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Branch-in-a-Box Compatibility: |
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How much mortgage industry experience is required for a branch manager? |
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A branch manager is required to have three years of mortgage experience as a loan officer and or any higher position. Management experience is preferred. |
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What are the financial requirements of a branch manager? |
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Branch managers are required to have between $10k and $30k in liquid start-up capital. |
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Are there any other requirements to becoming an NFM Branch? |
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Every NFM Branch manager must display a proven success record in the mortgage industry, have an entrepreneurial drive, and be a goal oriented leader. If you posses these qualities, the NFM, Inc. Branch-in-a-BoxSM program may be for you. |
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Accounting & Finance: |
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How does my branch get paid on funded loans? |
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When loans close and NFM, Inc. receives the FULL loan package, you will automatically receive a loan settlement summary sheet that will calculate your exact payment. This amount is then transferred into your specific branch account. Transfers occur every Tuesday and Thursday. |
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How do I get paid? |
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Branch managers are paid based on the profitability of your branch as W-2 employees. All compensation will be paid semi-monthly in accordance with current NFM, Inc. payroll policies. |
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Who pays my bills? |
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NFM, Inc. corporate pays all bills for all the branches through the branch operating account. You will receive a copy of all bills paid and have 24 hour view access to your branch bank account. |
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How are my employees paid? |
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NFM, Inc. corporate processes payroll semi-monthly. NFM, Inc. publishes a payroll calendar annually highlighting all key dates. |
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What tools do you have for the branch to control, monitor and track branch finances? |
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- View Access of Bank of America Account 24 hours
- Weekly Financial Summaries
- Excel Tracking Forms
- Customer Service Representative Assistance
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Human Resources: |
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Do you pay W-2 or 1099? |
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W-2 |
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Does NFM, Inc. offer any benefits? |
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Yes. All NFM, Inc. full time employees are eligible to participate in a wide array of benefits (401K, Health, Vision and Dental). |
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Can I offer my employees different benefits packages? |
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No. Due to certain employment guidelines, all employees of NFM, Inc. of equal job responsibility must have the same benefit packages available to them. |
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Legal and Compliance: |
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How many states are you currently licensed in to originate loans? |
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You can refer to the Licensing Map found here for all of our current license information. |
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Are you a Broker, Banker or both? |
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We are both a lender and broker. |
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Can the branch originate loans using a DBA? |
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No. All loans must be originated under the state DBA for NFM, Inc. |
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Am I allowed to keep my current license or work for another mortgage company while being a retail branch with NFM, Inc.? |
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NO. We require all branches to forfeit any current licenses held in any name other than NFM, Inc. or DBA’s established and utilized by NFM, Inc. In addition, employees are not permitted to work for any mortgage broker, lender or investor while employed by NFM, Inc. |
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Does NFM, Inc. have a maximum on points and/or fees charged to the borrower? |
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No. Retail Branches determine all points and fees charged to borrowers within local, state and federal guidelines. |
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Can I get licensed in any states in which NFM, Inc. is not currently licensed in? |
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NFM, Inc. anticipates being licensed in all 50 states. Any states that we are not licensed in should be addressed to legal and compliance at which point we will make our best efforts to obtain licensing. |
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Loan Administration and Processing: |
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Can I process my own loans? |
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Yes. All files must be submitted in accordance with NFM, Inc. guidelines but processing can take place at your branch office. All NY state files must be processed at NFM, Inc. Corporate, unless your branch has the correct NY license. |
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Can NFM, Inc. Corporate process my loans? |
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Yes. All files must be submitted in accordance with NFM, Inc. guidelines but processing can take place at your branch office. All NY state files must be processed at NFM, Inc. Corporate, unless your branch has the correct NY license. |
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Do I have access to DU and LP? |
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Yes. NFM, Inc. Corporate will provide user ids and passwords for the branch manager only. |
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Who determines the fees charged on the GFE/HUD-1? |
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Within legal guidelines established by the regulatory agencies in the different states, each branch office determines their own fees as they are reflected on loan documents. |
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What do I do with my files after the loans have closed? |
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All loans must be stored at NFM, Inc. Corporate for audit purposes. If a file was not processed by NFM, Inc. Corporate, all files must be forwarded to NFM, Inc. in final stacking order |
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Listen to an in-depth
interview between
NFM's President, David Silverman
and Mortgage
Magazine.
Marcus Nole manages the Baltimore branch of NFM, Inc. He has been in the mortgage industry for six years.
