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Ever wanted to own you own mortgage brokerage??
Has being an owner of a mortgage brokerage ever been on your radar? Whether you’d utilize it as an ancillary business or as your main focus, come join us at Meet Motto! Current owners will be answering questions, and presenting in detail their experiences from the very beginning, to their purchase, to their success! See you there!
https://mottomortgage.zoom.us/webinar/register/WN_GR41U3nbQF-7hbQtOlIg1w#/registration
mottomortgage.zoom.us
Hosted by director of franchise sales Kurt Cramer, this virtual event offers the unique opportunity to hear from existing Motto Mortgage owners. We’ll have a candid Q & A about owning a mortgage brokerage in the current market and why … Continue reading
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9 Replies
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Thank you for sharing your information. I heard of Motto Mortgage. Actually, Gustan asked me if I knew about Motto and how it worked. I know everyone has their own perks and not each company is perfect for each individual. I am a realtor but getting my NMLS LICENSE once I pass the exam. Thank you.
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I will have my Associate Bill Burger-King to answer this question Lisa Marie Jones
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Thanks Gus.
Motto Mortgage is a franchise model that is actually Owen by the Remax company. It’s setup much the same way as Remax in that it’s geographically locked to a territory.
A question you need to ask yourself is does it make since for your mortgage business to be locked to a signal location when all banks and and loan officers can do business nationwide as long as they’re licensed or the institution is licensed depending on their model?
Franchising makes since if it gives you an edge or a benefit that you do not receive anywhere else. unfortunately motto Mortgage is not McDonald’s. It doesn’t give the kind of recognition to the public that draws the public to them over anyone else. In addition to that they charge a franchise fee that is quite significant. And a monthly fee for a locked in term of I want to say seven years grand total it’s usually around $350,000 to own Motto mortgage franchise.
There are better options available just about any option in my personal humble opinion is better than diving headlong into such an expensive adventure that locks you and geographically and doesn’t give you the freedom to be able to work loans across the United States or another geographic areas. A better model that I have found is that of NEXA Mortgage, they allow you to recruit and retain and do loans anywhere in the United States. You can build teams across the country you can do loans with realtors across the country you can pick up business and all four and 48 of the 50 states and Washington DC Puerto Rico, and the Virgin Islands right now as we speak it’s such an incredible flexible model that allows you to have significant freedom without the overhead and headache that you would have and running a franchise. if you’re interested in finding out what it might look like for you, feel free to head us up would be glad to help you out give you some advice. Give you some education on what that this actually could look like for you. It’s important to break the right decisions when you’re starting a business and starting to do business and one big benefit that NEXA Mortgage has is the amount of lenders that they have available. They right now 239 lenders available and over 5000 products available and niches and opportunities that are just numerous too many to count. The amount of money you can make per transaction , the caps at a higher level than anyone else I see in the industry and the list just goes on and on the benefits and support structure that’s available to you to help you and support you with little to no money coming out of your pocket you will very much appreciate what you have available to you in a model such as Nexa. So feel free to ask us will share with you what it looks like and what can you.
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Thank you Bill for clarifying everything. The mortgage industry is a very complex industry and I have been getting conflicting answers with almost everyone I talked to but you knocked it out of the ballpark.
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Thank you for the prompt response Bill. I am going to pick on your allegiant and knowledgeable expertise in the real estate industry if you can be nice and share your knowledge. First, many real estate companies are getting into the mortgage business. Compass Mortgage, Keller Williams, Fathom Realty and ibam sure dozens of other firms Are all taking a bath or are they profitable? How are they able to recruit with a potential conflict being a realtor and loan officer? Is Motto Mortgage the only lender with the franchise model? Are these realty owned subsidiary lenders mortgage brokers or mortgage lenders. Have you hear or know about Edge Mortgage, Barrett Financial, C2 Mortgage? Are these companies brokers or lenders? Respectfully thank you in advance
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Bill would you mind explaining the difference between AXEN and NEXA Mortgage
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Here is a advertisement video ad on MOTTO Mortgage Franchise
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Here is a comprehensive detailed video presentation by the franchise development manager https://youtu.be/2G6cxrf1NSE?si=2GQsf3ECa-XGXmQs
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Megan, I have many friends and associates who work at other mortgage companies and often come to me for information on loan programs or career tips. One of the questions I am getting the past several weeks is wil Motto Mortgage require franchisee owners originate loans in all the states Motto Mortgage is licensed in or are they tied to a certain territory. From my understanding, Motto Mortgage charges a franchise fee of $35,000. Then the franchise fee is $5,000 per month after six months. The first six months is a graduated fee. Other FAQ questions on my inbox is the following:
1. Out of the maximum total broker yield spread premium of 2.75% per file or a YSP borrower paid compensation, what percentage does Motto Mortgage Corporate take, what percentage does the branch get, and what compensensation plan is recommended for loan officers.
2. Is a brick a mortar required or is the loan officer franchiser owner rent a space with an existing REMax officer.
3. Does the franchise owner Motto Mortgage branch manager required to get licensed as a real estate agent for ReMax?
4. Does ReMax real estate agents refer leads to the franchised Motto Branch and how much does that cost.
5. Do you need to have experience in the mortgage business as a loan officer or branch manager to buy a Motto Mortgage branch.
6. Is there a minimum past production number for Motto Mortgage Branch buyers or can non–producers buy a Motto Mortgage Branch.
7. If things do not work out, does the franchise buyer get a refund of the franchise fee?
8. If the Motto Mortgage franchise owner want to originate in all 50 states, can the Motto Mortgage franchise owner be able to as long as the loan officer is licensed in the respective stats?
7. If the Motto Mortgage Branch franchise owner wants to hire a lot of loan officers and processors for his or her mortgage branch, is the franchise owner allowed to.
8. Can a franchise owner have multiple regional offices? How does that work.