Branching Questions

How do I get started with Allstate Mortgage & Loan Corporation?

• Download and complete the New Branch forms.
• You may fax, email, snail mail or hand deliver your completed documents to us: (link for email: adminsupport@nationalbranches.com)
• Fax number 727.489.6876
• Mail: 2625 McCormick Drive, Suite 102, Clearwater, FL 33759
• Mail a check for $395 to our office.
• Have loans in process? Need a fast turnaround? We have a 24 hour fast track program. Give us call today at 1-800-701-1186 for a expedited branch office.

How does the Branch Program work? how will it benefit me?

Many experienced loan officers, mortgage brokers and originators want to open their own office or work from home, but have not found an easy way to reach that goal. Many do not have the financial net worth that is required by most states and HUD. Others are afraid to make the step for fear of being unable to deliver loans without a strong support network. Other mortgage originators just want to focus on originating mortgages without having to worry about all of the administrative hassles that go with having a mortgage company.

As a Mortgage Branch Manager for Allstate Mortgage & Loan Corp., you are compensated based on the net proceeds of branch-generated revenues, less expenses incurred by the branch. This applies even if your office is located in your home. In other words, we receive a small per loan fee for handling accounting, compliance, etc. and the rest of the fees collected are paid to you. You could easily double or triple your income! If you are currently with a net branch company, you may be able to increase your income and receive far better service by coming with us.

You would be an employee of Allstate Mortgage & Loan Corporation, so you come under our state and federal licenses and would be able to offer FHA Loan Programs and the VA mortgage program.

We invite you to review the benefits described. Please call us at 1-800-701-1186 with any questions or concerns you may have. We would be happy to help you decide if this is the right opportunity for you.

How does Allstate Mortgage & Loan Corporation support its Branch Managers?

• In addition to our in-house support staff, all of our Branch Managers and Loan Officers can access our employee-only web site 24/7, which includes:
• Our list of approved lenders/investors
• Allstate’s weekly newsletter
• Lender product updates & specials
• Links for submitting loans online
• FHA/VA information
• Training information, upcoming classes and manuals
• Lead and marketing information, downloadable flyers and sales letters
• Email links to Corporate office support staff
• Company calendar of events
• Industry links
• A “Help Page” to post difficult loans

In which states is Allstate Mortgage & Loan Corporation licensed do business?

• Allstate is licensed and established in Florida, Alabama, Georgia, North Carolina, Tennessee, Virginia and Connecticut. We are in full compliance with HUD and State Guidelines.

Can I use my own Processor?

• You can use an independent processing company, our convenient in-house Processing Department, do your own processing, or you may hire a processor. (FHA, VA and Reverse Mortgage Loans must be processed at the corporate office.) Loans that are processed outside of our Processing Department will be reviewed by our Compliance Department after closing.

Can I hire Loan Originators?

• Once your branch is approved, you may hire Loan Originators to work in your branch. Simply have them fill out a New Employee packet and send it to us – we take care of the rest. When they close a loan, we will issue their commission checks separately from yours so that you don’t have to worry about payroll.

Do you offer benefits?

• Allstate Mortgage & Loan Corporation offers the following benefits to its W-2 employees after 90 days of employment:
• Health, Dental, Vision, Life and Disability through Aetna

What is the commission rate for a Branch Manager?

As a Branch Manager for Allstate Mortgage & Loan Corporation, you have two options:

• OPTION #1: You will receive 100% of fees collected less a flat fee of $445.00 per loan. This option requires a minimum of one loan monthly.
• OPTION #2: You will receive 100% of fees collected less a flat fee of $1,495.00 per month. This applies for the first 30 loans per calendar month that your branch produces. If you produce more than 30 loans, you simply pay $395.00 for each additional loan or you can “buy” another block of 30 loans for an additional $1,495.00.

What types of branch programs do I have to choose from?

• FULL BRANCH OFFICE: You will need a Commercial Real Estate office location with basic office equipment such as a computer with internet access, fax machine, printer, telephone, etc. You will also need a business line(s), fax line and an e-mail account.
• HOME BRANCH OFFICE: You will need basic office equipment, such as a computer with internet access, fax machine, printer, telephone, etc., as well as a separate phone line for business, fax and an e-mail account.
• CORPORATE OFFICE BRANCH: Allstate Mortgage & Loan Corporation provides all the needed equipment to operate out of our corporate location in Clearwater, Florida.

What fees am I responsible for?

• A one-time Set up Fee: $395.00.
• Monthly Operating Fee: $425 Flat Fee
• Flat fee per loan: $445 (or $1495 per month for up to 30 loans)
• Basic costs related to your branch, such as office supplies and equipment, postage, telephone/internet expenses, etc.
• Branch license renewal fee – varies from state to state.
• Federal CPA/HUD and State Audits: Annual financial & compliance audits performed by CPA and quality control Company. Estimated Cost: $350.00- $450.00 per branch annually, usually in March.
• Branch Payroll Service: Approximately 15% of gross payroll. This covers deductions for such items as Worker’s Compensation, Employer FICA and Medicare tax, Federal and State Unemployment Taxes, etc.
• State Licenses, State and Local Taxes: Each branch is responsible for its own required state and individual licenses, which vary widely from state to state. Allstate bears its own licensing costs.
• Reserve Account: We require a Reserve Account for all of our Branch Managers; the amount depends on the size of your operation, number of employees and your credit history. You may fund your Reserve Account by making an initial deposit or we will withhold $500.00 from your first two closings, then $100.00 per closing until your account is funded. This is your money and is held in reserve by us as a security deposit refundable after employment termination, less any unpaid expenses that you are responsible for.

Will I be paid 1099 or W-2?

• All Employees of Allstate are paid W-2. This is in accordance with Federal and Hud regulations. Please call for additional information.

Do you offer training?

We offer product training provided to us by our third-party vendors. When such training is available, Allstate Mortgage & Loan will notify you of the schedule. Such training in the past has been on Conventional Loan Programs, Sub-Prime, FHA, the VA Mortgage Program, niche products as well as motivational and strategic marketing.