It seems that mortgage brokers are taking the chin these days. With a down market, lenders folding, and net branches invading licensed required states. How do you compete? Well I have learned that you need to stand for what you believe in and live it to the fullest.
If you have a passion for this business, strong sense of commitment, and ethnics, you are going to be able to ride this crazy roller-coaster. We are already seeing many mortgage companies, and brokers exiting now a days, due to fraud.
I have been talking and learning from the vets in the business and how they weathered this in the 80's and 90's. They are right with their teachings of the basics. You don't need 150 lenders for every niche out there. You need to stick with few things that you are good at. If it is commercial, BK buyouts, refis or just purchases.
Right now, I am glad that it is harder to get 100% financing for poor credit borrower, and some states outlawing stated/stated deals. Now we can get back to the basics of the borrower needs to place some money down(3-20%). Yes! I know that is going to eliminate some borrowers, but it will cut the high foreclosure rate that we are seeing today.
So I am going to keep the boxing gloves on and block those left hooks and upper cuts that are being and going to be thrown at me. So when all the rounds are over and the dust settles I will be standing victorious.
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