Special offer

Dear Diary, My Passion is Mortgages, But I had to Surrender My License...

Mortgage and Lending with Guaranteed Home Mortgage Company, Inc.

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...

Dale Baker
Baker Energy Audits and Commercial Properties Inspections - Claremont, NH
New Hampshire Relocation Real Estate Information

My Howdy

there Julie

Your passion for helping folk's, to get a loan to buy a home. Sure comes out in your, fine written post. You'll have your own company again, and when you do. You'll be able to help your client's even more.

God Bless America

Jan 30, 2009 12:39 PM
Julie Hite
Guaranteed Home Mortgage Company, Inc. - West Bloomfield, MI

I'll have a good one, thanks to you!! Onward and Upword Ah.

Jan 30, 2009 01:44 PM
Loan Survivor Real Estate Financing Expert
Purchases, First Time Buyers, Pre-Approvals, Refinance - Birmingham, MI

Sorry to hear about the license.  Only the strong and adaptors will survive.  From what I can tell, you will be among the survivors.

Keep doing the right things.

Jan 31, 2009 10:49 AM
Julie Hite
Guaranteed Home Mortgage Company, Inc. - West Bloomfield, MI

Thanks Drew, I guess I had to change teams to stay in the game.. I am going to keep my corporation for the contract processing that i am doing on the side. That is actually taking off for me right now.

I really do feel change in the air for the positive. I know that allot of LO's will not follow through and do the right things regarding the licensing. So It will reduce the competition for the good guys like us..

Jan 31, 2009 10:55 AM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Julie, You have a lot to be proud of.

Instead of giving up ....you changed. When the cheese moved,...you went and found it.

That mortgage banker is quite fortunate to get you.

You may even find this works better and gives you more freedom or you may wind up owning this very company.

With your passion, attitude and ability you can not fail unless you fail to try. Please keep us updated on your inevitable success!

Feb 02, 2009 01:02 AM
Julie Hite
Guaranteed Home Mortgage Company, Inc. - West Bloomfield, MI

Margaret, thanks so much for the very kind words. I have been in the industry for so long. I just don't really know how to do anything else. I mean, I could if I wanted to, but I really do have a passion for this. As you know, closings are the most rewarding experience. Assisting people to buy a home or reduce their payments is awesome. It has my heart.. Thanks again for the support

Feb 02, 2009 02:22 AM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Hi Julie, Trying to call you but I am getting no answer, no voice mail. Did you remember to change your number?

Feb 02, 2009 02:46 AM
Sylvia Barry
Coldwell Banker Previews International (#1 Marin_Sonoma_San Francisco_North_Bay) - San Rafael, CA
Marin and Sonoma Real Estate Leading Expert

Hi Julie - Glad that you have your priority straight - I took time out for my sons, and had to restart my career three times.. but I will not trade that for anything else......  You will do great with your passion and be very successful!

Feb 03, 2009 06:45 AM
Julie Hite
Guaranteed Home Mortgage Company, Inc. - West Bloomfield, MI

Sylvia and Margaret,   thanks for your support. This week is growing pains throughout. It is just like starting my own business, which I am grateful to have been appointed to the Branch Manager position.

I did forget what it took to start my own company and now I really am doing it all over again. I look at it as just moving to a different team. I am trying to keep a solid base within myself, knowing that this will work. It is just a huge adjustment, but worth the stride because I will hit the goal and the  finish line.

All in good time, my partner said to me today, "This pause in the market is a gift, so that we can organize and become efficient and ready when we are needed". I am there for that. I am confident in our ability. I feel ready to change the housing situation and be a part of the positive. I don't know how, but I am in it and will try my best.

Feb 03, 2009 03:34 PM
Kate Elim
Dockside Realty - Spotsylvania, VA
Realtor 540-226-1964, Selling Homes & Land a

Hi Julie...You are not just trying to help turn the real estate market around, you will succeed along with many of us.  We love this work too much and it is way to important for our country.

Perhaps someday you will have your own business again if that is what you decide you really want.  Things will definitely work out for you.

Congratulations with your new venture.


Feb 16, 2009 08:08 AM
Jennifer Monroe
Indigo Home Team powered by Compass - Charlotte, NC
Real Estate REALTORĀ®/Broker/Designer

The changes our industry are facing has caused so many who have worked hard at their passion to rethink their approach to giving clients the great service we set out to provide. So glad you're still passionate about what you do!

Feb 16, 2009 09:04 AM
Celeste "SALLY" Cheeseman
Liberty Homes - Mililani, HI

I would feel the same...passionate about the industry...sad to leave something behind....but determined to fulfill the dream in the future :) Good luck!

Feb 17, 2009 02:40 AM
Frances Sanderson
Bean Group / Franklin - Franklin, NH

Hi Julie,

I see the same thing happening to my fellow REALTORS, but you've taken the right approach to this situation. "Everything for a reason." I like how Margaret referenced the "moving of the cheese". If you haven't read it yet, Who Moved My Cheese by Spencer Johnson, MD is an inspiring fable for dealing with change. Thank you for sharing your feelings with us :-)

Frances Sanderson, Franklin, NH  REALTOR®, Certified EcoBroker®

Feb 17, 2009 06:24 AM
Julie Hite
Guaranteed Home Mortgage Company, Inc. - West Bloomfield, MI

Today has really been a new day, as every day is.. I have gotten so much strength from all of the kind words and support here. It is a painstaking process starting this new branch. Licensing, fha approval, new loan officers, closings, "where's the funds". Everything that a new company in the first 30 days challenges a newby with.

What makes my day is when I get an email with new comments to this post that are so positive. Thank you all sooo much.

Frances, I did read, "Who moved my cheese". I think it was back in the mid 90's. It really is important not to be conditioned and recognize that the same process over and over will not always yield the same results.

It is a hard time for everyone, I am finding that the line in the sand between Realtors and Loan Officers has been erased. I have enjoyed so much teamwork lately that it is incredible. We all are on the same team, and it feels like the lenders are now on the other side in a way.

I hope that people will continue to see the value in mortgage bankers and brokers, because we work all day and all night to help people get into, and now keep, their homes. If we go away, I just feel like the service will sink to an all time low..

Thanks again! You raise me up!!

Feb 17, 2009 01:08 PM
Judy Jennings
Top Agent Plus - Middleboro, MA
Tap into Judy's real estate expertise & resources.


What an inspirational post. With your passion, dedication and knowledge of the industry, you will make it through this crazy market. There is truth in the statement that when one door closes, another one opens. Who knows where this will lead you. Best of luck for a prosperous future.


Feb 22, 2009 07:17 AM
Kathy McGraw
CELLing Realty - White Water, CA
Riverside County CA Real Estate

Julie- What a good opportunity, and glad that you are positive about it.  I like what Margaret said about your flexibility, and about as long as you are passionate you will make it :)  Best of everything in this new position.

Feb 22, 2009 02:02 PM
Dave Sullivan
Real Estate One - Birmingham, MI
Michigan Realtor with an investor viewpoint

Change is hard I was part of the shack out I was let go from Kroll Factual Data after 12 years.  I hope that by now you have found that there is life after change.  I wish you well. 

Jan 16, 2012 10:08 AM