Two weeks ago, the mortgage market lost both my employer, Carteret Mortgage and Homecomings Financial. Between the two mortgage companies, nearly 1500 more mortgage jobs are gone.

Carteret Mortgage grew to be the second largest mortgage brokerage in the US and at one time had nearly 2,000 loan officers. I had been there since 2002 and was a branch manager and a recruiter. It was a great ride while it lasted. I did make an extrordinary number of good friends while I was there however. It is really sad to watch a company go from closing 4 billion in mortgages in 2005 to bankrupt in 2008.

But, as they say, "When one door closes, another one will open"

I have accepted a position with TMC Lending as their Senior Branch Manager and will also be their National Recruiter

TMC Lending is an "out of the box" lender/broker licensed in all 50 states. Depending on an individuals level of experience and interest, we offer loan officers positions from a senior branch manager position to a part time position if you simply need a home for a loan from time to time.

One area in the company I want to develop are with the part time loan officer relationships. It is clear to me that there are many loan officers who have been forced to find other work and these positions will allow an individual with experience an opportunity to keep producing while not having to deal with quotas.

One of the things that I believe sets us apart from most others in the industry is that we have a very real focus on training for our loan officers and their Realtor partners. As you know, in this market, Mortgage Lending and Real Estate have never been more of a "knowledge business" than they are today. Our Mentorship Program and webinar based training will give you and your Realtor partners the tools you need to prosper and grow your business to the next level.

You may also want to know that TMC Lending is offering our loan officers the ability to create multiple streams of income with a very useful and affordable credit repair program and a loss mitigation/loan modification program that will beat any other product I have seen in the marketplace.

Please take a few minutes to visit www.tmcloans.net and www.freerealtortraining.com for more information.

If you have an interest, in growing your business with us, I will need a copy of your resume and a good time to chat by phone for a few minutes.

 
Post is included in group: All About Mortgages/Mortgage Networking
Post is included in group: Mortgage Originators
Post is included in group: "Real" Mortgage Experts Networking Group
Post is included in group: Realtors®
Post is included in group: True Mortgage Professionals

8 Comments on The Blood Bath in the Mortgage World Continues

SEP
13
2008
114,536 Points 1 Featured Post Outside Blog

Bob:  Good for you and I wish you the best!  The market has to stabilize in the coming months...  I just hope it is sooner rather than later!

1:12pm • #1

Best of luck Bob.  Unfortunately during market corrections of any type people have to shift jobs/positions.  In the end it usually works out for the best.  Congratulations on landing on your feet so quickly.  Hope it all works out well for you.

1:23pm • #2

Homecommings is still around, but they are going to merge back with their parent company GMAC Financing at the end of the year. They tried to do it last month but weren't ready.

1:36pm • #3

Congratulations on your new position.  The market will adjust as it always does but the short term pain is real. 

1:38pm • #4
333,672 Points Outside Blog

Hi Bob

I believe the same as you that when one door opens another will open, we have to start looking for that door. Looks like you did and it opened.

Good luck and success

Lou Ludwig

 

1:45pm • #5

The entire net branch business is a VERY RISKY one these days. Family first had been around 20+ years and they went away jan 1. Amstar mortgage followed. So so many others have gone as well. I think the 50 state net branch mortgage companies are all at risk. Keep it small. Keep it local. That is my thought

3:25pm • #6
276,051 Points 15 Featured Posts Outside Blog

Good luck on the new job. My position is to stay local and keep the business here. most of the prices are very close. Its just my take.

3:40pm • #7
SEP
15
2008

Thanks to each of you for your kind comments. We will survive!

3:51pm • #8

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Bob Gammache, CMPS

Smith Mountain Lake, VA

More about me…

Carteret Mortgage

Address: 105 Clearcreek Ct, Moneta, VA, 24121

Office Phone: (540) 719-1115

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