How to successfully apply for a mortgage net branch manager position.

Setting up a net branch means that you are applying to be hired by a company as a manager.

As small independent  shops are are forced to close or merge with larger operations and FHA becomes more important you will see it become harder and harder to join a net branch mortgage company.

As companies consolidate more small shop operators and top loan originators will begin to migrate to larger companies. The majority of the larger mortgage companies are net branch operations. This will force those companies become more selective when deciding who to hire. In previous years it was a managers choice.  Companies were easy to join and managers could pick and choose companies. I think that is getting ready to change.

This post will give a perspective branch manager some tips on getting approved. We will discuss what a mortgage company looks for and how to present your self in the best possible way to increase your chances of approval.

First – what do companies look for in a net branch manager?

1. Origination Experience – Most companies want a minimum of 2-3 years loan origination experience.
2. Industry References – Your reputation with peers is important.
3. Management Experience – Previous mortgage branch management experience is preferred.
4. Credit – Many companies have set a minimum credit score requirement.
5. Background – Driving, criminal record searches are mandatory at most companies.
6. Plan – Have a written business plan.
7. Financial prepared – Have least 2 months operating expenses.

Second – How to present yourself.

1. Resume – you should have an updated resume that outlines your mortgage and management experience – There are a number of ways to organize your resume. All of them are acceptable as long as you highlight your origination and management experience. If you do not have mortgage management experience list any management experience that you have in another field.
2. References – The more the better. Make sure that the contact information is up to date and that the references you list expect the call.  Lack of response from references or bad contact information is a negative.
3. Credit – Credit will become a bigger concern. If your credit is good state that in your cover letter. If you have previous credit issues you should include a separate letter addressing the issue. KISS – Keep It Short and Simple.  If the issue is behind you use a few sentences explaining why it no longer an issue.
4. Background – If you have a good driving record and no blemishes on your record state it in your cover letter. If you do have previous issues use the same format given for credit explanations. Remember KISS!
5. Business Plan – You do not need to write “War and Peace” with spreadsheets. One page outlining your first six months of operation will work. The key is to not over sell what you will do.  The last thing a company want to see is someone with limited origination experience and little or no management experience stating that they will have 15 loan officers originating multi-state business in the first 3 months ( I get those calls).
6. Financially Prepared – Know your budget. what will it take to operate your branch every month. Rent, utilities, phone, advertising, branch fees,  etc.  Most companies will require a prospective branch manager to demonstrate that they have a minimum of 2-4 months in reserves to operate their branch.
7. Production History – You should be prepared to provide proof of income for the last 2 full years and Y.T.D. – How many units have you closed a month for the last 6 months? What is your average loan amount? What is your loan type mix – purchases vs refinances?
8. Source of business – Do you buy leads? Do you work with real estate agents? Explain how you source your business.

I hope this information helps give you a better idea of what a company will want to know and what you should be prepared to provide when you are considering applying for a net branch manage position.

Feel free to post any questions or comments.