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There are many loan officers out there who are sick and tired of low-commissions, office politics, too restrictive a time-schedule, etc. There are hundreds of reasons they want to get out of, so the real question may be, how can they go out on their own and start their own mortgage company? Often times they see the money other loan officers are making, and wonder why they aren’t making that kind of money too? It doesn’t make much sense considering the work they are doing is basically identical. The difference, very often, is just in the commission payout. Starting your own mortgage company is an instant pay-raise and can often double or triple the amount of commission you are currently earning. There are two primary ways in which you can start your own mortgage business. The first is to get your own broker license from the State which you reside. Now, this isn’t easy, getting your broker license from the State can be a difficult and time-consuming task. The State will be looking for certain financial and experience thresholds before granting a brokers’ license. Also, the capital requirements and start-up costs make this option extremely cost restrictive. This will also up your work load, for not only would you be responsible for bringing in business and selling loans, but also hiring a processor, doing all the accounting and back office tasks, auditing, renting office space, etc. On the very bright side, starting your own business means 100% commission, and let’s be honest, that’s what it’s all about isn’t it? The second option is to join an existing net branch company. Net branches are very popular in the industry and give you a number of advantages over going at it alone. A net branch, simply put, is a way of doing business. You create your own personal branch, but under an already existing mortgage company. You have all the freedoms of owning your own mortgage company, but at the same time all of the benefits of being part of a large corporation. When you join a net branch, you’re joining a ready-made structure with the back-office support firmly in place. This means that they handle all of the auditing, the compliance checks, the follow-up etc. Some net branches may even do processing. But for this, they take part of the commission. So, when you have your own mortgage company the commission is 100%, but with net branches, it could be 70% to 80%. Now this isn’t too bad, considering what you are earning currently. Plus you don’t have all of the other regulatory headaches to contend with. Remember that each net branch is different, with their own rules and guidelines to deal with, and all should be examined very closely before making a final decision. Whether you decide to go out on your own, or join up with a net branch, a mortgage website customized to you is an integral step to achieving maximum marketing exposure and reaching your highest goals income-wise. The ability of doing business primarily online with e-forms and reducing the hassle of all of that paperwork is virtually priceless. There are many companies that allow you to do this with a minimal monthly cost. They also allow you to choose between hundreds of site designs and customizing options that can truly display what you are about. A back-end e-office is generally standard and can allow you to take full control of the design work and customization. As always, shop around and find the best company that will allow you to honestly represent yourself at a minimal price. With such an incredible return on investment, the real question is, what are you waiting for?
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