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RETAIL LENDING TO WHOLESALE: TOO GOOD NOT TO BE TRUE

You know the expression: If something sounds too good to be true, it probably is. Although many retail loan officers have learned that joining the wholesale mortgage industry is an exception Yousuf was one of many who believed the myths about working in wholesale. Looking back, he believes it’s the main reason it took him as long as it did to go independent.

FROM THE MILITARY TO MORTGAGES

Before getting into mortgages, Yousuf served as a battlefield linguist in the military. When he returned home to California from his last deployment in Afghanistan in 2014, he considered opening his own restaurant, getting into the housing industry or a combination of both.

“My plan was to work in the restaurant at night, then sell real estate during the day,” said Yousuf.

Instead, his future brother-in-law told him about a direct mortgage lending company that was doing well and he decided to give it a shot.

REALIZING THE DOWNSIDE OF RETAIL

That first mortgage company Yousuf worked for was an online retail lender. He experienced rapid growth in the business, becoming a vice president for a retail bank where he scaled and led teams. In 2021, he started his first retail branch and within 6 months, he hit over $200 million in loan production volume.

As he gained more experience, Yousuf started to see the cracks in the foundation of the retail lending model. When he was no longer able to deliver an efficient process for his clients, he knew it was time to consider a change.

“Retail gets you in the door,” said Yousuf. “But as you progress, it’s way different. The support level is not the same. A lot of things are out of your control and pricing is outrageously higher.”

In January 2022, Yousuf finally made the move that was long overdue for him. He left retail and opened his own independent mortgage brokerage.

SUPPORT THROUGHOUT THE PROCESS

Yousuf’s experience running his own branch in retail lending helped make his transition to wholesale simple and smooth. As an independent mortgage broker, he’s been able to run and grow his business the way he sees fit.

“It’s much more simplified when you have full control and you’re able to execute a decision and then ultimately see the result of that decision,” he said.

Yousuf has reaped the many benefits of becoming an independent mortgage broker, including better pricing and more options to find the best loan for his clients. In addition, he’s found a level of support from his lender partners that he never knew as a retail loan officer.

“I’ve never felt so supported. Not one email has been missed since I’ve started. Not one phone call has been missed. That shows a lot,” said Yousuf. “It’s taken a lot of burden off my entire team.”

With his team and his business in a solid place, he reflects back on his career journey and asks himself a question many former retail loan officers have after switching to wholesale — what took so long?

“The only regret that I have is how did I not know or start sooner,” he said. “It sounds too good to be true, but it’s not too good to be true. The advice that I give is don’t make the mistake that I made of waiting. Make it faster and you’ll see much more success.”