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So you’ve finally decided to open a mortgage net branch after practicing as an independent broker for years. That’s actually a good step, considering how high commission rates can get for branch managers and how much freedom you’ll enjoy just being your own boss. However, if the whole idea of starting out still seems so large and up there, let’s try and put some structure into it.

Preparations to Make

There are three basic things you need to prepare, the first of which is a state license to partner with a mortgage net branch company. That’s if your state requires it, so you have to do some research on that. If your state does require such a license, expect that you’ll be evaluated based on your credit history, your police record and your score on a written test. Second, you need to create an impressive resume highlighting your experience in the mortgage business. Usually, you need to have spent at least three years in this industry, and have steady, adequate income. Third, start looking for a commercial space prospect because you will be required to have an office where you can receive customers’ Housing and Urban Development or HUD complaints.

Scouting for a Net Branch Company

Once you have set these three things up, you can start looking for a net branching company that you can partner with. The safest advice would be to go for one that has been in the industry for a long time, such as PRMI. To be able to sell more, you need to tie up with an established name in the business. For example, PRMI has been in operation for 14 years and enjoys a respected stature in the industry. Of course, the better the mortgagee’s reputation, the more sales you’ll be making. You don’t want to be affiliated with a name that is less than credible in the business. Since these companies can differ significantly in how they screen branch manager applicants, you have to check each of their requirements to know if you are even qualified.

Application and Initial Set-up

Once you’ve found a good company where your qualifications fit, apply to be a branch manager. Fill out an application form and provide all required information as truthfully and neatly as possible. Don’t be surprised if you’ll be asked to expound on your criminal and credit backgrounds. If all goes well, you can proceed to arranging a pay structure and fee schedule with your mortgagee of choice. You can either pay them a flat fee or give them a percentage off of every loan you write. Of course, you’d like to keep these costs to the lowest for obvious reasons.

These are the general steps you need to take when applying to become a net branch mortgage provider. There may be a few twists and turns in the process, but this is the usual flow that you can expect. In any case, always ask all the questions you have in your mind so you don’t end up with regrets just after you have signed the contracts.

These are the general steps you need to take when applying to become a net branch mortgage provider. There may be a few twists and turns in the process, but this is the usual flow that you can expect. In any case, always ask all the questions you have in your mind so you don’t end up with regrets just after you have signed the contracts.