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What is an Equity Source Branch?
An Equity Source Branch is a Branch of a larger Mortgage Banking Platform wherein the Mortgage Banking Platform maintains effective oversight & quality control of originations and operations while the Branch Manager retains the profits from such activity as stipulated within the contract between the two entities. Equity Source Branches have access to all of Equity Source’s mortgage services, warehouse lines of credit and the benefits offered to all of our employees including medical, dental and prescription insurance, retirement and savings plan.
How do I become an Equity Source Branch?
Call our Director of Branch Operations, Adam Finkelstein, at 877-631-8808 and he can answer all of your questions and provide you with the necessary paperwork to become an approved Equity Source Branch.
How does this arrangement benefit me as a Branch Manager?
As a branch Manager you will be able to focus on running your business while having access to all of the support offered by the larger organization. The Branch Manager can focus on originating and closing loans while being able to draw on the larger resources, loan programs and long-term benefits offered by Equity Source.
As an Equity Source Branch, will I continue to do business under my own name?
No. You will become a licensed branch office of Equity Source Home Loans, LLC.
What are my responsibilities as a branch manager?
As a branch manager you will be responsible for all aspects of your respective branch’s operations including, but not limited to the hiring of employees, managing cash flow, advertising decisions, pay structure and first level compliance review.
Do you supply origination software?
We can provide you with an order form to get your own license to Calyx Point, which is inexpensive.
What types of loan programs does Equity Source offer the Branch Offices?
Branch Manager’s have the ability to access any of Equity Source‘s wide variety of registered banks to originate loans through. You are able to deal directly with the AE’s of the various banks they are associated with. Loan programs available but not limited to fixed and arms, sub-prime, Alt-A, Jumbo, Super Jumbo, FHA, VA, Reverse, and Construction loans.
Do I have to have a physical office?
If the state you are originating loans in requires a physical office then you are required to in order to become a licensed Equity Source Home Loans Branch.
As an Equity Source Branch Manager, can I lend in the states you are licensed in?
Currently, Equity source is licensed to do business in: CA, CT, DE, DC, FL, GA, IL, MA, MD, NC, NJ, NY, OR, PA, SC, and VA. As a Branch Manager, you are licensed to originate in each of the states where Equity Source is licensed. Some specific limitations may require individuals operating from Equity Source offices to be individually licensed on a per-state basis. This will be discussed in detail when you enter into discussions with Equity Source about this Branch Opportunity.
Do I have to have a mortgage broker's license?
No. You will work under our lenders license.
Will I get all of the lender contacts when I sign up with Equity Source?
Yes. You will have access to this information. Also if you would like to be included in receiving daily rates, programs, guideline changes, etc. forwarded from many of the various lenders you can sign up to be on that mailing list.
Who handles the accounting, payroll, and expense management for affiliates?
As a member of Equity Source’s Branch Manager team and as an Equity Source Employee, you will turn over many of the day-to-day operational functions to Equity Source. Equity Source will assist all of its employees with accounting, HR, and other functions so that you can focus on originating and closing loans.
What paperwork do I have to submit for Human Resources, Payroll or other functions as a Branch Office Manager?
All applicable forms will be provided to you and your staff for inclusion in the Equity Source H.R. systems including payroll, benefits, and other functional areas of the company.
Can I have as many employees as I want?
Yes. All employees must pass a background check.
What is the commission structure?
A flat fee is taken off the top of the commission of every loan regardless if it is closed as a Banker or Broker. The flat fee is reduced on 2nd mortgages.
When and how do I get paid?
You get paid weekly. You can be provided with a print-out showing your account activity at any time. You will always get a print-out when you have closed a loan so you can determine how the commissions need to be distributed in your branch.
Can I get paid as a 1099 contractor?
No, you must be a W2 employee. It is against the law to sub-contract our lenders license to individuals or companies.
Can I have you pay miscellaneous bills before taxes for my branch?
Yes. You would note them on the check request and we will simply send the checks to your office. We may request receipts case by case.
Since we are an employee of Equity Source Corporation, can we get insurance and 401K?
Yes. Medical, Dental, and Prescription coverage is available after 90 days and 401K after one year.
What other resources does Equity Source offer?
- Benefits: Medical, Dental and 401K.
- State Licensing Assistance for both branch and LO's
- Ideas on generating new business
- Marketing Support
- Human Resources
- Accounting
- Compliance
- Auditing
- File Archiving
How does the company communicate with its Branch Manager offices?
Equity Source uses email, phone, and fax to communicate with its Branch Managers and their offices.
What if some of my questions are not answered in this FAQ section of the website?
We would be pleased to discuss any additional questions you might have in person, phone, or email. You can fill out the form regarding your interest in Equity Source’s Branch Office program and we'll be in touch with you directly. You may also call us toll free at 877-631-8808.
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