As we’ve commented in the past, it makes a lot of sense for a mortgage banker and/or originator to partner with a commercial bank.  The benefits are numerous: strong capital, liquidity, large warehouse facilities, investor approvals, licensing, etc, etc.

Although it makes a lot of sense, it's hard for mortgage bankers and brokers to locate a suitable partner and gain regulatory approval. Furthermore, working at a large commercial bank can be challenging because they're not very flexible –loans either fit in the box or they don’t – the environment must be loan officer centric.

Me and MND's Adam Quinones put our heads together and came up with what we feel is the beginnings of an  "Originator's Dream Job Wish List".

  1. National Charter. Must be able to write loans in all states.
  2. Operation Sells Loans Through Mandatory Commitments. Originator-friendly float down policy plus multiple TPO agreements to sell direct.
  3. Full Eagle. In House UWs and Processors available for face to face discussion and support
  4. Smooth "New Appraiser" Approval Process. Plus a proven "already approved" appraiser list. (Confused? Mortgage bankers don't have to use an AMC!)
  5. UWs and Closes Following GSE regs. Never forced to turn away a loan. Limited overlays.
  6. Comp Plan: Increasing pay scale. Reward for volume. 50% 55% 60% 65%
  7. Ability to Write Local Construction Loans
  8. Lock Desk + Secondary  + Pricing and Guideline Engine
  9. Best LOS? Best Credit Repository?
  10. Pre-approved marketing materials plus technological means to personalize
  11. Some name recognition but not too much...too much reputation can be a bad thing in this business
  12. Computer stations + remote access ability

The perfect mortgage company  allows a loan officer to focus 100% of their attention on their job: WRITING LOANS!

There are a handful of regional and community banks today that operate a mortgage operation as either a division of the bank or a stand-alone subsidiary.  They have capital, warehouse capacity, secondary market investors and a loan officer friendly atmosphere.  These institutions are the ones to partner with...

This week we were engaged by a mortgage banker to find branch affiliates on the West Coast.  It is a strong, bank-owned institution that writes loans across the country, has a scalable platform to accommodate large growth and fits many of the above outlined criteria. If you're interested in further exploring this opportunity, send me an email at cwatts at with "LO Dream Job" in the subject line.

How would you describe the perfect mortgage company?