Best Net Branches?

[Troy]

I'll definitely keep you posted Scott! Thanks for joining my little community.

I don't expect it to grow like the outpost, but it's nice to have a place where I can speak my mind about things.

Troy

[Secret!]

I'll give you a TIP troy. In year number one (#2, #3 etc), you will spend $250,000 (annually) to get yourself licensed and remain in compliance, audits, etc. with all States. That number, BTW includes every cent you'll spend to do that task, including the 2 full time employee salaries you need to pay, the space rent, supplies, FF&E etc. Getting nationally licensed and staying up to date, like you need to be to do it properly is a HUGE undertaking. Been there done that.

If you want more on this check out our HOTLINE, E-Mail Answers or Mentor programs at [url]www.secretuniversity.com[/url]

[Troy]

Thanks for the TIP!

I've done my fair share of homework. I've been working on this for...almost two years now. It's getting close. The website is just up there with hopes of being indexed by yahoo and google. It gets a whopping 3 hits a day currently!

If I knew what it would take to start it back when I began...I don't think I ever would've tried. Unfortunately, I'm like a dog with a frisbee, I never let go.

What was the name of your net branch? It wasn't QMAR, was it?
I'm just playing...I've read your resume.

troy

[Secret!]

No net branch (as you've seen), went through that nonsense back when we did wholesale nationally; best of Good Luck with your new venture.

PS: Would love to take a peek at your site, shoot me it's url

[Troy]

I'm hoping that I'm comfortable showing people the site by the end of next week. I'll let you know.

we're using mortgagedashboard as our LOS and wanted to wait for them to finish their "improvements." However, I'm yet to test drive everything they just upgraded. Also, I still have to add my CA license number to the site before I start directing traffic there.

Also, compensation plan will change slightly.

Secret, I'm kinda curious. I was looking (only looking) at MLM style net branches. Beyond the fact that I believe most of them are run with reckless disregard. What do you think of the idea of paying portions of gross commission to other LOs? In my mind, that sounds like it would raise the eyebrow of RESPA. Why do other LOs get a piece of the action without doing any work? Do you have an informed decision beyond the "pyramid schemes are bad" perspective that most people fire back at you the second you ask any sort of question of an MLM company?

troy

[Secret!]

I would love to help Mentor you through this project, check out our Mentor Program [url]http://www.americasmoneycenter.com/faculty.htm[/url] and give it some serious consideration

[Troy]

There's nothing to mentor. I asked your opinion on MLM mortgage companies.

troy

[Secret!]

troy:
There's nothing to mentor. I asked your opinion on MLM mortgage companies.

troy

Ha ha, "nothing to mentor!" the tonage of the hurtles you'll face is far more than you realize. I have gone down this road (as a Mentor not my own operation) and what's out there to stand in your way, is gigantic ... it will take your breath away.

As to your MLM question, your homework should have turned up a lot of problems with that biz model, I guess you ask to get a confirmation of that. Too many RESPA Section 8 issues to dance around.

[Aapexnetbranch.net]

Hi Secret,


When picking a branch look for:

One that was here yesterday, is here today, and will be here tomorrow.



Many will open, many will close and only a few will survive the test of time.



Any Company in business less than 10 years has not yet passed the test of time.



Are their fees to low? I know this seems like an odd question, however net branch companies are in a business full of mine fields if they are not making profits when the sun is shining how will they save for a rainy day. Rainy days for net branches can take many forms, they can be loans they are required to repurchase, fines for lending violations, or labor law issues.



The bottom line is, companies in business many years making solid profits are clearly more likely to survive a storm.



Below is a small list of Net Branch Companies that have all been in business with the same name for at least 10 years.


Aapex Mortgage [url]Http://www.aapexnetbranch.net/[/url]

1ST Metropolitan Mortgage
[url]http://www.1stmet.com/[/url]

Allied Home Mortgage
[url]http://www.branchasap.com/[/url]




Other Considerations



Will they require you to rent a commercial office space?



Do you meet their volume requirements?



Do you meet their experience requirements?



Will you be required to spend money every month to pay a software provider for them to monitor your pipeline?



How easy is it to get information from them?

If you can go their web site and download a lender list, State license list, branch agreement, ETC, It is a good indication signing up with them might be easier than some companies.



How long does it take them to get a branch up and running?



Will you need to fly to their corporate office for training?



Will they encourage you to broker your loans, or will you be pressured to deal with padded mortgage banker rate sheets?



Will they reward you for attaining higher volume levels with reduced fees?



Do they require you put up money into a reserve account?



How fast do they pay?

[Troy]

Does Aapex still allow you to work under your current licensing for in state and their licensing for out of state?