Mortgage loan officers: are you doing anything to protect yourself against current market?

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My husband is a mortgage broker and while this time of the year things start slowing down, he says that this feels “different” (in a bad way) than previous years. I don’t know if he’s just paranoid about the collapse of the prime lending market, or what..but I have been after him to get involved in something else to protect him (us) financially from whatever may happen in the next few months. Is anyone else in this same boat, and what, if anything, are you doing to protect yourself?
Sorry, I meant “sub-prime”. ๐Ÿ™‚

  1. Reply
    January 29, 2011 at 9:35 pm

    In recent years, less than 25% of the loans I have done are the subprime and alt-a stuff.

    Tell hubby to bone up on FHA and CRA loans. CRA = Community Reinvestment Act. There are loans at some banks that are in response to that legislation that have very favorable terms.

  2. Reply
    January 29, 2011 at 9:40 pm

    Times are tough for loan officers/brokers right now. It’s getting tougher and tougher to qualify people for home loans, both subprime and A paper. He’s going to have to get out and market himself and his company. Find some more prospects. Look for a niche in your target market. Get out and meet some builders (don’t waste your time trying to win Realtors). I get a lot of loans from a couple of bank employees who have even tighter guidelines than my lenders. Good luck!

  3. Reply
    January 29, 2011 at 9:51 pm

    My business has not changed at all. I am in 50 states and do FHA/VA loans. I target good credit people with debt and adjustable expiring. People always need mortgages, takes a good sales person to find them

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