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Mortgage Net Branch Iowa
Different Types of Mortgage Net Branch Opportunities in Iowa.
Mortgage net branch opportunities generally have to do with fee types and amounts. So, of course, depending on which ones are allowed in IA, and which one you choose, it can make a difference in the amount of money your Iowa mortgage net branch can generate.
- Some net branches in IA operate on a flat monthly fee basis.
This means that no matter how many loan originations you generate, you pay a flat fee for the branch operation. This can have advantages as you know how much you can expect to pay versus any projected Iowa loan closing each month. One of the disadvantages as you may feel as though you are not being paid enough, especially if business starts out slowly relative to loan closings.
- Flat file fees are often charged.
This means that you are charged a certain amount for each loan closed. Fees vary and how they charge in Iowa can vary. For example, you may have one flat fee for first-time mortgage loan originations, and in some cases another fee for second-time mortgage loan originations (these can include refinance mortgages or mortgage applications from persons who have already owned a home in the past.) First-time originations are usually higher than second-time originations, but both types you pay a fee but you do make money regardless provided you GFE was done correctly.
This, too, has its advantages and disadvantages. Again, you know how much you will receive each time you submit a loan origination file and it is completed. However, since some require more work than others, you may feel as though you are not being fully compensated for your time and efforts.
- You may work on a no-fee basis.
If this is the case, your Iowa net branch keeps every penny of money that is generated after expenses have been deducted. How much that is, though, depends on the amount of loan originations you generate.