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Mortgage Net Branch Minnesota
How to use marketing tools to the advantage in your mortgage branch in Minnesota.
Minnesota is one of several states that does not allow mortgage net branches to operate. However, this doesn't mean that you can't use marketing tools to help your licensed mortgage business grow. After all, you are still operating a MN mortgage business, but the services you provide are mortgage loans.
The original intent of a Minnesota net branch operation was primarily to handle loan originations; that is, receiving the mortgage application from consumers wishing to obtain a mortgage loan in MN, reviewing the application and deciding if it could be approved, and, if approval is granted though underwriting, providing the applicants with an estimate of the interest rate they can expect to pay based upon the loan program rates.
Your mortgage business does the same thing; Just like a MN net branch would have done, it sees the application process through to its completion. This can actually be a good thing, because you literally have a part in every step of the process.
If you take the time to keep up with current mortgage trends, you can offer the same or lower interest rates, mortgage terms, and other things that other mortgage companies can. Keeping your business competitive allows it to grow, which results in more profits for your business.
And, while it's true a mortgage net branch in Minnesota could have provided employees with more time to study these trends, adjust their figures accordingly (with the "home office's" approval, of course) you can do the same thing, even if it means hiring a person to perform those specific tasks. The increase in your profits will make having to take on an extra person, if this is what you must do, a good option in the long run.