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momopi

Well-known member
If anyone in the mortgage or finance sector is looking for a job, Greenlight Financial is holding a job fair this weekend in Irvine:
http://greenlightloans.com/Greenlight/web2/Careers.html

Greenlight Financial Hiring Event

Saturday, November 5, 2011
9:00am to 3:00pm at the Irvine Marriot Hotel (first hour of parking will be complimentary)
18000 Von Karman Ave
Irvine, CA 92612

Open Positions Include:
Experienced Loan Processors
Licensed Loan Agents
Experienced Reverse Mortgage Loan Specialists
Experienced Underwriters
Experienced Funders
Appraisal Reviewer (Underwriting experience a plus)
Wholesale Sales, Funding & Underwriting

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My office is moving to Costa Mesa later this month, and I think the Greenlight mortgage guys next door are taking over our existing office space.  They're hiring a lot of people.

If you live closer to South OC, Loandepot.com in Foothill ranch is also hiring:http://www.loandepot.com/about-loanDepot/careers.aspx

If you're in IT, the company that I work for is hiring IT and IT/project management positions.  If anyone is looking, feel free to PM me.

 
They are hiring because of HARP v 2.0. Once the Loan To Value caps come off, it's going to be a land rush. Be ready for a couple of things:

1) This isn't a long term career move. Once the first refi wave is over with, there won't be anyone around to re-refinance. Expect any gig in Mortgage to be 1-2 years max, and it won't be the high paying jobs either.

2) Like to work as a slave with mandatory overtime hours? These big refi shops are just the place for you! It's not all glamour and cash. There are some shops that are like that, but they are few and far between. If you're in sales, you may have some longevity, but again: once the refi wave crests, start sharpening your resume.

3) What if the refi wave doesn't come? What if rates go up? You'll be in the same place GreenLight, LendingTree, CashCall, DiTech, AmeriSave, Lennox Financial, and other refi heavy shops were in 2008 when the market tanked - out of work. These companies folded their tent when easy pickings dried up They were huge enterprises in 2004-2005, then morphed into Option ARM and Sub Prime pushers once the music stopped. After HARP v 1.0 came into vogue they re-sprouted in mid 2009 and are where they are today simply because of low rates.

I'm painting (to some) a grim picture. To me, it's a realistic picture. This isn't 2003-2004 when high school dropouts could make $20k per month slinging Stated Stated loans. It will be hard work, hopefully rewarding, and perhaps financially enriching. A double rainbow triple scoop of ice cream it won't.

My .02c

Soylent Green Is People.
 
Soylent Green Is People said:
3) What if the refi wave doesn't come? What if rates go up? You'll be in the same place GreenLight, LendingTree, CashCall, DiTech, AmeriSave, Lennox Financial, and other refi heavy shops were in 2008 when the market tanked - out of work. These companies folded their tent when easy pickings dried up They were huge enterprises in 2004-2005, then morphed into Option ARM and Sub Prime pushers once the music stopped. After HARP v 1.0 came into vogue they re-sprouted in mid 2009 and are where they are today simply because of low rates.

I'm painting (to some) a grim picture. To me, it's a realistic picture. This isn't 2003-2004 when high school dropouts could make $20k per month slinging Stated Stated loans. It will be hard work, hopefully rewarding, and perhaps financially enriching. A double rainbow triple scoop of ice cream it won't.

I completely agree.  According to the latest survey:

http://www.housingwire.com/2011/11/02/mortgage-applications-edge-up-slightly-as-refinancing-activity-falls
The MBA report says home refinancings made up  77.1% of all mortgage application activity this past week, down from 77.3% a week earlier.

As soon as mortgage rates spike just a little... Poof!... There goes 3/4 of the mortgage demand.  The refi business is going to be dead for about 15-20 years once the bear market in bonds gets started.
 
ewww... I had friends/family that worked for Greenlight...  I've heard a lot of story and its apparently not a nice place to work... 

If you want to get into finance, there are longer but more rewarding roads to travel down...
 
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