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Re: To cover projected Covid-19 losses
Posted by Bear900/CA of CA on 11/21/20 6:49pm Msg #626695
Pre-2008, most lender account reps that visited our office were easily making $10,000 + in commissions due to the overwhelming volume of subprime loans. They absolutely saw no end to it. My broker, a younger man, was making close to $20,000/month and custom built a $1M dollar home, then sat out on the veranda and puffed on cigars. (He never smoked).

Everyone, government included, denied we were in a housing bubble. I wrote a short essay explaining why I felt otherwise. I later shared it with a title officer who asked if she could forward it to all her branches. So much of it was looking at historical indicators and a lot of common sense. Many title companies ended up closing their doors.

Currently, many small branch managers (sometimes just themselves and a processor) are making well over $300,000 + year originating loans. That all trickles down to the notary in volume work. People have a hard time pulling themselves away from their overwhelming workload to see what lays in front of them. They don't want to.

Two income families have maxed themselves out to afford what few homes exist (driving prices sky-high) to get in on the lowest interest rates in history. If one gets seriously sick for long, or god forbid dies, or just lose their jobs, their house is in the tank. Here's something not many size up: How many landlords took advantage of forbearance due to loss of personal income? Just that group alone (landlords) could end up putting many renters, who pay faithfully every month, in the street. There are many, many pitfalls in front of us. Just need to look and be realistic, not panicky. Be shrewd, protect your assets and have a back-up plan. Start looking for work you can do from home if the pandemic lasts and signings go AWOL.

Just two old pennies from a long time survivor who never had to borrow a dollar from anyone other then usual bank financing.
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Messages in this Thread
 Adverse market Fee - Luckydog on 11/21/20 10:12am
 To cover projected Covid-19 losses - Bear900/CA on 11/21/20 12:55pm
 Re: To cover projected Covid-19 losses - Luckydog on 11/21/20 1:07pm
 Re: To cover projected Covid-19 losses - Bear900/CA on 11/21/20 4:41pm
 Should be GSE n/m - Bear900/CA on 11/21/20 4:42pm
 And 2008. Sheesh - Bear900/CA on 11/21/20 4:44pm
 Re: To cover projected Covid-19 losses - Luckydog on 11/21/20 5:56pm
 Re: To cover projected Covid-19 losses - Bear900/CA on 11/21/20 6:49pm
 Adverse Market Fee - notarydi/CA on 11/22/20 2:05pm
 Re: Adverse Market Fee - Luckydog on 11/22/20 2:43pm
 How do you know if you are pricing yourself out of the - ananotary on 11/23/20 1:19pm
 Re: How do you know if you are pricing yourself out of the - Luckydog on 11/23/20 6:36pm
 If you're being hung up on when negotiating...you're doing - ananotary on 11/23/20 7:43pm
 Agree... -  JanetK_CA on 11/24/20 12:27am
 Re: Agree... - ananotary on 11/24/20 1:13pm
 Re: Agree... - Luckydog on 11/24/20 7:35pm
 Don't think we are taling about the same thing when - ananotary on 11/25/20 7:45am
 Re: Don -  JanetK_CA on 11/25/20 4:17pm
 Thanks for confirming what a BWR told me this afternoon. - Alz on 11/22/20 8:52pm
 4 months?? No, not even close. - NVLSlady/VA on 11/22/20 8:25pm
 Re: Adverse market Fee -  Cheryl Elliott on 11/23/20 4:16pm



 
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