Key Takeaways:

1. Mortgage brokers typically work with a variety of lenders and focus on finding the best deals for clients, while mortgage bankers work directly with one institution and can control the loan process more efficiently. 
2. If you partner with MortgageRight to start your own mortgage branch, you can have the best of both worlds: the autonomy and flexibility enjoyed by brokers, and the control and profitability enjoyed by bankers.
3. Starting your own branch with MortgageRight is a smart choice. Because MortgageRight is among the best mortgage companies to work for, you’ll enjoy a competitive pricing structure, profit-sharing model, and operational freedom.

What do I want to be when I grow up? No matter how grown-up you feel, you may still be asking that question. If you’re currently working as a loan officer, but you’re ready to explore your next steps, you’ve probably run up against old net branch and retail models, but aren’t sure if there is enough stability to build something long term. If you’re feeling limited or micromanaged in your current situation, you’re probably researching the best mortgage companies to work for. And if you’re considering sticking around to build a long-term career in the mortgage industry, you’re probably choosing between working as a mortgage broker versus a mortgage banker.

The two careers have significant differences, and your skills, goals, and desired lifestyle will determine if one of those roles is the right fit for you. You may also be wondering if there’s a happy medium, something between the two roles. (There is.) This guide will provide insights into both careers, while also helping you consider the option of starting your own mortgage branch, so you can make an informed choice for your future. 

Why the Broker Vs. Banker Debate Matters

Understanding the key differences between working as a mortgage broker versus a mortgage banker is critical when choosing the right career path. Mortgage brokers typically work with a variety of lenders and focus on finding the best deals for clients, while mortgage bankers work directly with one institution and can control the loan process more efficiently. Both roles have unique advantages and challenges, and it’s important for mortgage professionals to understand the implications of each. Let’s dig into the differences. 

The Role of a Mortgage Broker

A mortgage broker works with multiple lenders to find the best loan products for clients.They do not lend the money themselves–they help buyers find the best lender for their situation and needs. 

Mortgage brokers enjoy several benefits that make their career attractive. Some of those benefits include: 

• flexibility in choosing which clients and lenders to work with
• the potential profitability offered by a broker model
• the opportunity to pursue the best deals for their clients 
• the option to fight for clients who have more challenging finances but still deserve a chance at a loan 

Brokers do face some challenges in their role, including:

• limited control over loan underwriting 
• limited control over processing timelines 
• the work involved in cultivating relationships with multiple lenders in order to provide clients with versatile options

If you love hustling to find the best deal for your clients—seeing the smiles on their faces when you come back to them with great news—then you might enjoy life as a mortgage broker. 

The Role of a Mortgage Banker

Mortgage bankers work directly with a single institution to arrange loans, and they are the ones who actually loan money to clients. Bankers experience a different set of benefits than brokers. Some of these benefits are:

• Because bankers work with a single institution, they have more control over the timeline, which could mean faster closing times.
• They have direct oversight of the loan process, eliminating the middleman.
• Working with a single lender can make bankers’ profits more predictable.
• They may experience higher profit margins than institutional lenders do. 
• Bankers know exactly what rates and options they are able to offer to potential clients. 

Mortgage bankers may face challenges like these: 

• Working with one lender limits the options they’re able to offer potential clients—and that also limits which clients they are able to take on.
• Inflexible lending options may lose them some clients, who turn elsewhere to get their needs met.

If you like a hands-on approach to your work, clarity in what you can and cannot offer your clients, and a more predictable profit ratio, then life as a mortgage banker may suit you well.

Why MortgageRight’s P&L Branch Manager Model Offers the Best of Both Worlds

Maybe you’re reading these descriptions and thinking, “I like certain aspects of each role. I want to enjoy the autonomy and flexibility of a broker, but I also want to experience the control and profitability of a banker. I don’t want to pick one or the other; I wish I could combine the advantages of both careers.” Guess what? If you partner with MortgageRight to start your own mortgage branch, you can have the best of both worlds. 

MortgageRight is one of the best mortgage companies to work for because our P&L model offers autonomy, flexibility, control, and profitability. Branch managers and loan officers who are ready to take the next step in their careers can operate independently while leveraging MortgageRight’s platform to enhance their profitability and client service. When you partner with us, here are some of the ways you’ll enjoy autonomy and freedom: 

• You run your own business and answer to yourself.
• You set your own rates and salaries.
• You hire your own staff.
• You keep the money you make and reinvest it in your business as you see fit.
• You design your own marketing and branding.
• You have the opportunity to build your branch into one of the best mortgage companies to work for.

As part of your new freedom, here are some things you won’t have to deal with anymore: 

• the frustrations of being micromanaged by middle management
• corporate red tape and bureaucracy
• cutting your own commission in order to cover your company’s padded rates and hidden fees
• unexpected or unexplained rate hikes from the higher-ups
• paying a “success tax” on your profits

Of course, starting your own mortgage branch with MortgageRight isn’t just about avoiding things you don’t want—it’s about experiencing more of the things you do want. Benefits like career satisfaction, healthy client relationships, and control over your success and profits. The confidence of knowing you’re with one of the best mortgage companies to work for.

When you collaborate with MortgageRight, advantages like these will make your business profitable: 

• We help you automate the tasks that don’t produce income (payroll, audits, compliance, etc.)
• You can confidently manage your finances through our P&L software. (And if you have questions along the way, you have access to our outstanding support.)
• Our fees are transparent, straightforward, and consistent: Our underwriting fee is always $995.
• We guarantee timely closings so you never miss a closing date. This builds trust with your clients, so they come back when they’re ready to refinance or seek another loan—and they also refer you to friends.

Add all these advantages together, and it’s clear: starting your own branch with MortgageRight is a smart choice. You’ll enjoy a competitive pricing structure, profit-sharing model, and operational freedom.

How to Choose the Best Career Path 

When you’re standing at a crossroads, it takes time and self-reflection to determine which path makes the most sense. Do you see yourself making a change? Perhaps pursuing a new role as a mortgage broker or mortgage banker? Or perhaps setting sail as the owner of your own mortgage branch? As you decide which path to take, you’ll want to weigh your long-term objectives and personal preferences. Here are some questions to consider:

• Will you be content long-term working as a loan officer or branch manager for a larger company? 
• Are you already connected to one of the best mortgage companies to work for, or do you need to look for a new company?
• What is most important to you? Do you value autonomy and flexibility in your work? Do you value control and profitability?
• How much control do you like to have over the closing process and timelines?
• Do you like being the decision-maker, or do you enjoy playing a supporting role for others?
• Are you happy with your current pay, or do you want to keep more of your profits?
• What do you want to offer to your clients? What do you need from your company in order to nurture excellent client relationships?
• What needs to change in order for you to experience consistent career satisfaction?

Answering these questions will get you started in making the choice that’s right for you. If you decide you want to start your own branch, we at MortgageRight are ready to support you all the way. Who knows? Before long your business may become one of the best mortgage companies to work for.

Level Up with MortgageRight

Are you ready to take your career to the next level? Discover how MortgageRight’s P&L model can give you the flexibility and control you need to grow. Start today by scheduling a live demo.