Wholesale account executives help home buyers afford their homes.
Since homes are often very expensive, few can afford to pay for homes in full cash. Instead, home buyers usually apply to lending institutions for a mortgage. Working for these mortgage companies are wholesale account executives, who are responsible for finding potential borrowers and determining whether or not a customer is safe to lend to.
Function
Wholesale account executives work in the mortgage industry as loan officers. They are primarily responsible for both retaining existing customers and drawing in new customers. This is done by conducting sales calls and convincing clients to do business with the mortgage company. They also provide customers with information regarding mortgage policies. They must question customers thoroughly in order to get a full sense of what they are looking for in a mortgage. They also engage in underwriting in order to determine a borrower's creditworthiness. This executive must also be able to forecast loan volume, according to Everbank.
Conditions
Life as a wholesale account executive can be stressful, since the executive's job security is determined by performance. For instance, EverBank requires that 75 percent of the wholesale account executive's registrations become established accounts. Some travel is required, since the wholesale account executive has to observe accounts. According to the Bureau of Labor Statistics, wholesale account executives generally work 40 hours a week, though they can work longer hours when there is a lot of demand for loans.
Skills
Knowledge of the mortgage industry and sometimes underwriting experience are necessary in order to become a wholesale account executive. This executive must have good interpersonal skills, since he is expected to build a client base and must at all times convey professionalism, according to Bay Equity. The wholesale account executive must also be aware of the mortgage market trends. Knowledge of current regulations and reforms are also necessary, according to Clear Fundings. Problem-solving skills are necessary, since the executive must be able to solve problems put forth by customers.
Outlook
The need for loan officers is expected to grow by 10 percent between 2008 and 2018, according to the Bureau of Labor Statistics. This demand is driven by population growth, since almost everyone needs a home to live in. However, technological advances like the Internet offset this growth by automating much of the lending process.
Earnings
Account executives can expect to earn between $24,782 and $61,763 in 2010, according to PayScale.com. Entry-level account executives can earn as much as $39,736. Those who are self-employed generally earn the highest incomes, while those who work for franchises usually earn the least.
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