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.

FROM CEO to MORTGAGE LOAN OFFICER

The wholesale mortgage industry is a melting pot of professionals from all different backgrounds. For some, it’s the first job they find. For others, it’s a career they pivot to from another profession.

Thomas had already accomplished a lot in his career before he learned about the opportunities that exist in the mortgage industry. Little did he know, becoming a mortgage loan officer with an independent mortgage brokerage would be one of the most rewarding jobs he’s ever had.

A SERIAL ENTREPRENEUR

Thomas’ resume jumps off any page. Originally from India, he graduated college with a degree in mechanical engineering. Thomas came to the United States with $7 in his pocket. Within a few years, he had earned his M.S. at Rutgers University and an MBA from Harvard. After a stint working for IBM, Thomas moved to Silicon Valley in 1986.

“I’m a serial entrepreneur. I have about six companies to my credit. Some of them went bankrupt, some of them went public, some of them were secured by somebody else,” said Thomas.

After several stops in the start-up world, Thomas came to a career crossroads. “I had no idea how age affects a person in the workplace, so as soon as I reached 55, nobody in Silicon Valley wanted me,” Thomas said. “I wanted to keep myself busy.”

Ironically, Thomas came across the wholesale mortgage industry when he was approached about taking out a reverse mortgage loan for his own home. He thought becoming a mortgage loan officer might be a good fit because of the skills he had accumulated during his years in business. “I’m good with numbers and I’m also good with people. I was VP of sales and marketing, so I know how to close deals.”

student becomes teacher

It took Thomas a few stops, but he found an independent mortgage brokerage that fit what he was looking for. He liked that there were people willing to guide him as he learned the ropes of being a mortgage loan officer, something that has become commonplace on the wholesale side of the industry with lender partners and trade organizations dedicated to training and supporting independent mortgage professionals.

“I’m extremely happy with the mentor concept, and all the people who are joining, love having a mentor they can count on,” said Thomas.

Now, Thomas is the one doing the teaching. He loves educating his clients, many of whom work in information technology in Silicon Valley. “They know all about computers, but they have very little knowledge of homeownership,” said Thomas. To fill this void, Thomas does presentations for groups of prospective clients.

He also likes being able to work with wholesale mortgage lenders who have innovative tools and technology, which allow him to close loans quickly – his record is two days from loan submission to receiving a clear to close — and offer lower wholesale rates to his clients.

“I’m constantly in touch with my borrowers. I keep them posted on exactly where their loan is, and they seem to like it,” said Thomas. “They know that I am working for them. Invariably, every time I close a loan I will get at least two more referrals.”

just as satisfying

Thomas has experienced plenty of success in his career, but he says helping people become homeowners is just as satisfying as being part of a start-up.

“When a family is sitting and enjoying Thanksgiving, Christmas, Easter or Hanukkah, they are joined around a dining table with a roof over their heads. I play a significant part in achieving that dream,” he said.

In this latest phase of a fascinating career, Thomas Alexander has found purpose and validation as a mortgage loan officer with an independent mortgage brokerage. His story is proof that it’s never too late to hit the reset button.

“Many people ask me, ‘Why are you doing mortgages,’” he said. “I think the best way I can summarize it is this: My wife, who I’ve been married to for 50 years, told me the other day, ‘Ever since you started in the mortgage business, you’re happy, you’re smiling. You’re walking with a special jump. It looks like you found your niche. ’”