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.

KEEPING PROMISES IN THE BROKER CHANNEL

Mortgage loan originators who have left retail lending can probably recall a situation that made them say, “There has to be a better way.”  Brad remembers the very moment that his frustration with the retail model came to a head. Now that he’s made the switch back to wholesale as an independent mortgage broker, he knows he’ll never have to be in that spot again.

REBUILDING HIS REPUTATION

After a period as a retail loan originator, Brad began to realize the speed of the loan process, or lack thereof, was damaging his business and his reputation.

“At one of these institutions, I was literally across the hall from the underwriter and I would look at her and shrug, ‘When am I going to get underwritten today?’ And she'd point toward the stack of files on her desk like, ‘You're right here, and there's all these up above there,’. So, she's going to get to me when she gets to me,” said Brad.

It was a recurring theme for Brad, having to wait on others involved in the loan transaction and his referral partners having to wait on him. He finally reached a point where it was no longer tolerable.

 “It was the worst service I've ever given. I knew I had to go somewhere where I could close loans if I was going to make a living. And that's when I came back to the broker community.”

RELIABLE RESOURCES

Once Brad joined the broker channel, he was able to focus on what made him a good loan originator in the first place – doing what others couldn’t to anticipate the needs of his clients and partners and solve issues with urgency when they inevitably arise. He has been able to rely on his wholesale lender partners and the direct access he has to their underwriter – and lean into the diverse array of loan products he now has access to as a broker.

 “I really like to be a problem solver,” he said.  “And with the resources we have, I close loans where nobody else can. Our partners know that if they don’t give us good service, we’re going to go somewhere else and that’s the competition that should exist to give us the best product possible.”

RECRUITING FROM RETAIL

As a brokerage owner, Brad is now recruiting loan originators from retail lending. He still encounters those who are reluctant to make the switch to wholesale, even when the writing on the wall is clear as can be.

“I've had friends that work in retail that call me up to do their personal refinance because I get them better rates than they could get themselves at their own institution,” he said. “I’m like, ‘What do you think you're giving your clients?’”

 While his friends in retail might wait to realize the endless opportunity available in the broker channel, one thing Brad isn’t waiting for is his loans to close. Those days are over, and Brad couldn’t be happier about it.

“I couldn’t imagine having to wait for a file to get underwritten or having to beg for an underwriter or a closer to call me back, it's such an easier way to live.”