Are you ready to make the life-changing switch to wholesale and take advantage of what ‘going independent’ offers you as a mortgage broker or loan officer? Our team at BeAMortgageBroker.com is here to help you every step of the way.

“I’ll NEVER GO BACK” – FINDING THE BEST LENDING EXPERIENCE in wholesale

Every job experience may not be ideal, but they all provide an opportunity to learn, and for mortgage loan originators, where you start may not be where you finish. That was the experience for Colin, who found everything he was looking for in the wholesale channel.

DIFFERENT RETAIL LENDERS, SIMILAR ISSUES

Colin’s first job in the mortgage industry was at a large bank, and he worked extremely hard to build relationships with real estate agents. Over time, Colin felt his growth was stifled by the bank’s slow turn times. 

“I'm hustling and doing everything I can for the client and the Realtor™ to maintain my reputation,” said Colin. “It was the bank behind me that was hindering me from moving forward.”

 Eventually, an opportunity presented itself at a smaller retail lender whose only business was mortgages, which seemed like it would allow for a much quicker process. Everything seemed great. Then, Colin’s friend, who told him about the company in the first place, came to him with a revelatory proposal.

 “He said, ‘Hey, just so you know, I'm going to open a broker shop, and you're going to come with me.’”

TIRED OF LOSING

Colin is the first to admit he didn’t know much about the mortgage broker channel outside of what he’d heard from a few loan originators at his company. They were quick to fill his head with misconceptions often perpetuated in retail lending about wholesale. But the reality was his struggles in retail were overwhelming.

 “’They make everything look nice on paper. Here's what our rates are. And then you sign up with them and a month later, three months later, you lose everything, and suddenly, your pricing goes higher.”

 That was nerve-wracking to Colin because he had a new battle on his hands; trying to sell retail rates that were higher than his competition in the broker channel.

 “I remember going to our pricing desk and trying to get these exceptions every single deal I had, which was exhausting,” said Colin. “So every client I had was a rate shopper. And you won some, you lost some. But I was tired of losing.”

 That prompted Colin to look further into the opportunity at his friend’s new mortgage brokerage. In November of 2019, he officially made the move to join him in wholesale.

“THE BEST DECISION I’VE EVER MADE”

Any hesitation that Colin had about leaving retail lending quickly dissipated, starting with the process of switching to wholesale.

 “It's like there was no transition, it was so smooth and seamless, even to learn the new systems. I think the broker systems are actually easier to use than the retail systems.”

 Then there are his relationships with real estate agents. Colin working at that big bank, constantly having to explain slow turn times became a thing of the past.

 “I've gained their trust a little bit more, more than I already had,” said Colin. “I have numerous agents that say, ‘If Colin can't do it, I know it can't be done.’“

 Looking back on the different stops he made along the way, Colin says he has no regrets. He also had this to say about his past in retail:

“I’ll never go back. I have so much more freedom, whether it’s being just more hands off with my files, the better pricing, better programs, less overlays. It was by far the best decision that I've ever made to make that switch to the broker channel.”