Should I work for a broker or a bank?

by 23 Aug 2016
Part II: I have read your series regarding entering the industry with interest as I am interviewing with a couple of companies. I have been in the financial services industry for ten years – including working for a bank and an insurance company. My question is: what type of company should I be looking for? I have interviewed with a broker and a bank.

--Jennifer from Connecticut
Last week we went over some of the major types of residential finance institutions. The type of institution also might determine the business model. For example, if you work for a bank or a real estate owned company, you might be working "inside" a bank branch, real estate office or even builder site. In these situations, you might be assigned to serve one location or more than one location.

On the other side of the equation, if you are working for a broker, you are much more likely to be an independent "street" loan officer generating your own business, which would come from your sphere or commercial sources such as purchasing leads. Not that brokers or independent companies can't have agreements to service real estate companies or become preferred lenders for builders. Likewise, plenty of bank owned companies employ "street" loan officers.

There are also on-line and/or media focused lenders which provide leads to "inside" loan officers who might be answering the phones or responding to internet leads. These loan officers would also be considered "inside" sales personnel. The next question is – which model best fits your needs and skill set? We will cover this question in the final analysis next week.   

--Dave Hershman

Dave Hershman has been the leading author and a top speaker for the industry for decades with six books authored and hundreds of articles published. His website is If you have a reaction to this commentary or another question you would like answered in this column? Email Dave directly at [email protected].