ke All the Right Moves
Career advancement can take several
di;erent forms at your company
View these articles and more at
ScotsmanGuide.com
“You’re the Key to Getting That Next Promotion”
by John F. Cady,
August 2015
“Invest in Your Success,”
by Douglas Smith,
July 2015
John F. Cady is senior vice president of production at Mountain West Financial Inc. A 20-year veteran of the mortgage
banking industry, Cady joined Mountain West in 2014. He is
responsible for the management of all retail and wholesale
mortgage banking production activities for the company.
Previously, Cady has overseen successful production divisions at several midsized mortgage lenders, including most
recently Bay Equity. Reach him at john.cady@mw; nc.com
or (909) 557-2227.
To Be or Not to Be
a Mortgage Banker
Deciding whether to transition from broker
is a matter of measuring desired outcomes
By John F. Cady
Various regulatory and industry changes over the years have led to predictions by some experts that the end of the mortgage-broker profession has arrived.
Although those dire warnings have not panned out to
date, brokers today looking to make a change do have
a number of attainable and attractive career paths
within the industry available to them, including venturing into the world of the mortgage banker.
The bene;ts of transitioning to a career as a mortgage banker are many. Becoming a mortgage banker
typically means you are joining a bigger organization.
Bigger can entail a variety of factors — including the
number of years the company has been in business,
the number of home loans closed, the geographic
footprint of the company and so on.
Determining how these factors, and more, work in
your favor can be relatively easy when you compare
them to the resources, systems and numbers you have
available to you as a solo mortgage broker or small
brokerage business.
Quantifying the decision
Typically, the bene;ts of moving to a larger company
will include greater e;ciencies, access to better technology and systems, and the added resources that bigger revenue and employee numbers a;ord. Although
some bene;ts can be easily quanti;ed, there also are a
few variables that can’t be so easily measured, but still
carry a lot of weight when making the ;nal determination on whether to make the transition from broker
to banker. Those include factors like the company’s
product mix, growth strategy and culture. Those can
end up being bene;ts or drawbacks, depending on the
fit with your experience and goals.
Among the biggest drawbacks of such a career
move is it will normally require that you give up some
control — including getting used to not being your
own boss. Consequently, one of the most important
steps in making the transition is to assure that you ;nd
a mortgage-banking company that has a product mix
and reputation similar to that of the brokerage company you’re leaving behind, and that your long-term
goals ;t well with the organization you’re considering
joining.
It helps to create a target list of the factors that are
important to you in the business and as a professional,
and ;nd ways to measure, or quantify, them as you
weigh your career-transition decision. As part of that
process, determine the number that you need to meet
or exceed to make the career leap a winning proposition for you and your team.
Expanded reach
A common misconception is that after moving over
to the mortgage-banking side of the fence, you will
lose some of the loan programs you had available to
you while you were a broker. Although you may lose
direct access to a few of these programs, a mortgage
banker often has the ability to broker out programs
not offered in-house.
Another measurable bene;t of transitioning to the
mortgage lending world is that you will, in all likeli-
hood, have an expanded marketing and advertising
budget. Those added resources will help to amplify
the e;ectiveness of your messages and engagements,
as well as enhance your name recognition among your
clients and potential clients.
An indirect bene;t of joining a mortgage lender
is that you also will have access to increased support
resources via its corporate o;ce. Consider the number of hours that you can free up to focus on growing
your business when your human resources, accounting, technology, licensing, training, marketing, compliance and other important tasks — although secondary
to closing loans — are handled at the corporate level.
Building relationships as a mortgage banker with a
single well-oiled corporate operations team also
can result in making your day-to-day job more
enjoyable — and possibly less stressful than the experience of being a broker dealing with multiple lenders
and vendors.
; ; ;
Making the transition from a mortgage broker to a
mortgage banker does not have to be a daunting
task. Although there is always the potential for delays
and other bumps in the road, most transitions can be
accomplished in 30 days once the ;nal determination
to move forward is made. It makes sense, however, to
;nd ways to quantify that decisionmaking process as
much as possible — similar to the way a mortgage
broker helps borrowers.
Whether you choose to remain a mortgage broker
or make the transition to a mortgage banker, there is no
better time to be in the mortgage industry. The mortgage business is positioned to thrive through a variety
of loan programs, outlets and terms that promise to
propel the careers of brokers and bankers alike. ;
Related Articles
For more articles on career advice
“Make All the Right Moves,”
by Mary-Clare Hill,
August 2015
