About the Author
Edward James Ferrara III spent 8 years (2001-2008) brokering and banking home loans in Orange County, CA to the tune of some 500 million dollars in mortgages funded by May of 2008, when he founded the rate research website FreeRateUpdate.com, now a unique authority on mortgage rates. Ed recently married and became a first time father (Edward James Ferrara IV). Ed also contributes to RealtyTimes.com (syndicated on Yahoo Real Estate). To contact Ed, email him or call (714) 694-5914.
If you’re “net branching” with a company that plays in the grey area with some of HUD’s regulations, now may be the time to make a change.
Net branching peaked during the boom, and for the most part crashed with the meltdown, but it has survived. While the term “net branch” is on its way out, branches will always be around. Branches are valuable to mortgage lenders because branch managers use their own money to secure office space, pay for marketing, processing, employees, computers, and phones etc. With the help of the lenders’ resources and support, branch managers operate as a banker/broker, in charge of everything doing business…………. STATES CRACKING DOWN ON MORTGAGE “NET BRANCHES” FULL STORY