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daking2891

10 Posts

Posted - 01/09/2008 : 12:57:21 AM

Good Morning to You all!!

I am new to posting in this forum but have been reading here and have learned a lot. I used my previous brokers email address to sign up for this site so for all you people checking my status.. I now have my own company which I have just started up.. hence the gmail address (still contemplating the name of my DBA).

I just wanted to say this.... is it me or is the mortgage business not that bad?
I have been in this industry for 5 years and I really see a less stressful and honest environment today than I have in the past few years.

I am glad we are in this situation because it has taken a lot of the dishonest and unscrupulous so called "Creative Mortgage Brokers" out of the business.

As I said I have been doing this for 5 years... maybe I do not have enough experience and I am completely wrong.. or I am very correct!

All the Input would be greatly appreciated... especially from the regulars - Darkstar, mortgagemessiah, racerx, dkendall1979, Mandyvilla, Tsnyder, Brandie etc. (also everyone else who could provide some beneficial information).

Thank You in advance for the input.

mortgagemessiah

8003 Posts

Posted - 01/09/2008 : 05:35:09 AM

No, it's really not. You just have to think outside the box or like the Marines say, "Adapt, Improvise, Overcome."

darkstar

16983 Posts

Posted - 01/09/2008 : 05:51:19 AM

It's not bad at all...The ones you see complaining just have trouble with change and adapting...

We all get in a comfort zones, and when change comes, some resist it more than others until what they're doing completely dries up, for some it's too late at that point and you can see it in their posts filled with negativity and nothing but excuses why they aren't successful...

Pros don't look for reasons not to succeed!...

>>>>I am glad we are in this situation because it has taken a lot of the dishonest and unscrupulous so called "Creative Mortgage Brokers" out of the business.

Sadly, I think next year we're going to be talking about this and that broker that get what's coming to them for fraud and non-disclosure, even some reading this are going down next year, and not in a good way...I really look forward to that, I can hear them now, "but everyone was doing it!" HA!....Not so...And many of the crooks still in the business will get more creative and cause bigger and better problems, it's human nature...

All that being said, people will always need homes and mortgages, our business is pretty stable, regardless of the form it takes...Stay loose, don't stress change and you'll do fine!...It's a great time to be in the business, those that endure will come out the other side a much better LO, IMHO...

Welcome to the Post!...

daking2891

10 Posts

Posted - 01/09/2008 : 10:55:01 PM

I am glad there are people out there that agree with me. Thank You for the input.

Thank You for the Welcome Donald.

waynepbright

3658 Posts

Posted - 01/09/2008 : 11:09:20 PM

DAKING,

TAKE THE ADVICE ABOVE - IT'S ALL (100%) ABOUT ATTITUDE, REGARDLESS OF WHAT MARKET YOU'RE IN, IF YOU WANT TO BE A MORTGAGE BROKER FOR YOUR CAREER, THEN SO BE IT .. IT'S UP TO YOU DAY IN AND DAY OUT ..

GOOD LUCK,

lunarhamster

3421 Posts

Posted - 01/10/2008 : 05:20:41 AM

This is good positive info, but as I sit here half asleep I can't help but really wish I didn't have to drive in a blizzard to meet this borrower today. I'd rather catch myself on fire and run through a meth lab.

firstbelmont

54 Posts

Posted - 01/10/2008 : 06:26:56 AM

Darkstar is right. I have been in the mortgage business for over 15 years and although I believe is the worst mortgage market I have seen, it's not that bad if you were able to adapt and modify your business model. Luckily, my business was always mainly full doc A paper. I never took part in the subprime business. I referred the cases to another mortgage broker and received a small referral fee. However, my biggest business which was Jumbo and Super Jumbo all but disappeared. I would say about 40% of my business was all Jumbo loans. When the jumbo rates started to quickly rise, my pipeline quickly shriveled. Instead of moping, I got off my ass and had a meeting with all of my realtors and discussed the situation. I told them that I will still help out any of their clients in nedd of a Jumbo to get a really good rate even if I did not get the deal but asked that they give me always include me in all of their conforming list of mortgage originators. When the realtors called me for a jumbo, I would help that person get a really good jumbo rate from my network of contacts at Retail Offices of Wells Fargo, Bank of America, and many credit unions (many had great jumbo rates). Although I did not receive any monetary compensation, I gained the trust of these borrowers and my realtors. My Conforming loan volume increased substantially to make up for the loss in jumbo production. I train all of my loan officers to practice this approach to business.

-Mike

fred333

20 Posts

Posted - 01/10/2008 : 06:47:31 AM

Morning! Nice to meet you.

superthor1022

2795 Posts

Posted - 01/10/2008 : 06:47:54 AM

I can honestly say that I think 2008 will be my best year of the 10 in the business. Maybe not as much income, but also, I don't feel as though I am going to need to work 80+ hours a week. With three young kids, 80+ hours is tough. I strongly feel that I can have a GREAT year!
-thor

katbunk

1826 Posts

Posted - 01/10/2008 : 09:19:51 AM

quote:
Originally posted by lunarhamster

This is good positive info, but as I sit here half asleep I can't help but really wish I didn't have to drive in a blizzard to meet this borrower today. I'd rather catch myself on fire and run through a meth lab.

Ok, what show did you see that on last night? I heard it and cracked up? Two and a half men?

MortgageBoarder

3531 Posts

Posted - 01/10/2008 : 09:26:43 AM

I totally agree with you and have also been in the business 5 years. As you may have seen from the posts, I too a couple months ago had one too many stressful days and was ready to throw in the towel... but since then I've realized my value in this industry and the availability to become even more successful than before. Change is the breaking point though, if you don't adapt you won't cut it. I haven't even been working and I'm still getting calls from both Brokers and consumers asking for my assistance... the strong will survive and I can't wait to jump back on the boat!

mbrownusa

803 Posts

Posted - 01/10/2008 : 09:40:17 AM

Welcome to the B.O.!

daking2891

10 Posts

Posted - 01/10/2008 : 1:18:36 PM

Thank You... Nice to know there are so many positive people here.

forsociald

2140 Posts

Posted - 01/10/2008 : 1:24:20 PM

Welcome to the BO