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.

BOOKENDING HIS CAREER AS AN INDEPENDENT MORTGAGE BROKER

Over the last 30 years, Rich has seen the mortgage business from every angle. From small brokerage shops to large banks, refinance booms to high interest rate markets, Rich has experienced it all. However, it wasn’t until recently that he realized a return to wholesale lending would be the best decision of his entire career.

HIGHEST OF HIGHS, LOWEST OF LOWS

Rich jumped into the mortgage industry in the early nineties and had immediate success. He started his own business and expanded to multiple branches before selling the company to a big bank. But it wasn’t always smooth sailing. At one point, he filed for bankruptcy and like many in the industry, Rich was rocked by what happened in 2008. After briefly getting out of the business following the financial crisis, Rich got back into the industry with a company on the retail lending side.

“It was one of about five in a row that I tried for various reasons and just found that it was not easy,” said Rich. “It was always this assembly line of people involved where you've got seven different stops along the way to a closing and each one of those people needs three or four days to do their job.”

This not only had a negative effect on his business, it also impacted his relationships with referral partners.

“It got to the point where if a real estate agent gave me a contract with a closing date less than 30 days, I had to prepare them that I can't guarantee we're going to be okay.”

“I THOUGHT BROKERS WERE DEAD”

As he contemplated his next move, Rich didn’t think going back to the broker channel was an option.

“I thought brokers were dead. I thought there weren't any,” said Rich.  “Before I made this move, I knew only one broker in the state.”

Rich later discovered that the mortgage broker channel was alive and well and, in the fall of 2023, Rich went back to his roots and once again became an independent mortgage broker.

A NIGHT AND DAY DIFFERENCE 

 Rich relied on the resources he was offered from wholesale lenders who wanted to help with his transition back to wholesale lending from retail. He quickly found that the support he received during that period extended into his day-to-day business as a broker.

 “I've got more help now than I've ever had, even being part of a large bank,” said Rich. “I'm not alone at all. I've got IT people, I've got hiring, recruiting, and marketing help. It's tremendous.”

The other thing Rich has that has been a differentiator is speed. Gone are the days when he couldn’t confidently close on time for his real estate partners.

“My average clear-to-close since I've been on my own is nine business days. It's night and day and it's what wows people, it's what they remember.”

As he bookends his career in the broker channel, he’s focused on being a part of a great broker comeback story, and he still has more chapters to write.