Sadly, I got some news today that a mortgage broker friend has finally closed the doors after a 20 year run!
I also got an announcement card in the mail yesterday telling of 2 mortgage brokers who have joined together to create a new business.
This made me think back on my career in the mortgage industry to see how many of the companies I originated for are still operating as the company I worked with and the answer is NONE out of 7 ! One of them was even a bank !
What choices will remain for the consumer once these crazy low rates head back up? If only banks remain in the mortgage lending business, it may not be too pretty. When I bought my first house in 1982, I went to meet the owner of the bank to discuss my application negotiate the terms. I needed to put a 25% downpayment with perfect credit for a 2 career family working for Fortune 100 companies.
Will we return to that level of conservatism?