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.
WHERE SHE’S SUPPOSED TO BE
Buying a home is one of the biggest milestones in a person’s life, and an independent mortgage loan officer gets to experience it right alongside their clients. Personal details are shared. Connections are made. Relationships are built. It’s the part of the job Stephanie, a loan officer in Pennsylvania, lives for.
After a long mortgage career in retail banking, Stephanie realized the landscape of the business had changed the way she was able to serve the clients who meant so much to her. Stephanie decided she had to make the switch to become an independent mortgage loan officer to find the fulfillment she was looking for.
TUG OF WAR
At a retail bank, mortgage loan officers typically only have access to the loan products their bank offers. If one of Stephanie’s customers didn’t fit into that retail-bank box, she had to try to make them fit, leaving her feeling like she was in a constant tug of war between her employer and her clients.
“People would leave my office and there were just so many times that I felt like I let them down. There’s a relationship they’ve cultivated with me through the years and when I don’t have a product that fits their needs and I can’t refer them to someone who does, it created an inner turmoil,” said Stephanie.
Stephanie recalls that this conflict got to the point where she was experiencing anxiety and even panic attacks. When she left retail banking, she actually left the mortgage loan origination business entirely for more than 5 years.
REBORN IN THE BROKER WORLD
Stephanie got back into the business doing compliance before joining an independent mortgage brokerage in 2019. There, she started out ordering verifications of employment and appraisals. However, what Stephanie really wanted was to be back in front of borrowers. When she began originating again in February 2020, she quickly realized all the different options she had as an independent mortgage loan officer.
”If one lender doesn’t work, then I just go to a different lender,” she said. “So it’s not about making the borrower fit in the lender’s guidelines under their umbrella. It’s about finding a lender worthy of my borrower. When you change that mindset, your whole approach to lending changes.”
For Stephanie, that approach includes being able to serve her clients to the best of her ability.
“I tell my borrowers, ‘I’m here to represent you. So whatever bank we choose, I’m going to choose the one that’s the best fit for you, but ultimately, I’m here as your guide. You drive the car, I’m the navigator.’”
it feels good to dream again
On top of feeling good about her job again, Stephanie has also discovered the earning potential that exists in the wholesale mortgage channel. Her current goal is to double her production from last year.
“When you have an opportunity to be in control of your finances, it’s actually a blessing,” said Stephanie. “My husband and I dream — where do we ultimately want to live? How can I give to the community? If kids need book bags at the local school, we can do that. It feels really good to dream again. It’s been a long time.”
Stephanie is also in complete control of how she’s able to serve her clients. She never has to tell them no. There’s always an option to help them find the best path for their mortgage needs. It’s something that Stephanie never loses sight of and is forever grateful for.
“I am, undeniably, where I’m supposed to be, and it’s the coolest feeling ever.”