You Know Mortgage
Now Own It!
Turn your mortgage expertise into ownership and start your own successful mortgage business. Stop building someone else's dream—leverage your knowledge and take control of your future with our proven system.
Turn your mortgage expertise into ownership and start your own successful mortgage business. Stop building someone else's dream—leverage your knowledge and take control of your future with our proven system.
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Hey, Mortgage Loan Officers...
Are you looking for...
More freedom in how you work?
A wider variety of loan products for your clients?
Opportunities to scale and grow your income?
Ongoing support and expert guidance on becoming a mortgage broker?
If this sounds like you, then you're in the right place! Our practical steps, dynamic workbooks, and comprehensive resources will help you transition from loan officer to mortgage broker. Take the leap—partner with us to launch and operate your very own mortgage brokerage.
I PROMISE YOU, IT'S FOR EVERYBODY.
Everybody and anybody who really want to own their business. So if you're looking to really become autonomous, independent, and really control your future, Co/LAB Lending, baby. Collaborate, Don't wait!
Everybody and anybody who really want to own their business. So if you're looking to really become autonomous, independent, and really control your future, Co/LAB Lending, baby. Collaborate, Don't wait!
Mylo Draven - Co/LAB Lending Franchisee, Mortgage Loan Originator
Discover the Benefits of Owning a Mortgage Business
Schedule a no-obligation call today to explore growth opportunities and learn how owning your own mortgage brokerage can change your future.
Discover the Benefits of Owning a Mortgage Business
Schedule a no-obligation call today to explore growth opportunities and learn how owning your own mortgage brokerage can change your future.
The Mortgage Industry is Facing Tough Challenges
The mortgage industry is a dynamic landscape, but recent trends have presented some unique challenges for loan officers. Here are just a few of the hurdles you might be facing:
Regulatory Challenges
Staying on top of evolving compliance regulations takes time and effort, making it difficult to focus on growth.
Shrinking Inventory
There has been a continued trend of low housing inventory with homes often receiving multiple offers and selling quickly above asking price. This fierce competition can make it difficult for buyers to secure a property, further impacting your pool of potential clients.*
*According to The National Association of Realtors (https://www.nar.realtor/infographics/existing-home-sales-housing-snapshot)
Increased Competition
The Mortgage Bankers Association (MBA) reports a significant increase in the number of licensed mortgage originators (MLOs) in recent years.. This saturation in the market can make it even tougher to stand out and attract clients, especially in a time of lower loan volume due to rising rates and low inventory.
Rising Interest Rates
Fixed-rate mortgage rates have climbed significantly in 2023 and into 2024, surpassing 7%* for a 30-year loan in some regions. This increase can make homeownership less affordable for many potential buyers, potentially impacting your origination volume.
*According to the Freddie Mac Primary Mortgage Market Survey (https://www.freddiemac.com/pmms)
What Are Your Options?
Chart Your Course in Today’s Mortgage Market.
The mortgage industry is always evolving, and the challenges of today might not be the same tomorrow. So how do you navigate this dynamic landscape?
Constantly Switching Lenders: Temporary benefits but lacking long-term stability.
Going Solo: Complete freedom, but high risk and effort in building from scratch.
Building Your Dream: Partner with a proven brokerage model. Enjoy independence with resources, support, and a path to scalable growth.
Consider Becoming a Mortgage Broker
Did you know independent mortgage brokers accounted for about 35% of all U.S. mortgage originations in 2022? This number is expected to grow as more borrowers seek the personalized service that independent brokers provide.
Mortgage Broker vs. Mortgage Banker
Mortgage Broker
Offers access to multiple lenders, giving clients flexibility in loan products and terms. You’ll have control over commission structures and loan processing speed.
Mortgage Banker
Works for a single financial institution with limited loan products. This may lead to higher commissions but fewer customization options for clients.
Mortgage Broker: The Advantages
Extensive Lender Network
As a mortgage broker, you’re not tied to one lender, which allows you to provide clients with access to a wide range of loan products. This flexibility ensures you can find the best rates and options for each borrower, including those with unique financial situations or credit profiles. By working with multiple lenders, brokers can better tailor solutions to meet individual client needs, which is critical in today’s competitive market.
Mortgage Banker: The Trade-Offs
Limited Loan Product Offerings
Mortgage bankers work for a specific financial institution, which means they offer a focused selection of loan products. This streamlined approach can result in faster processing times, making it ideal for borrowers with straightforward needs. However, the limited product variety can reduce flexibility, and bankers may not be able to offer tailored solutions to clients with more complex financial situations.
Flexible Commission Structure
One of the significant advantages of being a mortgage broker is having full control over your compensation structure. Unlike traditional bankers, brokers have the freedom to prioritize either loan volume or competitive rates depending on their business goals. This flexibility allows you to design compensation that maximizes your earnings potential while providing the best terms for your clients.
Higher Commissions and Higher Customer Rates
While bankers often have the potential to earn more on each loan due to higher commissions, this compensation model can sometimes come at a cost to the client. Loan options are often restricted to the products offered by the bank, potentially leading to higher rates for borrowers compared to the broader market available to mortgage brokers.
Partner-Driven Success
Brokers rely on strong, established relationships with lenders, which can give them a greater degree of control over the loan process. This partnership-driven approach enables brokers to influence loan processing speed and choose the team they work with, optimizing efficiency. However, selecting the right lenders is key to maintaining high levels of control and achieving the same level of performance as an in-house model.
In House Processing
One of the advantages mortgage bankers have is that their loans are processed entirely in-house, allowing for greater control over each step of the transaction. This can lead to faster approval times and a more consistent process. However, this approach may lack the flexibility to handle unique borrower needs or adjust to sudden changes in the lending environment.
Calculate Your Potential Earnings as a Mortgage Broker
Use our simple calculator to see how much you could be earning with your own mortgage brokerage
Calculate Your Potential Earnings as a Mortgage Broker
Use our simple calculator to see how much you could be earning with your own mortgage brokerage
Pros and Cons of Becoming a Mortgage Broker
The Pros
Unlimited opportunity: No income caps.
Low start-up costs: Start your own business with minimal overhead.
Lower risk: With the right systems, tools, and support, taking the leap is much less risky.
Complete control: Run your business your way, with full independence.
Becoming a mortgage broker offers unlimited opportunity, low start-up costs, lower risk, a supportive network, and complete control over your business. Now, let's explore some key considerations..
The Cons
Steep learning curve: Owning a business comes with new challenges.
Responsibility: Success falls entirely on your shoulders.
Is Opening a Brokerage Right for You?
5 Questions to ask yourself
Book of Business
Do you have a consistent book of business that you can leverage to launch your mortgage business with?
Self Accountability
Can you accurately calculate the volume of business you need to leverage from your existing client base to ensure a thriving mortgage brokerage and ensure you can meet those goals?
Proper Support
Do you have a reliable and experienced operations team (or a strong individual) in place to handle the essential administrative tasks behind the scenes if you will spend time originating?
Knowledgeable Network
Do you have a supportive network of experienced mortgage brokers to share best practices and troubleshoot challenges?
Investment
Is there an investment you can make in your future that will help you save time, money & mistakes as you start on your journey?
Already Know You’re Ready to Own a Mortgage Brokerage?
You’ve put in the hard work, built your client base, and gained the expertise. Now it’s time to take control of your career and open your own mortgage brokerage. If you’re ready to make the leap, you already possess many of the qualities needed to succeed—drive, ambition, and a vision for your future.
At Co/LAB Lending® Franchise, we empower entrepreneurial loan officers just like you to take ownership of their financial future. With 100% ownership, you have the freedom to shape your business, keep all your profits, and build a legacy. Our comprehensive support system makes transitioning to brokerage ownership seamless, reducing the risk and complexity often associated with starting a business.
Our turnkey franchise model gives you access to everything you need—compliance assistance, marketing tools, advanced technology, and ongoing training from industry experts. You’ll have the power to scale your business quickly without getting bogged down by administrative tasks.
Schedule a free, no-obligation, confidential call to learn how easy it is to get started with Co/LAB Lending.
Not Ready to Own?
Consider joining a brokerage that aligns with your values and goals. The right brokerage can provide a supportive environment while offering tools, resources, and opportunities to thrive.
Ask these key questions when choosing a brokerage:
Key Questions for Brokerage Selection
Given the long-term impact on your career, choosing the right brokerage deserves careful consideration. To help navigate this important decision I'll share several key questions to ask brokerages you are considering joining.
Compensation: How does the commission structure work, and what is the earning potential?
Support: What kind of back-office support and training do they provide
Technology: Are their tools and platforms up to date and effective for loan origination?
Culture: Do they foster collaboration and knowledge-sharing among loan officers?
I WANTED TO LEAVE RETAIL.
I finally did it when I learned about Mortgage Broker Fast Track. It's amazing. My only regret is that I didn't do it sooner.
I finally did it when I learned about Mortgage Broker Fast Track. It's amazing. My only regret is that I didn't do it sooner.
Ken Travis, Owner, Porch Light Mortgage
Still Have Questions?
If you’re unsure about whether Co/LAB Lending is the right fit for your future in mortgage, schedule a call to talk with our team. We’re here to answer your questions and help you find the best path forward.
This website is operated by Co/LAB Lending® Franchise. To learn more visit our website at www.colablendingfranchise.com.
Copyright Co/LAB Lending® Franchise 2024 - All Rights Reserved
This website is operated by Co/LAB Lending® Franchise. To learn more visit our website at www.colablendingfranchise.com.
Copyright Co/LAB Lending® Franchise 2024 - All Rights Reserved
