It is easy to take control of a person, or a country, when they are weakened by fear. From the sound of my phone and from reading ML Implode I would say at least our industry is somewhat paralyzed by fear. Oddly enough when our phone rings we are still able to accept applications and close loans. Hmmm.
Perhaps I am overly critical of the media and my accusation of their implicit involvement in the destruction of the sub-prime mortgage industry. What do you do when someone attacks someone you love? More than likely I am exhibiting some neanderthal, base human defense posture because I love my industry and I still believe in sub-prime loans. Well, there is more to it than that simple statement.
Those of you who have been reading my blogs here on Active Rain and in other places for the last few years know I also held in contempt my own industry and the hacks called loan officers who were inexperienced, under trained and void of personal liability. I am a vocal proponent of licensing every person who is involved in the origination, processing and underwriting a loan. It would not be more regulation, it would be the same regulations but a method to ensure that when someone wilfully violates the laws and regulations of our nation, states and industry is properly disciplined.
Why is our industry so disrupted? If you have read my blogs you know I hold the media almost solely responsible for the fear that has gripped the hearts of many. The fear caused investors to sell out early, major lenders to lose their ability to fund loans and make timed corrections to the industry. Fear caused the plug to be pulled immediately. The truth is investment trusts, hedge funds and lenders were NOT losing money prior to September 2006 when this all started. Yes, we've been full fledged into the mortgage collapse for over a year.
Today fear is even interfering with conforming loans. People we excellent credit, good income, strong assets, are also being victimized by this media typhoon.
We must work together to calm the nation, present what IS available and continue in our due diligence to perform better than ever!
This posting is not an advertisement but if you are a real estate professional in Georgia or Florida and you have not experienced how we operate Novation Mortgage I encourage you to give us a try. If you are a mortgage professional I encourage you to get certified, take classes, and learn more about your industry than you knew in the past.
This, my friends - investors, agents, loan officers, is the time to SHINE!
Let us work together to end the fear and allow our industry, once again, to begin to live.
(I'm still looking for that hero with a few million to help save the niche!)
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