Expanding His Vision and Dreams in the Wholesale Channel
[Credit to Kenar H. UWM]
One of the most appealing aspects of becoming an independent mortgage broker is having the freedom to run your business the way you want. For retail loan officers who make the transition to wholesale, all kinds of new possibilities await. Such was the case for Michial, who has fully embraced all the advantages of going independent.
From Restaurants to Retail
Michial spent 17 years working in the hospitality industry managing hotels and restaurants before making a career pivot to the mortgage business. He worked for an independent mortgage broker for about a year before he was recruited to work for a retail mortgage lender.
“It really is an excellent way to get your feet wet in the business,” he said of working in retail lending. “There are some drawbacks, though. You lose some of the control. You lose some of the entrepreneurial spirit that some of us have.”
In addition, Michial didn’t have access to the full of array of loan products that his wholesale lending counterparts did. He also grew tired of being captive to one set of pricing. Bigger picture, there was another driving force behind Michial’s move to the wholesale mortgage industry.
“I couldn’t expand my dreams and my visions as fast as I wanted to. So, after making the transition out of retail, the handcuffs were taken off.” said Michial.
Finding True Partners
Like many retail loan officers who switch to wholesale, Michial has been pleasantly surprised by the amount of support he has received.
I was just going to be out there on my own,” he said. “But what I quickly learned is that your wholesale lender partner is a true partner. They’re there to help you on all types of levels to ensure your success. You just have to open up your ears, your mind and your heart to that assistance. And fortunately, we were able to embrace it and use it to our advantage.”
Michial’s mortgage brokerage is home purchase-centric and generates sustainable business by empowering their real estate partners. Being an independent mortgage broker gives him a competitive advantage by offering real estate agents the level of speed and efficiency that only exists in the wholesale mortgage industry.
“And at the end of the day, we like to say we try to create an image in the eyes of their clients that they are the rock star and the driving force behind everything that’s happening.” said Michial.
Putting His Fingerprints in the Business
As much as making the move to wholesale has helped Michial as an independent mortgage broker himself, it has also been instrumental in building out his business. He now has a huge advantage when it comes to recruiting because he can offer others the same benefits he has reaped since opening his own mortgage brokerage.
“When you go independent, it’s not just about your goals anymore. It’s about your team’s goals. People join your company because they believe in your vision and your passion and you have to deliver that every day.”
As an independent mortgage broker, Michial feels more confident than ever to do just that. With the products, pricing and support he now has, he is set up to succeed in any market – and he believes others can do the same.
“It doesn’t matter if rates are high, rates are low, it’s just a wonderful industry that creates a lot of opportunity in your life that you’re not going to find elsewhere.
By Kenar H. UWM, Updated Nov 14, 2023
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