Two net branch companies have stepped up efforts to recruit mortgage brokers and expand. While branch operations have traditionally focused on loan originations, at least one company has emerged that focuses on loss mitigation.
Pine Brook, N.J.-based US Mortgage has hired a new branch development manager to recruit mortgage brokers.
Gary Lehnes, a 30-year industry veteran, joined the 12-year-old firm, an announcement two weeks ago said. In addition to recruiting, the new executive will provide support for branch managers as well as promote US Mortgage's alternative compensation program -- BranchLink.
In a press release last month, US Mortgage noted that an abundance of net branch companies exist -- with Yahoo.com "net branch" search yielding 126 million results. The company suggested that the best net branch opportunities are with companies that communicate accurately, clearly and efficiently.
First Houston Mortgage announced earlier this month that it changed its name to Envoy Mortgage. The move was made to re-brand the regional net branch company as a national operation.
Last week, Concord, Calif.-based Vanguard Financial became part the newly branded Envoy branch network. Including Vanguard, the 11-year-old firm said it has added 23 offices during the past six months. Branch count currently stands at 35.
Envoy said it has branches located in nine states that are licensed to operate in 20 states -- though it hopes to boost that number to 30 by the end of next year. The Houston-based residential lender said it currently employs more than 475 people.
Plano, Texas-based ViewPoint Bankers Mortgage opened eight mortgage production offices in Texas -- bringing to 18 the number of branches throughout the state. The 45 production employees staffing the new locations all previously worked at CTX Mortgage.
ViewPoint, formerly known as Bankers Financial Mortgage Group, is a subsidiary of ViewPoint Bank.
Mitigation Online Consultants is recruiting new branches to sell loan modifications. The company said it specializes in forbearance agreements, short sales and deeds-in-lieu of foreclosure.
"You work independently as a 1099 contractor under our company name," a recent marketing message said. "You are paid within 1 week of your submission of your modification."
The Encino, Calif.-based firm, which lists dozens of branches in nearly 20 states, said it operates in all 50 states.
Mitigation Online said it charges a flat fee regardless of what the branch charges, accepts all major credit cards and offers a 100 percent money-back guarantee. It claims to have a 90 percent success rate.