I know with the recent news about the Mortgage Industry my heart goes out to to the employee's of HomeBanc, American Home Mortgage and to the entire Mortgage Industry as a whole. I also have been following the news with Countrywide and its problems as well, I truly hope they can pull it out. I am very fortunate that my father from a young age taught me the importance of working for yourself.
The direct Lenders would have you believe it is the best time to be a Mortgage Banker because they are the only one's lending the money. If your loan is a conforming product and you fit perfect in the round hole than pretty much anyone can do this loan. We still as an industry have many, many lenders who are extremely competitive in this arena. However, with the Sub-Prime and Alt "A" Mortgage guidelines changing by the hour most of the Bankers have chosen not to fund these loans anymore. Which leave you in a bind if you are trying to obtain a home Mortgage.
I believe Mortgage Brokers (and those who have the ability to broker loans) have the true advantage in this market. I know right now I have files that I have submitted to several lenders at the same time. When I first started in this industry this was a major no-no. You would get a very bad reputation within the lending community as wasting time to the end lenders. I always respected that because I am a firm believer in walking in someone else shoes. Communication has always been the key. I know the lenders that I have these files with know full well that I also have it submitted to other lenders as backup plans just in case.
What I find funny is that if I listen to the News media I think I would take myself out to the barn and put me out of my misery. Right now my phone and e-mail has been busy and all I know is that I am closing loans on time.
Is it as easy as it once was?
No of course not! However, who ever said life was easy? I still enjoy my work
FULL-TIME or PART-TIME Mortgage Professionals
With the industry the way it has become it is no longer a way to make a quick and easy buck. To many Mortgage Brokers chose to originate Home Loans on the side, of their main jobs be it Realtors, Attorneys, Appraisers, secretarys, etc... I know every day and seems like every hour I keep getting updates on guideline changes. I go back to my original statement about Conforming products if your loan still fits in the round hole anyone can do those loans.
My suggestion: Find yourself a FULL-TIME MORTGAGE PROFESSIONAL (who has the ability to Broker your file)
For More info: Palm Beach Gardens Home Loans
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**My suggestion: Find yourself a FULL-TIME MORTGAGE PROFESSIONAL (who has the ability to Broker your file)** AMEN! Great post!
I think the lines are been drawn more distinctly between the bankers and the brokers... which is unfortunate because we don't have a unified purpose
I believe that while the lender is more "safe" in some people's minds, the broker is poised to have a back up plan so we can do as you said, submit to multiple lenders and be sure to have someone's money at the table.
brokers need to button down the hatches though... water's not going to get less choppy for a while
Kim, Thank you... I know my phone has been ringing from people who had enough and just want to either close or move on..
David, So true I see lot's of white caps ahead..... hopefully in a few months we should see the seas calming down
Hey Matt,
I have said before, only the strong will survive, I may be toughing it right now, but I do know my Mortgages and I will continue to work hard, Brokers like you and me will be a rarity but hey more work for us :0)
Talk to you later,
Tom Weiss
Tom, Thank you I agree with you only the strong will survive
files that I have submitted to several lenders at the same time
And that's the way it is for me here. I have been working with broker's throughout the last few years and at this time I heard the same thing that they are submitting to at least three lenders at the same time.
Stay afloat you guys.....it will get better..
Sally, That is why you are in a class by yourself. You know who to send your clients to. Sounds to me like you are using a true mortgage professional
He's actually OPENING his own company. It will officially be open the end of next week...on the same day he is finished with the other company.
Sally, Funny how that happened.:-)
Matt.... I agree for the most part about not putting all of your eggs in one basket. Ab;e to have other lenders at your disposal. It's funny, I just wrote about this. But I am still happy to be a banker that still uses these same lenders, able to use multiple lenders, because I have full control from start to finish....from closing to funding. One thing that I haven't done yet and don't feel a need as of yet is sending multiple packages to more than just one lender. Especially if it's A paper. We stopped using Countrywide over 3 months ago because of the reports that I was receiving and so much more.
Overall, you make a strong point of using someone that has the ability to sell to more than one lender. A lender that if one closes up, that they can use someone else. You true, bigger lenders can't broker out their A paper. Just some of the Alt A stuff and some of the subprime stuff. Good stuff here.
Not funny how that happened...how he MADE it happen. How's that one....He's also mine and many other agents tax man. He's good.
Jeff, With "A" Paper you really don't need to send to other lenders. Countrywide down here is very easy to do business with but the rates are higher so it is a trade off.
Matt,
I have a deal that went into contract last week. The agents buyer put down 23% and the loan is due to close Monday. So far we recieved a commitment(my favorite)letter. Seems like it will close on time. The LO has been calling me daily..he said he wants to prove me wrong as I told him about the last horror story on this home. He will even be at the closing which barely happens at least with my deals. I have only seen one LO show to a closing. I told the agent I would buy here a steak dinner if we did close. My partner told me we can't afford steak anymore in this market. I told him that I would just tell the agent that I meant a Salisbury steak:)
Sally, Sounds like he is very good
Joe, I agree I would be very nervous right now if I just worked for one lender
Neal with 23% down. I think you can make the reservations. You should be closing on time.