Posted by Anonymous on 9/18/05 8:26am
Msg #65896

Mortgages - NY

I am interested in also getting into the mortgage business. I have researched netbranches and would love to hear from anyone who set up a netbranch and had a positive experience.

Thank you,
Tracy - NY

Reply by Margaret_FL on 9/18/05 8:32am
Msg #65898

Go to www.themortgageforum.net. Then click on members list, click on the members with websites and some of the websites have information on them on how to work for them. I work for Americore Mortgage but they are not licensed in NY yet.

Reply by Margaret_FL on 9/18/05 8:37am
Msg #65899

Do you have your Mortgage Brokers License. I did a search on Yahoo using "Net Branch" and got a ton of results. I am working on getting mine, I have completed 14 hours of the 24 hours of required education

Reply by yoyo on 9/18/05 10:15am
Msg #65901

Do you have web address for this company?

Reply by Margaret_FL on 9/18/05 10:38am
Msg #65907

What company are you referring to?

Reply by Margaret_FL on 9/18/05 10:46am
Msg #65908

If you mean Americore the website is www.americoremortgage.com/mcraig

Reply by Anonymous on 9/18/05 1:05pm
Msg #65917

I do not hold a mortgage brokers license, that is one of the reasons I am looking to netbranch rather than go at it myself. I did a search also and rec'd tons of results...I contacted all of the ones that do biz in NY, but I am looking for a reference from someone who has experience netbranching themselves. It's hard to tell which actually looks out for the best interest of your customers without getting some references.

Tracy - NY

Reply by Margaret_FL on 9/18/05 2:38pm
Msg #65928

I am just starting out and did a lot of reseach on the company I am with. A friend got me into it and it doing well. I am starting out part-time and also doing the notary signing. You have to market yourself and give your business cards to everyone you know. I have my business cards in a realtors office that is selling condos.

Reply by Anonymous on 9/18/05 3:13pm
Msg #65939

Margaret,

Do you have any advice as to what to ask about when it comes to the split? I've heard so many bad stories of signing up for an 80/20 and then when it comes down to the split, they nickle and dime you for every charge so that the split winds up being more like 60/40 after they overcharge you for all of the pass through costs. May I ask, did you go with a company that does a split by % or a flat fee and how it is working out? I've talked to companies that do both...but they vary so much...one company wants a flat $1350 per loan, another promises you 90% less $350, but then you have to use their appraisers and processing.... just so much to consider

Thanks very much,
Tracy

Reply by Margaret_FL on 9/18/05 4:54pm
Msg #65957

Go to www.americoremortgage.com/mcraig. Then go to join. It will explain all that. We get a percentage and all costs are paid for by the company.

Reply by Margaret_FL on 9/18/05 5:18pm
Msg #65962

The way the explained it to us is that for example the refinance is $200,000 there is a 3% loan origination fee of $6,000. Depending on your level of experience the commission can be 15%-66%

15% would be 900 is the least you make. After I do three loans my commission goes to
25% which would be $1500 and so on

You have to do three loans as a trainee and you get 15% from 4-12 loans you get 25%
13-25 loans you get 35% and so on up to 66%

This is income can be a great supplement to my current income of inspections, notary signings, etc.