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markareg
3 Posts |
 Posted - 02/12/2008 : 6:37:30 PM
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Dear Brokers,
I have been frequenting this website on and off for nearly two years. i left the loan industry when the california market crashed and my branch was shut down. I have been looking for a fast past, long hour, comission based sales job, for the last month or so. i have been offered a few positions that i have denied due to lack of trust in the offered job.
The Question: Since the fed dropped the rates, is the mortgage industry worth getting back into, despite the lack of a subprime market? i have 3 clients asking me to do their loans, but i lack a bank and true understanding of what just happened in the last 6 months.
I live in LA, i have sales experience and it runs in my family. so whats the true word? should i jump back to mortgages or should i venture into different sales markets?
Thanks. |
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celloshred
1661 Posts |
Posted - 02/12/2008 : 6:58:36 PM
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I will do those 3 loans for you and contract you to be the processor.
Call me! |
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mgerardi
5 Posts |
Posted - 02/13/2008 : 9:27:23 PM
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Lower rates have helped but only a little bit. If you have or can get work that will pay the bills you should stick with it. However, if you get deals now and then, you should have a place to take them and make some extra $$. I am a broker/owner in Rancho Cucamonga and would be happy to offer you a generous commission on each of your deals. I have been in this business for 17 years and on my own for the last 5. I currently have three LO's who use my company and its resources for their loans. The best resource I have of course is my experience. I can also give you a solid understanding of what happened in our industry and where I think it's headed. Call me if you would like to talk.
Sincerly,
Mike
Service First Mortgage Corp.
909-527-3595 Ext. 301
mailto:michael@servicefirstonline.com |
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TheFinancier
484 Posts |
Posted - 02/13/2008 : 9:32:41 PM
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| This company is hiring, they reward longevity. http://dbfunding.com/ Call the number and ask for Bob or Sam Schwartz... in early out late but nice comission structure over time. |
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BigFire
2962 Posts |
Posted - 02/13/2008 : 9:38:38 PM
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| Mark - I would like to inform you that the market in California has not / did not 'crash' contrary to your understanding. This is southern California - 25% of all business is originated here, this is not some small town in another state. There is money lying on the ground, pick some up. |
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TheFinancier
484 Posts |
Posted - 02/13/2008 : 9:54:12 PM
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Please tell me where there is free money lying on the ground is. I have a very large basket ready, so cut me in.
I don’t know about you but I had to go and buy a very big shovel and I’ve been digging some deep holes to find money.
That "FREE MONEY" thinking is exactly what trashed the California mortgage industry in the first place people looking for free money off the backs of Hard working Americans. |
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BigFire
2962 Posts |
Posted - 02/13/2008 : 10:02:38 PM
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| you misunderstood my writing or I was not clear - there are many deals - this is Southern California - plenty of deals here. If you think there are not many many deals here through hard work, you should try doing business in a small locale. |
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peter
3860 Posts |
Posted - 02/13/2008 : 10:03:45 PM
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mgeradi wrote:
"Lower rates have helped but only a little bit. If you have or can get work that will pay the bills you should stick with it. However, if you get deals now and then, you should have a place to take them and make some extra $$...."
That is a realistic and good advice. I am sitting among realtors and loan officers in a Century 21 once top-producing office but now some of them are having issues with
their creditors, i.e. Home & Land Magazine, car lease companies, and mortgage
payments. Business is fair to good among those who have a strong referral base,
but is slippery for those who don't! Despite the pickup, there are still more
losers than winners. Working hard may fund some files, or working hard may just
fund one file -- and funding one file per month does not quite pay for the mortgage
and let alone other bills. So, whatever you do, you need to have some reserve as
some cruel months of little or no funding could come back to haunt us as the rates
could go up again if the fires of inflation ignite.
If you have a good job that pays well, don't leave it. You can do loans part-time
and leave the files with a good loan processor to follow up and fund them for you
together with a good broker who will oversee the files. It's better to let
other people have their deserved cuts, while you concentrate on originating loans
part-time and on weekends in addition to your good full-time job that pays for
the monthly fixed expenses.
Peter
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TheFinancier
484 Posts |
Posted - 02/13/2008 : 10:11:46 PM
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quote:
Originally posted by peter
mgeradi wrote:
"Lower rates have helped but only a little bit. If you have or can get work that will pay the bills you should stick with it. However, if you get deals now and then, you should have a place to take them and make some extra $$...."
That is a realistic and good advice. I am sitting among realtors and loan officers in a Century 21 once top-producing office but now some of them are having issues with
their creditors, i.e. Home & Land Magazine, car lease companies, and mortgage
payments. Business is fair to good among those who have a strong referral base,
but is slippery for those who don't! Despite the pickup, there are still more
losers than winners. Working hard may fund some files, or working hard may just
fund one file -- and funding one file per month does not quite pay for the mortgage
and let alone other bills. So, whatever you do, you need to have some reserve as
some cruel months of little or no funding could come back to haunt us as the rates
could go up again if the fires of inflation ignite.
If you have a good job that pays well, don't leave it. You can do loans part-time
and leave the files with a good loan processor to follow up and fund them for you
together with a good broker who will oversee the files. It's better to let
other people have their deserved cuts, while you concentrate on originating loans
part-time and on weekends in addition to your good full-time job that pays for
the monthly fixed expenses.
Peter
Nicely said peter. |
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