Dear Diary, My passion is Mortgages. Today is Friday and I have never had such a roller coaster week. I am filled with joy and sadness all at the same time. Wednesday I had to Surrender my Mortgage Broker License. I was crying as I put the envelope into the mailbox at the drive-thru post office. I hesitated, even with three cars behind me. It took everything inside of me to let it go...My stomach ached soo bad...
I had to do it. My company has always been just myself as an originator. I applied for my license when I became pregnant with my daughter. I wanted to work for myself and originate for Realtor referrals, friends and family. I got my own office space in a great location. Lately, with the removal of Fannie Mae and Freddie Mac's Affordable Lending Programs. I just really have run out of loan products. I am not an FHA Approved Broker, because you have to have $60,000 net worth and 2 years audited financials, which would cost me $7000.
So, I have taken an opportunity with a Mortgage Banker out of New York. My office will now have their name on it. I will be the Branch Manager and use my expertise to Originate and Process FHA loans. We will specialize in the 203K FHA Rehab program. My new Sales Manager/Friend and great loan officer will expand and bring in 4 loan officers right away. I will use my previous management experience to make this a success.
I really believe that everything happens for a reason. I am a people person and for the last 4 years, while I have been focusing on raising my daughter, I have lost contact with allot of people. So I am excited to be a part of a large company and employ people.
There is a huge shake-out now. Chase closed their Wholesale Lending Division, which ultimately closed allot of loan programs/products on brokers. Many are scrambling to get approved with lenders, I am finding that due to my solid reputation that I will stay on top with the investors and continue to do business, when many will not.
Is it a failure? Not really, but it does hurt. I loved owning my own company. Maybe I will again someday!!
I'll let you know how this goes...
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