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KHufford
5316 Posts |
 Posted - 07/02/2008 : 12:23:41 AM
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Ideas and Opinions from Donald Trump and TrumpU Faculty.
There May Be Too Many Fingers in The Pie...
by Brett Carman on 7/1/2008 at 6:50 PM
Today I am wanting to discuss the topic of too much real estate finance competition in the lending industry causing consumers to have paralysis of analysis. We are inundated with advertisers trying to get us to use their financing. Everyone from our insurance agent, realty agent, bank teller, home builder, accountant, lawyer, financial planner, tax preparer, accounting software company, newspaper and magazine subscription and web search engines are trying to sell us a mortgage. I apologize to any bartender or golf pro who I may have omitted from my list.
The fact remains that with so many of our current trusted advisors and vendors soliciting us, who do we trust to get us a fair deal and do so with competency, efficiency and full disclosure? Prior to about 10 years ago, you had mortgage bankers and mortgage brokers. All they did were loans and they did them well. They belonged to their local trade associations and participated in their communities. They weren’t in India or in a call center in California with a name you couldn’t pronounce or a number that could only dial out if they needed something from you. They didn’t push product that would be to your detriment like “negative-amortization” because they knew it probably was a bad long term program for you.
I think I liked it better the old way in real estate investing because in our search to have bragging rights to the lowest rate, we have sacrificed customer service, product knowledge and experience. Your next loan for an investment property could be processed by someone with little or no experience and with all that is riding on an on-time closing that needs to be hassle-free and be structured to your advantage, why leave it up to chance? There are just too many ways to screw it up to have an amateur working on your loan. Am I right?
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mantixmortgage
2669 Posts |
Posted - 07/02/2008 : 12:30:50 AM
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| i think this was more the case 2 years ago, or even 1 year ago. now it seems like its mostly people who know their stuff. mostly... |
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KHufford
5316 Posts |
Posted - 07/02/2008 : 12:45:33 AM
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quote:
Originally posted by mantixmortgage
i think this was more the case 2 years ago, or even 1 year ago. now it seems like its mostly people who know their stuff. mostly...
Are you kidding? Just take a look at half the BO posts..and thats a small section of brokers who are actually trying to get things done by posting and takign the time to do that, most dont.
"There are too many brokers in the business still"
Signed,
Jerome Bettis is from Detroit
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jbelman
242 Posts |
Posted - 07/02/2008 : 12:06:27 PM
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| IN MY OWN OPINION THERE IS STILL ALOT OF BROKERS OUTHERE ... |
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mantixmortgage
2669 Posts |
Posted - 07/02/2008 : 12:20:43 PM
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true im saying its not AS bad, but still bad
and lol @ kyle
pizza guys that also offer mortgages are just being rebellion
signed, pacman jones |
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dtabar
735 Posts |
Posted - 07/02/2008 : 12:28:57 PM
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war..too many brokers
war too many fingers in the pie(nasty anaology)
war..better quality LO's.
signed,
angelo mozilo |
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KHufford
5316 Posts |
Posted - 07/02/2008 : 12:34:33 PM
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quote:
Originally posted by mantixmortgage
true im saying its not AS bad, but still bad
and lol @ kyle
pizza guys that also offer mortgages are just being rebellion
signed, pacman jones
Maybe all those brokers should go work at the "scrip club"..
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jbelman
242 Posts |
Posted - 07/02/2008 : 12:35:31 PM
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quote:
Originally posted by KHufford
quote:
Originally posted by mantixmortgage
true im saying its not AS bad, but still bad
and lol @ kyle
pizza guys that also offer mortgages are just being rebellion
signed, pacman jones
I THINK THEY WILL MAKE MORE THERE..
Maybe all those brokers should go work at the "scrip club"..
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mantixmortgage
2669 Posts |
Posted - 07/02/2008 : 12:36:51 PM
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| it aint no sin in goin to the scrip club! |
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KHufford
5316 Posts |
Posted - 07/02/2008 : 12:43:15 PM
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I DO a lot of mortgages ...because I GET a lot of mortgages...
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KHufford
5316 Posts |
Posted - 07/02/2008 : 12:44:44 PM
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If you can't make it in this market, then.....STEP YOUR GAME UP!
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mantixmortgage
2669 Posts |
Posted - 07/02/2008 : 12:45:47 PM
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step ya game up
step ya game up
gimme back my son |
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mortgagemessiah
7911 Posts |
Posted - 07/02/2008 : 1:03:19 PM
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| I'm glad this economic down turn is thinning the herd becaue it means thing swill back to they way they used be. You won't mortgage brokers who barely graduated from high school or convicted thefts writing loans. |
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RockSexton
531 Posts |
Posted - 07/02/2008 : 1:18:36 PM
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quote:
Originally posted by dtabar
war..too many brokers
war too many fingers in the pie(nasty anaology)
war..better quality LO's.
signed,
angelo mozilo
Hahah someone likes the Jim Rome Show. |
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RANDY P
2407 Posts |
Posted - 07/02/2008 : 1:25:34 PM
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At last, an article of reason..
I agree wholeheartedly.
rjp |
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RockSexton
531 Posts |
Posted - 07/02/2008 : 1:32:21 PM
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quote:
Originally posted by RANDY P
At last, an article of reason..
I agree wholeheartedly.
rjp
Ya it's still madness out there. I mean aside from the noticeable absence of Quicken ads, I still hear radio ads and see television ads laden with deception. Guys like Hayes Barnard of Paramount Equity and John Shibley of Lenox are still parading around talking about Fed rate cuts. Ditech runs those ridiculous ads with the transparent offices. As I've been scouring the job listing sites, it seems like there's a whole mess of new mortgage companies looking for LO's, especially ones with no prior experience.
What's ironic is that you know the banks want to be fully automated at some point....and they don't need mega-salar guys as customer service reps on those kinds of systems....just $10 to $12 per hour phone jockeys.
This whole industry feels like it's had a lobotomy. |
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cspatmon
1236 Posts |
Posted - 07/02/2008 : 1:34:42 PM
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| I'm also in agreement. It will cut down on my dialogue...."Sorry about that Mr & Mrs etc..borrower that you got screwed by some unscrupulous company" "I can't agree with you more, and understand your distrust"........... |
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KHufford
5316 Posts |
Posted - 07/02/2008 : 1:37:00 PM
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quote:
Originally posted by Boner in Sweatpants
War... All LOs required to be licensed
Signed,
Blue tooth wearing, fannie pack guy
P.S. KHuff, Howz my *** taste?
"All LO's should be licensed"
Signed,
AJ HAWK IS DATING BRADY QUINNS SISTER
TREVOR IMMELMAN KNEW GARY PLAYER AS A KID
PAUL PIERCE IS FROM INGLEWOOD
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cpruitt
1608 Posts |
Posted - 07/02/2008 : 1:37:40 PM
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| I think 80% of the loan officers still in the business today will be gone before this is over with. |
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RANDY P
2407 Posts |
Posted - 07/02/2008 : 1:42:30 PM
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Well, it cheapens the industry when everyone is hooring themselves out with sugary, gimmicky, pandering ads.
It's hard to be taken seriously when there are so many promising the same thing. Nature of competition I guess, but the thing is LO's are like busses these days- you miss one, there's always another and the borrowers know this.
rjp |
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darkstar
16014 Posts |
Posted - 07/02/2008 : 1:45:52 PM
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| There are still a lot of bad brokers out there, house cleaning is not even close to being done, IMHO... |
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frank drigotas j
762 Posts |
Posted - 07/02/2008 : 2:00:14 PM
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"I think 80% of the loan officers still in the business today will be gone before this is over with."
Carl, above
That's right. Including some bombastic, juvenile (read: kiddie) posters on this thread.
dollar |
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KHufford
5316 Posts |
Posted - 07/02/2008 : 2:09:38 PM
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quote:
Originally posted by frank drigotas jr
"I think 80% of the loan officers still in the business today will be gone before this is over with."
Carl, above
That's right. Including some bombastic, juvenile (read: kiddie) posters on this thread.
dollar
Dollar is DEAD
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RockSexton
531 Posts |
Posted - 07/02/2008 : 2:15:37 PM
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quote:
Originally posted by RANDY P
Well, it cheapens the industry when everyone is hooring themselves out with sugary, gimmicky, pandering ads.
It's hard to be taken seriously when there are so many promising the same thing. Nature of competition I guess, but the thing is LO's are like busses these days- you miss one, there's always another and the borrowers know this.
rjp
I had an applicant tell me after I turned her down that if I couldn't do it, she's certain she can find someone who can. She was a 531 FICO, 67% DTI, and no co-borrower to help her out with the income. I ran her thru DO for an FHA cash-out scenario and no matter how I arranged the liabilities being paid off to lower the DTI, it was a refer/ineligible simply because her housing expense was 47%. Let's not forget that the likelihood at the value coming in at what she would need it to lower the DTI about 15% was unlikely at best.
I tried to reason with her and get her to see she's just wasting her time (and her credit score) shopping around at this point but she just wasn't having it. Most of these people think there's some magic loan that'll pop up out of nowhere. |
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main st
55 Posts |
Posted - 07/02/2008 : 2:17:04 PM
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| I did my part to help, I left the industry lol |
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Managing Prime
2394 Posts |
Posted - 07/02/2008 : 2:22:06 PM
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| Need at least another 50% out. |
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katbunk
1574 Posts |
Posted - 07/02/2008 : 2:26:31 PM
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quote:
Originally posted by EricBarry
10 years from now (or sooner), worms will be eating away at his lifeless corpse in some unattended Mississippi grave while we continue to make a comfortable living in wholesale lending.
I've determined that you're just not a very nice person from most of your posts. |
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SoCalRay
1535 Posts |
Posted - 07/08/2008 : 10:06:53 AM
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My favorite thing to do is ask wholesale AE's how many 1003's they receive that are not completely filled out.
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katbunk
1574 Posts |
Posted - 07/08/2008 : 10:18:36 AM
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quote:
Originally posted by EricBarry
quote:
Originally posted by katbunk
quote:
Originally posted by EricBarry
10 years from now (or sooner), worms will be eating away at his lifeless corpse in some unattended Mississippi grave while we continue to make a comfortable living in wholesale lending.
I've determined that you're just not a very nice person from most of your posts.
People like him make me root for cancer
Until it gets you or a loved one. |
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KHufford
5316 Posts |
Posted - 07/08/2008 : 10:29:24 AM
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quote:
Originally posted by EricBarry
Slow and painful or quick and sudden, either way we win.
Your really starting to piss me off bud, get the F out of here. I think we all have people in our families that have been hurt by cancer, I see your trying to be funny, but I assure you its it very bad taste and not very funny in the least.
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katbunk
1574 Posts |
Posted - 07/08/2008 : 10:32:45 AM
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| Obviously someone who has zero life experience. |
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darkstar
16014 Posts |
Posted - 07/08/2008 : 10:35:33 AM
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| DON'T FEED THE TROLLS! |
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hertz
611 Posts |
Posted - 07/08/2008 : 10:40:03 AM
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| Eric sounds like a 19 year old, immature punk. Can't beleive he hasn't been "band" yet. The watermelon comment a week or so ago should have been enough. |
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bramous
873 Posts |
Posted - 07/08/2008 : 10:54:25 AM
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quote:
Originally posted by hertz
Eric sounds like a 19 year old, immature punk. Can't beleive he hasn't been "band" yet. The watermelon comment a week or so ago should have been enough.
He's gone.....
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hertz
611 Posts |
Posted - 07/08/2008 : 12:09:00 PM
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| Good. |
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clos25
413 Posts |
Posted - 07/08/2008 : 12:24:37 PM
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Lo's around my area had certainly cut down. a few months ago, I met up with my ex branch manager to hang out and he told me he closed a loan that one of my felow loan officer couldn't get done. and a couple weeks ago he called me again to tell me that they were both dealing with the same client. odd. hopefully it continues to cut down...less competition, more loans for me.
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CoolMtgGuy
2023 Posts |
Posted - 07/08/2008 : 12:35:50 PM
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Best statement that I have seen so far. I agree wholeheartedly!
I wish they'd require EVERY originator to be bonded, trained, and serve an internship under a mentor ... then shoot the mentor if the originator is cut loose to originate loans prematurely!
quote:
Originally posted by darkstar
There are still a lot of bad brokers out there, house cleaning is not even close to being done, IMHO...
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ComLender
1253 Posts |
Posted - 07/08/2008 : 12:54:06 PM
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| The big problem is that any inexperienced LO can make $5MM in two weeks just from shopping a $70MM casino loan on BO, so there's little incentive for them to leave the business. |
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