Are all mortgage brokers hurting bad?

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benevera_IHB

benevera_IHB

New member
Thanks to everybody on this blog who has enlightened me to the ways of the real estate world. We've been renting in Irvine for almost 3 years now and were close to buying last year, but thankfully did not. I still get calls from the mortgage broker we worked with, and assume that business is not going so well for him. We are interested in buying when the price is right, but we still need to save more for the downpayment. When I explain that to the broker, he is understanding, but then adds the typical "interest rates will never be lower" and "now is a great time to buy" talking points. It leads me to believe that his business must be hurting bad.



He's been in the business for a long time (20+ years) and has been through the other downturns, but I wonder how this downturn is affecting him and the other brokers. How is the mortgage broker business right now? Are refis enough to keep the business going, with the obvious downturn in new mortgages?
 
I would think most are hurting or they are not getting the 50-60k a month pay checks as before.

As someone stated before on this board Realtards= Mortgage Brokers= Used Car Salesman = Scum



The former friend who did the loan on my house a few years back, HIGHLY encouraged me to do a short term IO loan instead of a 30 year fix. Why? It made absolutley no sense to me, well he had some grand story rates are always low, you can refi again easily, get a better rate, etc... Basically the idiot didnt know what he was talking about. He wanted me to do a short term loan, so he can charge me all the fees again and he can support his cocain habit.



I am glad I had enough common sense NOT to listen to him, I feel sorry for the people who did follow his advice. These are the people who are/or will be going into foreclosure soon beacuse they wont be able to refi when the time comes. As far as I am concern MAJORITY of these brokers have blood on their hands. Their selfish advice given to the homeowners will lead to some major hardtimes for these people.



Another note, any idiot can become a mortagage broker/realtard. DO NOT TAKE ADVICE FROM THEM, they could care less about you and only want the commission, even the people who been in the business for 10+ years. They have been in the business long enough so they know how to BS you better. Get advice from someone who wont profit from your transaction.



Best of luck!
 
I know four families who are/were dependent on the mortgage industry. One of them just found a job selling commodities after 9 months of unemployment. Another is still unemployed and slowly draining his 401K. He has no prospects. One works as a mortgage broker recruiter, and he is very busy. He handles thousands of resumes for the few jobs he fills. A fourth one I know is older, and he simply retired.
 
I watched a video with one of the housing economist experts who talked about mortgage brokers. He was surprised that people could have gotten bad loans though them as he himself regarded them like car salesmen and always got multiple quotes (ex. various banks, plus the broker) and did the math before getting a mortgage himself.

That pretty much sums it up.
 
Buddy of mine has been out of work for a month, yet still seems to think that he can find something easy - he's hanging out for the next 2 months with his severance package and not looking for anything actively. Mmmm, Kool Aid.



Another buddy who started his own firm has been hurting too, yet he's still managing to find (some) business.
 
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