Are you ready to make the life-changing career switch from retail lending to wholesale as an independent mortgage broker or loan officer? Our team at BeAMortgageBroker.com is here to help you every step of the way.

THE TRUTH WILL SET YOU FREE – CONFESSIONS OF A FORMER RETAIL LOAN ORIGINATOR

It’s a common admission from mortgage loan officers who make the transition from retail to wholesale lending. Not only were they familiar with the misconceptions about independent mortgage brokers, they spread those misconceptions as a way of protecting their business while working in retail lending. It’s not until they make the move to wholesale that they realize the truth — and how much better business and life can be as a broker.   

FEAR OF THE UNKNOWN

Craig spent many years working for banks and direct lenders. When the market shifted in 2022, he started losing business to independent mortgage brokers based on price. Craig already felt conflicted because he knew he couldn’t provide a wide enough variety of loan options for his clients given the limited offerings available from those lenders.

“It's very important to people, so how could I, in good conscience, sell a rate that I know is higher than somebody else’s rate?” said Craig. Still, Craig was hesitant to work on the broker side because of what he had heard about wholesale lending.

“I thought, I’m never going to be able to speak to an underwriter. I'm never going to be able to control my pricing. I’m never going to be able to get a file to closing on time. And when I do get it cleared to close, I’m never going to be able to close it because I know there's going to be so much red tape,” he said.

A HUGE DIFFERENCE

It wasn’t until he finally left retail that Craig’s eyes were opened to the truth about the wholesale channel — starting with how seamless it was to switch.

“It’s a transition that’s easy because there are people here to help you. The companies who want the loan from you are bending over backward to try and make it special and make it a great experience for you. It’s a huge difference.”

Craig found more differences that cemented his decision to become an independent mortgage broker.

“I’ve got much more flexibility and my borrowers, they’re getting a much better bang for their buck. I feel released from the bind of selling a particular rate that you’re given from an organization and trying to explain rate doesn’t matter. Rate does matter,” he stated.

“GUILTY AS CHARGED”

Looking back, Craig is the first one to confess that he used to bad-mouth independent mortgage brokers. He sold himself by selling against them.

“Guilty as charged. I was the ultimate guy who said, you don’t want to go work with a broker. I would say these guys have no control over their finances. They just send a file into the darkness and they don’t know what’s happening. When in all truth, the people on this side, the brokers, we know exactly what we’re doing and we’ve got the quickest and easiest way to get you from application to closing.”

At every turn, Craig has found affirmation that becoming a broker was the right decision. As for those myths he used to spread about brokers — he’s so happy to have been so wrong.