Bank Branch
Recruiters
What are the requirements to become a Branch Manager?
- 3 years mortgage experience as a Branch Manager or loan originator
- Credit history that reflects consistency in repaying debts
- Background check that does not reflect any felonies
Will I be a W2 employee or 1099 independent contractor?
W2. HUD requires all loan originators to be W2.
How are Branch Managers compensated?
The branch is paid 100% of of total revenue generated from origination, discount, YSP, SRP and fees paid. The Branch Manager determines the commission split between the branch and the Loan Officer.
How are branch expenses paid?
Corporate pays for all expenses such as rent, utilities, phone, marketing, salaries, commissions, etc. These are paid on a pre-tax basis out of the branch's revenue, so your net result should be similar to owning your own company.
How is the branch partner compensated?
The branch partner will normally charge a per file fee, along with monthly fees to cover expenses. Some will also add margins on to their rate sheet pricing.
Can I keep my current company name?
Most branch partners will require you to originate in the name of the branch partner.
Who hires the branch's employees?
You have authority to staff your branch as you see fit. However, all loan originators must pass a background check.
Who determines how much the employees get paid?
You have full authority to determine your staff's compensation, including commission splits.
How often is commission and payroll paid?
Typically weekly or bi-weekly, if not sooner.
What states can I originate in?
Most branch partners are licensed throughout significant portions of the US. However, you will still have to meet individual licensing requirements in many states.
Are employee benefits offered?
Yes, most companies offer comprehensive benefits including major medical, vision, dental, and 401k.
Am I required to maintain commercial space?
Commercial space is normally required. In most instances, an executive suite is acceptable.
Are reserves required to operate a branch?
Yes, typically 2 months operating expenses are required to be held in reserve. Most companies require this to be funded from revenue earned during the first couple of months.
Is there a minimum monthly production requirement?
Most branch partners do have minimum monthly production requirements. BlueMantra will help you identify which branch partner best suits your expected level of production.
Am I able to transfer my existing pipeline over with me?
That is up to your former employer. If agreed upon, then the borrower must also sign a tansfer letter.
Who processes my branch's loans?
Loans are typically processed at the branch level. In addition, you can utilize contract processors. Most branch partners also offer in-house processing.
Does corporate have Right of First Refusal?
Normally not. You will almost always have the choice to utilize in-house programs, or broker the loan out.
Can I continue to utilize my local Account Executive?
Normally, yes. However, keep in mind that the decision as to who is your AE is typically made by the lender.
Who handles loan compliance?
All branch partners require the closed loan be sent to corporate for compliance review.
Are there any penalties if I wish to terminate my branch partner relationship?
While it depends on your contracts, most branch partners do not have any termination fees.