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Lately with all the changes within the Mortgage Industry and the Sub-Prime Mortgages we have seen a mass exodus of Mortgage Brokers and Loan Officers from the industry. I just would like to say BYE-BYE....It's been real and its been fun, it just has not been Real Fun having you around.(May I open the door for you?)
I am a FULL-TIME Mortgage Broker and with the majority of these people leaving I am now busier than ever. With them leaving I do not have to fight the lies or explain how the other Mortgage person is not quoting them the correct program because they don't qualify and to be prepared to have things change on them.
This might seem harsh but this is the reality. As many of you know , I am in Palm Beach Gardens which is located in South Florida. The people who I really feel sorry for are many of the borrowers that where placed in loans by those people who are now leaving the industry in-droves and never explained what will happen to them once the Mortgage matures.
Just as an example:
One of my referral sources just had her ARM (Adjustable Rate Mortgage) come due. I did not know her when she bought her home with her husband. From what I found out she did (like many others) 100% and was convinced Mortgage Insurance was a nasty thing and she would be better in a 80/20. (First mortgage is at 80% and the second mortgage is at 20%). Now I DO NOT know her situation when she was placed in the mortgage and lets face it we can't go back in time. Her goal (which is the first question any TRUE Mortgage professional should ask) was to live in her home long term. They wanted to start a family and have the home big enough so they would not have to move into another one later on. The person (I can't bring myself to write Professional) who did the mortgage placed them in a Interest Only loan. This is not a bad thing but never explained the key benefit to the mortgage is you have a option to rapidly pay down on the mortgage. Both her and her husband do quite well now and can afford to pay more but was never explained the benefit. So now it is X amount of years later she never paid down on the mortgage and now owes more than what the house is worth.
This is a very common problem in South Florida right now. We can blame the client and yes they should have realized what was going on. However, please keep in mind they went to what they thought was a Professional Mortgage Person for help and advice.
This is why I am writing: BYE-BYE.......
When looking for a TRUE Mortgage Professional my suggestions would be:
In closing, please all join together and say BYE-BYE to the liars, con-artists, Part-Timers and lastly the most important one, the ORDER TAKERS!
For More Information: Mortage Advice In South Florida or Palm Beach Gardens Home Loans
Full-Time Mortgage Broker in South FL. Palm Beach County. Specializing in Hard Money / Private Money, Foreign Nationals, Jumbo and Super Jumbo Loans. In addition I work with Today's Premiere Lenders.
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Amen!
Lysa, I thought you might like this one. Have a great weekend
Now this is one of the most honest posts I've seen. Instead of excuses ...it's plain fact....that a lot of buyer's were first time home buyers and put their trust in LO's and real estate agents (I believe we can give our opinion if they are getting a bad deal and then tell them to ask!) only to realize they didn't understand quite what it was all about or what they were getting into because they only went by what they were told. And BYE BYE (that song is back in the day lol)
Matt,
Your right, as a matter of fact I just told my wife yesterday, that we weren't getting as many letters in the mail as we used to get from mortgage solicitors.. Good Deal, I will help you hold the door if your interested :0)
Tom Weiss
Sally, WOOHOO!!! Don't you love the song!. It is sad but so true..
Tom, That would be nice.. You can hold the door. While I say Buh Bye..:-)
Isn't it nice, the universe's way of weeding! There is a reason for everything. I am also glad that the agents ( I won't give them the credit of being called Realtors), are leaving in droves! Bye Bye- don't you come back, no more, no more, no more! Katerina
Katerina, I agree hit the road Jack and don't you come back no more!!
OOPs, I am sorry I do not know what happened but I see multiples of my comments. Sorry. Katerina
It is funny the more I hear about a bad market - the busier I am.... guess the public is starting to realize that some of us are really good at what we do... and if they want to have the best deal, they better work with the best people... refreshing kinda uh
Katerina, That's ok it happens to me as well
Thesa, You write the truth. It is funny how that happens
Love the song! The truth be told and you told it well! I'll also help hold the door!
Kim, Thank you.. I have to tell you I played the song a few times.:-) I know you are one of the good ones That is why you busy now.
Weed out of the garbage and take out the trash................. bye bye.... I am happy this will get rid of some much needed can I say "scum" in the industry.
Good luck to you and the rest of the professionals who represent your industry in the best light.
Matt.... as we can see, the ones that are really good and knowledgeable are the ones responding to your post. I hate to see people lose their jobs, the processors and underwriters and such. Loan officers? If they are good, they will survive and find work else where. The bad apples, we hope many of them drop from the trees. As you have mentioned, this is reality.
I have written like 5 posts in the last 5 days, 2 to 3 of them talk about some of this and that it's reality. Let's stop sugar coating....making excuses. It;s happening and just as I have told a realtor at lunch two days ago, my boss, and a few clients... I am glad that this is happening, Again, as you mentioned, it's weeding so many out that just don't belong. Sure, there will be some that stay and still make it hard for those that are good. But more are leaving. If you get a chance, look for my biggie post tomorrow morning. Good post, direct, and honest.
Desiree, I do believe we are weeding out some garbage..The trash man hauled it off
Jeff, I will look forward to see your post tomorrow. Thanks your comment
We need to get you on video lipsynching to N'Sync's Bye Bye bye for your own Youtube tribute to all the refugees!
David, Well after a having a few of Johnnie maybe....
i can never recall an applicant, or a realtor asking me about my level of experience. that's always amazed me.
from the applicant, "what's the rate?"
from the realtor, "can you get it done."
from larry the cable guy, "get er done." (sorry i couldn't help myself)
regardless of the years of experience or the lack there of, we owe it to our clients and to ourselves to acquire the knowledge that we need, and to share it with our clients, to help them make the best decision possible. anything less is not acceptable.
i imagine many (most) of those leaving the industry never figured this out, or ignored it.
i'm with you, bye, bye
Jay, I agree with you.. We owe it to our clients. For those who don't realize that... BYE-BYE
awwwww....love the song, I'd say we email it to the few unscrupulous ones left....maybe it will be the last gentle reminder to get out, and let us go back to helping clients.
I love this "new" market where the riff raff is gone! I know the industry, and all of the good ones left, will be stronger when all is said and done. :)
Bill, Glad you liked the song. I agree lets send it to the few that need the hint..:-)