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.

NO MORE NO’S – MAKING THE MOVE TO WHOLESALE LENDING

For anyone in a sales role, not being able to offer a client the product they are looking for brings about all kinds of emotions – disappointment, frustration, even anger. In Steven’s case, it spurred a different feeling – motivation to leave retail mortgage banking for wholesale lending.

ROOTS IN REAL ESTATE

Steven got started in the business as a real estate agent and as time went on, he found himself becoming drawn to the home loan process more than the home selling.

“It's a little more factual. There are guidelines to it,” said Steven of mortgages. “It made it a little bit easier because I was able to help my clients answer the questions they had. I was more of a numbers guy, so I became more interested in lending.”

Steven started working as a loan processor before making the jump to mortgage loan officer. He worked for a few different companies in retail before he started having conversations with a colleague who was an independent mortgage broker.

“I DIDN’T WANT TO DO THAT ANYMORE”

Steven’s interest in learning more about the wholesale channel started from constantly being unable to access the loans his clients needed – loans he would end up referring to that same colleague who had that access with wholesale lenders.

“I had scenarios that I was saying “no” to, and I would go and talk with her, and she would have a lender who does that,” said Steven. “That's money I'm giving away.”

On top of that, Steven was missing out on new business and referral opportunities, both of which are extremely important to a newer loan officer.

“When you're not able to answer or help with a particular issue, you find that they start going to other loan officers and you don't want that.”

MORE OPTIONS, MORE OPPORTUNITY

Steven made the move to wholesale in September of 2022 and immediately saw the advantages that came with it, starting with more options for his borrowers.

“The transition helped me open up the number of products I had available to my client”.

Steven is also able to better serve his real estate agent partners. He’s been intentional about attending events in his area and can now approach them with the confidence that he has the ability to find whatever solution their buyers need since he can send loans to multiple places rather than just one institution.