With all of the focus on the subprime meltdown, countless brokerage firms are going out of business, and looking for new lines of work. Many opnions are strong in that fannie and freddie, combined with FHA, will be the only business out there in a shrinking mortgage market. The secondary market is illiquid, portfolio lenders can only handle soo much paper, and if the Fed lowers Rates, then we will have another recession. The doom and gloom on a day to day basis is disheartening, however the people and companies that love this business will not be going anywhere. My recent tagline in my marketing efforts is "Start Expecting More From Your Mortgage Broker"
Whether you are a real estate agent or first time home buyer, start expecting more. Self Employed? Seven 30 day lates on your mortgage? hard to prove income? The lenders in subprime are still out there, and the smart ones are priced well in this market. I submitted a loan today with a client with a 545 mid score at 85% LTV, and already have got an approval to refinance him from his ARM, coming due this month. I had to dig deeper however, to find this lender, however I have got set up with 8 new lenders in the last 2 weeks. My point is, our company is aggressively adapting to a highly volatile market to find opportunities for our clients, so we can remain ahead of the curve with all financing options.
This is my first blog, and I am honored to be a part of active rain.
Respectfully,
Brian Quigley
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