The self-proclaimed biggest U.S. mortgage broker recently grew by four branches. Other net branch companies are migrating toward government programs.
Allied Home Mortgage Capital Corp., which says it is the "largest privately-held mortgage banker/broker in the U.S.," announced new branches in Atlanta; Corpus Christi, Texas; Hudson, Wis.; and Reno, Nev.
Centurymark Home Loans announced earlier this month the launch of an affiliated-branch program that includes FHA programs and "operational stability."
A Colorado company is looking to hire as many as 70 new originators in a national expansion as it opens new branches and heads toward a top-10 reverse mortgage lender ranking this year.
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Two Texas-based net branch companies boosted their branch counts, while a Utah-based branch operation enhanced its presence in the Lone Star State. Meanwhile, a North Carolina-based net branch sees a rising share of FHA business sustaining its activity.
As secondary market investors tighten conventional lending requirements and costs, government-insured programs are expanding to cover the shortfall -- with recent program changes benefiting a wider pool of borrowers. But these programs can only be tapped by approved mortgage lenders and brokers or by approved net branch correspondents who operate under strict arrangements.
Following a two-year acquisition and growth binge, a Las Vegas-based "branch consolidator" has halted business and is attempting to survive through a restructuring.
A number of net branch operations are still reporting growth. Among strengths recently touted by some of the companies were strong executive teams, aggressive secondary marketing departments and 100 percent commission programs.
A Florida-based net branch operation that previously promoted itself as a haven for mortgage brokers looking to avoid companies that would eventually collapse has itself collapsed.
A Kansas-based bank is shutting down a net branch subsidiary with around 200 offices. But some branch managers are baffled by conflicting messages from the company as well as another mortgage lending subsidiary the bank recently opened.
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State Licensing Requirements Comprehensive table of licensing requirements by state, including licensing for companies, licensing for individual originators and education requirements. Created by the Washington, D.C.-based mortgage law firm of Weiner Brodsky Sidman Kider PC.
