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Mortgage Net Branch Tennessee
Tennessee Requirements are Different from Other States
If you are considering operating a mortgage net branch in Tennessee, you should know that this state's requirements concerning your net worth and the amount of your surety bond are very different from those of other states. However, by having this information available now, you can take it into consideration when making your decision on opening a net branch.
If you decide to do so, you will already have some of your start-up figures available. This information may be good to have when you are negotiating with the larger mortgage company with which you will be affiliated.
In fact, if you are the one soliciting a larger mortgage company for a net branch opportunity, you can use these figures as a negotiating tool, and determine if a company is willing to help you meet these financial requirements. If you find one that is, that may be the company you wish to operate your net branch through.
Now, for the exact amounts (as of this writing):
- State fee: $600 (that's about average when you compare it to those of other states)
- Net Worth: $90,000. You will need to supply a financial statement that has undergone an audit for review by the Tennessee Department of Financial Institutions.
- Surety bond: A $25,000 individual bond must be obtained, plus a $25,000 for each branch.
In addition, you must have one to three years of experience in the mortgage field, and your work during this time will be reviewed.
Now that you have some basic information, you can decide if taking advantage of a Tennessee mortgage net branch opportunity is a good one for you.