It’s no secret that today’s lending environment is a tough one, and it’s not about to get any easier. Legislation that would greatly shrink your earning potential as a mortgage broker is currently being deliberated by many state governments. Many federal agencies are also pursuing ways to increase the work load per file while also decreasing compensation. In the face of such a harsh future, pursuing mortgage branch manager opportunities may be your saving grace. Here are a few benefits of opening a mortgage net branch.
One of the biggest concerns all brokers have about net branching mortgage companies is that they might not like the company they branch from. This is certainly a valid concern, and your search should be thorough. There are many factors that will directly affect you as a broker, but it’s important to make sure you find a company with certain characteristics. For example, a philosophy of treating the branch as their customer. Just because you’ve chosen to branch from them doesn’t mean they should stop trying to earn your business. A company with a focus on service—both to you as the branch and to the customer—rather than rates and product portfolio is sure to be one you can trust.
Another reason to pursue mortgage branch manager opportunities, product variety is a great benefit to operating a net branch. As a new independent, your options would be limited, but net branching gives you the opportunity to offer a wealth of products to your customer, making you more competitive and giving you a more comprehensive product knowledge to boot. Many companies will have a good relationship with tier one lenders and brokers for the occasional specialty product, but will be able to provide the majority of products a customer would want directly.
One of the most difficult parts about getting a mortgage lending company off the ground is developing relationships with banks and lenders. A huge benefit of working with an established company is that those relationships are already in place. These relationships extend past lenders and banks as well. A wide, established network of contacts is already in place.
Another difficult part of an independent brokerage is establishing a brand. The reverse is true with a net branching corporation. You are likely going to be branching for a company that has immediate recognition in the eyes of the public, which eliminates the effort on your part of earning the customer’s trust and proving your legitimacy.
The tools and lending support your branch will need to thrive should be offered in full by your company. Most corporations will give you access to in-house processing and underwriting, full benefits and payroll services, marketing support,human resources, IT, compliance, licensing, and recruiting and hiring assistance. This will free you up from the nightmare that administrative work can be and allow you to focus more on selling. Mortgage branch manager opportunities are plentiful, and all of these benefits and more can be yours as soon as you choose a company.