A wholesale account executive works for a lending institution, such as a bank, to bring in new mortgage broker relationships. All questions between the customer and the lending institution are handled by an executive in this industry. Employers frequently seek wholesale account executives with four-year bachelor’s degrees and a desire to travel extensively. Wholesale account executives must be able to effectively build broker relationships and sell their company’s products.
A wholesale account executive’s main responsibility is to build strong relationships with mortgage brokers, credit unions, and banks that do not fund their own loans. Executives must also assist other internal employees in establishing professional relationships with the brokers. A wholesale account executive who has a solid understanding of the market and the brokers who work in it is better prepared to connect with brokers who can help the company meet its sales goals.
In the mortgage industry, managing the loan process is also an important part of an account leader’s job. Checking to see if mortgage brokers’ application packages are complete before submitting them is a part of this process. As a result, a wholesale account executive should be well-versed in underwriting guidelines and quality control requirements, as well as possess strong organizational skills.
A person who works as a head of accounts in the mortgage industry must also be able to train brokers and keep up with industry trends. A wholesale account executive, for example, is in charge of instructing mortgage brokers on the wholesale loan submission process. He or she also informs these brokers about company procedures and policies, as well as rates and other mortgage product information. As a result, this type of professional must have excellent verbal communication skills. For a wholesale account executive, staying current on wholesale lending requirements is also essential.
When pitching company products to these customers and attempting to open new sales territories, account executives who work with brokers must also have strong selling skills. These executives are responsible for assisting brokers in selecting loan products that meet the needs of their customers. Making cold sales calls to potential new brokers and even calling existing customers to build relationships with them in order to generate more sales for the company is part of an executive’s job. The goal of a wholesale account executive should be to learn what customers value and then provide solutions. When it comes to selling, executives must be able to deal with rejection.