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 "...Before You...Join As A Loan Officer" 
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Joined: Mon Sep 13, 2010 1:47 pm
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Post "...Before You...Join As A Loan Officer"
Questions To Ask Any Mortgage Net Branch Before You Decide To Join As A Loan Officer
by: Rob Lawrence



In my last article, I covered some of the reasons why loan officers join net branches and what their motivations are. I also covered some of the personal questions one should ask themselves before they decide to make the jump and join a net branch. Questions such as: Are you financially secure? Have you reviewed all your options? Do you have a support network in place? Etc.

In this article, I’ll cover some of the key questions to ask the net branches. These are things you absolutely must be aware of before you make any major decision. You must have all the facts and know EXACTLY what you are getting into. Don’t just guess…use my checklist and be certain. These are questions I’ve compiled over my career and you are reaping the benefit of years of experience in the industry.

Remember, a successful loan officer doesn’t leave a company without reason----they leave so that they can BE MORE SUCCESSFUL SOMEWHERE ELSE. Someone who exceeds in sales, won’t put up with small commission splits and micro-management for very long.

Here are the questions you should be asking when looking for a net branch to join:

(You will want to print this out, this list is comprehensive and covers everything!)

START-UP COSTS:

1. Is there an upfront fee I must pay the COMPANY itself in order to join the net branch?
2. Is there a franchise or territory fee?
3. Who is responsible for the state and local licensing fees?
4. Do I have to set-up a reserve account with the company?
5. Who pays for office and other business expenses?
6. Who pays for brochures, business cards, letterhead, etc.?
7. Are there any other business start-up costs I should know about? (such as background checks, credit review, etc. as a new hire).
8. Tell me the total amount it will cost me upfront to get started.

COMPANY RULES:

1. Do you have any career experience requirements or can I join with little or no mortgage experience?
2. Is there a minimum loan size amount?
3. Are there any minimum commission amounts I must make on a loan or am I free to price the loan however I like it?
4. Do I have to close a certain number of loans per month?
5. Do I have to work only with company approved third-parties such as appraisers, credit companies, etc. or can I choose my own people to work with?
6. Do I have to check-in or report to anyone?
7. Are there approved lenders I must use?
8. Can I work from home instead of an outside office?

COSTS ASSOCIATED WITH THE LOAN:

1. Who pays for the customer’s credit reports?
2. Who pays for the customer’s appraisal, can we bill them later?
3. Who pays for the title work and the attorney or title company fees?
4. What happens if the deal dies and the customer didn’t pay for these things upfront?
5. What is the policy of the appraisers, credit reporting agencies and other third parties we deal with?
6. Do they bill the company directly or will they bill me?
7. Who is responsible for leftover unpaid bills?
8. Does the company charge me a processing fee above and beyond the HUD which will come out of my commission?
9. Any there any other individual loan costs I should know about?

DAY-TO-DAY OPERATIONS QUESTIONS:

1. How are expenses submitted to the company?
2. How soon will bills be paid and who is responsible for this?
3. Who can I call when I have a question on a loan?
4. How will rate sheets be delivered from the lenders?
5. Do you have account executives already set-up with all the wholesalers in my area?
6. Where do I get my online passwords from?
7. Do we get any special incentives above and beyond the rate sheets with certain lenders?
8. Can I use a lender not on the company’s list?
9. Who handles the processing of the loan?
10. Can I hire my own processor or use the services of a processing company?
11. Is there an online forum or company website I can log-into to communicate with the other net branches?
12. What other back-office support is there for me?

GETTING PAID:

1. Do you pay a salary?
2. What are the commission splits?
3. Are there any elevated commission splits for top performers?
4. How much do your top performers make, and do you have proof?
5. What is the average starl]
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4a8c2127751Payday Loans: Smart Loans Help To Fix EmergenciesK by: Tess Ocean



Uncertain situations do not have any respective time table. They may occur at any time and may provide you a jolt. Often there are some unwanted expenses which adversely affect the financial condition of the person. Generally in these kinds of circumstances, when the person does not have enough financial resource in hand, he can opt for payday loans. The loans equip the person by offering finances within a short span of time so that borrower cans over come the problems.

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