Branch Structure

Branches have the option to bank or broker their loans. For banked loans, branches keep 100% of all origination revenue and pay a per-file fee of $795.

While there are significant financial incentives to bank loans, Atlantic Pacific Mortgage recognizes that there may be situations where it is more beneficial to broker loans. Branches have the option to broker their loans and pay a reduced per-file fee.

Structure

Loans are originated and processed by the branch. If requested, Atlantic Pacific Mortgage can process loans at a cost of $395 per file.

Loans are priced at the Branch using www.AskTheCube.com, Atlantic Pacific Mortgage's online pricing and eligibility engine. Live support via Atlantic Pacific Mortgage's Help Desk is also available. Banked loan packages are submitted to Atlantic Pacific Mortgage electronically for rate locking, underwriting and closing. All brokered loans must also be submitted to Atlantic Pacific Mortgage prior to closing.

Ledger

A Branch ledger is used to track the receipt of revenue and the payment of expenses. Branch ledgers are updated as income is earned and expenses are applied. Branch Managers monitor their ledger activity and are expected to maintain a positive balance at all times.

Revenue

All branch revenue for loans closed on the 1st through the 15th of each month is payable to the Branch on the 30th of that month. All branch revenue for loans closed on the 16th through the 31st of each month is payable to the Branch on the 15th of the following month.

Expenses

Expenses are paid centrally through Atlantic Pacific Mortgage and are recorded on the Branch ledger.

Payroll

Branches submit payroll to ADP via a secure, online interface. Checks are delivered to each branch on or before the 15th and 30th of each month. Payroll is deducted against the balance on the Branch ledger and it is the Branch Manager's responsibility to verify that funds are available.

Licensing

Branches must be licensed in the states in which they write loans. Atlantic Pacific Mortgage will apply for the licenses on behalf of the Branch. Branch license costs are posted to the Branch ledger.

Benefits

All Branch employees receive W-2 statements each year and are eligible to participate in company benefits, including health/dental/401k. Participation in these benefits is optional with all costs the responsibility of the Branch employees. Costs vary from state to state and will be provided to the Branch Manager by Atlantic Pacific Mortgage's Human Resources department.

Support

A dedicated Help-Desk is available for Branch service, including loan placement, loan status, product information, Branch licensing and Branch accounting.

Marketing

Monthly marketing announcements are distributed to the branches by Atlantic Pacific Mortgage promoting various products, price specials and other offers. In addition, Atlantic Pacific Mortgage can assist Branches with local marketing programs, including telemarketing campaigns, Internet leads, direct mail, advertising, sponsorships, web site development, email marketing and brochures. The costs of these efforts are the responsibility of the Branch. All marketing efforts conducted by the Branch must be pre-approved by Atlantic Pacific Mortgage to ensure legal compliance.

Application

Branch Managers complete an Atlantic Pacific Mortgage Branch Manager Agreement and consent to a credit & criminal background check.