Branch Partner Opportunities!
 

Branching Facts

Considering Opening a Branch Office?

The Advantages & Disadvantages

The recent Real Estate Settlement Procedures Act (RESPA) reform has motivated some successful Mortgage Brokers to consider the “banking” side of the industry as the most suitable approach to the residential mortgage industry. Brokers and individual Loan Officers currently working for bank owned mortgage companies are researching branch opportunities with financially sound ‘privately owned’ mortgage banking corporations. There are distinct reasons why you should consider WestStar Mortgage, Inc.

Here are some of the benefits:
  • A Plug and Play Solution: smaller broker offices or lenders can level the playing field with our turnkey approach to the industry. Our originator teams work as an entrepreneur while managing the empowerment and systems of the larger mortgage bank.
  • Diverse Product Offerings: WestStar branches have the loan products they close on our corporately managed warehouse lines without the requirements of disclosing YSPs. We also allow for wholesale broker relationships with several investors. We offer Conventional, Federal Housing Administration (FHA), Department of Veterans Affairs (VA), USDA, one-time-close, and reverse mortgages.
  • Efficiency: WestStar Mortgage, Inc., underwrites and closes loans in-house and therefore does it faster. If you need a rush then files can be “walked down the hall” for funding.
  • Accounting and Support Services: WestStar Mortgage takes the back-office load off of you. We pay the branch expenses and maintain the office leases. This keeps you focused on what you want; more time for your origination activities.
  • Training: We have the internal resources to provide your staff the requisite and recurring training in FHA/VA governmental-loan products, the technology and updates to keep you up to speed on marketing and lead generation seminars.
  • Multi-State Licensing: Securing state mortgage licenses independently takes a broker many months and thousands of dollars. WestStar Mortgage, Inc., on the other hand, is licensed in 26 states. This affords our originators an expanded universe of homeowners to serve.  WestStar Mortgage, Inc., with the U.S. Department of Housing and Urban Development (HUD) Title II licensure can quickly open opportunities for their branch partners in other states where it is economically beneficial.
  • Commissions: Many experienced Loan Officers in brokerages, banks and credit unions earn only 50 - 75 basis points from the origination of a loan.  Depending on your track record and performance as a branch operator you can earn up to 100% of the origination fees, and yield-spread premiums (YSPs), net after expenses. The difference in revenue will help you in your recruiting efforts of other Loan Officers in your market!
  • Compliance: WestStar Mortgage, Inc. has the software applications and the  compliance experts on staff to ensure that not only are file flows compliant and quality-assured but also that individual Loan Officer and branch licenses are current and maintained.  We also ensure that all advertising pieces are compliant in terms of equal housing, annual percentage rates (APR’s), licensing and state disclosures.

WestStar Mortgage, Inc offers search-engine optimization to create brand recognition and leads for their branches, and the autonomy issue is often abated.

  • Some people considering the transition to an branch relationship worry about HUD’s Mortgagee Letter 00-15 requirement that, in a branch office arrangement, all employees’ income must be reported on W-2’s. This is true, you must be a W-2 employee.  However, branch operators expense as many legitimate business-related expenses as possible from their accounts before receiving W-2 income. Therefore, the difference between W-2 or a 1099 income is negligible.
  • Our branch model appears to offer a wide array of advantages for licensed mortgage brokers. The decision to be a loan officer or branch manager requires thoughtful consideration of the value, benefit and leadership of the organization under consideration. WestStar Mortgage, Inc., provides you with these tangible characteristics and the experienced management team to help you grow during these contemporary times.
CONTACT US TODAY!

Dave Baer, SVP and National Production Manager at This e-mail address is being protected from spambots. You need JavaScript enabled to view it or

Robert S. Bryce, VP, Director of Branch Development at This e-mail address is being protected from spambots. You need JavaScript enabled to view it .
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