Within the mortgage industry there are many different areas where you need at least basic knowledge to become a successful sales rep, also known as an account executive, for a wholesale lender. You need to understand the underwriting process, loan processing, how title insurance works, the mechanics of an appraisal, how yield spread premium works, the various lender's products and guidelines and what the components of a good loan are.
For clarification, a Sales Rep for a wholesale lender calls on Mortgage Brokers and Loan Officers, who have direct contact with the borrower. They have mortgage loan applications that they want to place with a lender for approval and ultimately to fund those loans with. Your clients are the brokers and loan officers. Becoming a Sales Executive, which to many is the dream job within the industry because of the income potential, is not a job you can just walk right into, but there is a formula and path you can follow to help get you there!
Willingness to learn and desire to become a successful Sales Rep
Step1
Start out being a trainee Loan Officer or Mortgage Loan Processor. Getting a job as a Loan Officer may be the easiest way to break into the business since Brokers are usually hiring. Most times this position will pay commission only and no salary, so be prepared to possibly not see your first paycheck for a little while.
Step2
Learn about the loan application along with all the documentation such as titles, appraisals, proof of income, tax returns and other various loan documents which you will need to become familiar with. As a Loan Officer who processes' their own loans you will learn this, and also how to sell a mortgage loan to a consumer.
Step3
Learn about fixed and adjustable interest rates and how yield spread premiums come into play. Study various loan programs offered by lenders. Understand what components generate a good solid loan and what the benefits to the borrower are. Sit with underwriters and understand how they think and what they are looking for in a loan to make a positive decision.
Step4
Call on title companies and appraisers and ask them questions. Attend any seminars that you can regarding specific topics of interest, and become familiar with the latest rules and regulations within the industry. Process as many loans as possible to become more and more familiar with all the documentation and process. In short, ask questions and learn as much as you possibly can about the business.
Step5
Develop your future client base. Let's assume that you have been diligent and studied the business, you know how to put a loan together and are a good salesperson, but in order to lock in that job as a sales rep for a lender, it would be wise to start to develop a future client base for your new position.
Step6
Work on your relationships with other broker shops and loan officers. These could be your clients as a sales rep for a lender. Being a sales rep is all about relations. Go ahead and check with your contacts and ask them if they would consider you as one of their reps if you were to take on a job with a lender.
Step7
Go to the next level in building a client base and contact other mortgage brokers and loan officers who you do not know. Explain your situation, how long you have been in the business, as a Loan Officer or Processor, for instance, and that you want to make the move to being a sales rep for a lender and would like to be able to visit them once you are a rep. Chances are they will say yes, and that they will even do business with you if you have good loan programs to offer.
Step8
Put together your resume describing your experience in the industry. Let the employer know that even though you have not been a rep before, that you have accounts that you could walk right into that would be interested to see what you have to offer. The beauty here is that the employer will respect the fact that you have done your homework and taken the time, on your own, to begin to nurture a client base.
Tips & Warnings
Expect to start at square one. You really need to know more than your clients do, the Loan Officers and Processors. Knowledge of all areas of the business is key to being a successful rep.
Develop a client base before you apply for the job.
Try to be involved or take on positions in every aspect of the industry that you can, to learn all you can.
Call on professionals with specific questions like title companies, appraisers and account reps. They will usually be very happy to share their knowledge with you.
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