Real estate agents are not the only people who have seen their incomes take a hit as a result of the housing slump.

Last year we saw a significant decline in the market; this year, even more so. I've seen a lot of people get out of the business as a whole, and even many of my old friends who were in the business are now facing foreclosure, or doing short sales of their homes, and investment properties.

In my opinion this is probably the worse our country has ever seen. There have been layoffs as lenders are rocked by the foreclosure crisis brought on by excesses in sub-prime lending or the famous stated/stated loan. (You know I never ever used that loan.)

I currently see the refinance market has taken a bigger hit than the purchase market, and companies that focus on the purchase market, are faring better as a result. The refinance market is basically nonexistent as their is no product for us.

Our industry has had the crap kicked out of us in the last twelve months, what are you doing as a mortgage professional during these trying times? I hope you are not saying well poor me, I think I should quit, if this is you I'm sorry,but you might need to take a good look in the mirror, and say to your self am I cut out for the mortgage business. I guarantee if you leave now, it will be very hard for you to re-enter the business in a few years as their will be new laws imposed for us on education requirements, and registration with your state.
People with less than five years in the business will have to undergo training, more experienced originators will have to pass a test, and everyone will be required to take continuing education every year.
Oh yea these changes are coming

The few mortgage originators left we need to step up our level of professionalism, from our business attire and the way we compose e-mails, to ethical standards in dealing with clients. Customers should know upfront what loans will cost them, with no surprises when you get them to the closing. We have to keep it at a very high level to keep our reputation strong. This is the biggest financial transaction people make in their lives ... Don't you believe they deserve to have information in writing? I surely do.

I feel it's important for mortgage lenders to remain positive and upbeat despite the challenges of today's business environment, and no homes(lenders) for our files. I believe this has to change soon, because our whole world's economy will collapse. I believe it's still a great time to buy ...but not if you're going to sell next year. It's not a market to flip houses.... But if you're in it for five years, nobody's going to lose money in real estate.

Guys, and gals I know it is tough out there I'm with you I feel the pain as well, but imagine you hold on for the next 6-9 months, when we come out of this cycle(which we always have) you will more than likely have such an influx in business that you will not know what to do with.
This is a great time to get your systems in place, clean out your data base, reconnect with past clients, get involved in the community, start blogging, become a presence on the internet... I look forward to hearing your response to this thread...