net branch » Opportunity » Arizona
Mortgage Net Branch Arizona
Do Mortgage Net Branches Operate the Same in All States?
No, they don't. Some states, such as Arizona, have specific regulations that apply to mortgage companies as well as net branches. First here is some information on mortgage company and net branch operations overall.
Net branches in Ariozna are not separate entities; rather, they are a "branch" of a larger mortgage company. In some ways you can compare mortgage net branches in Arizona to bank branches. You can consider the larger mortgage company the "home office", because net branch employees still work for that company, just like bank employees in AZ work for a bank, not for a specific branch.
However, because mortgage companies in and of themselves operate differently than banks, the State of Arizona has established regulations concerning the operation of both the companies and their net branches.
Some of the regulations are listed below, but this is not an all-inclusive list. So, if you're considering net branch opportunities in Arizona, you will want to familiarize yourself with all the regulations.
The regulations give specific information on things that are not allowed in operating net branches. As far as we can identify, these were accurate at the time of this documents creation. They include the following:
- Net branch managers in Arizona cannot be required to pay any start-up costs. The mortgage company itself must assume these expenses.
- Mortgage companies in AZ cannot represent their net branches as a separate business, especially to organizations such as the Better Business Bureau.
- Mortgage broker or banking licenses cannot be transferred or assigned to employees who operate or manage net branches in Arizona.
- Mortgage companies must have and maintain physical access to their Arizona net branches at all times. In other words, they have to remain in contact—personal, virtual, and otherwise—with the branch constantly.