New to MLO. Who should I work for?

Question

Good afternoon,

I recently earned my MLO license. I plan to put it to use next year. Between now and then, I need to decide who I want to work with.

I don't where to start, because there are so many companies to choose from.

BUT, I do know what I want:1. I want to truly have a competitive product to offer. For me, that means being able to offer the best rates out there, if not very close

2. While I have come this far because I want to make money, I don't want to be pressured to meet sales quotas. If I earn a lot, great. If I don't , that is fine too. This will be a side job, and therefore source of supplemental income.

3. I want to work with a company that is as professional as can be, in every aspect possible. Competent, ethical, and honest. Having bought residential real estate before, and having gone through the process again just recently, I know that the industry is full of shady "professionals" who just have a pulse to offer. No true understanding of the math involved, nor the ability to come up with creative solutions. It would be nice to be able to work with somebody who has been successful for the right reasons, so as to be able to learn from them. I want to sincerely operate as a MLO who practices good business. In essence, I want to treat my clients how I would want to be treated. Transparent and easy to understand, honest, and non-salesy. I recently did some financing shopping for the purchase of my future home, and I hated having to deal with fast-talking and pushy people, that presented the numbers in an unclear way. Note, that this is coming from somebody who is good at math, and is familiar with the math related to real estate financing. I felt as if they were just trying to hide the weaknesses of their offer with unnecessary complexity, in hopes that I would just give up trying to understand, and just accept as a result.
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My questions for you all, are:

1. Should I work as a wholesaler, or a broker? Should I work in retail-direct, or brokering?

2. Given what I am trying to do, which is start a career as a MLO, and how I want to do it, what companies do you recommend I seek employment with?
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In closing, I would really appreciate your insight.

Zach Wain · Answer

I would recommend finding a local small/med mortgage broker that has a solid team and will be able to train and support your long term growth. Correspondent lenders are definitely a good option, sometimes they have higher margins, but they are sometimes a little bigger and may have a larger team atmosphere. But focus on long term training, growth, sales and networking. That is the key to long term success

Trevor Alexander · Answer

Hi George -- if rates are the most important thing (or close to the top), I'd go with a wholesale lender. They'll be more competitive in rates than their retail counterparts.

It's a tough industry to start out in if you are on an island, so I wouldn't recommend somewhere at first that is completely remote. I'd look for a place that has mentoring and coaching.

Totally agree on #3, and I would imagine many companies have at least some individuals that exude those qualities you are searching for. I started working on a team for my first 3 years in the industry, and it was overall a great experience and I learned a lot while growing my business simultaneosly. Being able to do hundreds of transactions you learn a lot faster than doing 1,2,3 a month starting out. I'd consider finding someone that you look up to and value how they do business, and see if you can work with them as an LOA or something at first while you learn the industry and get reps under your belt. The first year in the industry for me being in an office with 4 MLO's with a combined 70 years of experience was absolutely invaluable for me. Funny enough, I didn't care for how any of them conducted business in certain areas, but I took the good and threw the bad and discovered my own identity :) I understand being on a team is not for everyone, and you may want to hit the ground running solo from the get-go, but that's just my two cents.

Good luck on your journey and let me know if I can help with anything else!

Account Closed · Answer

Thanks for the advice.

Question for you...you recommend working for a wholesaler. Is a wholesaler the same as a broker? Also, is there a way to determine what a company is (a retailer or a wholesaler), without having to ask them directly?

New to MLO. Who should I work for?

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