PACIFIC BANCORP Net Branch - Good News (by: cpruitt)
Posted by ~Ray @ 2008-10-18 06:48:29
At this point in time. Do not believe any netbranch company that states they have a federal charter and a warehouse line so they can fund in all 50 states. Total BSA Federal Charter does allow you to be license exempt in all 50 states but what good does that do if you their warehouse line got closed?
David,Welcome to the outpost!I think you made a good move posting your question here before sendingthem a check. As Rogan pointed out there are are other threads on the company you mentioned so by all means do a site search.
I was with them for 3 months earlier in the year and they are nothing but a bunch of rich kids that developed a way of networking licenses accross the county. It is completely unorganized because if the licensee has a license in CA it does not really mean that they are signed up with the same as they are with the licensee in Oregon or any other states for that matter. It gets VERY confusing. Beware also that they tell you that you can operate in your own name yet they don't file for the DBA. When they go to file the DBA unless you pay an additionaL $2,000 a month they will not do it and kick you out of the network. Of course the upfront $4,000 are not refundable. Net Branches that have allowed their Branches to operate unther your own name are no longer around. I would not want to be there when that happens. Bob knows his stuff and he can tell you further about my experience and how he warned me. I would have a chat with him and hr will show you how to ask the right questions. Plus he represents some of the real ones outthere.
Originally posted by InterestonlyI was with them for 3 months earlier in the year and they are nothing but a bunch of rich kids that developed a way of networking licenses accross the county. It is completely unorganized because if the licensee has a license in CA it does not really mean that they are signed up with the same as they are with the licensee in Oregon or any other states for that matter. It gets VERY confusing. Beware also that they tell you that you can operate in your own name yet they don't file for the DBA. When they go to file the DBA unless you pay an additionaL $2,000 a month they will not do it and kick you out of the network. Of course the upfront $4,000 are not refundable. Net Branches that have allowed their Branches to operate unther your own name are no longer around. I would not want to be there when that happens. Bob knows his stuff and he can tell you further about my experience and how he warned me. I would have a chat with him and hr will show you how to ask the right questions. Plus he represents some of the real ones outthere.
Check out Ascent home Loans. WE are licensed in 40 states pay out 100% on correspondent deals and 80% on brokered out deals. We do all of your compliance pay out weekly and are FHA approved. Give me a call so I can show you everything online. 303-565-2647
HCI Mortgage offers a competitive net branch division. We are a mortgage banker licensed in 30 states and have our HUD approval. Of course we follow rules and regulations set forth by HUD. We don't offer a set up fee either the only fees that you will need to be concerned with from the start is the cost to license your location or any loan officer licenses if interested in learning more about our program before you make a decision call me at 570-647-7422 or email me at aloscig@hcimortgage com.
I am the National Sales Manager for www. TheEquityNetwork com and hire only for them. I am confidant we have one the best opportunies in the mortgage industry for Team Managers and Independent loan originators. See our platforms for more info. Any interested parties can call my personal line at 616.308.5065I will provide a complete tutorial of our revolutionary platforms rwilliams@theequitynetwork com
Does anyone heard or know anything about Sterling Home Mortgage? Anyone have any actual experience with them? I had a phone call with a recruiter and had a brief online presentation of their tools & systems that they use and they seem pretty together. From I've found out about them thus far is kind of interesting. One of the things about their business model that perhaps makes them more secure is that they're COMPLETELY set up as a with all their lenders. Thus they don't have the overhead of a warehouse line inhouse UW and all the expense / potential risks that come with Correspondent lending. Because of that their monthly fee is really cheap.
Originally posted by philinpdxDoes anyone heard or know anything about Sterling Home Mortgage? Anyone have any actual experience with them? I had a phone call with a recruiter and had a brief online presentation of their tools & systems that they use and they seem pretty together. From I've found out about them thus far is kind of interesting. One of the things about their business model that perhaps makes them more secure is that they're COMPLETELY set up as a broker with all their lenders. Thus they don't have the overhead of a warehouse line inhouse UW and all the expense / potential risks that come with Correspondent lending. Because of that their monthly fee is really cheap.
I've talked to their Regional VP. Ms Campbell myself before. Their flat fee $395.00 per month regardless of how many loans you originate plus their virtual processing capability attract me a lot. I think I'm going to apply for a job with them. One thing bothers me though. I've made two calls to Ms Campbell n the past two days and have not rceived a call back. Sort of like a let down socalusa@hotmail com
Originally posted by philinpdxDoes anyone heard or know anything about Sterling Home Mortgage? Anyone have any actual experience with them? I had a phone call with a recruiter and had a brief online presentation of their tools & systems that they use and they seem pretty together. From I've found out about them thus far is kind of interesting. One of the things about their business model that perhaps makes them more secure is that they're COMPLETELY set up as a with all their lenders. Thus they don't have the overhead of a warehouse line inhouse UW and all the expense / potential risks that come with Correspondent lending. Because of that their monthly fee is really cheap.
I've talked to their Regional VP. Ms Campbell myself before. Their flat fee $395.00 per month regardless of how many you originate plus their virtual processing capability attract me a lot. I think I'm going to apply for a job with them. One thing bothers me though. I've made two calls to Ms Campbell n the past two days and have not rceived a call back. Sort of like a let down socalusa@hotmail com
I'm signing up with them tomorrow. My contact person is:Mary DuncanDivision ManagerSterling Home Mortgage. LLCOffice: 1-888-734-7771 ext 15Direct: 541-505-7082Cell: 602-423-2510maryduncan@shmaz comwww successful-loan-officers comThey will have FHA by the end of this month as well.
One of my brokers signed up as they are in Kansas City right on the stateline. Right after the signed up he discovered they did not renew the KS license where 60% of his business was coming from. Do you think the got his money back?
It blows me away to even hear someone talking about Net Branches now. I was an ALLFUND child in the late 90's learned my lesson the hard way. Get your own license or take the time to work for a local who knows the biz. Thats all.
Originally posted by mcpeakyIt blows me away to even hear someone talking about Net Branches now. I was an ALLFUND child in the late 90's learned my lesson the hard way. Get your own license or take the time to work for a local who knows the biz. Thats all.
Richard many shops have shut down this past year and more are shutting down every day. This often leaves a and many LO's with out a home. While some are leaving the business others are going with branch companies. A branch might not have been the best thing for you it could however,be a good option for some other folks no one option is best for everyone. I help some companies hire VLO's also and for some folks with limited volume,who want to work from home that is a good option also,as the pay out is ussually much stronger than they would get from the down the street who also lacks a good size lenderlist. FHA and the ability to not disclose YSP.[ADVERTHERE]Related article:
http://forum.brokeroutpost.com/loans/forum/2/160505.htm#696318
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