Laissez les bon temps rouler! I am so glad that the good old days are finally back. I'm not minimizing the economic turmoil that many of us find ourselves in, I'm just glad it is finally business as usual.
I'm not a Realtor. I'm a mortgage guy (gal). Thankfully, I do not deal with negotiating short sales or REOs. Thankfully, I do not have to deal with sellers who think their homes are worth thousands more than they are. I might be writing a different post if I was a Realtor. I got into this business when the highest LTV available was 90% unless you qualified for a government loan, when 7.875% with 2 discount points was a great rate, when (gulp) you had to document all your income.
The longer I stayed in the mortgage business the less sense it made. It was like working on the midway at a carnival. Hucksters and rubes running the show. The lights were bright, the noise overwhelming, the lure irresistible. It gave me a headache. I always loved the mortgage business. Every loan is like a puzzle. You're given the pieces and have to put it together. It takes superior knowledge, a clear head, excellent communication skills and creativity to be a good mortgage guy. No fun house mirrors required. It stopped being fun for me several years ago. Honesty didn't matter, common sense didn't matter, knowledge didn't matter. I actually talked with other mortgages guys who told me they made all of their loans through stated income products because they didn't know how to calculate income. Lie down with dogs, wake up with fleas.
I had more respect when I sold used cars than I did the last few years as a mortgage guy. "Step on up young man. Try your hand at the real estate game. You don't know how to play?? Well never you mind, step on up and win that pretty lady you're with a prize!" No wonder no one trusted us. No wonder I felt beaten and down trodden.
What has changed? It was so gradual I almost didn't notice it. I was sitting at my desk, figuring out the income for a self employed borrower. Adding depletion, subtracting business paid expenses, recalculating depreciation. This is laissez les bon temps rouler??? YES! I finally feel like a true professional again. My expertise matters again, my hard work will be appreciated by my clients and my investors.
I am thrilled to be a mortgage professional in a time when true professionals are greatly needed. I am thrilled that the lights have dimmed, the cotton candy is gone and the bearded lady is buying up investment properties in Florida for pennies on the dollar rather than selling mortgage loans. I am thrilled that you all are here with me. Let the good times roll my friends!
