Posted by PJM/MI on 3/5/07 7:35pm
Msg #178385

Loan officers & appraisers

Okay folks.. the subprimers are closing doors left and right..so that leaves alot of folks out of business or slowing down to a crawl.
I have received FIVE phone calls since last Thursday from my "Friends" in the mortgage world all thinking that WE as closers are making all the big bucks. (Cough, cough).
I can only tell them what I'd tell anyone new: This ain't the time to jump on this bandwagon.
Like I stated before.. it's a snowball effect.
Lenders are now requiring borrowers to have credit scores of 640 and above. (So says a friend of mine who is an lo).
Appraisals are coming in lower & lower due to the downward housing market.
So what does that leave for US?
I asked the last person who called me if they would recommend anyone becoming a loan officer.. the answer.. NO WAY!
Just thought I would share this with the "Water cooler" bunch.

Reply by ewing2surf on 3/5/07 8:56pm
Msg #178403

I have appraiser friends and Loan Officer clients in the San Diego area. I'm carrying 2 loans tonight from one of my LO contacts. He is all gloom and doom as of an hour ago when he brought me the docs. He sold quite a few loans for AQuest before he moved on to where he is now. He said first off all his AQ clients are stuck and forget about a loan with credit less than 650. Also my Appraiser friend said unless the property is direct coastal the appraisal comes back -20%. Carlsbad is taking the biggest hit so far.

That makes me worry a little about all the newbies I trained in the last couple of years.


There will be a bloody Sunday for signing services soon.