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ConsultiveAE
15 Posts |
 Posted - 07/17/2008 : 4:23:27 PM
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I just wanted to take the temperature of the retail Southern Michigan and Chicagoland markets. I still have broker clients calling me and asking for products and for recomendations on shops to work from, but I have been out of wholesale for a while now.
I'd like feedback from the forum on if you think the regional market has bottomed yet and how you've been coping with the lack of borrowers or products or both...
Because so many of my previous clients have left the industry (like myself after 16 years) I really haven't been active enough in the mortgage community to give solid advice to the relationships that still call.
I'd love to hear from area brokers, or AE's for that matter, making it through these lean times. I'd be happy to network with those of you that are looking for LOs. And, hey if you know of companies that have computers and electronics to recycle or are looking for someone to purchase their manufacturing breakage or non-ferrous metal I'd be happy to pass along a finder's fee if a relationship develops.
Best wishes to the Outpost.
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cspatmon
1118 Posts |
Posted - 07/17/2008 : 6:10:26 PM
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| Michigan, we're fine.....it's a matter of adapting, adopting and executing a business model that will survive the volatility. We're hiring top notch LO'S I think we have a few more slots to fill....Brokers and Branch partners. It's strength in numbers.... |
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rocky007
290 Posts |
Posted - 07/17/2008 : 6:13:29 PM
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Busy with commercial deals here.
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ehm3
955 Posts |
Posted - 07/17/2008 : 6:37:31 PM
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| we're doing a ton of biz in SW MI. I wouldn't say the market is great but its holding its own, and its definitely the best section of the state. |
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rijuroy
347 Posts |
Posted - 07/17/2008 : 7:07:46 PM
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| chicagoland will get worse .. with sb1167 .. which requires mandatory counselling for some borrowers .. I am coming across a lot of fha purchases recently.. mostly referrals from former collegues who has left the business, for their former clients.. I believe LOs leaving business is helping us to some extent but just not enough .. refinances are getting harder... suddenly doing loans in coook county has become a long process.. I am doing this part time now ..have some business but its taking forever to close them ... kinda tired of the waiting game ... |
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MALIZNA
437 Posts |
Posted - 07/17/2008 : 8:30:37 PM
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agree, Chicago will get worse. Home prices are already down about 100K from the boom, and SB1167 is driving a nail in the coffin. Especially since it is targeted to ONLY COOK COUNTY....
In order for ANY PROPERTY to start selling in Chicago, we need to get rid of SB 1167 and have a little more lenient loan programs... I.E. don't rip a file apart if it is full doc
or offer some type of STATED program for self employed borrower ANY LTV would be good without expecting a 4506...
Or offer the bank statement program for S/EMPLOYED borrowers
without these products, our values will sink lower and lower and lower... As far as S.W Michigan, my summer home is out there. I am not planning on selling, as I go there to relax, but I DO see a lot of homes for sale not selling....
My 2 cents
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RGK2394
1100 Posts |
Posted - 07/17/2008 : 9:52:56 PM
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quote:
Originally posted by MALIZNA
agree, Chicago will get worse. Home prices are already down about 100K from the boom, and SB1167 is driving a nail in the coffin. Especially since it is targeted to ONLY COOK COUNTY....
In order for ANY PROPERTY to start selling in Chicago, we need to get rid of SB 1167 and have a little more lenient loan programs... I.E. don't rip a file apart if it is full doc
or offer some type of STATED program for self employed borrower ANY LTV would be good without expecting a 4506...
Or offer the bank statement program for S/EMPLOYED borrowers
without these products, our values will sink lower and lower and lower... As far as S.W Michigan, my summer home is out there. I am not planning on selling, as I go there to relax, but I DO see a lot of homes for sale not selling....
My 2 cents
Why do you have two user names? DANKA and MALZINA? |
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mortgagemessiah
7853 Posts |
Posted - 07/17/2008 : 10:08:31 PM
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I'm busy investigating mortgage fraud files in Michigan. Gives me an excuse to visit family.
www.mfi-miami.com |
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