“When you start, you don’t really get the full picture of the industry. You just learn from the way that the original company is doing business,” he said. “So I spent four years working at a correspondent bank, just only knowing how a correspondent works.
“This is where AIME really helped me because I casually stumbled across that Facebook group in 2019 without knowing anything about the broker channel. And that Facebook group on its own gave me the confidence to get up and not just sit in the correspondent bank and only learn how these guys do business.”
Scouring AIME’s Facebook page, Vadura said, gave him a detailed insight into plenty of questions he hadn’t considered before: What’s required to be an independent broker? How are applications submitted? What conversations are required with compliance attorneys?
What’s more, it also helped guide him through the steps to follow after obtaining a broker license, from signing up with credit companies to getting Fannie Mae and Freddie Mac access privileges and understanding which banks to work with.
The Association of Independent Mortgage Experts (AIME) is championing a return to local expertise and personalized service in the American home buying process, aiming to counter the dominance of big bank marketing.
Read more here: https://t.co/KGpttcdMTI
— Mortgage Professional America Magazine (@MPAMagazineUS) May 14, 2024
Information access a significant difference between channels
The path from correspondent banking to the wholesale channel was a two-year journey, Gadura said – “but I don’t think play would ever have happened if it wasn’t for the Facebook group, if it wasn’t for actually interacting with people who did it already,” he said.
