If you are a loan officer one of the great and simple ways to give yourself a huge boost in income for doing absolutely nothing is to stop working for your mortgage company and open a mortgage net branch with one of the fine companies involved in mortgage net branching.
Most loan officers are pretty autonomous people, and don’t like the idea of being chained down in any way. It’s for this reason I believe many medium or high producing loan officers haven’t even investigated the mortgage net branch opportunity.
This is foolish, because if you did, you would realize the net branch opportunity is almost identical to your current situation. The fact is most mortgage net branch managers act simply as loan officers with zero or one employee, a processor. Sound vaguely familiar? Don’t let the title branch manager scare you out of increasing your income by over 1/3 on no extra effort.
You see, as a loan officer you can never make more than your current pay scale. This isn’t true for branch managers. The bare minimum they make is their pay scale. Yes, they have to follow the law in this regard as well, but this is just the start and window dressing for the powers that be.
The branch manager is paid on the total profitability of the branch. That means total gross receipts minus expenses like the basis points the manager makes on his or her own deals. After the manager gets paid, pays the processor, keeps the lights on, and pays the corporate office for their company fee, the manager keeps the remaining profit.
Not bad for no extra work. Well, there is a little extra work. As a branch manager you must turn in your expenses every month, and let the corporate office know on whom you pulled a credit report. Tough stuff
In fact, most producing net branch managers, who do more than 5 loans per month, find their time can actually go down on a monthly basis. Why is that? Because once you start making real money in this game you can begin hiring high quality processing.
Most people reading this have taken on the role of processing much of many of their own files. You do this because you simply do not trust the workmanship of your processor. It can’t be for any other reason. Hence, you are more of a glorified processor than an actual loan officer conducting high level activities. Rather, you are stuck in a $20 an hour job because why?
Because your company hires people that could be replaced quite easily for the same salary they pay them. That means you get the cream of the crap and no more. When you have your own branch, and you start making money, you can hire the best processing money can buy, and you would be amazed at how that frees up your time to go out and market or do other high yield activities.
Having your own net branch can get you there that much quicker because of the pay scale difference. Look into it. It’s worth it.