BEST mortgage net branch?

Try Fixed Rate Funding out of Orange County. 

If he's not opposed to an mlm type of structure New Key Home Lendings gives total automomy and very high commission structure without the overhead.  This company would be better for an experienced LO, be cautious if your client is a beginner!  For experienced LO's it's a good company!

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!

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.

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

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.

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. 

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.

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

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

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