Whatcha Gonna Do When They Come For You ?

When everyone was running around accusing mortgage brokers of selling "bad loans" and blaming them for what they called a sub prime crisis, I said just wait until Fannie Mae and Freddie Mac fail.

Everyone seemed to say that had all loans been made according to Fannie/Freddie guidelines the crisis never would have occurred.

So, what are all you people saying now? Still think it was those nasty mortgage brokers selling those terrible sub prime loans that caused this problem?

Did you all buy into the fact that Fannie and Freddie were lying to you when they reported their financial conditions? Are mortgage brokers who sold Fannie and Freddie type loans bad guys now too?

The end result of all the finger pointing and laying blame on scape goats served only one purpose - to undermine and destroy the mortgage broker industry. To that end it was successful.

Not only did millions of people, governments, pension funds and others lose their investments in their stock holdings but many millions lost their jobs, their homes, their retirement funds and many their dignity. Somebody shut down the credit market and somebody shut down the investor secondary market that kept the entire mortgage industry going. No one seems to address this topic at all.

Big business is being rewarded. Main street banks are being kept afloat - another cover-up - big business being made bigger and supported by "the full faith and trust of the government" at the expense of everyone else.

By taking over Fannie and Freddie, the "Government" now owns and controls the mortgage market and the mortgage business. More government control of our daily lives. As if government operates so efficiently and with so much fiscal responsibility. What makes anyone think that by owning these two companies it will enhance the American Dream?

Nationalization of business and industry is UN American. It is contrary to what this great country is all about. Wiping out stockholder interests (even those supposedly safer "preferred" stockholders) does not serve the good of the people.

Government is too willing to destroy investments only to enhance the interests of big business. The "bailout" of Bear Stearns by the Fed did no more then to enhance and enlarge the coffers and holdings of JP Morgan. Here again, the government allowed the destruction of stockholders interests for the interest of one very large corporation.

Who pays for all of this? We do of course. "They" are saying that "they" don't know how much this current takeover will cost or who will pay the bill. Do "they" really think we are that stupid? We the people will pay and so will the children of the people and their children and their children.

I believe we are seeing the beginning of the end for democracy and capitalism as we have known it. The mortgage meltdown, I believe was necessary for the controls to be centralized.

Wake up America !

This latest round of bail outs is not meant to help any of you who are unemployed, losing their homes, having trouble feeding your families, paying for gas to go to work or just trying to survive. With over 10 million unemployed and growing by close to 600,000 per month, where is the help?

Above Originally Posted By: Larry Rubinoff September 20th, 2008
at MortgageNewsDaily.com re: the Freddie Mac and Fannie Mae bailout

Find A Niche - Don't Be A Jack Of All Trades

Why do a lot of brokers not do as well as they could in the mortgage business?

Is there a single ingredient to success that stands out above the rest?

Knowing that you have the resources to get the deal closed and get yourself paid is vital.

While this is certainly one the most important ingredients to success, there is another one that comes in a close second. In many respects it is a natural extension of the first.

Simply put: FOCUS!

Find a niche and specialize in that niche.

Having a focus and sticking to it is very powerful. Too many brokers just can’t say no!

In spite of good intentions and in spite of going through much of the work involved in setting up your business, when the moment of truth comes, many brokers make this mistake.

They’ve developed some good lender relationships, and they’ve set themselves up to "win" by having good lenders who can protect them and who can really close their deals.

They may have a lead generation or "marketing program" that attracts "their kind" of deals. BUT, when other kinds of deal come in, they just can’t seem to turn them away. "I can’t just leave good money on the table" is the reasoning they often cite to support their decisions.

They can never say "no" to a potential deal, so they chase every one that comes along.

As a result their plans to focus never materialize.

This mistake is one of the hardest to avoid. It’s easy to make sense of the advice to find good lenders who are hungry to fund your deals, but the trap of taking every deal that shows up is just too darned tempting.

Done in moderation, experiencing new avenues is a good thing. But unless you want to fail or wind up in perpetual mediocrity, you MUST avoid the temptation of taking on transactions just because they’re available.

When I made the decision to pick my niche, and really stick to it, it revolutionized my business.

This is when my business really began to grow.

Specializing is powerful !

Mortgage Broker Training

I would guess that if you've sought out this subject of Mortgage Broker Training, you're either contemplating being a Mortgage Broker, or a step beyond that, you've gotten your license and are wondering what to do next.

In either case you've come to the right place. One stop. Hands down.

Of course, there will never be a substitute for hands on experience and tenure as a Mortgage Broker, but what I will share with you here should either reinforce your impending decision to be a Mortgage Broker, and/or will give you a roadmap to follow as you get started.

I am a Mortgage Broker and I don't worry about competition. There's plenty of work to go around. If nothing else, my helping you to your next level will make public perception of the Mortgage industry better, which in turn is better for all of us Mortgage Brokers and Loan Officers.

I'm intending that this Blog for Mortgage Broker Training will be a focal point for those having questions as they take the all important plunge and begin their careers as Mortgage Brokers.

You may have your Mortgage Broker license already, but it's still a long learning curve to actually being one. Click on the link at the top of this page to take the next big step in your career.

Good fortune and best of success !