tag:blogger.com,1999:blog-28636369250098913572012-01-22T09:09:44.293-05:00Are you looking for information about the mortgage net branch industry? Are you a net branch manager considering changing companies? This blog is written for you!Lee Walshhttp://www.blogger.com/profile/07971469921824789643noreply@blogger.comBlogger21125tag:blogger.com,1999:blog-2863636925009891357.post-39455855259978403222012-01-22T08:47:00.000-05:002012-01-22T08:47:47.934-05:002012-01-22T08:47:47.934-05:00

No matter what type of employment you have in the mortgage business - a loan officer, a branch manager, a mortgage processor a little know document published by HUD in April 2010 is a must read for any mortgage professional interested in navigating the complex GFE disclosure rules. The document answers a lot of questions that come up in every day origination and disclosure. How should you

Lee Walshhttp://www.blogger.com/profile/07971469921824789643noreply@blogger.com0tag:blogger.com,1999:blog-2863636925009891357.post-14967782641823895312010-07-01T12:38:00.001-04:002010-07-03T07:30:58.179-04:002010-07-03T07:30:58.179-04:00

Why is a net branch the best business model for most mortgage professionals? One of the reasons is that current and pending legislation is making it harder for small independent mortgage shops to survive. As our mortgage lending environment continues to change more mortgage lending professionals are switching to the net branch business model because of the ability become part of a much larger

Lee Walshhttp://www.blogger.com/profile/07971469921824789643noreply@blogger.com0tag:blogger.com,1999:blog-2863636925009891357.post-59802041899003709862010-03-25T00:22:00.002-04:002010-03-25T00:27:19.460-04:002010-03-25T00:27:19.460-04:00

HUD just release this important reminder about upfront mortgage insurance premiums.From HUD:Lenders are reminded that effective for FHA loans for which the case number is assigned on or after April 5, 2010, FHA will collect an upfront mortgage insurance premium of 2.25 percent. This policy change will increase premiums for purchase money and refinance transactions, including FHA-to-FHA

Lee Walshhttp://www.blogger.com/profile/07971469921824789643noreply@blogger.com0tag:blogger.com,1999:blog-2863636925009891357.post-31360842739515229242009-07-01T19:53:00.002-04:002009-07-01T19:56:15.041-04:002009-07-01T19:56:15.041-04:00

Should you join a national mortgage branch company for FHA?Instead of joining a net branch company to originate FHA loan wouldn't it be better to get your own company approved by HUD to originate FHA loans?In most cases the answer is no.Let's look at some of the costs associated with any mortgage company getting a HUD approval.Broker - If your company is a mortgage broker and you want to

Lee Walshhttp://www.blogger.com/profile/07971469921824789643noreply@blogger.com0tag:blogger.com,1999:blog-2863636925009891357.post-20175655589786054592009-05-01T10:47:00.003-04:002009-05-01T10:52:25.851-04:002009-05-01T10:52:25.851-04:00

Broker vs. Lender - If you are considering joining a net branch company one of the biggest decisions you face is the lender vs. broker decision.In the past the ability to be both a broker and a lender was a valid option. Today although most companies still promote the available option to be broker or lender - in today's reality that is not an option that is really available to you.Why?Because of

Lee Walshhttp://www.blogger.com/profile/07971469921824789643noreply@blogger.com0tag:blogger.com,1999:blog-2863636925009891357.post-31091331991680372562008-12-11T05:12:00.003-05:002008-12-11T05:18:36.223-05:002008-12-11T05:18:36.223-05:00

Growing your net branch business.Should you hire more loan officers or is there a better way?After becoming branch managers many successful loan officers try to duplicate themselves by hiring more loan officers. It is a logical step. But is it the right step?The internal conversation usually goes something like this: “If I can hire 3 loan officers and make an override on their loan production, I

Lee Walshhttp://www.blogger.com/profile/07971469921824789643noreply@blogger.com0tag:blogger.com,1999:blog-2863636925009891357.post-25591953037344316892008-10-22T16:46:00.004-04:002008-10-22T16:51:01.680-04:002008-10-22T16:51:01.680-04:00

Does the "meltdown" affect net branching?As a nation and as an industry we are in uncharted waters. I doubt anyone can accurately predict the outcome. What we can do is make some estimates on how the mortgage meltdown will change our industry in the short term - The next 18 - 36 months. Purchase - Purchase - Purchase - FHA - FHA - FHA - Reverse - Reverse - Reverse.You need to be aligned with a

Lee Walshhttp://www.blogger.com/profile/07971469921824789643noreply@blogger.com0tag:blogger.com,1999:blog-2863636925009891357.post-91032872832440432632008-09-19T12:15:00.004-04:002008-09-19T12:21:48.769-04:002008-09-19T12:21:48.769-04:00

The LIBOR INDEX is rising... Refinance opportunity for net branchthe LIBOR rate has really spiked upward in recently. What is the LIBOR and why is something your clients should be concerned about?From a report on Bloomberg this week.."The overnight Libor rate in U.S. dollars soared 3.33 percentage points to 6.44 percent today, its biggest jump in at least seven years, according to the British

Lee Walshhttp://www.blogger.com/profile/07971469921824789643noreply@blogger.com0tag:blogger.com,1999:blog-2863636925009891357.post-48065535258287870152008-07-13T12:32:00.007-04:002008-09-19T16:19:48.851-04:002008-09-19T16:19:48.851-04:00

This blog is moving to a new home. The new address is http://blog.netoriginator.comWe are moving all content over to the new site, we will copy posts from the new location here and we will leave the existing information in place.Please visit and bookmark the new location.(image courtesy of Jane Cleary, www.digitalenvie.com)

Lee Walshhttp://www.blogger.com/profile/07971469921824789643noreply@blogger.com0tag:blogger.com,1999:blog-2863636925009891357.post-66551258133747417172008-07-06T10:00:00.005-04:002008-07-06T10:33:27.090-04:002008-07-06T10:33:27.090-04:00

A new law is going into effect soon in North Carolina that will eliminate more originators, mortgage branches and companies in that state.Very soon if you do not have a credit score of 600 or higher, your out!The net worth for a broker now will $25,000 and require audited financials.The education requirements will now require 3 time more classroom hours.Where does the N.C. brokers association -

Lee Walshhttp://www.blogger.com/profile/07971469921824789643noreply@blogger.com0tag:blogger.com,1999:blog-2863636925009891357.post-59040548223933456762008-06-28T14:44:00.016-04:002008-06-29T02:43:48.877-04:002008-06-29T02:43:48.877-04:00

I have seen an increase in net branch recruiters working for affiliates of Federal Savings Banks stating that you can originate FHA loan nationwide from any location.I have yet to see one of these banks named in any marketing information.They use the F.S.B.'s exemption from state licensing laws as the basis for this ability.It is true that a federal charter grants the bank an exemption from many

Lee Walshhttp://www.blogger.com/profile/07971469921824789643noreply@blogger.com0tag:blogger.com,1999:blog-2863636925009891357.post-51961318280038365452008-06-09T10:28:00.005-04:002008-06-09T10:38:47.264-04:002008-06-09T10:38:47.264-04:00

In the last post we covered broker vs. lender for FHA loans.Now let's take a look at the next items on the list of important criteria you should consider if you are considering a net branch opportunity and intend to originate FHA loans.FHA originated using the corporate address or the branches?Corporate processing of FHA loans or at the branch?Level of the company's experience with FHA?Many

Lee Walshhttp://www.blogger.com/profile/07971469921824789643noreply@blogger.com0tag:blogger.com,1999:blog-2863636925009891357.post-84217044191671406862008-05-19T23:25:00.017-04:002008-05-23T11:00:58.507-04:002008-05-23T11:00:58.507-04:00

OK you have decided that you are going to focus on FHA and to do that you are going to join a net branch company.Are they all the same? Is FHA the same everywhere?That's an easy one to answer. No!Here are some of the key differences that you should understand when choosing a company to work with.FHA as a lender or as a broker?FHA originated using the corporate address or the branches?Corporate

Lee Walshhttp://www.blogger.com/profile/07971469921824789643noreply@blogger.com0tag:blogger.com,1999:blog-2863636925009891357.post-4372912330318309722008-05-06T11:37:00.013-04:002008-05-08T23:45:57.232-04:002008-05-08T23:45:57.232-04:00

In the previous post we looked at the common questions everyone asks."What are your net branch fees and how long will it take to get approved?"I speak to people everyday that are looking for a mortgage branch partnership. Many times the key questions are not asked.The questions that I think are important to ask are:Is your company HUD approved? - Also do they use the corporate address for all

Lee Walshhttp://www.blogger.com/profile/07971469921824789643noreply@blogger.com0tag:blogger.com,1999:blog-2863636925009891357.post-70132956740457463102008-04-24T10:38:00.011-04:002008-05-06T11:37:04.019-04:002008-05-06T11:37:04.019-04:00

What are your fees?How long will setup take?These are the most common questions I am asked.Are they the most important?My answer is NO!These are important questions but just about every company is close to the same answer.Most companies are between $350 and $500 per file.(We are $395 in most states)Most companies are about 3-7 working days for your branch manager application to be approved.(We

Lee Walshhttp://www.blogger.com/profile/07971469921824789643noreply@blogger.com0tag:blogger.com,1999:blog-2863636925009891357.post-36901852102613827292008-04-17T23:22:00.011-04:002008-04-24T11:24:27.217-04:002008-04-24T11:24:27.217-04:00

I just read the news that another national net branch company - Global Mortgage Inc. located in Clearwater Florida - has declared CH-7 bankruptcy.Global like many others in the net branch segment of the industry was plagued with investor buy backs and operations problems that were caused in part to poor management and also from the pain brought on by churning branches.At one time they had several

Lee Walshhttp://www.blogger.com/profile/07971469921824789643noreply@blogger.com0tag:blogger.com,1999:blog-2863636925009891357.post-78330070494678288962008-04-17T10:22:00.007-04:002008-04-22T14:23:40.710-04:002008-04-22T14:23:40.710-04:00

In the first post on this topic I mentioned that some net branch companies are promoting a system where you can get around the "other" states licensing requirements to originate and still get paid.I learned about this from a prospective branch manager when I asked if she was considering other companies. I asked what is was about the other company that she liked - she mentioned the ability to

Lee Walshhttp://www.blogger.com/profile/07971469921824789643noreply@blogger.com0tag:blogger.com,1999:blog-2863636925009891357.post-24711296856907845732008-04-09T14:19:00.014-04:002008-04-14T00:06:32.146-04:002008-04-14T00:06:32.146-04:00

I want to originate in every state where you are active.In my work speaking to prospective branch managers I hear this statement every day.My answer / question is always the same. Are you sure?I then ask several important questions.Have you researched the licensing requirements for loan officers and branch offices in the states where you are interested in originating?Are you aware that many

Lee Walshhttp://www.blogger.com/profile/07971469921824789643noreply@blogger.com0tag:blogger.com,1999:blog-2863636925009891357.post-9138345416167640002008-04-06T16:24:00.007-04:002008-04-08T10:16:01.871-04:002008-04-08T10:16:01.871-04:00

A virtual net branch - web based loan origination system.Is using a web based loan origination system really better that a PC based system like Byte or Point?A personal note.. I have been a Point user since the early 90's and have spent hundreds of hours learning how to make it sit up and beg. Custom fields, data extraction, custom reports, making it wide area network usable, fighting to

Lee Walshhttp://www.blogger.com/profile/07971469921824789643noreply@blogger.com0tag:blogger.com,1999:blog-2863636925009891357.post-19956427968554774272008-04-01T16:55:00.004-04:002008-04-07T09:05:00.555-04:002008-04-07T09:05:00.555-04:00

This is a very important topic that many net branch companies do not want to address.Q. Can you work for a mortgage net branch company and be paid all or part of your income as a 1099 contractor?(There are many companies telling prospective branch managers that this is OK - legal - and that everyone at the branch can be paid by 1099.)A. WRONG!Many companies are also paying loan officers and

Lee Walshhttp://www.blogger.com/profile/07971469921824789643noreply@blogger.com0tag:blogger.com,1999:blog-2863636925009891357.post-56444569760341911672008-04-01T01:06:00.001-04:002008-04-04T08:16:18.508-04:002008-04-04T08:16:18.508-04:00

Are you looking for a net branch company to work with?There is good news and bad news.The good news is that the number of companies that you have to choose from has been cut in half in the last 12 months.The bad news is that the number of companies that you have to choose from has been cut in half in the last 12 months.Why is this both good and bad news?It's good news because there were way to

Lee Walshhttp://www.blogger.com/profile/07971469921824789643noreply@blogger.com0