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.

WADING INTO NEW WATERS

Becoming an independent mortgage professional has so many possibilities, including the ability to take control of your financial future while doing the same for homebuyers. There’s also the prospect of independence and control of your book of business to better support clients. This was the impetus behind mortgage industry veteran Wade’s career move from retail lending to wholesale as a loan officer with a mortgage brokerage — a move that has opened new doors for himself and his clients.

falling into mortgages, jumping into wholesale

After graduating college with a degree in economics, Wade knew he wanted to do something in real estate. He learned of the mortgage origination business through the loan officer he worked with to refinance his personal home loan, who also happened to be looking to hire someone who was brand new to the industry.

“Frankly, no one just chooses to go into the mortgage industry. You usually fall into it,” said Wade, who became a mortgage loan officer in 2006 and immediately fell in love with the profession. He spent the next 14 years working as a loan officer for a retail lender.

Eventually, Wade got to a point where he wanted more independence in his own mortgage business, something that isn’t an option in retail. He knew it was time to make the jump to the independent mortgage broker world.

“Essentially, I needed to plug into a company that had everything all set up,” he said. “Payroll, benefits, loan officer support and compliance. I needed something built out around me where I could just come in, grind it out and put families into homes and help people.”

freedom through flexibility

Wade found an independent mortgage brokerage that was a good fit and started in February 2020. Not only did he have to learn his new role in a new company, he also had to navigate a pandemic. Little did he know switching to the wholesale mortgage industry when he did would pay off.

“If you’re in retail and your operations department stubs their toe, you’re stuck, whereas if you’re in the broker world and one of your lender partners stubs their toe, you can go flip it someplace else. So it’s a lot more flexible,” said Wade.

What he experienced during those early days as an independent mortgage loan officer opened Wade’s eyes to the many benefits of working in the wholesale channel – the ability to choose which lenders you work with.

“Who you partner with matters because it’s truly your reputation on the line, it’s not just one closing that could go wrong,” he said. “So it’s very important that you have quality partners that do, what they say they’re going to do and then it’s on the individual loan officer to set the expectations.”

shaping his business and his future

Wade has established a specific business strategy, which includes educating consumers on the importance of homeownership as it relates to long-term financial health. He’s also upfront about the type of experience he delivers for his clients.

“If someone is looking for the rock bottom price, that’s not me,” he said. “I’ve got competitive terms but if you’re looking for the lowest rate that exists on the internet, I’m not your guy. If you’re looking to get to the closing table when I told you you’d get there, with the terms I promised you, while being kept in the loop the whole way, and then staying in touch to help you manage that debt, then I’m your guy.”

More than 60% of Wade’s closings in the last year have come from past clients, a number he expects to increase over time. As he embraces efforts to grow his business, Wade also has an eye on what’s still to come — and he’s not looking back.

“You don’t make this move for guaranteed money. You make this move because you want to take better care of your clients and you want to make a great living doing it,” said Wade. “It has been amazing for me and my family, and I’m looking forward to what the future holds.”