Ok i know this is another really hard question to answer but im gonna throw it out there anyway. Im 22 own my own business (franchise) and my business partner pretty much ruined it by stealing all the money. Now im young in a lot of debt and very interested in real estate. My good friend owns a wholesale mortgage bank branch (empire) and he does very well. He offered me a job telling me im going to make a ton of money if i just work hard and do what he tells me. My question is, is this a good time to get into that business? My other friend that works for him says hes not really making any money right now when he was making a ton of money a few months ago. I need to make a quick decision on what im going to do and dont have too much time to do my research so i was looking for a little insight. Any opinion would be greatly appreciated. For me its go back to landscaping for a little or try this. Is the market to hard right now to get into this when i know i NEED a paycheck and im strictly working off commision? Thanks in advance for any advice
The mortgage industry has gone through a dramatic change over the last several months. The subprime market, which is the meat and potatoes of most brokers, is really starting to tighten up their guidelines.
New Century mortgage, which I believe is the number two subprime lender, just filed bankruptcy. There have been 4 or 5 subprimes that have just closed up.
There is a definite need for these services for the subprime clients. My opinion is to wait and let “the dust settle”.
The successful brokers have been around long enough to build up a client base and referral system that they can nurture. Just like any business the mortgage industry is cyclical. We are coming off of the lowest interest rates in 40 years. Those who were business savy are still operating. Those who lived for the day are probably in another line of work.
These are just my observations from 5 years in the business.
Good luck in whatever you decide to do! :beer
I tend to agree with Md; this is not the most beneficial of times to enter into the lending industry “green”.
If you are considering it, I would go into a retail operation like Countrywide; you’ll get a salary, a peice of the commish, but most important, you’ll get the education and skillsets required to go out on your own.
Don’t…work for straight commission…work in an enviroment with no mentor…work in an enviroment in which you are required to generate your own leads…These are the leading three reasons why newbies wash out of the industry.
I think it’s a great time. IF you have a niche and work that niche. I am training a group of new brokers right now and they seem to be doing well.