home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

Mortgage Branch News | Net Branch | Mortgage Branch Directory
Coverage of new and existing net branch operations. Programs, payouts and other details. Profiles of brokers and net branch lawsuits.


Net Branch Monopoly

Recent net branch activity

September 3, 2008

By SAM GARCIA


The business of mortgage branching has become a game of Monopoly, with some operations selling or shutting down as others continue to grow.

St. Louis-based Residential Mortgage Consultants has become a branch of First Houston Mortgage Ltd., an announcement last week said. The branch will operate as Envoy Mortgage.

First Houston, which launched its affiliated net branch program in 2006, said its branch count currently stands at more than 25, its headcount is at more than 300 and it is licensed in 20 states.

The Envoy branch is managed by Gary Bussard, who told MortgageDaily.com that his first-half 2008 originations were $23 million -- putting him on track to exceed his 2007 production of $33 million. Bussard founded Residential Mortgage in 1994.

Mid America Mortgage Consultants, also based in St. Louis, joined First Houston in July.

Garret Knox, branch manager of Mid America, said in a press release that the affiliation enables the branch to originate "more loans by reducing time-intensive, back-office activities that overwhelm most lenders."

First Houston added that its branches have access to enhanced loan pricing, an in-house underwriting system and offshore processing in India.

Cascade Mortgage is also among the latest additions to the First Houston network. The new branch is out of Vancouver, Wash.

US Mortgage Corp. is courting loan originators and mortgage brokers for its BranchLink program, which it says enables small shops to obtain access to mortgage banking facilities while continuing as entrepreneurs. Branches also gain access to national mortgage licensing or exemption from licensing.

The Pine Brook, N.J.-based company said 100 percent commissions are available for both originations fees and yield spread premiums -- which don't have to be disclosed. Compliance and back-office support is also provided.

US Mortgage noted downsides to becoming a branch affiliate include lack of autonomy, which is offset by affiliation with a stronger brand, and W-2 employee status, which is offset by expensing business-related expenses from their branch accounts prior to taking wages.

"One's decision with respect to becoming a branch partner is highly personal and individualized," US Mortgage stated. "Branching certainly provides a faster and easier overnight turn-key solution compared to developing warehouse lines and creating an internal mortgage banking operation from scratch."

CTX Mortgage, which has put its retail branches up for sale, has reached a deal to sell four Colorado branches to Cherry Creek Mortgage, Julie Callahan, a spokeswoman for parent Centex Corp., confirmed to MortgageDaily.com in a statement.

Last week, ViewPoint Bankers Mortgage announced it acquired eight CTX branches in Texas. That acquisition came with 45 loan originators and processors.

In all, CTX hopes to sell 50 branches.

NFM Inc. has added 10 branches since March, spokeswoman Bernadette Pearson told MortgageDaily.com in a statement.

Among the new additions are branches in Duluth, Ga.; Sewell, N.J.; Spencerville, Md.; and Harrodsburg, Ky., according to Pearson. Four Baltimore branches were also added as well as branches in Port Orange and Windemere, Fla.

Despite the branch additions, the total number of branches at Baltimore-based NFM has fallen to 34 from 36 in March. Pearson explained this was due to the removal of several non-performing branches.

Employee count at NFM, a MortgageDaily.com advertiser, currently stands at 211.

A number of branches have come up for grabs as Carteret Mortgage Corp. winds down its operations.

The Centreville, Va.-based company, which had 1,700 loan officers and 622 employees as of 2007, notified its branches it would close down by the end of September.

Endicott, Md.-based Candor Mortgage, told MortgageDaily.com that is has already picked up 180 Carteret loan officers and expects to pick up as many as an additional 220.

A former Carteret recruiter told MortgageDaily.com, "The top percentage of loan officers [at Carteret] were some of the best in the industry" and would be desirable as loan officers at many companies.


Sam Garcia worked in mortgage lending for twenty years prior to becoming publisher of MortgageDaily.com.

e-mail: [email protected]



SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders