How does one become a mortgage broker

[5thsfg]

Im very interested .....

thanks

[Moriah4]

http://www.10kpermonth.com/?gclid=CLr_2c-rno8CFQSOFQodW1V6fA

http://www.google.com/search?hl=en&q=loss+mitigation+

google it!

[amortgageman]

You can start here:

http://www.michigan.gov/cis/0,1607,7-154-10555_22535_22536---,00.html

[bigjohnstud4200]

Business is bad and people are getting laid off.

[poorkchop]

It can be very lucrative but very stressful. Go to www.jobmag.com or brokeroutpost.com you can find plenty of companies on there who are hiring since business is Way Down. NetBranch companies will pay the best.

[jq26]

Lots of family and friends are/were mortgage brokers and loan officers. Some have left the industry and gone into business banking and commercial lending due to the sharp decline in residential mortgages. They were facing 40-70% pay cuts from the years prior.

From a contrarian perspective, if you learn the ropes now while the competition is thinning out, then when the market start to get legs again in a couple of years you could be in a great position to take full advantage of it. But plan on eating lots of Raman noodles until then.

[bigjohnstud4200]

Lots of family and friends are/were mortgage brokers and loan officers. Some have left the industry and gone into business banking and commercial lending due to the sharp decline in residential mortgages. They were facing 40-70% pay cuts from the years prior.

From a contrarian perspective, if you learn the ropes now while the competition is thinning out, then when the market start to get legs again in a couple of years you could be in a great position to take full advantage of it. But plan on eating lots of Raman noodles until then.

Yeah, a friend of mine dad has gone through three pay cuts in the last 6 months.

[jq26]

My good friend was an LO for Long Beach who pulled in $260k in 2005 at 28 years old. This year he left the company after he was on pace to make $60k. Granted, can't feel bad for the guy but it is indicative of the excesses in the market that were there for the past few years that are no longer present.

Another guy I know is still working as a broker. He explained that the ONLY phone calls that he is receiving are from people who are in trouble and unable to refi. Most good credit customers are not refinancing nor purchasing right now.

[bigjohnstud4200]

My good friend was an LO for Long Beach who pulled in $260k in 2005 at 28 years old. This year he left the company after he was on pace to make $60k. Granted, can't feel bad for the guy but it is indicative of the excesses in the market that were there for the past few years that are no longer present.

Another guy I know is still working as a broker. He explained that the ONLY phone calls that he is receiving are from people who are in trouble and unable to refi. Most good credit customers are not refinancing nor purchasing right now.

this is the reason i need to strike now/soon. I want to buy at/near rock bottom, but when is that going to happen?

[jq26]

That's the $1,000,000 question. Wish I had a crystal ball!

IMO, it will be regional both with timing and degree of price reduction. Super high-flying areas that were ripe with speculation will have much further to go. It is all about affordability. If you have a 10 year + timeline and you have sufficient income, then I wouldn't sweat it much anyway. Take the tax write-offs and decent rates right now and drive a bargain- adjusting your bid price to account for some possible short-term declines.

[bigjohnstud4200]

That's the $1,000,000 question. Wish I had a crystal ball!

IMO, it will be regional both with timing and degree of price reduction. Super high-flying areas that were ripe with speculation will have much further to go. It is all about affordability. If you have a 10 year + timeline and you have sufficient income, then I wouldn't sweat it much anyway. Take the tax write-offs and decent rates right now and drive a bargain- adjusting your bid price to account for some possible short-term declines.

I need to hire you, crystal ball or not!

[amortgageman]

In terms of the financial mess on ARM's and the bottoming of the financial mess, we are no where near the bottom yet.

All consumers were interested in was rate....rate rate. That's the number one question in this business.......What is your rate? Hence, many took the lowest rate possible, which happened to be adjustable rate mortgages. I can remember in the not too distant past offering up 3.25% ARM rates on a 3 year fixed mortgage, and people were trading in 6% fixed rate mortgages to get the lower RATE. These mortgages are beginning to increase now, albeit, only a 2% rise, to 5.25%, but the index remains higher than the 2% margin that these loans are increasing. Granted, if someone were to stick to the plan and save the savings, then they will be fine. However, this is America, and as a nation we suck at saving money. Time will tell, in the next year, if interest rates can fall enough to prevent further hikes, and if rates on the treasury do not fall, then these same people will be looking at 7% or better. The good news is, that when interest rates are low, more will go to principal, which could very possibly offset the next rate adjustment.

And Lord help us for the average consumer who took out the Option Arm, Pick a Payment, or similar mortgage, and who has been spending the savings. No real news here, but once those loans get to 110% (from negative amortization), then that loan becomes a fixed rate mortgage, which never was below 6.5%. The piper will have to be paid.

We have, IMHO, only begun to see the subprime mess surfacing. The rest is yet to come.

Builder oversupply, a shrinking housing market due to those who can no longer afford their homes (foreclosures), and a shrinking number of new buyers who cannot qualify to absorb the glut all lead to a suppressed housing market.

The good news is that the housing market and refinancing boom created at least half to three quarters of all increases in the GDP, in one form or another, for the past several years. now you read that the foreclosure rate is at the highest since the Great Depression.

[jq26]

Totally agree with what you say and I think there will be some further unraveling, but here's the flipside:

1) the majority of the country never saw the large run-up in prices that took place on the coasts. Some coastal cities are way overpriced but if you go 100 miles from even these bubble cities, homes are half the price. I can get DOUBLE the house and THREE times the property 50 miles from Philadelphia and my wife wouldn't even have to work.

2) After a few years of flat to slight declines, at some point homes will be back in line with affordability. There will be regression to the mean.

3) MOST IMPORTANT: The dollar has HAS TANKED. The fed will be cutting rates again and again which, aside from lowering mortgage rates (FHA mostly), will further tank the dollar. The result is even though home prices ermain flat, the home has lost significant value and will continue to (when priced in declining dollars). I believe that this is being done by design by the Fed to inflate assets out of the overleveraging that took place over the past few years. Look at home values priced on the gold standard. Gold (real money & not paper floating currency) is up 20% this year. In real wealth terms, this means that homes have dropped in value much more significantly than people realize. My belief is the ex-Goldman team running the FED know this (they are VERY smart folks) and are using this to avert a real disaster and protect banks. When dollars lose enough value that it starts to push home prices up, the fed will have unfortunately done its job.