How is being a manager for a mortgage branch company different from a traditional mortgage company?
Commonly referred to as “net” branches in the industry, these offices are very similar in structure to those of a traditional mortgage company. The real difference comes in the control and decision making for the offices. “Net” branch managers have the flexibility and control to make the decisions on marketing, compensation, processing, staffing, expenses, and which lenders to place loans with. In a traditional mortgage company, these decisions come directly from the corporate office.
Why is the branch company model successful?
Economies of scale and the branch manager’s ability to focus on production / profits. The operational infrastructure the corporate office provides in licensing, HUD approvals, compliance, marketing, training, human resources, products and programs, bonds, E&O insurance, technology, and third party providers like credit and appraisal, are among the many areas that reduce costs for the branches. The “net” branch manager has the entrepreneurial freedom and opportunity to be successful and profitable by focusing on sales and marketing.
Why do branch companies fail?
The mortgage industry is extremely competitive, where the strongest companies survive. The main reasons that branch companies fail are:
1. Poor business plan or model
2. Poor execution of business plan
3. Mismanagement of company funds
4. Legal matters arising from originations or operations
5. Compliance fines from state or federal regulators
6. Repurchase requests from investors
7. Significant shift in the market or industry that
management can not overcome
The biggest asset any mortgage company has is the people that work within the organization. Make sure you are confident in the management staff before joining a branch company.
Is it better to work for a federally chartered bank, correspondent lender, or a mortgage broker?
This depends on your personal situation. Each organization has strengths and weaknesses, many of which are constantly changing in the dynamic mortgage arena that we work in. The biggest differences revolve around licensing exemptions, product availability, pricing of loans, payroll, and compliance requirements. Working with a consulting or recruiting firm can help facilitate the best opportunity for your long term success.
Why should we work with Flagship Advisors for consulting?
The experience and industry knowledge of our management team within Flagship Advisors is impressive. We have built successful companies and will provide you with the understanding and infrastructure to do the same. Furthermore, our ethics and professionalism will stand out. We care about you reaching your goals. Financially, the value of our consulting services is incredible. We will put you in a great position to manage a very profitable company combined with minimizing the risks and legal costs of operating a mortgage company.
Why should I work with Flagship Advisors for recruiting?
Again, our knowledge and experience in the industry allows us to successfully match up potential branch managers and loan officers with mortgage companies. As an employer, we will match the potential candidates with your requirements and growth strategy. As a branch manager or loan officer, we will match up your abilities and goals with the companies that provide you with the required infrastructure for success.
What are the experience, net worth, income, and credit requirements for Flagship Advisors to work with you as a client?
First of all, Flagship Advisors believe in working with ethical and professional individuals, whether in the consulting or recruiting arena. While there are exceptions to the following rules, this should be a good starting point:
› Mortgage Co. Owner: 5+ yrs exp., $100,000+ net worth/ yr.
income, 660+ credit
› “Net” Branch Manager: 3+ yrs exp., $50,000+ net worth /
yr. income, 620+ credit
› Loan originator: 1+ years exp., no net worth / income
requirements, 600+ credit
Individuals with past bankruptcies or poor credit will be reviewed on a case by case basis.
There are questions to ask a branch company before signing a contract or employment agreement with them.
With all the different branch opportunities available in the marketplace today, knowing which one will give you the best opportunity for success is difficult. This is where Flagship Advisors will make the difference. We will provide you with a no fee initial consultation to understand your business goals and make recommendations to companies that will provide you with the best chance for success. Contact me directly at: 866-625-9024 or email me at flagshipadvisors@gmail.net.
Commonly referred to as “net” branches in the industry, these offices are very similar in structure to those of a traditional mortgage company. The real difference comes in the control and decision making for the offices. “Net” branch managers have the flexibility and control to make the decisions on marketing, compensation, processing, staffing, expenses, and which lenders to place loans with. In a traditional mortgage company, these decisions come directly from the corporate office.
Why is the branch company model successful?
Economies of scale and the branch manager’s ability to focus on production / profits. The operational infrastructure the corporate office provides in licensing, HUD approvals, compliance, marketing, training, human resources, products and programs, bonds, E&O insurance, technology, and third party providers like credit and appraisal, are among the many areas that reduce costs for the branches. The “net” branch manager has the entrepreneurial freedom and opportunity to be successful and profitable by focusing on sales and marketing.
Why do branch companies fail?
The mortgage industry is extremely competitive, where the strongest companies survive. The main reasons that branch companies fail are:
1. Poor business plan or model
2. Poor execution of business plan
3. Mismanagement of company funds
4. Legal matters arising from originations or operations
5. Compliance fines from state or federal regulators
6. Repurchase requests from investors
7. Significant shift in the market or industry that
management can not overcome
The biggest asset any mortgage company has is the people that work within the organization. Make sure you are confident in the management staff before joining a branch company.
Is it better to work for a federally chartered bank, correspondent lender, or a mortgage broker?
This depends on your personal situation. Each organization has strengths and weaknesses, many of which are constantly changing in the dynamic mortgage arena that we work in. The biggest differences revolve around licensing exemptions, product availability, pricing of loans, payroll, and compliance requirements. Working with a consulting or recruiting firm can help facilitate the best opportunity for your long term success.
Why should we work with Flagship Advisors for consulting?
The experience and industry knowledge of our management team within Flagship Advisors is impressive. We have built successful companies and will provide you with the understanding and infrastructure to do the same. Furthermore, our ethics and professionalism will stand out. We care about you reaching your goals. Financially, the value of our consulting services is incredible. We will put you in a great position to manage a very profitable company combined with minimizing the risks and legal costs of operating a mortgage company.
Why should I work with Flagship Advisors for recruiting?
Again, our knowledge and experience in the industry allows us to successfully match up potential branch managers and loan officers with mortgage companies. As an employer, we will match the potential candidates with your requirements and growth strategy. As a branch manager or loan officer, we will match up your abilities and goals with the companies that provide you with the required infrastructure for success.
What are the experience, net worth, income, and credit requirements for Flagship Advisors to work with you as a client?
First of all, Flagship Advisors believe in working with ethical and professional individuals, whether in the consulting or recruiting arena. While there are exceptions to the following rules, this should be a good starting point:
› Mortgage Co. Owner: 5+ yrs exp., $100,000+ net worth/ yr.
income, 660+ credit
› “Net” Branch Manager: 3+ yrs exp., $50,000+ net worth /
yr. income, 620+ credit
› Loan originator: 1+ years exp., no net worth / income
requirements, 600+ credit
Individuals with past bankruptcies or poor credit will be reviewed on a case by case basis.
There are questions to ask a branch company before signing a contract or employment agreement with them.
With all the different branch opportunities available in the marketplace today, knowing which one will give you the best opportunity for success is difficult. This is where Flagship Advisors will make the difference. We will provide you with a no fee initial consultation to understand your business goals and make recommendations to companies that will provide you with the best chance for success. Contact me directly at: 866-625-9024 or email me at flagshipadvisors@gmail.net.
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