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The average age in this industry is 52. This is a significant misalignment with the next wave of homebuyers (Gen Y) which is going to be huge. I am seeking to hire 2 young professionals to train for a career in mortgage banking in the DC area. We offer comprehensive training and income guarantees for the first year.
Mortgage banking is a great career with significant income potential and the ability to impact lives positively while meeting and developing relationships, even friendships, with a wide range of people.
I'm making it a priority to recruit Terp grads. Anyone with an interest in interviewing or learning more about the opportunity please pm me.
There's a job thread around here, you should post there, too.
Thanks, I usually post and view during idle times on my cell and I can't figure out how to use the search function on mobile. I will try to find it tomorrow.
It's near the top, now.
I did this for a few years at countrywide. good way to cut your teeth in the world.
NYCTerp is now OCTerp
all depends on how much equity in the home. how much is owed?
The days of the "overage" are long gone I'm assuming.
Prolific, how much is online now? I assume no more driving from office to office and handing out rate sheets. My officer just left SunTrust a couple months ago because their rates got completely uncompetitive.
I was a mortgage banker for WaMu...fun job while it lasted, but it's tough to make big bucks now. That said, if you are opening shop in the DC area and have really competitive products/rates, it could be a great opportunity for someone hungry and looking in sales.
I never did the rate sheet thing. I've been in the business 16 years and have done very well. Much like any financial services sales job it's about developing and maintaining relationships. If a young person aligns with the right organization, gets good training, and has the necessary fundamentals to succeed mortgage banking is a hell of a career - one that can provide significant income to launch other business opportunities down the line. The weeding out process that has happened over the past 5 years was important. It's not a job just anyone can do for a while and make a quick buck. It's back to being a professional career and only well prepared and well equipped individuals will thrive.
Slight change of subject, did they hire back some processors or are loans still getting backlogged?
Depends on the firm. Some of the really large firms are totally disfunctional right now which has created great opportunity for mid sized bank owned firms that can execute very well. There's a market share gold rush going on right now as the really big names have terrible reputations in the mortgage lending community right now.
when did mortgage brokers become mortgage bankers? I got the memo when janitors became custodians and stewardesses flight attendants. This one must have gone to my junk folder
Aren't mortgage bankers those that work directly for a bank, like wells or boa, but a broker works for a company that does deals with a variety of banks and are basically contractors?
Brokers are just that...they are middle man without a bank behind them to fund loans. As a "mortgage banker", I sold WaMu's money to brokers.
Prolific, curious as to the bank you are affiliated with. Are you simply set up with a correspondent line?
Our parent bank is mid sized with about 6B in assets but has given us a large warehouse line from which we fund our loans. We do business through multiple channels. Some of it is correspondent through the money center aggregators and we are also large enough to sell directly to the GSEs. That combination is the sweet spot where you want to be in this business right now. It allows you to have great product flexibility and superior pricing execution.
Also, your distinction between mortgage brokers and bankers is correct. Dodd Frank has really made it difficult for the broker model. Not sure that G$ really cared for an answer. Seemed more like a gratuitous cheap shot.
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