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Mortgage Net Branch Colorado
Can My Mortgage Net Branch in Colorado Solicit Business in Other States?
Colorado does not allow for the operation of mortgage net branches in the State itself, so this question will not really apply to Colorado. However, we offer this article so that you will have information as it pertains to mortgage net branches overall.
If the larger mortgage company with which your CO net branch is affiliated is licensed to operate in other states, you should be able to also, because you are working for that company. In the beginning, you may be somewhat limited, but as your mortgage net branch for Colorado continues to grow, so will your opportunities to expand to other states.
Because part of the purpose of your mortgage net branch is to do business in Colorado and secure loan originations on behalf of the larger mortgage company you work for, you and your employees have to let people know that your business is there to help them. Sometimes your "home office" will provide some leads or even send mortgage applicants to your office, but you will want to solicit business also. In fact, some larger mortgage companies pay a fee for each individual loan origination that a Colorado lending net branch generates.
For the first few months after establishing your mortgage net branch outside Colorado, you want to concentrate on the mortgage opportunities available in your home state as well as the few other states you may already be eligible to do business with. The more local business you bring in, the faster people will learn about you, because even with all of today's technology, "word-of-mouth" is still the best advertising.
Once your local net branch sees significant growth and your performance standards become high-quality, you can then start to offer your services to other states and that could include Colorado. Again, your "home office" may help you with this process or you may be expected to approach consumers in other states yourself.