Net Branch FAQ

Frequently Asked Questions about our net branch partner program.

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Q. Is your company FHA approved?
A. Yes - we are approved to originate HUD (FHA/VA/Reverse) loans.

Q. What are the startup costs?
A. This varies for each branch depending on the the space required, number of employees, any state and local licensing fees. There is an initial charge for the branch manager background check and processing the branch application. The total branch start up cost is usually from $400 - $1,500 depending on the 3rd party cost like state licensing. The branch is responsible for all third party startup and operational costs including licensing and any lease deposits. We will give you detailed breakdown of the costs to open your branch office before you decide to go forward.

Q. How much experience does your company have with net branching?
A. That is a very important question! We have more net branch experience than most companies. We have over 90 branches and operate in 32 states.

Q. Do you have a reserve requirement?
A. Yes - This is standard for all net branch companies. The branch is required to establish a reserve operating balance for the branch's expenses usually equal to 2-3 months operating costs.

Q. Can I process my loans?
A. Yes. You can process your own files or use an approved contract processing firm. We can process loans for our branches but we encourage local processing.

Q. How much will I earn?
A. Our branches earn 100% of all fees, minus branch operating and production costs. The normal branch operating costs, like rent, utilities, etc. are incurred on all programs.

Q. Do I have to work from a retail office space?
A. Yes - to originate FHA mortgage loans we require a commercial space. An executive suite meets the minimum requirement in most states. If you are not sure of the requirements please contact us.

Q. Can I hire other loan officers?
A. Yes.

Q. What type of loans cannot be closed?
A. High cost

Q. How long does it take to get setup to originate loans.
A. The average time is 2-4 weeks. It's a 3 step process to originate FHA loans. Usually it takes 3 - 5working days from the date we receive your completed employment package for branch manager approval - this is the 1st step. For the 2nd step the branch, and originators must meet any state licensing requirements, this can take a few days to weeks depending on your state's requirements. FHA is a third step that usually takes 2-3 days.

Q. Why is FHA an extra step?
A. We obtain an FHA connection number for each branch. This allows our branches to originate and process from the branch. Most companies do not do this. Most companies require their branches to send all FHA loans to a centralized processing center. We think local origination and processing is better!

Q. What states are you in?
A. We are currently active in over 30 states - See current list of active states.

Q. Can I be paid by 1099 - Misc?
A. No - All branch personnel including the branch manager, loan officers, and office staff must company supervised W-2 employees. We do not pay originators, staff, or branch managers as 1099 contractors or through LLC setups.

Q. how much experience do I need to manage a branch?
A. Generally we like branch managers to have at least 2 years origination experience with a recent verifiable production history.

Q. What is the next step?
A. The next step is for us to talk to determine if we are a good fit each other.

Q. I am an active real estate agent - can I open a branch?
A. Unfortunately the answer is no. HUD does not allow a mortgage company's employees to work for another mortgage company or any real estate related company. We follow and comply with HUD guidelines.

Let's Talk... contact us today to get started.

If you would like to full details about our Net Branch Opportunity please complete the contact form below.

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