Banks gonna grab more retail, folks. Be afraid.
We all know how the gov is trying to eradicate the lowly broker. This fire, started years ago, has been fued by big banks.
I have underwriter buddies at several massive banks. They tell me a hiring spree is going on. I also see jobs being offered for underwriting and processing positions at big banks. Linkedin.com has posting boards for all industry jobs. The banks are sure that you will be phased out and theywill again have all retail to themselves. Before you call me chicken little, go back and read my 9 years worth of posts here. I predicted many industry altering events. T
Some of you should apply to BofA for retail loan officer---they pay VERY well, according to a recruiter I know. A BofA manager toldme they want their LOs to make 70,ooopluis and will adjust commissions if volume changes so the LO always makes moola. I get 10% of your first months pay if you get on.
by Cedonulli2 November 4, 2012 9:33 PM
But of course YOU are making so much moola that despite your vast knowledge, you wouldn't stoop to taking said job.
by Fredpa1 November 4, 2012 9:46 PM
by Cedonulli2 November 4, 2012 11:09 PM
Please explain to me how the companies who actually have money to lend is a bad thing,?????
by Vinnie The Leg Breaker November 4, 2012 11:23 PM
Vinnie, if they do retail and have no wholesale depts then you are left with your thing hanging out in the cold, cold wind when the government finally puts the stranglehold on the horrible brokers who started this entire mess. You (we) were the industry scapegoats
Look up on youtube 'addicted to money'
by Cedonulli2 November 4, 2012 11:31 PM
I got sidetracked by Stranglehold on YouTube. Way awesome!
by So November 5, 2012 3:18 AM
There is no need to fret 'in the moment'.
We have had the buggy whip/typewriter/travel agent conversation many many times.
This is not news to anyone a half step above vapid.
We were never needed in the first place.
by turdly November 5, 2012 12:11 PM
I think you're gonna see BOA take a nose dive in the next 5 years...
They are overextended, no one that banks with them likes them, they have the industries biggest pile of shitty paper, and I'm already seeing them dissapear from west Michigan.....
MI is an early indicator for economists that pay attention....hell we were in a recession 30 years before the rest of the country....
by Donktard Borker November 5, 2012 12:33 PM
Cedo, they are on a massive hiring spree because they are busy. Turn times are 90+ days. UW and processing positions are like musical chairs and the good ones are all free agents. If you are a good MLO then it doesn't matter whether the banks or brokers have the most market share. People should do business with you because of you, not the company you work for.
by PDRMortgage November 5, 2012 4:57 PM
Fair enough, I'll rephrase a bit and go back to 2003 to do it;
Look in your local yellow pages. Look up;Travel Agencies. See how many there are?
That's how many of us will be left when the smoke clears.
Rememebr when every stupid hausfrau had a travel agent license?
Guess what they moved to?
95% of us were never needed.
by turdly November 5, 2012 6:21 PM