Career Options in the Wholesale Mortgage Industry

Are you interested in a career where you can help people around the country achieve the dream of homeownership? If so, the wholesale mortgage industry may be a great fit for you. And the good news is, it’s fairly easy to jump into this field. With a variety of roles available, there’s bound to be a position that best suits your desires and credentials.

Let’s take a look at some of the most common roles available to independent mortgage professionals in the wholesale mortgage industry.

1. Independent Mortgage Broker

An independent mortgage broker often owns their mortgage brokerage company and helps connect borrowers with wholesale mortgage lenders to secure a home loan. Independent mortgage brokers typically do not use their own funds, but rather they provide the required paperwork to a mortgage lender for underwriting and approval on the borrower’s behalf. Unlike retail loan officers who work for banks or large online lenders that work directly with consumers, independent mortgage brokers can offer borrowers multiple loan options because they can work with multiple lenders, faster turn times and a more personalized experience. This ensures they can get the borrower the best loan possible for their financial situation, while also getting them to the closing table as quickly as possible.

Independent mortgage brokers are also typically small business owners who are rooted within the communities they serve and focused on building long-term relationships with their clients.

2. Mortgage Loan Officer

If you’re not necessarily ready to open your own mortgage brokerage, you can also become a licensed loan officer, which may also be referred to as a mortgage loan originator or MLO. Essentially, a mortgage loan officer is a representative of an independent mortgage broker or another financial institution, and licensed by state and federal regulators. This authorizes them to work with consumers to obtain a home loan.

Loan officers assist borrowers with completing a mortgage application, finding the appropriate program and more, meaning they are well-versed in all loan products available, and are typically the borrower’s go-to person for any questions or concerns they have throughout the loan process.

3. Loan Processor

If you’re not ready to take the leap to get licensed as an independent mortgage broker or loan officer, a processor role may be for you. A loan processor or mortgage processor prepares the loan file and collects documents for delivery to the mortgage underwriter. Because processors are in charge of prepping and submitting files to banks and mortgage lenders, they must be highly organized to ensure that everything is submitted correctly and to the right party. They also proofread each mortgage application, so they need to be able to quickly spot errors, typos and mathematical miscalculations.

4. Loan Officer Assistant

Loan officer assistants support mortgage loan officers and processors with administrative tasks throughout the client loan application process. Multi-tasking and customer service skills are essential in this role. This is another great position to consider if you’re not looking to get licensed yet.

There’s no better feeling than helping someone finance the home of their dreams. With a variety of available career options, the wholesale mortgage industry is a great place for those who have a strong work ethic and want to help people within their communities on a daily basis.

Are you interested in starting a career in the wholesale mortgage industry? It’s easier than you might think, and our team at BeAMortgageBroker.com is here to help you every step of the way.