Net Branch Partner Mortgage Broker

America's Premier Branch
Partnership Opportunity!

 Net Branch Partner Mortgage Broker
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Branching Facts

Considering Opening a Branch Office?
The Advantages & Disadvantages

With the Real Estate Settlement Procedures Act (RESPA) reform and field compliance issues burgeoning, the flight to the “banking” side of the industry is accelerating. Many Mortgage Brokers and individual Loan Officers are opening branch offices, formerly referred to as a “Net Branch” of established mortgage banking corporations. There are distinct reasons why.

Here are some of the benefits:

■ A Turnkey Solution: Overnight, smaller brokerages can level the playing field with larger banks. The broker can still continue as an entrepreneur while gaining the firepower of the larger mortgage bank, without the bureaucracy — it’s the best of both worlds.

■ Multi-State Licensing: Securing state mortgage licenses independently takes a broker many months and thousands of dollars. Larger mortgage bankers, on the other hand, are licensed nationwide or exempt from licensure. This affords a broker an expanded universe of homeowners to serve. Mortgage bankers with the U.S. Department of Housing and Urban Development (HUD) Title II licensure can quickly open opportunities for their branch partners in multiple states.

■ 100% Commissions: Many experienced Loan Officers in brokerages, banks and credit unions earn only 35% - 75% of their originated yields. A number of quality branch providers offer 100% of the origination fees and yield-spread premiums (YSPs) net after expenses. The difference in income to a brokerage or Loan Officer can be dramatic!

■ Compliance: Increasingly, mortgage brokers express that they’re sleeping uneasily because of compliance pressures. Large mortgage bankers have compliance experts on staff to ensure that not only are file flows compliant and quality-assured but also that individual Loan Officer and branch licenses are current and maintained. They also ensure that all advertising pieces are compliant in terms of equal housing, annual percentage rates (APR’s), licensing and state disclosures.

■ Nondisclosure of YSP’s: Not having to disclose yield spread premiums is a major advantage of mortgage banking versus strictly brokering.

■ Direct-Lender Status: Everyone likes to deal with a “direct lender.” This is true of borrowers and of referral partners.

■ Broad Product Offerings: Many mortgage bankers have hundreds of loan products on their own banked lines, all of which can be closed without disclosing YSPs. They may also have broker portfolios containing several investors. Some of these mortgage bankers do not demand a “first right of refusal” from their branch partners, nor do they impose up-charges for brokering out. Branch providers also offer Federal Housing Administration (FHA), Department of Veterans Affairs (VA), one-time-close or reverse mortgages that many smaller brokers do not have the capability to do.

■ Automated Underwriting: Large branch providers have their own automated underwriting engines, which streamline the loan-origination process.

■ Speed: Mortgage bankers extending their own capital often can adopt more-flexible guidelines in underwriting and can close loans faster. In a pinch, files can be “walked down the hall” for funding.

■ Accounting and Support Services: Many brokers who become branch affiliates are delighted that their provider’s accounting departments take the back-office load off of them. HUD regulations require that the corporate offices pay the branch expenses and maintain office leases. This frees time for the branch partners to do what they do best — originate.

■ Technology: Most substantial mortgage bankers offer “virtual office” capabilities to their partners. Loans can be registered and locked online, conditions can be cleared and pipelines monitored around the clock. Many already are, or are becoming, paperless. Some even have Web-based loan-origination-software (LOS) systems that allow brokers to access lenders and third-party service providers such as title companies, loan and document-preparation firms, credit agencies, appraisers and automated-valuation-model services, at the click of a button. The LOS also integrates with loan program search engines and offer contact management / customer relationship management (CRM) modules, e-mail-campaign features and more.

■ Pipeline absorption: Strong branch providers that extend their own capital are usually adept at absorbing a new branch’s pipeline, thereby smoothing the transition. Some have a Transition Team specifically to help coach new branches through the change.

■ Training: Often, mortgage bankers have the staff to conduct recurring training in FHA/VA governmental-loan products, technology and LOS updates as well as marketing and lead generation seminars.

■ Marketing support: Some large branch provider’s supply leads to their branches monthly. Others compile and disseminate leads from leading sources for their branches.

Disadvantages? There are, of course, some perceived disadvantages to opening a branch. Having to forego one’s corporate name or identity concerns some. However, branch providers often allow their branches to use part of their names behind the corporate name to retain their identities. Couple this with the fact that some branch providers offer search-engine optimization to create brand recognition and leads for their branches, and the autonomy issue is often abated.

Some brokers or Loan Officers worry about HUD’s Mortgagee Letter 00-15 requirement that, in a branch office arrangement, all employees’ income must be reported on W-2’s. However, many branch providers allow their branch partners to expense as many legitimate business-related expenses as possible from their accounts before receiving W-2’d income. Therefore, the difference between W-2’d or a 1099’d income is often negligible.

The affiliate branch model appears to offer a wide array of advantages for independent mortgage brokers. While one’s decision to become a branch partner is obviously personal, it can be a great move and an easy transition with the right branch provider.