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.

BACK TO BUSINESS IN THE BROKER CHANNEL

The mortgage business is ever-changing, with cycles of high rates, low rates, purchase markets and refinance booms. Every loan officer must make decisions based on those cycles to keep their business moving in the right direction. Justin had one such decision which led him away from wholesale lending – before another change brought him back.

“THE GRASS WAS GREENER”

Justin started on the operations side of the mortgage industry before moving into loan origination in wholesale lending. With a focus on home purchase loans, Justin’s business was booming around 2015-16, so much so, that his pipeline got backed up and he couldn’t close a loan in less than 30 days. Meanwhile, his retail lending counterparts were closing loans in 18-21 days.

“And that was hurting my relationships with (real estate) agents. It was just causing so much stress,” said Justin. “So it got to the point where I was like, you know what? I don't care if I have to take a hit on how much money I'm making going from broker to retail. The grass was greener at that time.”

Even though he was closing loans quicker, Justin’s income went down and then interest rates went up.

“As time went on, I saw behind the scenes that the broker model was evolving quite a bit,” he said

“And it seems like even that much more in just the last 2 or 3 years.”

A NIGHT AND DAY DIFFERENCE

Justin returned to wholesale lending in 2021 and found a vastly different landscape than the one he left 5 years earlier.

“Flipping back to the broker side, the control, speed and technology is blowing out what I was getting in retail,” said Justin. “So it's been pretty amazing. It's just night and day.”

Not only has it been a better experience for Justin as an independent mortgage loan officer, but it’s also been a breath of fresh air for the team he brought with him from retail. Unlike Justin, many of them had no previous experience in wholesale and were skeptical of making the move. That uncertainty was laid to rest quickly.  

“They were all scared and heard horror stories. Then every single one of them was like, ‘Oh my, it's way easier.”

 “A DEADLY COMBO”

In the past, Justin focused his efforts on earning business from real estate agents. However, during the pandemic, he dedicated himself to learning social media and video. He now has over 100,000 followers on both Instagram and TikTok, while more than half of his business is consumer direct.

 “I'm excited to continue this path of digital marketing because I've spent years learning how to put loans together,” said Justin. “I've spent years learning how to run a business and now I'm spending the time on digital marketing. I feel like that's a pretty deadly combo.”

 Justin’s ability to pivot his business strategy bodes well in an industry that continues to ebb and flow. That said, whatever he does from here, will be in wholesale lending. 

 “It's a thousand percent better than you could imagine. Being back in the broker world, how much happier I am and how much better I like the process than when I was in retail. It’s been amazing.”