Yup, you got it, the author of the Another F*cked Borrower blog. Congrats!
For those of you who aren't familar, this guy started blogging a few months ago about the sad saps he was getting for mortgage approvals - folks with no money, no income, and a penchant for $500,000 houses. Always a great read, and amazing to see an insider tell it how it was. Guess that's why he's not an insider anymore.
But, I guess he saw the writing on the wall (and the thousands and thousands of layoffs already in his business) and dude wisely got out. Plus he's going to be actually working now it sounds like, so less time to blog.
Hello everybody! Many of you know my feelings on where I think things are headed as well that I have been working on my ‘plan B’. That said, my ‘plan B’ has worked out better than expected. I found an excellent opportunity in another industry. I will still be in sales in SoCal, just not in the mortgage industry.
I will still be keeping my finger on the ‘pulse’ of things as I have several good friends that will keep me posted as new things happen. I have a LOT to learn with my new job, so the posts are going to be less frequent from me for the time being. I wish I could keep the posts coming every day, but blogging doesn’t pay the bills for me. I will be focusing on the new job and posting as I have good information. That said, I do have some good info below, so lets have a look at what is going on in the industry and some of the things I am seeing and hearing from others.
March 13, 2006
Guess who left his job as a mortgage banker?
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6 comments:
I believe that Realtors and mortgage brokerages are staffed with opportunists who shift careers every time something better and more lucrative comes down the road. It's too bad that these low-life scumbags continue to reduce opportunities for those who are smart and try and make an honest living. The same realtor today was probably a java coder in 1999 and stock broker in 1997. You'll soon see him watching the gas pumps at Costco.
I've been programming on computers for over twenty years now -- since I was seven. I remember when I found out that you can actually get paid money for programming when I was 14. I was so thrilled that it could be more than a hobby. I liked programming no matter what the pay is or was: a true nerd.
The dotcom style was insane. I had to deal with several incompetent engineers. I felt like I was teaching CS150 sometimes at my jobs. Now that the bust is long over, the people I work with are well educated and/or experienced and programming fundamentals and advanced topics are taken for granted. 98% of things ever discussed are proprietary to our projects which is the way it should be.
I forgot about my point. :)
Perhaps in the future, we will have loan officers and real estate services that are in the business to help people instead of trying to make a fast buck.
I could never survive in a service oriented position myself.
I'm also in the IT world and had the dishonor to spend 3 years wasting my life in a company fully staffed with dotcom idiot opportunists who quit or mainly were laid off only to become realtors and mortgage brokers.
Although maybe I'm the goofy one....one guy I know was making 60k, 30k more than he was worth, but he got pissed and quit to become a ***DING*** mortgage broker. He made tons of money 80-90k for two years but I saw him at the bar last month. The mortgage gig is up and he's trying to get into some temp work making a measly 40k, which is again 10k more than his market value.
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