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RETAIL TO WHOLESALE: “I GOT THE MOMENTUM BACK”

The broker channel today looks completely different than it did in the early 2000s. There’s more support, resources and partnership tools for mortgage loan originators to succeed than ever before. Those who work in the wholesale channel today aren’t just thriving in the business sense — they’re also finding more fulfillment, and in the case of Kym, more joy.

“A LOT OF DOOM AND GLOOM”

A 25+ year veteran of the mortgage industry, Kym started her career in retail before opening her own broker shop. After the financial crisis, she went back to retail. Everything was fine until rates went up in 2023.

“A lot of doom and gloom, lots of layoffs. I'm losing two out of three loans after they're pre-approved and under contract sometimes,” said Kym. “And then I have friends who are brokers and they're having a great time. They're excited about business. They're growing, they're hiring, their volume’s increasing. So, I got curious about what's happening.”

Curiosity led to clarity, with Kym realizing that she wanted to be part of the new and improved broker channel.

FASTER TURN TIMES, LOWER RATES

Kym’s previous experience in wholesale made her think she’d have to go back to waiting a month to close loans. She was pleasantly surprised to find that wasn’t the case.

“It is fast, so much faster than I thought it would be for closing loans,” said Kym. “I know I can close loans in 10 days. So, it's such a smooth process and a great client experience. So much better than I thought it would be. Better than it used to be.”

Pricing has also been a game-changer for Kym. Not only is she able to get her clients better rates, but she’s also been able to strengthen her referral partner relationships.

“I have a lot of agents now who refer me to clients when they can't get to the price point they want to get to, and they know they could probably qualify for a little more house if they went with a broker. And then they call me.”

SAYING YES TO SUCCESS

During her time in retail, Kym was often fighting an uphill battle trying to close loans. It’s been a much different experience since she came back to the broker side.

“I felt like in retail, they were finding reasons to say no to me. And now I have this team of people who are looking for reasons to say yes to me, who want to help me get that loan across the finish line. That's a huge difference,” said Kym.

The other major difference has been Kym’s happiness level. Even though she’s spent more than two decades in the business, Kym was considering a career switch because she was discouraged in those final few years in retail. Now, her business is growing and she’s rediscovered the joy of her job.

“I got the fun back. I got the momentum back. It's like a rebirth, like I'm starting over, but I'm starting over with 26 years of knowledge and experience and expertise,” said Kym. “And I feel excited about what's to come and how much I and the broker channel have to offer.”