What's Happening

[Secret!]

From time to time, you may have heard people like me and others, remark about the industry meltdown of 1998, let me take a second and tell you what's going on right now. Compared to what I see today, 1998 was nothing!

You are all witness to the biggest industry collapse since 1988 when 99% of the funding sources in the Country went out of business all at once! Everybody who lived through that, as an owner operator of a mortgage brokerage or as a mortgage banker knows what I'm speaking about. At that point in history, my own company hadbeen closing more than 2,000 individual transactions annually for several years in a row, selling them (servicing retained) into the secondary to almost 3 dozen different buyers ... one week they ALL went out of business -- scared the crap out of me, I can tell you.

Today the very nature of the business is going through fundamental changes, those mortgage broker owner/operators, and mortgage bankers who stay in business though this period, I commend you -- it's getting far worse than even I had expected.

Good Luck and GIRD YOUR LOINS

[Greg]

Yes it is. I have even had purchase loan appraisals cut. It is a first for me in my career.

[GLOAT]

I got into the biz in 1998, so I'm not in panicking mode yet. Stress: YET!

The MLN of 1998=Contimortgage Corp.

More disturbing than the Lenders closing is the changes being made by the remainders (i.e., Wells Fargo's changes on the 16th-basically jumped out of subprime & MILA discontinueing subprime altogether).

[Secret!]

greg & gloat: It's exactly issues like yours that is the cross-fire that I have seen KILL thousands of originators in the past, at this stage in the shake-out. Gurd your Loins guys

[brokerintheskye]

If gets as bad as 1988 - I think I am going to start bartending on the side LOL.

AHHHH 1998 brings back memories of my old office at First Plus doing 125% at 10 points....and these newbies think it hard to loans now....

[Secret!]

DAMN IT! I wish you would have been listening when I wrote this! BTW, I wrote a lesson last week which is a roadmap on what YOU can do to save your but through this crisis today - check out our website!

[florida man]

Secret.

You have been whining about this for over 2 years now. It is now happening.

However, anyone can predict a 'crash' and if they bitch about it long enough, sooner or later they will be 'right' . The industry goes in cycles. Of course it was going to crash.

In fact, this 'crash' has happened 2 years AFTER you kept telling us to 'gird our loins'. A little late in your prediction , dont you think ?

Most importantly, besides the advise we should all HANG OURSELVES, you dont offer any tangible realistic proposal of what to actually DO ABOUT IT.

No 'secret online course' or anything else is going to matter in the slightest.

So what was the point to all the whining? Just to prove you were 'right' ?


I think you just love telling loan originators -especially former burger flippers - who made 200k a year , that they SUCK, and should get LOST.

[Secret!]

Originally Posted by florida man

Secret.

You have been whining about this for over 2 years now. It is now happening.

However, anyone can predict a 'crash' and if they bitch about it long enough, sooner or later they will be 'right' . The industry goes in cycles. Of course it was going to crash.

In fact, this 'crash' has happened 2 years AFTER you kept telling us to 'gird our loins'. A little late in your prediction , dont you think ?

Most importantly, besides the advise we should all HANG OURSELVES, you dont offer any tangible realistic proposal of what to actually DO ABOUT IT.

No 'secret online course' or anything else is going to matter in the slightest.

So what was the point to all the whining? Just to prove you were 'right' ?


I think you just love telling loan originators -especially former burger flippers - who made 200k a year , that they SUCK, and should get LOST.

As it just so happens FL dude, I have completed a (1,387 word count) article for our September 1st newsletter, detailing these industry cycles starting with the first one I lived through in the 70's, how and why they started - what resulted from them as the dust settled etc .... so IF you care to understand this issue clearly (instead of bitching at me like you love to do) and from someone that was there and remembers it, be sure you sign up for our newsletter. You won't find it in the discussion boards you frequent, nor will you get any insight into the 'Lesson for the Times - 301' CD Lesson I authored as well; it's only for serious students ... it 'contains all the tangible realistic proposal of what to actually DO ABOUT IT.' A specific detailed roadmap on how to make it out the other side.

I have taken a great deal of time putting that CD training/educational Lesson and this lengthly article together from my memory and I know it will help all you read it.