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Mortgage Net Branch Connecticut
How Do Managers and Employees of a Mortgage Net Branch in Connecticut Get Paid?
Because those who work at mortgage net branches in CT are considered employees of the larger mortgage company with whom they are affiliated, the process of paying managers and employees may differ between companies. How this works will depend on the agreement between the net branch, the larger company itself and the state and federal statutes.
An agreement can work in several ways. These can include:
- Regular payroll methods
- Payment based on funds availability
If regular payroll methods are chosen, then Connecticut mortgage net branch managers and employees are paid on a regular basis. This may be weekly, bi-weekly, or monthly, depending on how the "home office" payroll system works.
If payment is based on funds availability, then managers and employees of the CT net branches are paid whenever the funds appear and become available in the net branch account. This usually occurs after the loan has been successfully closed and all paperwork and documentation has been turned over for final completion.
Once everything has been submitted and is considered to be in order, the funds generated from the loan origination are deposited to the net branch account. The Connecticut branch manager then distributes compensation and salaries to employees.
Depending on when deposits are made and funds become available, this may be also be on a weekly, bi-weekly or monthly basis. Funds must be there before payments can be made, so knowing when and how often deposits are made will help branch manager of the mortgage net branch determine the best pay schedule.
Remember, mortgage net branch personnel in Connecticut are still considered employees of the larger loan company. Agreements between "home office" personnel and net branch managers will have to be reached in order for compensation to be made.