Getting a Career as a Wholesale Account Executive
As a mortgage account executive your main job is to develop and manage national or regional sales activities of mortgage broker networks or third party channels. They have a general knowledge of all loan products and guidelines because they provide advice and assistance to approved brokers.
Account executives work as mediators between mortgage brokers and financial institutions. They are typically required to generate loans through a mortgage broker network and are also able to analyze a broker’s case.
Mortgage account executives are very friendly and outgoing, so it’s easy to build relationships with mortgage brokers and banks to maximize their sales revenue.
What Type of Education and Training Do I Need?
To be a successful account executive you need to have a bachelor’s degree in business, marketing or finance. Account executives should also have a basic knowledge of residential mortgage loans, deal structures, underwriting and wholesale lending.
Federal legislation requires all wholesale account executives to be licensed. It is also suggested to have experience in sales as well as quality customer service.
It isn’t required, but often times companies look for you to have two to five years of experience in selling mortgage lending products and have knowledge on subprime mortgage production. Account executives have the ability to create effective marketing presentations and can analyze and evaluate most sales situations. Being able to work well with others while exuding confidence and being highly motivated are some soft skills employers like to see in future employees.
Account executives are skilled in Microsoft office and have excellent interpersonal skills.
What Will My Work Day Look Like?
Account executives spend a lot of time running around outside of their office. They take their laptops with them and attend client meetings. Spending so much time out of the office is normal because they visit their client’s offices to complete their loan applications.
Like most jobs, they work 40 hours a week, but this depends on the demand for loans and how much paperwork needs to get done. It is completely normal for an account executive to work 60 hours a week because they took on more clients and are running around town more!
What Will My Salary Be?
The average yearly salary for wholesale account executives is close to $91,000. They also receive commissions on top of their salary because they are part of a sales team. An account executives salary varies based on the company they work for, the industry they work in, their location, benefits and the amount of experience they have.
How to Kick Start Your Career
Starting as an account executive may be rough in the beginning, but keep these couple tips in mind and you’ll get a job in no time:
- Go on bank websites and fill out as many online applications as you can
- Network – visit local or state chapters of mortgage banking or broker associations, build strong relationships
- Experience in marketing and sales helps big time
Always keep your options open. Sometimes you don’t start in the position you desire or at the company of your dreams. You can always work your way up! You are responsible for growing in your career, you are the driver and no one can stop you except for you! Never give up, you’ll be a successful account executive in no time!
BluePoint Mortgage is Hiring
Join our team at BluePoint Mortgage, our culture is second to none! Our philosophy is that the simpler we make the products and process for our customers, the quicker we close loans for the borrower(s)! We pride ourselves on building a great place to work.