Become a GREAT mortgage broker / underwriter / lender / processor. They are few in numbers. Most are mad their business has changed and loans are now hard to do. Shame. I can say this because I owned a mortgage company about 4-5 years ago. Want to be even more successful? Figure out how to do real estate investment loans. You’ll be an overnight millionaire! OK maybe not. But if you can figure it out, return calls, and put a smile on your face, you’ll probably make more money than you can handle.
Yesterday I was fortunate to be on the receiving end of a mortgage lender who has given up. He’s still “trying” to close out a couple loans but this is really means he’s turning them down one by one. What’s even more interesting to me is the number of lenders who are not really thankful when they receive more business. It is the new Rubik’s Cube.
The economy is definitely picking up steam but it seems mortgage lenders are going after the easy loans. The investor loans are going on the back burner(often never to return). Did they not forget before the government tax credits and bailout cash that investor loans were keeping many of them afloat? If you are offended at this blog, then turn it into an opportunity. I’m always looking for lenders to refer clients to.
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