The players in the market continue to shrink. WaMu closes their home loan centers, National City Mortgage is seeking a cash infusion or a buy out, brokers are closing on a daily basis, Wachovia is feeling the ill effects of bad paper. Where will it all end?
The best piece of advice I can give to any loan professional is truly evaluate any opportunity a recruiter puts in front of you. There are too many of us out there that are throwing gossip against the wall, trying to put the fear of the Almighty into recruits and hoping the information comes true. Too many times, the element of excited fear is put into the recruiters sales pitch. One of my favorite lines the was shared with me by an LO after he recieved a call from a headhunter was " well, you can come join us now and get a signing bonus or wait till later and when we take you over there won't be one. What's it gonna' be? You're a smart business person." I heard that one and almost fell over.
Evaluate the position and figure out if it is going to take your practices to the next level. There is a tremendous amount of work and sweat that goes into a transistion. If the risk outways the reward, don't do it. Develop a relationship with your recruiter and you will find out if you are working with quality or crap.
That's all for now,
Rich Sinatra
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