Career Questions and Answers
Is it profitable to work in the mortgage business?
Asked by Jason M
I used to be a mortgage processor, but now the industry is certainly shaky. Basically I wanted advice to see what others thought and if this is a business that's even worth it anymore. Plus, it you think it is, what area's do you think will be the most profitable?
Asked by Jason M
I used to be a mortgage processor, but now the industry is certainly shaky. Basically I wanted advice to see what others thought and if this is a business that's even worth it anymore. Plus, it you think it is, what area's do you think will be the most profitable?
A:
Best Answer:
I think right now I would run from the mortgage business. I have heard from friends who are still in it and they are currently very busy because the rates are so low, but things can dry up on a moments notice in this type of economy. I was a sub prime mortgage underwriter doing the bidding of a large bank for over 15 years. My job is GONE completely and I was laid off about 6 months ago. They completely closed our department and cosolidated it with another area. The future of mortgages is with FNMA and Freddie Mac and FHA and the whole process that you have to go through to get a mortgage is simply awful these days. There is no room for common sense anymore. I would think if you wanted to get back into the mortgage area, you might be ok as a processor or underwriter if you were with a huge company. I would stay away from the smaller brokers and make sure you work with a reputable lender with an established Fannie/Freddie/FHA background. Good luck.
I think right now I would run from the mortgage business. I have heard from friends who are still in it and they are currently very busy because the rates are so low, but things can dry up on a moments notice in this type of economy. I was a sub prime mortgage underwriter doing the bidding of a large bank for over 15 years. My job is GONE completely and I was laid off about 6 months ago. They completely closed our department and cosolidated it with another area. The future of mortgages is with FNMA and Freddie Mac and FHA and the whole process that you have to go through to get a mortgage is simply awful these days. There is no room for common sense anymore. I would think if you wanted to get back into the mortgage area, you might be ok as a processor or underwriter if you were with a huge company. I would stay away from the smaller brokers and make sure you work with a reputable lender with an established Fannie/Freddie/FHA background. Good luck.
A:
It is worth it. If the President lowers the mortgage rates to 4% there will be a flood of business. Get ready to work..
Answered by Ed Atun
Answered by Ed Atun
A:
Jason,
The mortgage business can be a wonderful industry if you have the right mindset. You mentioned that you have been a processor so you are probably familiar. Keep in mind that most loan officers or originators are on 100% commission so if you are a "paycheck to paycheck" guy then it's probably not for you.
A lot of people have left the industry so their is a lot less competition and potential borrowers are looking for professionals to handle their mortgages for them not fly by night guys looking to make a quick buck.
There is a lot of freedom and flexibility because you are essentially running your own business. The best people receive a lot of referrals and that helps them make a steady stream of income.
I hope that helps. Good luck!
Answered by Mark F
Answered by Mark F
A:
In the UK? As we have lent most of our money to Americans, who have wasted it and Gord Broon has stolen the rest I rather think a career as a politician would be much more profitable!
Answered by Vicky S
Answered by Vicky S
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