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gsgroupinc
1968 Posts |
 Posted - 03/28/2008 : 12:42:41 PM
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http://money.cnn.com/2008/03/27/news/economy/hager/index.htm?section=money_topstories
This business is so backed up since we don;t have enough u/w. They should be bringing these liadoff U/W's back ASAP. Banks being greedy. |
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underwriterFL
12 Posts |
Posted - 03/28/2008 : 12:56:04 PM
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Almost reading my life story here. Well I am still working (barely) but as far as not being able to find another job outside of the mortgage industry I am having the same exact issues.
I started in the mortgage business when I was an undergrad and after graduating with a finance degree, just stuck with it because I was making 70k or more a year and my friends out of college weren't getting job offers anywhere close to that. Then my wife and I found out we were going to have a baby and decided my wife would stay home. So I figured this is it, I'm a mortgage underwriter.
Fast forward to 2006. I decide that I want to do something more with my life. I apply to and get accepted into the University of Florida's professional MBA program for the cohort starting in Jan 2007. Everything is going just great until August when my company goes out of business. Our division actually managed to survive by hooking up with several different companies to fund our loans (a story unto itself)but in the meantime we went a few weeks with sketchy pay, then there were some layoffs and paycuts. I survived the layoffs but with a substantial decrease in pay. So I started out sending out resumes to every financial company I could think of.
Well it turns out that even with an MBA (I graduate in a month) and substantial experience dealing with risk and credit, I can't find a job anywhere. I'm lucky to still have one, but this has been discouraging as anything I have ever gone through. LIke the subject of the article, finding jobs has never been an issue for me. Now I'm kicking myself for being shortsighted back in 2003 after graduating with my undergrad degree and not taking a financial analyst position. You see, many companies don't consider residential mortgage underwriting to be serious analysis and therefore won't give me serious consideration for analyst jobs. Anyone who is in this that can get out should get out because it is a dead end career on the road to nowhere. |
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gsgroupinc
1968 Posts |
Posted - 03/28/2008 : 12:59:14 PM
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| That is horrible. The retail U/W's are getting things done faster so the wholesale side is slow., |
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Scrooge McDuck
7552 Posts |
Posted - 03/28/2008 : 1:00:06 PM
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| he needs to get a head hunter. |
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MisterVA
5939 Posts |
Posted - 03/28/2008 : 1:56:07 PM
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| And find a good market like Raleigh/Durham. If you are looking for positions in the areas that are hardest hit and have declining markets, that is lose-lose [as opposed to loose-loose]. Getting a DE for FHA will open up a lot of possibilities. My opinion on MBA is that it screams "overqualified" in most areas. My bachelors degree is enough for me. |
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williamspeaking
4049 Posts |
Posted - 03/28/2008 : 1:57:56 PM
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quote:
Originally posted by gsgroupinc
That is horrible. The retail U/W's are getting things done faster so the wholesale side is slow.,
Most every retail/wholesale combo unit has separate divisions, UW's arent shared if you were implying that retail files were taking priority over wholesale. |
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neversaynever
1022 Posts |
Posted - 03/28/2008 : 2:21:15 PM
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| No no no, I read that lady was a processor |
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dgrunauer09
16 Posts |
Posted - 03/28/2008 : 2:36:46 PM
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| Underwriters who only underwrote for subprime companies get overlooked right away. If your a DE (FHA) underwriter there should be no problem finding a job, I just took on the head of underwriting job at my company, however I get at least 3-5 companies/head hunters calling me a week because I am a DE underwriter! |
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jbelman
242 Posts |
Posted - 03/28/2008 : 3:03:57 PM
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| Sadly but trully the market is horrible but still hangin in there. |
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benjamin
1669 Posts |
Posted - 03/28/2008 : 5:46:20 PM
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| Provident is expanding. Try them. |
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moneyluck
3741 Posts |
Posted - 03/28/2008 : 6:13:46 PM
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quote:
Originally posted by underwriterFL
Almost reading my life story here. Well I am still working (barely) but as far as not being able to find another job outside of the mortgage industry I am having the same exact issues.
I started in the mortgage business when I was an undergrad and after graduating with a finance degree, just stuck with it because I was making 70k or more a year and my friends out of college weren't getting job offers anywhere close to that. Then my wife and I found out we were going to have a baby and decided my wife would stay home. So I figured this is it, I'm a mortgage underwriter.
Fast forward to 2006. I decide that I want to do something more with my life. I apply to and get accepted into the University of Florida's professional MBA program for the cohort starting in Jan 2007. Everything is going just great until August when my company goes out of business. Our division actually managed to survive by hooking up with several different companies to fund our loans (a story unto itself)but in the meantime we went a few weeks with sketchy pay, then there were some layoffs and paycuts. I survived the layoffs but with a substantial decrease in pay. So I started out sending out resumes to every financial company I could think of.
Well it turns out that even with an MBA (I graduate in a month) and substantial experience dealing with risk and credit, I can't find a job anywhere. I'm lucky to still have one, but this has been discouraging as anything I have ever gone through. LIke the subject of the article, finding jobs has never been an issue for me. Now I'm kicking myself for being shortsighted back in 2003 after graduating with my undergrad degree and not taking a financial analyst position. You see, many companies don't consider residential mortgage underwriting to be serious analysis and therefore won't give me serious consideration for analyst jobs. Anyone who is in this that can get out should get out because it is a dead end career on the road to nowhere.
for the love of all things holy, please go work for citi. please. i beg you.
haha - in all seriousness, the DE bit is very true. good luck! |
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Carlsbadd
745 Posts |
Posted - 03/28/2008 : 6:23:35 PM
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WAAAAAAAAAAAAAAAAAAAAAA...
Somebody call the wambulance for this poor underwriter |
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ritabradley01
2315 Posts |
Posted - 03/28/2008 : 6:27:42 PM
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quote:
Originally posted by underwriterFL
Almost reading my life story here. Well I am still working (barely) but as far as not being able to find another job outside of the mortgage industry I am having the same exact issues.
I started in the mortgage business when I was an undergrad and after graduating with a finance degree, just stuck with it because I was making 70k or more a year and my friends out of college weren't getting job offers anywhere close to that. Then my wife and I found out we were going to have a baby and decided my wife would stay home. So I figured this is it, I'm a mortgage underwriter.
Fast forward to 2006. I decide that I want to do something more with my life. I apply to and get accepted into the University of Florida's professional MBA program for the cohort starting in Jan 2007. Everything is going just great until August when my company goes out of business. Our division actually managed to survive by hooking up with several different companies to fund our loans (a story unto itself)but in the meantime we went a few weeks with sketchy pay, then there were some layoffs and paycuts. I survived the layoffs but with a substantial decrease in pay. So I started out sending out resumes to every financial company I could think of.
Well it turns out that even with an MBA (I graduate in a month) and substantial experience dealing with risk and credit, I can't find a job anywhere. I'm lucky to still have one, but this has been discouraging as anything I have ever gone through. LIke the subject of the article, finding jobs has never been an issue for me. Now I'm kicking myself for being shortsighted back in 2003 after graduating with my undergrad degree and not taking a financial analyst position. You see, many companies don't consider residential mortgage underwriting to be serious analysis and therefore won't give me serious consideration for analyst jobs. Anyone who is in this that can get out should get out because it is a dead end career on the road to nowhere.
With all due respect, may I ask why you're hanging out on a mortgage broker forum? |
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MisterVA
5939 Posts |
Posted - 03/28/2008 : 6:43:15 PM
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quote:
Originally posted by benjamin
Provident is expanding. Try them.
Do they close loans?
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aspiring1
1240 Posts |
Posted - 03/28/2008 : 6:50:20 PM
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quote:
Originally posted by underwriterFL
Almost reading my life story here. Well I am still working (barely) but as far as not being able to find another job outside of the mortgage industry I am having the same exact issues.
I started in the mortgage business when I was an undergrad and after graduating with a finance degree, just stuck with it because I was making 70k or more a year and my friends out of college weren't getting job offers anywhere close to that. Then my wife and I found out we were going to have a baby and decided my wife would stay home. So I figured this is it, I'm a mortgage underwriter.
Fast forward to 2006. I decide that I want to do something more with my life. I apply to and get accepted into the University of Florida's professional MBA program for the cohort starting in Jan 2007. Everything is going just great until August when my company goes out of business. Our division actually managed to survive by hooking up with several different companies to fund our loans (a story unto itself)but in the meantime we went a few weeks with sketchy pay, then there were some layoffs and paycuts. I survived the layoffs but with a substantial decrease in pay. So I started out sending out resumes to every financial company I could think of.
Well it turns out that even with an MBA (I graduate in a month) and substantial experience dealing with risk and credit, I can't find a job anywhere. I'm lucky to still have one, but this has been discouraging as anything I have ever gone through. LIke the subject of the article, finding jobs has never been an issue for me. Now I'm kicking myself for being shortsighted back in 2003 after graduating with my undergrad degree and not taking a financial analyst position. You see, many companies don't consider residential mortgage underwriting to be serious analysis and therefore won't give me serious consideration for analyst jobs. Anyone who is in this that can get out should get out because it is a dead end career on the road to nowhere.
D L
Hindsight is 20/20. Don't catch yourself years down the line kicking yourself because you wanted to be acknowledged by corporate America for you analyst ability. The thing about this market is, no one knows when it will "bounce back", just the same as no one knows when the "head ache will end". Look at it as a blessing in disguise. Do you really think that you would enjoy being in a cubicle under possible severe scrutiny, micromanagement etc? I HATED IT. What no one on this forum knows about me is that I worked as an accountant for Commercial property management companies for 10 years. I HATED IT.
I JUST went full time as an LO in February, and although it's tough, I will NEVER go back to corporate America. Just as quick as a deal can blow through the wind, is the same as a company can say "You're fired", or "We're selling..layoff time". Does anyone know who "SAM ZELL" is? Well, I worked for his company; Equity Office - until it was sold to an investment company, chopped up and sold to individual companies last year. NEARLY GONE.
In every industry there will be sacrifice and issues; I guess you just have to pick your battle.
Keep your head up; I like to think everything happens for a reason. |
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benjamin
1669 Posts |
Posted - 03/29/2008 : 09:57:09 AM
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| Provident closes loans quickly for those that can process a loan. |
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CoolMtgGuy
2023 Posts |
Posted - 03/29/2008 : 10:15:55 AM
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underwriterFL, your post does not clearly state what job you want. "Financial analyst" is a very broad term. Have you figured out exactly what you want to do with your life?
I note that your prifile shows you as being in Jacksonville. I'm in Ponte Vedra.
If you wish to meet for a cup of coffee and explore ideas sometime, just let me know.
For what it's worth, after a 30+ year corporate career, I don't know of too many jobs that cannot in some way as "dead end". In my opinion, SALES is an exception.
Good luck with your quest to find whatever it is that stirs your passion. Don't step into anthing until you know what that is.
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ritabradley01
2315 Posts |
Posted - 03/29/2008 : 10:39:42 AM
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quote:
Originally posted by aspiring1
quote:
Originally posted by underwriterFL
Almost reading my life story here. Well I am still working (barely) but as far as not being able to find another job outside of the mortgage industry I am having the same exact issues.
I started in the mortgage business when I was an undergrad and after graduating with a finance degree, just stuck with it because I was making 70k or more a year and my friends out of college weren't getting job offers anywhere close to that. Then my wife and I found out we were going to have a baby and decided my wife would stay home. So I figured this is it, I'm a mortgage underwriter.
Fast forward to 2006. I decide that I want to do something more with my life. I apply to and get accepted into the University of Florida's professional MBA program for the cohort starting in Jan 2007. Everything is going just great until August when my company goes out of business. Our division actually managed to survive by hooking up with several different companies to fund our loans (a story unto itself)but in the meantime we went a few weeks with sketchy pay, then there were some layoffs and paycuts. I survived the layoffs but with a substantial decrease in pay. So I started out sending out resumes to every financial company I could think of.
Well it turns out that even with an MBA (I graduate in a month) and substantial experience dealing with risk and credit, I can't find a job anywhere. I'm lucky to still have one, but this has been discouraging as anything I have ever gone through. LIke the subject of the article, finding jobs has never been an issue for me. Now I'm kicking myself for being shortsighted back in 2003 after graduating with my undergrad degree and not taking a financial analyst position. You see, many companies don't consider residential mortgage underwriting to be serious analysis and therefore won't give me serious consideration for analyst jobs. Anyone who is in this that can get out should get out because it is a dead end career on the road to nowhere.
D L
Hindsight is 20/20. Don't catch yourself years down the line kicking yourself because you wanted to be acknowledged by corporate America for you analyst ability. The thing about this market is, no one knows when it will "bounce back", just the same as no one knows when the "head ache will end". Look at it as a blessing in disguise. Do you really think that you would enjoy being in a cubicle under possible severe scrutiny, micromanagement etc? I HATED IT. What no one on this forum knows about me is that I worked as an accountant for Commercial property management companies for 10 years. I HATED IT.
I JUST went full time as an LO in February, and although it's tough, I will NEVER go back to corporate America. Just as quick as a deal can blow through the wind, is the same as a company can say "You're fired", or "We're selling..layoff time". Does anyone know who "SAM ZELL" is? Well, I worked for his company; Equity Office - until it was sold to an investment company, chopped up and sold to individual companies last year. NEARLY GONE.
In every industry there will be sacrifice and issues; I guess you just have to pick your battle.
Keep your head up; I like to think everything happens for a reason.
I'm with you on self-employment Aspiring1. I'm to the point where I'd probably dumpster dive for a living before I'd work for a company not my own. Independence is key. |
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1stintegritymort
1289 Posts |
Posted - 03/29/2008 : 10:49:23 AM
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quote:
Originally posted by underwriterFL
Almost reading my life story here. Well I am still working (barely) but as far as not being able to find another job outside of the mortgage industry I am having the same exact issues.
I started in the mortgage business when I was an undergrad and after graduating with a finance degree, just stuck with it because I was making 70k or more a year and my friends out of college weren't getting job offers anywhere close to that. Then my wife and I found out we were going to have a baby and decided my wife would stay home. So I figured this is it, I'm a mortgage underwriter.
Fast forward to 2006. I decide that I want to do something more with my life. I apply to and get accepted into the University of Florida's professional MBA program for the cohort starting in Jan 2007. Everything is going just great until August when my company goes out of business. Our division actually managed to survive by hooking up with several different companies to fund our loans (a story unto itself)but in the meantime we went a few weeks with sketchy pay, then there were some layoffs and paycuts. I survived the layoffs but with a substantial decrease in pay. So I started out sending out resumes to every financial company I could think of.
Well it turns out that even with an MBA (I graduate in a month) and substantial experience dealing with risk and credit, I can't find a job anywhere. I'm lucky to still have one, but this has been discouraging as anything I have ever gone through. LIke the subject of the article, finding jobs has never been an issue for me. Now I'm kicking myself for being shortsighted back in 2003 after graduating with my undergrad degree and not taking a financial analyst position. You see, many companies don't consider residential mortgage underwriting to be serious analysis and therefore won't give me serious consideration for analyst jobs. Anyone who is in this that can get out should get out because it is a dead end career on the road to nowhere.
have you considered being an UW for insurance or some other related field? i would have to think there is still demand for that industry. |
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visionmtg
524 Posts |
Posted - 03/29/2008 : 10:53:53 AM
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quote:
Originally posted by dgrunauer09
Underwriters who only underwrote for subprime companies get overlooked right away. If your a DE (FHA) underwriter there should be no problem finding a job, I just took on the head of underwriting job at my company, however I get at least 3-5 companies/head hunters calling me a week because I am a DE underwriter!
Absolutely true. I posted a few times of my griefs of trying to obtain an U/W position. Although I have Sub Prime experience I also have a good foundation of FNMA/FHLMC & Alt-A experience as well but the rub is I never considered getting my DE cert & it hurt when trying to find a good U/W gig during these tough times.
Fortunately I also put my resume in with other underwriting sources such as Group Medical Insurance, Marine, Workmans Comp & Commercial lending & am thankful & proud to say that after almost a year of unemployment (except for a brief stint at Impac) I am underwriting again for a fairly large Group Medical Insurance Company in California.
The pay is not as substantial as mortgage lending (about $1200 less per month) but then again IMHO after training for 2 months I've come to the realization that we were somewhat over paid as mortgage underwriters compared to the educational & knowledge requirements of other industries.
When I first posted months back I was sort of offended & put off by some of the responses back by "sales" saying, "Mortgage Underwriting is not hard" blah, blah, blah. But now in hindsight I'd have to agree. Compared to what I'm learning & doing in the Insurance industry, mortgage u/w was a piece of cake. Thats not to take anything away from mortgage underwriting but I think when you're in it for so long you tend to think there's nothing else out there that's better.
I will admit that insurance underwriting lacks the willingness to embrace the technological advances that are available now a days. I mean I'm underwriting off of excel spreadsheets & having to generate my own formulas for the most basic of calculations!
I miss the mortgage lending atmosphere a lot & I hope I don't miss the comeback when it happens but I figure as long as I keep my brokers license active & up to date I can still dabble on the side, right?
If your a mortgage underwriter & have the reserves to wait out this period it may have it's rewards for you in the long run. After 1 solid year of being laid off & going "loopy" I just couldn't rely on the "may" to come around.
But if you can't wait it out, start expanding your resources a little & check into other industries that have underwriting staff such as the ones I mentioned. Who knows you may get lucky like I did.
Take care guys & good luck!!
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seanwright1
135 Posts |
Posted - 03/29/2008 : 11:11:37 AM
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Terrible news story. Absolute garbage.
A mortgage employee looking for work for almost 2 months? GASP!!! What a story!
I know underwriters, processors, VP's and the like that have been looking for jobs for 6 months or more. They have lost their homes, their credit, and their dignity. This douche bag does not even have his own place. No story here.
quote:
Originally posted by gsgroupinc
http://money.cnn.com/2008/03/27/news/economy/hager/index.htm?section=money_topstories
This business is so backed up since we don;t have enough u/w. They should be bringing these liadoff U/W's back ASAP. Banks being greedy.
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ehm3
963 Posts |
Posted - 03/29/2008 : 11:20:29 AM
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quote:
Originally posted by dgrunauer09
Underwriters who only underwrote for subprime companies get overlooked right away. If your a DE (FHA) underwriter there should be no problem finding a job, I just took on the head of underwriting job at my company, however I get at least 3-5 companies/head hunters calling me a week because I am a DE underwriter!
bingo. UW for CW or Aurora is not what you want on your resume these days. And there is absolutely a severe shortage of DE UW's right now, just look at turntimes! |
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