Are you ready to make the life-changing switch to a career as an independent mortgage broker or loan officer? Our team at BeAMortgageBroker.com is here to help you every step of the way.

FINDING FREEDOM AND FLEXIBILITY AS AN INDEPENDENT MORTGAGE BROKER

Sometimes, the grass is greener on the other side. Over the last few years, thousands of retail loan officers have decided to join the wholesale mortgage industry — all of them with different reasons for making the move. For Vernon, the independence to run his business the way he wanted was too good of an opportunity to pass up. 

REALIZING THE DOWNSIDE OF RETAIL LENDING

Following a career in banking, Vernon spent 9 years working as a retail mortgage loan officer. He spent time with two different companies and became a top producer by focusing on purchase business and building relationships with referral partners. Despite his success, Vernon ran into many of the common obstacles experienced by those in retail lending.

“There were a lot of levels of management and having to ask permission to do a lot of things,” he said.

He had heard positive things about the wholesale mortgage industry from some friends who worked at independent mortgage brokerages specifically, lower interest rates and the freedom to shop around with different wholesale mortgage lenders who had more loan products available. Vernon decided it was time to see for himself what wholesale was all about.

“RESOURCES AT OUR FINGERTIPS”

Some retail loan officers have concerns about making the transition to the wholesale mortgage industry. However, as Vernon found out firsthand, there is plenty of support to aid with the process.

“The wholesale channel has an immense amount of resources right at our fingertips,” said Vernon. “We have partners who set up websites that will help you transition from being a retail loan officer to the broker side and steer you in the right direction to get you set up and make sure that you’re successful.”

Since becoming an independent mortgage broker, Vernon’s relationships with his referral partners have grown, and so has his confidence to win deals over his retail counterparts.

“Having the ability to keep that loan in-house with you and have that real estate agent trust you to close — that is going to be a lot better for that business partner because you don’t want that business partner coming to visit me when you couldn’t close the loan and we closed it in about 15-21 days.”

A BOOST TO RECRUITING

As a brokerage owner, Vernon has also found that being in wholesale helps with his efforts to recruit loan officers from retail. He can offer a variety of benefits, including the ability to structure loans as his originators see fit.

“They all have the freedom to make a decision,” he said. “If they want to change up their compensation to borrower-paid as opposed to lender-paid, they have that flexibility and freedom to do that for the consumer.”

With support, more products and better rates, Vernon couldn’t be happier with his decision to become an independent mortgage broker. He says others thinking about doing the same thing need to take action sooner rather than later.

“I firmly believe now is the best time to come over to wholesale from retail,” said Vernon. “When I did it 3 years ago, it was an unknown. Right now, it’s a perfect storm. Interest rates are going up, so a lot of the pipelines are reduced. Retail loan officers have the opportunity to learn the wholesale business in a very short period of time and really be able to go out and outshine their competition.”