Hear from former retail loan officers and those with no previous mortgage experience who made the life-changing switch to a career in the wholesale mortgage industry.
RETAIL TO WHOLESALE
To conclude this Special Edition Success Story, Ryan and Jennifer talk through how making the switch from retail put them ahead of their competition.
Part 3 of our Special Edition Success Story addresses the flexibility Ryan and Jennifer have experienced and how valuable that has been for every aspect of their business.
In Part 2 of our Special Edition Success Story, Ryan and Jennifer share how important process is and how the wholesale model lets you leave the pain points of retail behind.
Every job experience may not be ideal, but they all provide an opportunity to learn. That was the experience for Colin, who found everything he was looking for in the wholesale channel.
In the first part of this 4-part series, Ryan and Jennifer discuss the seamless transition from retail loan officer to independent mortgage broker and the support that helped them hit the ground running.
Life presents opportunities in unexpected ways, sometimes coming from the worst of circumstances. For Lauren, the loss of a mentor led her to completely redirect her career for the better – switching from retail to wholesale lending.
In mortgage lending, a loan originator can take their skills and expertise and hit the ground running and open a whole new world of opportunity – for themselves and their clients – by switching to wholesale.
Amir got into the business before the financial crisis as an independent mortgage broker, then post-crisis, moved to the retail lending side. It didn’t take long for him to know he would go back to where he started.
In the mortgage industry, Rich has experienced it all. However, it wasn’t until recently that he realized a return to wholesale lending would be the best decision of his entire career.
With retail restricting his process and bottom line, Roberto switched to wholesale lending to take control of his operations and have the ability to guide his LOs to help more people attain homeownership.
For anyone in a sales role, not being able to offer a client the product they are looking for brings about all kinds of emotions. In Steven’s case, it spurred a motivation to leave retail mortgage banking for wholesale lending.
No matter how much success you’ve had in business, consistently creating a top-notch experience for your clients is paramount. For Stacey, providing that experience is how she became one of the top producers in the state of Arizona.
Many retail mortgage loan officers don’t realize the benefits of wholesale mortgage lending - but for Justin, learning those benefits and leaving retail lending proved to be a financial gain for his business and borrowers.
In an industry traditionally dominated by males, there are some trailblazing women forging their own path. Yariela and Odysa are delivering a better experience for their clients, and opening doors for other women in business.
The resources that exist to help independent mortgage professionals succeed are unparalleled in the industry — something Jennifer has learned firsthand since making the move back to wholesale in 2022.
The mortgage business is ever-changing, with cycles of high rates, low rates, purchase markets and refinance booms. Every loan officer must make decisions based on those cycles to keep their business moving forward.
Looking back, Craig is the first one to confess that he used to bad-mouth independent mortgage brokers. Craig has found affirmation that becoming a broker was the right decision and is so happy to have been so wrong.
Flexibility. Control. Growth. Those are just a few of the factors that inspired these mortgage professionals to take the leap from retail to wholesale lending and beyond toward new and rewarding careers.
Being able to deliver for your clients is essential to anyone in sales. In the mortgage industry, the advantages of working in wholesale over retail lending highlight that point.
One of the biggest benefits of being an independent mortgage loan officer is the flexibility that it offers. For some people, that not only means a better quality of work life, but also their personal life.
Every business owner has a different goal for how they want things to run and how much they want to grow. The beauty of being a mortgage loan officer is that you have the autonomy and control to make that happen.
One of the most appealing aspects of becoming an independent mortgage broker is having the freedom to run your business the way you want. Making the transition from retail to wholesale, provides those new possibilities.
Over the last few years, thousands of retail loan officers have decided to join the wholesale mortgage industry. For Vernon, the independence to run his business the way he wanted was too good of an opportunity to pass up.
Many people who experience success in sales are true advisors to their clients, focusing on relationships instead of transactions. It’s a philosophy that served Ciera well in her career as an independent mortgage broker.
Yousuf was one of many who believed the myths about working in wholesale when he worked as a retail loan officer. Looking back, he believes it’s the main reason it took him as long as it did to go independent.
Being “independent” doesn’t mean being on your own. Having partners who support you and your business is essential to success. That partnership is what led Fannie Mae back to where her mortgage career started.
In the mortgage industry, there are factors that you can control and those that are out of your hands. That’s what has led many mortgage loan originators to make the switch from retail lending to wholesale, including Cory.
Pursuing a job that you’re passionate about is rarely a linear path. There are ups and downs and obstacles to overcome. These are the lessons Alysha learned on her journey to becoming an independent mortgage loan officer.
Working as a retail loan officer gave Dario an entry into the mortgage business, but it turned out it wasn’t best for his long-term career growth. To accomplish his career goals, he realized he had to make the leap to the wholesale channel.
Jade was born in Brazil where she pursued a career in banking. When she came to the U.S., she worked for a bank and then a credit union before a friend convinced her to try her hand at mortgages.
After Wade made the switch away from retail lending, he not only had 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 would pay off.
After a long mortgage career in retail banking, Stephanie realized the landscape of the business had changed the way she was able to serve the clients who meant so much to her. She decided she had to make the switch to become an independent mortgage loan officer to find the fulfillment she was looking for.
After Chance made the switch away from a large credit union, it didn’t take long to figure out that not only had he made the right decision to become an independent loan officer in the wholesale mortgage industry, but it was a chance worth taking.
Stetson’s sphere of influence is growing just as fast as his independent mortgage brokerage, but that wasn’t always the case. Just a few years ago he was stuck in the retail mortgage world, following orders and losing clients. He chose to take the risk. He chose to invest in himself.
After Joseph made the switch away from retail lending, where he’d worked for 25 years, it didn’t take long to figure out that not only had he made the right decision, but he should have done it much sooner. He found that the process of submitting loans is far more seamless than what he experienced in retail.
NEW TO THE INDUSTRY
As a former educator and real estate agent, Rick’s experiences in both of those fields are what initially drove him to want to originate home loans as an independent mortgage broker.
The tragic loss of a mentor coupled with the onset of the COVID-19 pandemic left Jessica ready for a career change. After one of the toughest periods of her life, she found a new beginning with a job in the wholesale mortgage industry.
Becoming a homeowner has always been a defining piece of the American dream. A first generation immigrant, Robert’s achievement of homeownership also opened the door to a career in the mortgage business.
Every independent mortgage broker travels a unique path on their entrepreneurship journey. It’s what helped Sanjay on his journey to becoming a disruptor and leader in the wholesale mortgage industry.
You might be in a career that seems just fine, but does it get you out of bed in the morning? This was the question Brandon asked himself when the opportunity to join the wholesale mortgage industry knocked on his door.
One of the most gratifying aspects of being a mortgage broker is that it’s about much more than a home loan. That mindset is what drives Tom and is one of the biggest reasons he became an independent mortgage broker.
You never know when you’re going to find a job that you love. When Brandie decided to join the mortgage industry, it was the first time in her life that she truly did something for herself.
Leaving behind a career can mean the beginning of a new chapter that brings a different kind of fulfillment. Darcy found herself as she made her transition to becoming an independent mortgage loan officer in that situation.
Todd was unsure of his next move after leaving the military – to the point where he almost re-enlisted. He was recruited into the mortgage business and that’s where he’s been since 1995.
Farlene was a schoolteacher for 13 years. However, the pandemic made her shift her priorities to transition to the wholesale mortgage industry. The process turned into much more than a career change.
Thomas had already accomplished a lot in his career before he learned about the opportunities that exist in the mortgage industry would be one of the most rewarding jobs he has ever had.
Growing up in Kenya, Veronicah saw firsthand what it’s like to be an entrepreneur. She came to the United State of America looking for her own piece of the American dream. Little did Veronicah know she would end up helping others do the same in the mortgage business.
Haley spent three years working on a barge, delivering fuel to small villages as a merchant marine. Her homebuying journey sparked her interest in the mortgage industry. Little did Haley know, her experience would one day lead her to success as an independent mortgage loan officer.
After graduating from college, Deinse quickly got licensed as a loan originator and started originating borrower loan applications. Now working as an independent mortgage broker, the interactions with borrowers have made Denise realize she’d found not just a job, but a rewarding career.
When Elliot’s not securing great deals for his clients as a loan officer, he’s flying the Boeing 737 for United Airlines out of Denver. It didn’t take long for him to realize how well his skills as a pilot would transfer to becoming a loan officer in the wholesale mortgage industry.
Bryan is the Vice President of an independent mortgage brokerage and a quick Google search will show the evidence of his positive impact on the various communities he serves. His path to independence started with a close friend, a phone call, and the decision to take the leap.