FAQ's

Summary: This page primarily addresses questions pertaining to our company organization and how our industry operates. Consumers can also fund a number of other resources on the Internet.

FOR CONSUMERS

The branch we deal with isn't named America's Mortgage Broker, should I be concerned?

We purposely encourage each branch of ours to create their own image and brand the quality of service that they offer uniquely to themselves. AMB firmly believes that individuals take more pride in their work when they have a vested interest in their branch, such as providing the level of professionalism they want to be associated with the name that they chose!

There are so many lenders to choose from, how do I decide?

Choosing a lender or broker to work with is very much a personal decision. If you want to work with the company offering the best rates, we haven't found them yet. It seems the more people you call the better rates you find! Ever wonder why? Well, we believe because the people you talk to are either unethical and simply quote you a better rate to get you to apply or they misunderstand how to quote a rate to start with. Our only suggestion is evaluate the person you speak to and ask yourself, "Is this the type of person I want to do business with?" Remember that for the most part, all mortgage companies have access to the same investors and rates. What really separates lenders is the quality of service and the level of personalized attention they want to deliver to you!

The Fed just raised rates, why did mortgage rates improve? Or conversely, the Fed just dropped rates, why is my mortgage company saying rates went up?

The Fed only controls short-term rates. Mortgage securities are predicated on longer term maturities. Often, investors see raising short-term rates as a diligent move on the part of the Fed to control inflation, which ultimately helps the economy by controlling costs and even higher rates. Therefore, when short-term rates go up, long-term rates may decrease. Likewise, if the Fed lowers short-term rates, investors may perceive such a move as a sign of weakness for the Fed and wonder if inflation might creep up and force even higher rates.

The real question to answer is when the Fed makes a move, was the move in line with investors' expectations or not. When a move is more than expected the impact of the move on long-term rates will be exaggerated. The most likely effect if the Fed was expected to raise short-term rates a quarter of a point and then actually raises them a half of point would be a slumping market for bonds.

Why does it take so long to process a loan?

Actually the time it takes to process your loan is directly proportional to the expertise of the company that you choose to apply with. Some lenders inherently take longer than others even when all factors are the same. Ask your loan officer for a couple of references from borrowers that have closed recently or from a title company that the loan officer works with. The purpose of your call is not to determine the credibility of the lender hopefully their references would speak well of the lender but rather to see how long it normally takes the lender to close their loans.

FOR PROFESSIONALS

Why Manage a Branch of America’s Mortgage Broker, LLC?

We all struggle with limited time and resources. We choose how to spend our money, time and effort. Understanding the importance of concentrating on originating loans and building referral sources as compared to spending time running an office is a key to your success. The support AMB provides helps you capitalize on making money and minimizing tasks, which take it away.

Are There any Initial Fees, Software or Equipment Needed to Get Started?

AMB does not require you to pay an initial fee but your branch must reimburse AMB for expenses incurred in opening. You will need Microsoft Office 2000 SR-1, and Internet access. You will also be required to use Encompass as your LOS system

What On-Going Fees are Required?

Branches pay a royalty fee of 10% of revenues. If you make $3,000 on a loan, our royalty fee will be $300. If you make $150 on a loan, our royalty fee will be $15.00. As one manager said, “I like the idea that AMB shares in my pain as well as my gain.” The royalty fee is capped at $36,000 per year. It is in our interest to help you maximize your income! Other fees include a payroll administrative fee (about 13% of payroll), contributions toward non-commissioned employee’s health insurance (about $175.00), quality control fees ($15 per closed loan plus hard costs) and any other expenses that your branch incurs. AMB pays for operating expenses of your branch prior to distributing your branch profit.

Can I Work From Home?

Yes, you decide on your own work environment. You can operate from your home or from commercial office space, including an executive suite.

How Often is Payroll Run? Who Does it and Who Pays the Branch’s Bills?

AMB runs payroll one time each month. However, manual checks and payroll advances are available for non-manager employees. AMB engages payroll professionals that administer payroll and help minimize taxes through benefit plans including health, dental, vision, and retirement. You pay your own branch expenses when you sign on your own branch checking account into which you will deposit any funds you receive.

What Loan Programs and Sources of Funding Does AMB Have?

AMB does virtually all types of residential financing, including FHA, VA and RCD, as well as commercial lending. AMB has over 200 approved institutional investors as well as numerous private ones. AMB offers employees bonuses to promote our affiliate services, such as title insurance or down payment assistance.

Who Processes My Loans and Who Determines Where They are Submitted?

Probably the same person who is now – You! AMB provides you with software and resources to simplify the process. You control the destiny and pricing of each loan in your pipeline. AMB tries to negotiate better pricing whenever possible and enjoys the opportunity to pass it along to you, whenever practical. We want you to have the best rates possible.

Does AMB Offer Training?

Yes. We invest considerably in materials from well-known mortgage coaches like Todd Duncan and Ron Quintero. We host manager training that will help you run a more productive business. We help train and educate all employees and support staff through regional training classes (many offer Florida continuing education credits). AMB has taken initiative to license ourselves as a Mortgage Broker School in the state of Florida. All training classes taught by AMB will qualify towards Florida’s 14 hour requirement.

What Does Managing a Branch Really Mean to Me?

Managing a branch means you are a part of an established organization that shares experiences and ideas with each other. It also allows you to use your resources to produce loans, instead of running an office. You benefit in direct proportion to your branch’s profits. You get to choose your own name and have your own checking account. In many ways, it is better than owning your own business!

Am I an Employee or Independent Contractor?

An employee, AMB pays W-2 earnings based on salary, commissions or hourly wages. You will receive a bonus for any profits generated by your branch after all branch expenses are paid. You may outsource processing and marketing to maximize cash flow but any individual taking loans or negotiating terms must be AMB’s employee.

Am I Granted any Territorial Protection and is Individual Licenses Required?

No territorial protection is needed since branches operate under unique names. Most states do not require individual licenses. However, many communities require business licensing that you will need to research and conform with. AMB is accountable to know when state and national licenses are required.

What is the Next Step?

To learn more about AMB, please visit http://www.amb123.com/professionals.htm and review our Agreement. Call Bob Scarpetta at 813-289-0154 x227, or email us at newhire@amb123.com to see if you qualify for The Ultimate BRANCH SOLUTION ^SM.

Frequently Asked Questions