Yoda, You need to take that knowledge and come back to the Mortgage Industry. The income potential is infinite since so many people left the industry, the rates are so low and the existence of the $8,000 tax credit.
_________________ My friends call me Sid. You can call me Vicious.
Like many of you, I've considered making a career change myself, but after thinking long and hard, what other industry will allow you to have the freedom and still make the type of money that we can make. It is tougher, yes, but the strong will survive. I suggest that if you work for a big bank such as Wells, BofA, Chase, or Metlife, you really need a change and go find a more localized or regionalized bank. While those big banks give you a draw or salary (around $2500 per month or so), you can only make 1.5 points total on the loans. I am at a regionalized bank and we are closing loans well within 30 days. Just closed a FHA purchase loan in 21 days, no fooling. We can make up to 2.5 points on the loan and while my loan amounts are small (around $140,000), the commission splits are from 50-70 bps depending on volume. I've been doing this for 18 years now and I love my freedom and working for the right company will make all the difference in the world.
Like many of you, I've considered making a career change myself, but after thinking long and hard, what other industry will allow you to have the freedom and still make the type of money that we can make. It is tougher, yes, but the strong will survive. I suggest that if you work for a big bank such as Wells, BofA, Chase, or Metlife, you really need a change and go find a more localized or regionalized bank. While those big banks give you a draw or salary (around $2500 per month or so), you can only make 1.5 points total on the loans. I am at a regionalized bank and we are closing loans well within 30 days. Just closed a FHA purchase loan in 21 days, no fooling. We can make up to 2.5 points on the loan and while my loan amounts are small (around $140,000), the commission splits are from 50-70 bps depending on volume. I've been doing this for 18 years now and I love my freedom and working for the right company will make all the difference in the world.
Oh the musings of the soon to be forgotten.
There was a time when buggy whip makers said "we'll always survive because that automobile thingy won't last.... you need gasoline to make it work and there is only so much of that there in the United of e 'em States".
The smart buggy whip makers found out that pully/wheels needed a strap and thus made it through with belts. Fan belts etc.
Face it. The Mortgage industry is gone for now. It'll come back in another 15 or 20 years but it's over. Get over it..... you're a dinosaur.
I would tie this into the "blackballed" thread by pointing out the problems with "freedom" and "income". The long bull market has lulled many into believing that these two goals are not mutually exclusive. Traditionally, "freedom" was a luxury available only to those whose business was the ownership and deployment of capital-- and often, even these individuals demonstrate extreme work ethic, putting in long hours within a rigidly structured schedule. I suggest that those who seek both "freedom" and high earnings in this economy, particularly when what one has to offer is labor rather than capital, are setting themselves up for frustration. I further suggest that non-mortgage employers are aware of this desire for unrealistic amounts of "freedom" in many applicants with mortgage backgrounds and are wary of it.
Yoda. You've moved onto another leach system. Good for you. I hope you lose everything this time. superstar.
thesub,
My knee jerk reaction was to take this with a grain of salt, which I did. But from the couple of posts that I'd read of yours, I couldn't help but notice the underlying current of anger. So I did alittle digging on your posts and came across one that explained alot...
"Started in the biz in early '89. Worked for a private firm, went to an SRA, then off to a nationwide lender in-house. Moved onto another major sub-prime as an in-house reviewer.
Opened my doors as an independent shop in '98. First year as a bit tough but it paid the bills. Got out of the house in '00 and started to take on independents. Had 12, all busy.
It was about '04 I noticed some issues. Every Tom, richard and Harry was an L/O and my client list was getting huge, but then the calls started. "Hey, got a tight one, do you thing this can get $275,000?" Tons of those calls. At first I didn't give them a heads up because - hey, I had rules to follow, you know USPAP. Nobody cared. My favorite line from a client "speeding is illegal too, but everyone does it."
So I'd give them a thumbnail, always with disclaimers and I'd go through the trouble to document the call, print off the data just to cover my a--.
Problem was, if I'd say "nah, too high" I'd get - "no problem, I'll call Wayne, he's a hitter."
By '07 I'd lost so much business I finally gave up. There was no way in h**l I was going to work for an AMC, and my field guys were certainly not going to split a split.
So there it is. 20 years. I figured I'd retire with something but all I and my guys got was a good swift kick in the a--."
So what I gather from this is that you were a straight shooter that was a victim of the changes to the industry, as most of us were/are. How we deal with the changes, and what we do to survive is what's relevant now.
The ultimate measure of a person is not where they stand in moments of comfort and convenience, but where they stand in times of challenge and controversy. ~MLK
thesubculture Cherry Bomb
Joined: 18 Dec 2008
Posts: 154
Location: Chicago area
You would be correct... there is a lot of bitterness. I pisses me off to no end that my business was poo poo upon by a group of lazy, paper pushing [deleted]-bags that couldn't see past the end of their nose.
But alas, I am still working within the industry but in a different field and am the happier for it.
It took me over 2 years of pain, sweat and hardship to my family (which is where the bitterness comes in) to get back to where I was and I fully intend to take it much, much further.
I apologize that I sometimes have a pointed and slightly insulting way of posting, but there is a tendency for me to call a spade a spade.
Business Brokers make mortgage brokers look like the most honest guys in the world. THEY ARE frustrating to deal with, but you have the money, so you dictate the terms of engagement. I had to be quite aggressive on occasions to get what I wanted as far as information and documentation. Once I found the business I thought was a good fit and met with the owner, I basically cut the broker out of the communication loop and dealt directly with the previous owner. The broker was none too happy, but I made it clear that I was a serious qualified buyer, and I was not going to waste time getting information 2nd hand. And once interest was established, and I thought I had enough information to act, I did not hesitate. A good business at a fair valuation with clean books will not last long. I made a full price offer but asked for some concession on buying the existing inventory. I had all my ducks in a row BEFORE I acted, and was able to close the transaction in 2 months, including jumping thru the hoops put up by the franchise organization. Focus on the business, not the other c**p you will have to deal with. If the broker or the owner will not answer a direct question, be prepared to get up and leave. I did this on several occasions before I found the right deal for me. hope this helps...
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