|As some net branch companies have added staff and new divisions to grow business, others are soliciting prospective branch partners with new reverse program offerings, debt relief products and 100 percent splits.
In an effort to expand its presence, 1st Metropolitan Mortgage announced it hired William “Bill” Ferjo as a national recruiting coordinator for its branch development team. A 34-year veteran in recruiting, Ferjo was the top recruiter of branch managers in 2006 and year-to-date 2007 for his previous employer CFIC Home Mortgage, a top 10 broker.
Fairway Independent Mortgage Corp. reported it is looking to cash in on the popularity of reverse mortgages and has created a division to specifically actively support reverse products. The Sun Prairie, Wis.-based company said the new reverse mortgage division provides support and training to all of its regional offices.
Earlier this month, Fairway, which said it has closed more than $1 billion in loan volume each of the past six years and has already surpassed that level this year, reported it expanded its network of over 100 branches with the addition of a branch in Auburn, Mass., which it expects will boost volume by 10 percent.
DebtSettlementNetBranch.com is seeking mortgage brokers and loan officers who would like to offer debt relief products under an independent company net branch program or a virtual independent consultant program, according to an announcement.
“Both programs offer extraordinary compensation structures and service practically non-existent throughout the Debt Settlement and Debt Management industry today,” DebtSettlementNetBranch.com said in the announcement.
DebtSettlementNetBranch.com provides the tools, resources, and support to allow senior loan officer and mortgage companies to offer the services from their personal offices, including corporate training, processing of monthly payments, industry software, and negotiations and settlement of the debt. Those joining the programs are responsible for analyzing prospects’ specific financial circumstances, and providing recommendations and course of action for reducing or eliminating debt through education and debt repayment plans. DebtSettlementNetBranch.com national operation covers 48 states, according to its Web site.
Meanwhile, Phoenix Lending Group’s Virtual Loan Officer program enables originators to work from home, with access to a “unique” online mortgage Web office with the “best commission split ever,” the company stated in an e-mail message. “Common Virtual Loan Officers” close an average of two to three deals per month and make between $15,000 and $25,000 in commissions.
The program reportedly offers 100 percent commission on loans, minus a $995 administrative fee on each loan. Additionally, it provides access to Phoenix’s lender list, leads, paid pricing engines, company announcements, niche programs, investment opportunities and critical documents. Phoenix says it has more than 115 approved lenders and has the ability to close loans in 46 states.
While the program is designed for experienced loan officers who have their own book of business, Phoenix noted its “Communications Hub” contains more than 10,000 trigger leads that are ideal for a dialing system and that it has relationships with live lead providers at a cost of $60 to $75. The live leads have no minimums and are producing “terrific results” for many loan officers, according to Phoenix.
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