Top 5 Reasons to Become a Wholesale Mortgage Brokerage Owner
An independent wholesale mortgage broker is a business owner who works alone or with a team to originate home loan approvals for borrowers from wholesale lenders. As a broker owner, your success is relationship driven and determined by your passion and enthusiasm. If you think you might be interested in starting your own business as an independent mortgage loan originator, read on for our top five reasons being a broker owner is a great career path.
1. It’s easy to get started
Our team at BrokerX is here to help every step of the way when opening your new mortgage brokerage. We can help walk you through the following steps to open your own shop:
• Choosing a business name
• Setting up a business entity
• Opening a business bank account
• Creating a company profile in NMLS
• Setting up a CRM, website, LOS platform
• Signing up with mortgage lenders
For additional details on the NMLS registration process, you can check here or reach out to our team at info@mortgagebrokerx.com to walk you through the process.
2. The benefits are endless
Becoming an independent mortgage broker offers a multitude of benefits — including career flexibility and unlimited earning potential. As a business owner, you have the ability to determine your work-life balance, put emphasis on business development to build a strong network and expand your client base. Your career success is closely linked to the effort you invest into yourself and your business.
3. You control your growth
There are multiple business growth strategies to help kickstart your new business. Getting involved in the community is a great way to meet people and get your name out there. Attend local events or sponsor a local youth sports team to begin establishing a presence as your community’s go-to mortgage expert.
Our team at BrokerX can assist with strategies to help grow your team of loan officers or aspiring loan officers to work for your brokerage.
4. Ability to offer wholesale pricing
When you become an independent mortgage broker, you have the ability to work with wholesale lenders who can provide you with training, tools and technology to help grow a successful business. One of the top benefits of wholesale is the ability to shop multiple lenders to find the right home loan option for your borrowers.
One of the best ways to grow your business is to have the ability to qualify more borrowers. Wholesale pricing is often more advantageous, offering more affordable loan options than big banks and retail lenders. You also have the unique ability to offer your borrowers a personalized mortgage experience tailored to fit their specific financial needs.
5. Support from a community of experts
Transitioning into a new career can seem daunting, but it doesn’t have to be. The wholesale mortgage industry is full of people who have been in your shoes and are willing to help. For starters, consider joining communities like the Association of Independent Mortgage Experts (AIME) to network with other independent mortgage professionals. This group is all about growing the wholesale mortgage industry and can provide you with support and connect you with other mortgage brokers around the country.
Ready to get started?
If you’re ready to take the next step in your career and open your own wholesale mortgage brokerage, our team will customize a step-by-step plan to help guide you through the process. Email us today at Info@MortgageBrokerX.com or click “Get Started”.