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Wholesale is the best option for loan officers

Grow your business by matching borrowers with the best mortgage for their needs


Career advancement is at the top of everyone’s mind every single day in the mortgage industry. Whether that means growing your business, finding a more efficient process, using technology more effectively, or providing better client service – everyone is thinking the same thing: “How do I get better?”

The mortgage business is great for sales professionals who have an entrepreneurial spirit and are relationship-driven. It is a line of work that showcases professionals who excel at competing for business by wowing clients. Every day is a series of completely fresh competitions where the winner gains a new client, whether a borrower or real estate agent. Mortgage professionals are doing whatever they can to stand out in a crowded field and attract new clients.

When comparing both sides of the wholesale vs. retail debate – or mortgage broker vs. bank – there is no doubt that the best way for loan officers to grow their business and take greater control over their career is through the wholesale channel.

The mortgage process is such an individualized experience – it’s different for every homebuyer because everyone has a different set of circumstances surrounding their purchase. Borrowers are completely unique from the standpoint of FICO scores, debt-to-income ratio, savings, personal preferences, and so on.

Because of all those differences, a loan officer can’t be expected to cram all their clients into one set of products, pricing or guidelines. Their job is to make the lending process as smooth and easy as possible for their clients by advising them on how to select the best mortgage for their specific situation. That’s why the wholesale side of the business is the best way to go.

Loan officers at broker shops have an advantage over those at big banks and mega retail lenders because they have access to hundreds of lending options. They can shop around on behalf of their borrowers to find the best mortgage for their needs. One borrower’s top priority might be to find the lowest rate possible, whereas another borrower may be most concerned with using the lender that can close their loan the fastest.

Whatever the situation, loan officers in the wholesale channel have that flexibility to match their clients with the right lender, program, price and guidelines. This means that they can provide better service to more borrowers, giving them a great sales pitch for growing their business. With the ability to accommodate more peoples’ needs, it makes sense for loan officers or bankers to choose the wholesale route.

The current landscape of the mortgage industry is an extremely competitive business that is stockpiled with hundreds of mortgage lenders striving to be the fastest and most accurate in the field. Companies of all different sizes and specializations are flooding the marketplace with new technology and systems with the goal of setting themselves apart from the competition.

The real answer to the question “How do I advance my career?” – from the perspective of a loan officer or banker – is to take control of your own career by making the jump into the wholesale channel.


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