As my long time employer decided to close after being in business since 1993; I had to decide what direction to take in finding a new employer. I ruled out being a broker again, I believe the government wants to eliminate mortgage brokers and they are doing a pretty good job of it.
I really don't want to work for a big bank. One of the largest just cut their loan officer's pay and most of the people I know who work at this bank are miserable at work. If one of the big boys can do this and get away with it, the others will soon follow. Just my opinion.
That leaves correspondent or lender. Here in Georgia, the legislature is trying to pass a law that would eliminate yield spread. This law would of course not apply to banks and lenders, only brokers and correspondents... much like the new RESPA laws. Of course we could debate the fairness of such a law for days, but that is for another post.
So now I am a newly minted employee for the largest non-bank mortgage lender in Georgia. I feel good about my new employer, and its chances to survive and thrive in the future. Everyone is friendly and supportive. All underwriting is done in house and the service I am able to provide my borrowers far surpasses anything I could have offered in the past as a broker. No more being on the hook so to speak for the actions of folks who work at other companies. We are all dedicated to the same task, fast superior service. Good luck to my broker and correspondent colleagues.
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