Mortgage Grapevine

CIT Imploded

CIT just imploded.
I am an Account Executive and we will officially stop taking applications on Tuesday August 28th.
I hope I do not have to default on my Countrywide Mortgage
since CIT just closed and I have no income to pay our compeditor.....Ironic
by Mr.CIT August 28, 2007 12:00 AM

What state are you in?
by Cindeerella August 28, 2007 12:00 AM

Sorry to hear about CIT closing and the loss of your job.

I suspect that good AE jobs are hard to come by and if you got one, there´s no guarantee you new company would be around by the time your next paycheck is due.

So, you could always become (or go back to being) a mortgage broker and originate loans to make a living.

You´ll be commission only, naturally, but if you hussle - you ought to be able to cover your mortgage.

And you´ll get to decide which lenders to submit to and not feel obligated to always push one lenders products because they are paying you a nice base salary.

Afterall, according to the ad on this page, "Borrowers are Everywhere."

GOOD LUCK

P.S. - I missed the news story on CIT closing. Are you breaking this story based on some midnight email from corporate or what?




Chin up - you´ll make it OK- it must be tough for AEs to find new w



Did you just find out about CITs demise, or is this already old news?


by Coronado Dreamin August 28, 2007 12:00 AM

Call me if you need a job. 614 339-0281.
by closer234 August 28, 2007 12:00 AM

sorry to hear about that MR CIT. I broke into the mortgage business 22 years ago doing retail with CIT. Good company but was always light on the compensation side of it.

Good look as others have said may have to give retail a shot.
Can be similar to wholesale. Jump in your car and make sales calls to realtors for business, will have to make alot of sales calls to get deals similar to today market on the wholesale channel
by would you like paper or plastic? August 28, 2007 12:00 AM

Our Conference call just ended, and it´s official.
As of today, August 28th CIT will no longer be accepting applications for its Home Lending Division.

Mr.CIT
by Mr.CIT August 28, 2007 12:00 AM

I´m with CIT too. What state are you in ? I´m in Fla, maybe we can join force and come up with something....
by 1foru August 28, 2007 12:00 AM

I just went on their website and it´s true - they closed their originations dept.

Good luck Mr.Cit; it´s tough out here but there are some companies still hiring...

www.encorecredit.com

check them out - any AE´s

I´m a loan officer but maybe some AE´s in South Jersey or Philadelphia area can check them out
by njhomeloans August 28, 2007 12:00 AM

Just received the email from my AE.
by didn't you get that memo August 28, 2007 12:00 AM

Mr. Cit...I am also a CIT employee that is affected by the shut down. stop complaining. if you didn´t see this coming you are crazy, and if you´re only going to sit around and feel sorry for yourself then you won´t get very far in this world. I´ve put in over 7 yrs of late nights, weekends, etc and I am proud of my work. I am moving on with my head high...
by 123abc August 28, 2007 12:00 AM

123abc,

Where in any of Mr. Cit´s posts was he complaining? He simply stated that CIT is closing and I looked at that as informing us brokers/loan officers.
by sflowers August 28, 2007 12:00 AM

Stay Positive - there are still alot of business out there and over million borrowers that need to refinance because their 2 year ARMs are about to adjust. I am looking for a wholesale A/E position as I was just laid off from Accredited Home Lenders last week with 1600 other employees.
by hsurabian August 28, 2007 12:00 AM

Actually, 123abc I am very proud to have been a part of a wonderful company and a great team.
I too have given many many late nights, weekends, 12-14 hour days to CIT Home Lending.
Within my first year, I went to Admirals in the Dominican Republic, and I had this years locked up as well.
I am not feeling sorry for myself, nor am I complaining.
Rather, I would like to thank all of the Broker community for sending us loans and supporting us AE´s.

I wish you continued success 123abc.

Thanks

by Mr.CIT August 28, 2007 12:00 AM

I am also now an X CIT employee. It is sad that this happened but we all saw it coming. The people in our Baltimore office were some of the best I have ever worked with. The silver lining in all of this is that there will be a severence payout. It will be interesting what that severence will be since all of our production has been down since the origional announcement of CIT leaving home lending.
For any other CIT reps out there, good luck.
by movingon August 29, 2007 12:00 AM

I was one of the first cuts back in April 07 they came in a shut us down trying to scale back with the weakening of the market. (Michigan) As a rep, I think we all put in a lot of work at CIT however, I do not regret any of that time spent I worked with some of the best people in the world. CIT is and will be a great company. I don’t know of any business that is in business to loose money so, I believe they did what was necessary in order to keep the remaining endeavors up and running. With that said, I am no longer in the lending industry I have decided to move on while the market is so unstable. I wish you all the best and your severance package will be a great help after all, most companies do not offer them to commission based employees.
by Lending Lady1 August 30, 2007 12:00 AM

by SalesRGreat February 17, 2008 12:00 AM

I´m a marketing guy, and I´ve been one in one form or another since the late 1970´s. The real answer is if you have the drive to work, in ANY field, the oney is out there. My agency revenues were up 467% from 9/11/01 - 12/31/04. It was the big guys who were nailed in a big way, and many smaller agencies died because they had simply decided things werte bad, so they must be bad for them. While small agencies are once again failing, I can´t find salespeople fast enough. It´s strategy, state of mind, and willingness to press on and fight the good fight. If you love the mortgage business, stay with it, work hard, and you´ll come out of it.
by SalesRGreat February 17, 2008 12:00 AM

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