to really beware, because several of these places are going out of business (see Apex and Starpointe for example) and others are not necessarily operating lawfully.

One decent resource to examine is www.1003s.com - they have a good deal of info, and if you describe to them what you're looking for, they can sometimes "match you up" with a net branching company that might fit your bill.

Good Luck!

Oct 08, 2007 05:02 AM

Brian Brady

Matthews Capital Markets - Tampa, FL

858-699-4590

Deirdre:

We offer such a solution except some states require in-house processing. Most can be processed by an independent processor. If your client meets out experience and production requirements, it's quite affordable.

Oct 15, 2007 03:02 AM

Anonymous

Lewis Poretz - Mortgage Banker - Maryland

net branches? = proceed with caution!!!

Oct 15, 2007 03:09 PM

Matthew J Blum - (retired from the business)

Palm Beach Gardens, FL

Deirdre, When it comes to net branches I would ask if the person needs any help? You get what you pay for. I looked into several the problem that I have found is that if you need to speak to an A/E from a lender who 1000's of miles away from you and may not know your market and you are just number to them. I stayed local because I like to stay on top of things.

Also they want to be 1099 and not hang their license. Not going to happen in Florida because if you want to be 1099 you must be licensed. (Florida Law)

Oct 15, 2007 11:00 PM

Seth Callen

Farmers Insurance - Lawton, OK

If it were not for the 1099 requirement, I'd say Ascent out of Colorado. They W2 all their net branches because they want them to be able to lend FHA.

Oct 16, 2007 02:15 AM

Anonymous

Jerry

There are several that can do this for you. I shold expect a call from you since I do not want to disclose thin information on the web

Oct 16, 2007 03:48 AM

Anonymous

mitch

Can you let me know about the net branches you could not disclose over the internet.

Mitch

949-334-0114

Oct 16, 2007 07:37 AM

Michelle Spaan

Michelle Spaan - Corona, CA

For those who want to retain their in-state identity but want to do loans in all 50 states, you can check out Emery Federal. It is not net-branch and is paid 1099.

May 05, 2008 10:38 AM

Marie Ogle

Mortgage Processing Solutions - Spokane, WA

Contract Mortgage Processor

I currently process for 4 branches of Primary Residential. I can't say how their commission pays out but I find them very easy to work with.

You are able to do wholesale and correspondent with them.

Good luck in your search

May 05, 2008 11:19 AM

Matthew Rosov

Amerisave Mortgage Corporation - Laurel, MD

Certified Mortgage Planning Specialist

Until May 1, Envision Lending Group had an awesome such plan. Now - bowing to HUD and IRS pressure - they have gone fully W-2. Still a good company to work independently for.

May 05, 2008 01:30 PM

John Thomas

Primary Residential Mortgage Inc. - Newark, DE

First Time Home Buyer Expert

You can't legally do FHA or VA loans without being paid W-2. Your branch must be licensed by each state you do business in unless you are part of a Federally chartered bank. If you act as a remote loan officer you won't need a license but you can't have a commercial space and put a sign on it and act as if it is an office of that company. Be very careful because the goverment is coming after the net branch companies and if your company gets in trouble you won't be seeing any of the money they currently owe you. Any company that is legit and is going to be around is not going to allow what you ask for because the government is coming and coming fast.

A realtor I know that was a retired bank auditor got called up by the federal government and said what ever you want you got if you come out of retirement. They paid to move her from Delaware to Florida and are paying her very, very well. So big things are coming.

May 14, 2008 11:28 PM

Eric Meruelo

Springfield, MO

Vice President / Sr. Loan Officer

Deidre, Please be cautious !!! I have been in this business for 20 years and I have seen several of my friends go that route and it has hurt them.

May 15, 2008 01:33 PM

Anonymous

Deidre,

You have brought up the can of worms question... 1099 vs W-2.

See another Blog I do for net branching for the full story on this important topic.

Lee Walsh

http://the-mortgage-net-branch.blogspot.com/2008/04/1099-vs-w-2-employee-for-mortgage-net.html

Jun 03, 2008 10:50 AM

#14

Anonymous

Top Flite Financial

Deidre,

Top Flite Financial is a mortgage broker and lender, looking to expand their presence by getting "qualified candidates" as Loan officers, or possibly opening up physical offices. The tffinc.net site is primarily designed to encourage people to open up a "net branch" of their Top Flite Financial business.

Top Flite Financial offers qualified candidates the opportunity to begin as a Loan Officer with commission splits that far exceed the industry median; or for those that are wishing for advancement the opportunity to operate a Top Flite Financial physical office location. Top Flite has teamed with the some of the top legal staff to ensure that all operations meet both state and federal guidelines; thus resulting in the security of yours and our future.

http://www.tffinc.net

Nov 25, 2008 08:17 AM

#15

Michelle Spaan

Michelle Spaan - Corona, CA

I think you would be better off going with Emery Federal, which will pay 1099 and give you access to all 50 states and US Territories.

Nov 26, 2008 03:15 AM

Anonymous

1003s.com

For a list of branch opportunities vist our web page: http://www.1003s.com

Apr 22, 2009 05:31 PM

#17

Eric Tishaw

Direct Path Coaching - Huntsville, AL

Dream BIG!

Hi Deirdre,

Net branching can be a mine-field these days - several of the top names just imploded last month, and there are a few more (some named on this page) who may implode very soon. I suggest that you refer your friend to the free net branch survival kit (http://www.netbranchsurvivalkit.com) to make sure they are asking the right questions upfront, which may save them much valuable time (and money - dont let them pay any money out upfront, as this generally indicates SCAM!).

Also - you may email me and i can send you a copy of the kit if you would like. Thanks and good luck!

Eric

Feb 06, 2010 09:32 AM

Anonymous

Alex

Hi Deirdre,

I would say the most important piece of advice would be not to pay the money upfront, because this is really seems like being a Scam. However, as some proposed is worth to look at www.1003s.com or www.semperbranch.com

Good Luck.

Apr 04, 2011 08:40 AM

#19

Nate Baldwin

American Fork, UT

From what I understand all 1099 is out of compliance these days. Other than that I've got one for you.

Jan 09, 2012 07:57 AM

Bill Cook

Los Alamitos, CA

You need to have a NMLS license. No more wild wild west unless it is a hard money company.

May 10, 2012 10:23 AM