Hey UPINTHEMGUTS

[danielson]

We lost two more Loan officers last week. From 22 two years ago, to 8 as of now. And these weren't new ones who couldn't hack it either, both of them had 4 years plus. How many have you lost at your place? How many left?

[AVBG]

Hey Danny.. I am not familiar with the term "loan officer".. Is that like a U.S word for like a bail bonds, debt collector or repo man?

[danielson]

Hey Danny.. I am not familiar with the term "loan officer".. Is that like a U.S word for like a bail bonds, debt collector or repo man?

We are the middlemen between home buyers and banks.

[UPINTHEMGUTS]

We lost two more Loan officers last week. From 22 two years ago, to 8 as of now. And these weren't new ones who couldn't hack it either, both of them had 4 years plus. How many have you lost at your place? How many left?

Danielson,

How you doing, man? Sorry for getting back to you so late. I have lost about 6 loan officers since the start of the 2007 year. It seems that people with less than 2 years experience are quitting because they simply can't sell in this market. No patience to learn the extra angles and network resources to acquire new business. The young guys simply don't want the extra burden of having to work twice as hard to make the same amount of money.

4 years experience and they still quit? Wow, that's surprising. I guess their heart wasn't in it to begin with. Fours years goes back to when things were booming. I got in right when things were on the cusp of becoming good and I rode it through until now. I've seen both sides now with a new optimism on the future to enjoy and reap the benefits when things get good again. Next time, I'll invest wisely and get a nice portfolio when things start to slow after this next upswing.

I'm sticking it out. I've really dug deep into the FHA market with some suprising success. Try Franklin American for FHA. Their guidelines on appraisals are very light compared to subprime. I closed a Pa FHA deal last week with an appraisal you wouldn't believe. The outside deck was being repainted when the inspection was done. The old paint was chipped and peeling and the appraiser took photos of it and labeled the pics "defective paint".

I nearly shit myself because I was positive that underwriting were going to make the appraiser go back and take new photos when the work was scheduled to be done, 1 MONTH LATER. During the appraisal review, the issue NEVER CAME UP. 90% of all sub prime underwriting would have shit all over it. The loan was clear to close in 1 business day once all conditions were sent up. At least the Federal goverment can be of some benefit from time to time, you know?

Let me know if you want their contact info.

[danielson]

Danielson,

How you doing, man? Sorry for getting back to you so late. I have lost about 6 loan officers since the start of the 2007 year. It seems that people with less than 2 years experience are quitting because they simply can't sell in this market. No patience to learn the extra angles and network resources to acquire new business. The young guys simply don't want the extra burden of having to work twice as hard to make the same amount of money.

4 years experience and they still quit? Wow, that's surprising. I guess their heart wasn't in it to begin with. Fours years goes back to when things were booming. I got in right when things were on the cusp of becoming good and I rode it through until now. I've seen both sides now with a new optimism on the future to enjoy and reap the benefits when things get good again. Next time, I'll invest wisely and get a nice portfolio when things start to slow after this next upswing.

I'm sticking it out. I've really dug deep into the FHA market with some suprising success. Try Franklin American for FHA. Their guidelines on appraisals are very light compared to subprime. I closed a Pa FHA deal last week with an appraisal you wouldn't believe. The outside deck was being repainted when the inspection was done. The old paint was chipped and peeling and the appraiser took photos of it and labeled the pics "defective paint".

I nearly shit myself because I was positive that underwriting were going to make the appraiser go back and take new photos when the work was scheduled to be done, 1 MONTH LATER. During the appraisal review, the issue NEVER CAME UP. 90% of all sub prime underwriting would have shit all over it. The loan was clear to close in 1 business day once all conditions were sent up. At least the Federal goverment can be of some benefit from time to time, you know?

Let me know if you want their contact info.

Well, they weren't the hardest workers in the world, but they knew how to do their job well enough. They hadn't closed a loan in a few months and just had enough. It is frustrating when there are so many qualified people who want to re-fi but the equity just isn't there.  One of them is getting married and the other has two kids. I am assuming they were both running out of money. I might need that info on Franklin American sooner or later, thanks!

[AVBG]

We are the middlemen between home buyers and banks.

tks for the reply. Mortgage broker.