Ready to get more? Click Here to Get Started

Important Questions To Ask In An Elite Branch Relationship

June 20th, 2022 // branchright
elite branch relationship

For net branch opportunities, elite branch relationships are important. However, there are important questions you must ask before getting into one. They are listed in the article below.

In the mortgage industry, guideline compliance must not be taken lightly, therefore, it is essential to ensure that the partner you choose for a net branch is in operation in accordance with the proper guidelines for an elite branch relationship to work. 

There are several ways net branches are run, some of them are acceptable while some others are unacceptable. As a result, it is important to understand both and the differences between both.

In order to operate with caution and within the proper guidelines of mortgage and net branching, here are important questions you must ask about elite branch relationship benefits.

Want to know more? Read on.

First, You Need To Understand A Net Branch

In this arrangement, the compensation of the branch manager is based  on the net profit of the branch. The legally approved mortgagee is in charge of collecting the revenue from the branch. After the revenue has been collected, the mortgagee pays up the expenses that the branch incurred, then pays the manager of the branch the remaining revenue, as a commission (if there’s any revenue left). 

This arrangement is another form of compensation program for the manager of the branch and is an acceptable arrangement for a branch if other criteria of the branch are met.

What Questions Should You Ask?

Do They Offer An Outstanding Level Of Net Branch Support?

One of the primary complaints that most managers and originators of net branches make is a lack of proper support. This is the main reason that people switch from one company to another. As a result, it is important to understand the strength of the support system you will be getting if any problem arises. 

When getting into an elite branch relationship, ensure you search for the services that are designed to suit you and your team. You must also make sure that you can get the support required to grow a successful net branch of your own. If possible, demand that you are assigned to an in-house support team that you can reach 24/7 and are responsive. A constant access to a branch support hotline that would help you whenever the need arises is also essential.

What Is The Pay Plan Like?

It is easy to make certain payment plans and compensation packages look more attractive than they actually offer, so in order to get the best and what works for you, you need to ignore all the advertising campaigns and market distractions and take a thorough look at the payment package. 

If possible, don’t rush, take a very long time to dissect and get to the bottom of it. Also ask questions. If your partner is not shady, they’ll be willing to give answers to all the questions you ask concerning the payment plans or compensation packages.

It is also important that you understand for yourself, how the corporate entity makes its money as well as what their money making motivation is. Do they intend to grow your net branch or they plan to use what you make to establish other branches as yours?

Questions like this cannot be overlooked. It helps you get comfortable or not too comfortable depending on the situation because you know exactly what you’re getting into.

How Fast Will You Be Paid?

This is an essential attribute of any elite branch relationship so it should be one of the most important factors you consider.

Partner with a company that pays fast, ensure the company has not missed any payrolls before and that you get to decide how the funds are shared among yourself and your staff.

Conclusion

Before getting into an elite branch relationship, there are important questions you must ask in net branching. This is because transparency in any business is important. Branch Right offers you the sort of transparency you’re looking for in any elite branch relationship and these are designed to suit you.