Dee, I understand what you are saying and I agree in some aspects. But the truth of the matter is that SA's and even SS's are at the very bottom of the foodchain in this industry and that will never change...it's a fact that must be accepted.
First of all, the entire mortgage industry always has and always will be a huge facade and the only ones that control it are the lender's investors. The common person has the impression that it is a well oiled machine, but it's just plain chaotic. Do you have any idea of how many pairs of hands one loan goes through from beginning to end before it reaches an SA? LO's, assistants, processors, account reps, junior underwriters, underwriters, pricing managers...then it starts going through all the hands at the TC and the list goes on. COUNTLESS typos and mistakes that are just human error. There will never be any type of uniformed system because every loan is unique as is every lender and every TC. As far as forms go, every lender is governed by their investors, so every lenders set of mortgage docs are different.
The industry is constantly changing and not always for the good. For example, I see so many people complain on these forums about price cuts and several other fee issues. But I don't think very many people understand why it's happening. The market has transformed and EVERYONE is feeling it. The lenders are losing a tremendous amount of money because they can no longer sell all of their paper on the secondary market which means they get stuck holding it and cannot recoup those funds for who knows how long. Investors on the secondary market are no longer buying loans in blocks as in the past, they are cherry picking every single file now and there are several lenders that have gone belly up because of it. The TC's are losing money because the brokers (the greediest and most scandalous entities in this entire industry) are demanding affiliated business arrangements with them and taking upwards of 55-60% of the TC's money from each loan. And then it trickles down to us SS's and SA's. We are expected to cut our fees as well because everyone else has to.
Now, there are bills being passed and revised right now that will eliminate the brokers being able to have an ABA with the TC's, so that will eliminate some of the $ problems for the TC's, but don't count on them to offer SA's or SS's a larger payment. A huge number of TC's are no longer going to pay high fees to SA's and that's a trend that is going to continue. So basically, we either have to roll with the punches or find another line of work. |
