A Mortgage Net Branch, also referred to as an Affiliate Bank, is an independent subsidiary office of a conventional mortgage banking company. Mainly, an affiliate bank manager works the entire branch with limited supervision responsibility for the staff, general operating costs and the general maintenance of the bank. The company management may delegate such duties as loan officers, underwriting or insurance functions to various locations or divisions of the company. Loan officers are primarily responsible for the underwriting of the loans and implementing policies in line with the guidelines set by the management.
The main function of the mortgage net branch manager is to ensure the proper functioning of the affiliate banks. It is generally a large number of employees spread over various regions of the country or the world. Some companies have branches located in the United States and some in Europe while some are located all around the world. As the size of the business increases, the number of employees will increase.
A Mortgage net branch has various departments. Loan Officers’ department is responsible for approving and processing the loans. Depending on the size of the mortgage company, the loan officers’ department can consist of salesman, analysts, brokers, customer service representatives and loan officers. Analysts, brokers and customer service representatives are responsible for answering any loan officer questions regarding the different products that are offered by the mortgage company.
Mortgage Net Branch managers usually coordinate with various companies providing loans to the mortgage company. Mortgage Net Branch managers determine when and how loans are processed by their respective loan officers. The net branches have been criticized in the past for being slow in approving loans. The complaints have mainly been due to the large amount of paperwork involved and the often time it takes to get a decision. As more companies have started to use these types of branches, the number of complaints from clients has also decreased.
Another department responsible for approving loans is the production requirements branch. Production requirements usually consists of an analysis and evaluation of the current production requirements from various lenders. If a company requires a specific amount of inventory, the production requirements branch manager will ensure the appropriate amount is provided to fulfill the order. Production requirements can differ greatly by lender, therefore the Net Branch Manager must ensure the appropriate documentation is provided for the lender that requires the requested items.
The Net Branch office has several support staff involved in overseeing the operations of the mortgage company. These support staff may consist of clerks, accountants, office support, receptionists and loan officers. The Net branches can expand if a company begins to provide mortgages through the Internet. Clerks, accountants and receptionists can be hired to assist with day to day tasks such as processing new loans and loan processing applications.
What Is A Net Branch?
