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.

EXPERIENCING CHANGE FOR THE BETTER AS AN INDEPENDENT MORTGAGE BROKER

As many retail loan originators have discovered, sometimes changes in the mortgage industry can be to the detriment of loan originators themselves. Roberto’s experience with the shifting priorities of the banks he was working for prompted him to pull the plug on a long career in retail and make the move to wholesale lending.

CHANGES IN RETAIL. CHANGES OF HEART.

Roberto got into the industry in 2005 selling subprime mortgages. After the financial crisis, he started working with retail banks to learn how to originate loans in the new mortgage landscape.

“I felt like, with a bank, you're going to have their book of business, you're going to have access in different states to go get business. It was great. It worked out well until they started making changes to their processes,” said Roberto.

Not only did those changes impact Roberto’s ability to impress his borrowers and referral partners, they also hit his wallet.

“They started getting thinner and thinner with compensation. We had to start giving up some of our commission to be able to get concessions, to close the loan.”

That began a cycle of moving from bank to bank while running into the same issues.

“We're in a competitive business. The last thing that you want as an originator is to compete against your own bank, who you work for, and that was the last straw that caused me to look at the wholesale model.”

OVERCOMING FEAR OF THE UNKNOWN

Despite the obstacles he faced in retail, Roberto still had to overcome his fear of the unknown. Having spent so much time on the banking side, he was conditioned to believe common misconceptions about mortgage brokers to keep loan originators in retail.

“Upper management, sales managers, regional managers. There's so many people involved in putting the fear of the broker channel into retail loan officers, so I always kind of put it off.”

But when the market shifted to higher interest rates, Roberto knew it was time to go.

“I decided I need to have more control over my process. I had to have more control over pricing and what I'm able to provide my clients. That's what led me ultimately to leave the retail side and join the broker community.”

VENTURING OUT ON HIS OWN

Roberto joined an independent mortgage brokerage to learn the ins and outs of lending, however, the entrepreneur in him knew that he ultimately wanted to become a broker-owner. In August 2023, he turned his vision into reality. Now, Roberto has what he always wanted — more control of the loan process.

“I call the shots. If I need to switch a loan from lender-paid to borrower-paid, I don't have to go and ask anybody for permission. I know what the numbers are, I know what my margins are, I know what I'm able to do to provide a great service to my clients, and real estate agents.”

On top of that, Roberto has also taken this opportunity to be a resource to his loan officers and develop their ability to grow in the industry and make a difference.

“My goal is to be able to help loan officers understand the right way of doing business and helping them help others reach their goal of homeownership. It's surreal to get to this point. I'm proud, I'm excited, I'm happy, and I'm very grateful to be in this position.”