Branch Company Comparisons

With all the different branch opportunities available from Federally Chartered Banks, Mortgage Bankers, and/or Mortgage Brokers in the marketplace today, knowing which one will give you the best opportunity for success is difficult.

Checklist Questions

Brokers United has the knowledge, professionalism, and access to industry professionals and companies to help you make this decision. We will provide experienced, ethical, and successful mortgage company owners and/or branch managers with a free consultation and / or recommendation to companies that will provide you with the best chance for success.

When looking at different branch opportunities available in the mortgage industry, we recommend you ask the following questions and understand the differences between companies.

  • Are you closing loans as a banker, broker, or both?
  • Are you approved with HUD as a full or mini eagle?
  • What states is the company currently licensed in?
  • What is the companies business plans on adding states and branches?
  • What is your pricing model (open book or company issued rate sheet)?
  • If company issues rate sheets, ask for access to pricing engine.
  • If brokering loans, what lenders are available?
  • If brokering loans, will you get signed up with my favorite lender?
  • What is the fee structure? (Monthly and/or per file fees)
  • Are their other fees for E&O, LOS, Technology, and Payroll?
  • How does payroll work for loan officers and the branch manager?
  • What is the reserve requirement and how is that established?
  • What is the application process and is their any costs?
  • What is the process and time frame to be an operational branch?
  • What training does my staff/I need to complete before starting?
  • Do I need a brick and mortar office or can I work from home?
  • What benefits are available and what is the costs / waiting period?
  • What are the credit, income, net worth, and experience requirements?
  • What are the monthly production or fee income requirements?
  • Can I speak with current branch managers as references?
  • Is underwriting internal or directly with the lender? Turn times?
  • Can I process files at the branch or is it required at corporate?
  • What LOS (loan origination software) does the company utilize?
  • What are the compliance policies and procedures?
  • What marketing support or infrastructure is available to the branches?
  • Can the branch set up an individual website?

For more information or questions contact Brokers United at (877)710-0948 or email Jeff Flees at jeff@brokersunited.net.