Listen, I’m gonna make this quick, cause quite honestly this might be my final post here on Lenderama. After the Head Honcho sees this la la la title, there’s a good chance I’ll be fired and if that’s the case then it’s been nice knowing all of you.
OK, so I know where Todd’s coming from on the “freak out or take it in stride” attitude and I totally agree. What I wanted to share with all of my mortgage broker friends [and what I’m willing to risk my job over] is the fact that there’s also a great opportunity here. Believe it or not, this Alt-A Shakeup & Takeaway makes it a great time to be a mortgage broker! Think about it. Some of these companies retail departments have lost Alt-A altogether and others still have some programs. The landscape is changing as we speak. Yes, everyone is seeing this on CNN, but no one knows what to make of it. Seize this opportunity to gain market share and educate your referral sources that mortgage brokers fund loans with the greatest number of sources. If it exists, then we can fund it! If XYZ Bank lost all Alt-A programs then I’d be making contact with the real estate office that XYZ Bank retail sat in.
All right, I wrote an article called Alt-A Judgment Week and I created an account with ActiveRain. By the way, ActiveRain looks like a great real estate networking site. After Todd fires me, you can find me there. Adios!
Posted by: Paul – Broken Credit
I got my eye on you mister.
Doh!
First, Todd doesn’t have the guts to fire you.
Second, it sounds trite but “with every set back comes the opportunity to…”
Those that last this real estate shakeout, both on the mortgage and real estate sales sides, will make a lot of money when the next growth phase hits. Well, until everyone that breaths gets their real estate license again.
Well said Chris.
The recent Alt-A events have given the buyers more bargaining power in this buyer’s market. Any strategy catering to buyers is a winner as they are the commodity.
Also, it now appears as though collective bargaining is in play at Lenderama. Lenderama Writers unite!
Agree completely…
Those who remain positive and allow themselves to see opportunity will see the reap the rewards over and over again. In many ways, this whole shakeup is the best thing that could have happened.
Exactly.
One thing I’ve learned is that when things are ‘good’, they’re never as good as they seem at the time, and when things are ‘bad’, they’re never as bad as they seem at the time.
There are millions of people in need of help out there and an opportunity to lead them in the right direction also exists.
I would be interested in reading your thoughts about the following post. Basically she says that the credit crunch is not really a subprime problem but an ARM problem. Is she right?
http://www.allbusiness.com/personal-finance/4603394-1.html
Doh!