just wondering what are the pro's and con's of working for one

so no one here has ever worked with a net branch...

i run a "net" branch for Morgan Capital of Arizona (Morgan Financial) and it does have its pros and cons....the pros are that you usually have access to a plethera of wholesale mortgage banks, which gives you access to hundreds of programs a loan officer at just a mortgage bank may not have access to. the cons depend upon how the branch is set up to run, if it is the right fit for you (as far as commissions, marketing, support, etc...)

i am looking at one with what seems to be good training a 50% split and is really a mortgage banker net branch which seems to be better than a broker branch so far

I just decided to open my own net branch. It is going to be a one man show for now, but it is great because I get 100% and the broker fee is 750.00 a file. Plus they have warehouse lines for my favorite bank. I get to market my own name, my own way. Win win for me.

o ok so are you going to work from home or lease office space

Home, while I am going to school.

O ok im also looking towards a net branch to start with and hoping to use my home as my office and hopefully meet with customers inside their homes or some place like start bucks

How are you going to do that? You need to be careful. From what I gather, you are new to the industry. If you mess up and get named directly in a lawsuit, the affiliate lender's E+O insurance won't cover you. I have experience and will be doing it on a limited basis so I am not worried, but you can get a 50% split and not have the extra liability just by being an ordinary LO. Find out the pitfalls before you jump in.

the company i am looking at only starts out at 50 % and provide training and have 3 sales training meetings a week to help boost sales

My best advice to you is to sit down one day at you computer an just do extensive research. There are a lot of companies out there that promise you the world and can not deliver. These companies tell you they will give you this and that but never do. As well many companies are going under and not performing the way you would like them to.

From experience I have started along time ago with a company and it did not work out to good. As the search grew I realized that there was not many companies that I could trust. I finally met up with a few individuals and we had started our own mortgage bank and have been successful for the past 15 years and are currently licesenced in all 50 states and do offer branch and loan officer set up.

Too many individual learn with their own mistakes. My best advice is to use the mistakes of others and do extensive research. You want the best backbone for yourself. You are only as good as the people who surround yourself. If you have a strong backbone than you are bound to grow.

I do not mind giving you advice. So feel free to ask me any question that you may have.


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Paul S.
Equity Security
Office: (718) 715-4110
Fax: (718) 987-1098
Email: equitysecurity@gmail.com

thanks i am still searching thru a moutain of companys who say they will train me as a new officer but all they do is give me the app and tell me to run with it but they dont say where or try to charge for their training but i did come across one co. that says if i work the phones and take 10 app. they will train me for free and they hire new l.o reg and train them to do the job

Mr. Prodigy,
Which net branch are you set up with?

Mr. Paul what is the name of your company and what is your websie.

I own a small company and am Looking into the idea of a net branch.

That is not the proper way to teach someone. By giving you applications and telling you to go do the work will not get you anywhere in the industry, especially the way it is going now.
To be frank that is bs when they say do 10 apps and we will train you for free. Don't fall under that trap where you are making money for someone else and not yourself. I know that you want to learn the industry but there are many ways to do so.

If you would like I am willing to dedicate my time to helping you out. I was given a break when I started and I am willing to share my knowledge. It is true when they say Knowledge is power.

Feel free to email me or call me anytime.

check out my website http://www.branchking.com.


---------------
Paul S.
Equity Security
Office: (718) 715-4110
Fax: (718) 987-1098
Email: equitysecurity@gmail.com

Brien,

My Holding Corporation is called World Wide Business Exchange, Inc.

In regards to mortgages and net branches you can visit http://www.branchking.com.

I am looking forward to talking to you and seeing you grow.


---------------
Paul S.
Equity Security
Office: (718) 715-4110
Fax: (718) 987-1098
Email: equitysecurity@gmail.com

Brien,
I am with a company called World Wide Credit Corporation out of San Diego, great company. They are going to register a DBA of my choice to brand and they also put a clause in the contract saying that I am leasing the name to them so that I can take it if I leave. 100% with a 750.00 per file fee. Not to shabby since I was searching for someone to give me 85% and brand their company.

Equity,
I agree that throwing someone to the phones is not the best training technique, but there is a lot of teeth cutting that needs to be done in order to be a good LO. You baby someone to much and they expect to be spoon fed.

I want just be taking app. i would be getting paid for them also they hold training classes their also where you usually would pay for those new classes i would just take a couple of app. and that would pay for it