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Where Have all the Lending Professionals Gone?

Mortgage and Lending with Mortgage Solutions Financial


It is getting more and more common that my company is asked to save a real estate transaction at the 11th hour.  I got three calls in the last two days from listing agents that have had their sales put in jeopardy by pure incompetence from the lender handling the transaction for the buyer.  Two of the loan officers that work for me have also rescued deals this week!  It is worth a few minutes to analyze what is happening.

Often, these transactions were originated by either mortgage brokers or credit unions.  Brokers are at a real disadvantage because their chain of communication to underwriting is usually filtered by a wholesale loan rep who may or may not have a good relationship with the underwriter decisioning the loan.  In the past, the communication problems that are inherent in the wholesale lending world were often masked by the endless supply product options (both Alt A and Subprime) available to brokers.  Since those product offerings, for the most part, have been eliminated, these loans that were not packaged correctly in the beginning turn into failed sales. 

Credit Unions are wonderful institutions to get a car loan or use in lieu of a bank for a checking or savings account.  Some even do a great job of making home equity loans but, for the most part, they are not experts at mortgage lending.  Credit Unions often outsource their mortgage lending to brokerage or banking operations that are more capable of handling origination volume.  This in turn just adds another layer of communication to an already challenging process.  Add to this the problem of cross training in most CU operations.  The same loan officer that is working on a mortgage loan was standing in a teller line that morning or working in collections that afternoon.  They often don't have the experience or the knowledge to handle a difficult loan transaction.

I am always ready and willing to step in and save a deal.  I only wish consumers would save themselves the grief and come to me first.  4,869 registered loan originators are all that are left on Oregons registary from nearly 20,000 that have been registered at some point.  Many of those are from out of state.  The numbers have declined significantly over the last couple of years.  I can only hope the quality goes up as the quantity goes down.

Art Marine

Branch Manager

10220 SW Greenburg Road, Suite 250

Portland, OR 97223

503-764-4005 direct

503-799-7085 cell

1-866-510-4716 fax







Jean Kelly
,GRI, Kiser Realty - The La Cita Group - Titusville, FL

A few are in Prison or stripped of their licenses !

Nov 20, 2009 06:52 AM
Associate Broker Falmouth MA Cape Cod Heath Coker
https://teamcoker.robertpaul.com - Falmouth, MA
Heath Coker Berkshire Hathaway HS Robert Paul Prop

Pros are the ones that make it happen. I've had problems here on Cape Cod, too.

Nov 20, 2009 06:53 AM
Todd Clark - Retired
eXp Realty LLC - Tigard, OR
Principle Broker Oregon

I think the numbers are getting smaller for every industry of the real estate world, there are less inspectors, appraisers, lenders, Realtors and even escrow officers. I do believe we are thinning out the bad ones and if the trend continues I do believe it will be better for the public as a whole.

 Todd Clark - www.LivingBeaverton.com

Nov 20, 2009 07:02 AM
Donne Knudsen
Los Angeles & Ventura Counties in CA - Simi Valley, CA
CalState Realty Services

Art - I agree with Todd that many of the bad people in the real estate and mortgage industry are getting weeded out.  Yes, there are still some out there as you and your LO's have discovered.  I too got a call this week from a frantic buyer pleading with me to save her transaction.  So it seems we still have some weeding out to do.

Nov 20, 2009 08:28 AM
Paul McFadden
Responsive Pest Control - Seattle, WA
Pest Control, Seattle, WA.

Art: Thanks. Any time there is a thinning of the ranks, it could mean there were too many in the first place. I believe that most of the LO's left are in it for the right reason. This is good for the consumer and also good for us as there is now less competition. Thanks again!

Nov 21, 2009 01:41 AM