2008-11-14 — mortgagedaily.com
A Washington-based lender is becoming a $1 billion player. Business is generated through mortgage brokers and net branches.
NetMore America Inc. today reported approximately $100 million in loan originations during October. Production has soared from just $14 million for all of 2007.
Two-thirds of the business was FHA and one-third was conforming conventional.
If this is just October, then it is pretty impressive they could generate this kind of volume without SFDPA. Of course, FHA now extends well over $600,000 in high cost areas.
Angela Adams at 14:52 2008-11-14 said:So isn't that wonderful... I told you guys that would be the next big company or idea making "them" NetBranch Companies getting rich while small mortgage offices that have been in business for 17 and some I have heard have lost everything including their career after some 25 years. These small business employers/owners are having to close their doors or worse go net branch and give up their brokers license just to be able to take care of their local community. Does FHA get it when now the borrower is being charged a 450.00 admin fee on top (a local broker would not charge this) and because you are taking 10% of the "was broker" now "unsupervised loan officer" (yes you see them all over the place now) in a net branch cost just to even do FHA !! guess what . . "OH NO' the borrower is paying again. . Until they get this . . and our rates don't get down to around 5.25 at par . . of course net branches don't know what a par rate is and most of the LO'S would not know how to write a full doc loan or understand tax returns to save their live. . so, doesn't this say it all as to where we are headed!!! :cry: Permalink
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