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A wholesale account executive builds relationships with mortgage brokers, credit unions, and banks, manages the loan process, trains brokers, and has solid sales skills. Employers look for candidates with a bachelor’s degree and willingness to travel.
A wholesale account executive is a professional who strives to bring new mortgage broker relationships to a lending institution such as a bank. An executive from this sector handles all inquiries between the customer and the lending institution. Employers are often looking for wholesale account executives with four years of a bachelor’s degree and willing to travel extensively. Wholesale account executives must be prepared to build relationships with brokers and sell their companies’ products effectively.
Developing strong relationships with mortgage brokers, credit unions, and banks that do not finance their own loans is one of the key responsibilities of a wholesale account executive. Executives also need to help other internal employees develop professional relationships with these brokers. Having a solid understanding of the market and the brokers present in the market prepares a wholesale account executive to successfully connect with brokers who can help the company achieve its sales goals.
Managing the loan process is also a valuable part of the role of an account leader in the mortgage industry. Part of this process involves checking to ensure mortgage brokers’ application packets are complete before they are submitted. For this reason, a wholesale account executive must have a strong understanding of underwriting guidelines and quality control requirements, as well as solid organizational skills.
An individual working in the mortgage industry as a head of accounts must also be able to train brokers and keep up to date on industry trends. For example, a wholesale account executive is responsible for teaching mortgage brokers the process of submitting wholesale loans. He or she also presents the company’s procedures and policies, along with rates and other information about mortgage products to these brokers. This type of professional, therefore, must have solid verbal communication skills. It is also necessary to stay up-to-date on wholesale loan requirements for a wholesale account executive.
Account executives working with brokers must also have solid sales skills when introducing the company’s products to these clients and striving to open new sales territories. These executives need to assist brokers in selecting loan products that meet the diverse needs of their clients. Part of an executive’s job includes making cold sales calls to potential new agents and even calling existing clients to build relationships with them in order to generate more sales for the company. A wholesale account executive’s goal should be to gather information about what customers value and offer solutions. Executives need to be able to handle rejection when trying to make sales as well.
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