It's a very interesting time in the mortgage industry, with headlines in the news every day. Big banks are being sued by FHFA, basically for the same amount of money they were originally bailed out with, the stock and bond markets are doing their best impersonations of a yo-yo, and the FBI is investigating more fraud all over the nation, all while we enjoy some of the lowest rates in history.
From the outside looking in, it has to be confusing to say the least, but from the inside looking out, well, I'm sure you'll find many of us that wonder if we should really continue in our chosen careers.
Mortgage banking was the way to go when the compensation laws changed, and the guidelines and rules surrounding mortgage brokers became more stringent, and possibly highly costly as far as responsibility and ultimate blame down the road. However, today we're hearing that banks may want to eliminate the loan officer entirely and turn the art of originating over to administrative staff.
Not only have the consumers ultimately suffered from all the changes made recently in the form of less choice and more cost, inevitably this will compound the effect, and the "unintended consequences" of the governments hastily drawn up laws will multiply.
For the sake of trying to the best for our clients, we struggle on, but we are constantly treated like our time and knowledge is worthless. Al of the recent publicity has lowered our standing in the human race considerably. It appears that consumers think we are salaried employees as they don't value our time at all, when in actual fact, regardless of the government forcing us to be classed as an employee with a W2, we are in fact commission only in most cases. You would think our constant and ever increasing licensing and education fees, and marketing expenses would be paid by our employers then? But, actually this is not the case. So, invaluable though we may be at guiding our clients through the maze, our time is not cherished, and we are often just thrown aside without explanation after spending countless hours explaining options, processes, and programs.
I, for one, am still here in this ever decreasing industry, and have kept my integrity, conscience and best practices intact. Those that have worked with me know I will go the extra mile or five to ensure the loan closes. Those that know me well, see me lose sleep over my clients and their well being, the costs they have to incur, and the insanity of some of our guidelines.
So, amongst all the mayhem, we are still here to assist, to guide, to educate, and to ensure the smoothest transaction possible is obtained. Call us, ask questions, email, text, whatever form of communication suits you best. We're versatile, and have adapted to survive. Tomorrow we will be forced to morph again, I'm sure.
Tuesday, September 6, 2011
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