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Mortgage job cuts trickle down as outsourcing firm cuts half its workforce

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Mortgage Professional America | 21 Oct 2013, 06:46 PM Agree 0
Mortgage layoffs at the big lenders are trickling down to other service providers, as a mortgage outsourcing company has announced it will lay off more than half its employees
  • Steve Greenberg | | 21 Oct 2013, 10:38 AM Agree 0
    Nothing happens until something gets sole! Loan originators have not been trained properly to "sell" mortgage opportunities so total origination production has been compromised. Anyone can take refi apps., but when rates inch higher and refi's come to a screeching halt - no one is left that can sell!
  • Bob Gillespie | | 21 Oct 2013, 03:06 PM Agree 0
    'Sole' is a very tasty fish. Perhaps you should consider a career change. A chef needs to know how to cook but can be a bit light in spelling capabilities. Bobby Flay never finished High School.
  • Patti | | 21 Oct 2013, 03:48 PM Agree 0
    Another spelling brain trust...oh dear! I thought this was a comment section for Mortgage people, but I guess it's a Spelling Bee. My bad! You see Steve, you should change careers because you used an "e" instead of a "d". Brilliant comment. But even though you spelled it wrong, I get the meaning and yes, you are correct. If refis are all you do, you will die on the vine when someone sneezes in Washington. The cycles seem to be longer these days. The shutdown didn't help a bit, and the tightening of credit iced the cake.Add that to rate increases and #Boom! Hang in there.
  • Bob Gillespie | | 21 Oct 2013, 04:03 PM Agree 0
    If a lack of command of an originators basic language is acceptable to our industry, no wonder we are in dire straits. Perhaps he was thinking 'soul', in which case he has another career option - music. Of course you have to be able to read, with few exceptions. As to 'brilliant comment' applying, if a lack of training results in compromised production it doesn't take a PHD to figure that one out. No wonder we are not in the top 20 in educational achievement in the world. Keep up the good work.
  • Grammar police | | 21 Oct 2013, 05:01 PM Agree 0
    Dear Bob Gillespie (AKA Pot Calling Kettle Black),
    "High School" is not a proper noun so it should not be capitalized, and you missed an apostophe when you tried to make "originator" possessive. Also, you are a weinie.
  • Patti | | 21 Oct 2013, 05:11 PM Agree 0
    Does misspelling one word really indicate a lack of command of originators basic language skills? Are you serious? No doubt you are way too ridiculous to discuss the Mortgage Industry. You are off on some goofy tangent and therefore consider yourself dismissed from adult conversation here. Go play with your Thesaurus!
  • Patti | | 21 Oct 2013, 05:18 PM Agree 0
    It saddens me to know that so many are losing their jobs in this uncertain market. Feels like 2007. Where is the Mortgage Implode? Perhaps the people laid off can find work and retraining in the Medical Industry. It looks as though that may be the only shortage in the future. Many of my Mortgage friends are being laid off as well. There seems to be a love/hate going on in our industry.It is hard to let go in many cases.
  • Alain Valles | | 21 Oct 2013, 06:42 PM Agree 0
    First time on this sight and just to add a bit of fun, it's Ph.D in the U.S. and usually PhD outside of the states but never PHD :-)
    More importantly is I heard someone quoting that the average age of mortgage officers is now over 50. What have you heard?
  • Bob Gillespie | | 21 Oct 2013, 07:29 PM Agree 0
    Grammar police: The proper noun capitalization issue is accurate. However, it is still 'high school'. Correlate 'sole', a fish and 'sold', an action, and your point runs off the track. Plural or possessive, I'll own up to that one. Alain: PHD is a universally accepted substitute for PhD and Ph.D. Though not grammatically correct, all are accepted as the same meaning, as opposed to a fish and an activity.

    I just returned from the NAMB National Convention in Las Vegas. In one session the moderator asked, by show of hands, how long the attendees had been in the business. More than 50% had over 30 years. I have 45 years. Thus, my old school training requires that I at least know how to spell and complete required mathematical equations. Todays tech originators ('s) rely solely (not a fish) on their tech toys to do the work. If they lost their iphone, they would be out of business. That plays to my point. If they had to rely on their training and education, they would soon be back at Safeway or Wal Mart stamping cans, as they should be. I equate them to the cashier at the drug store who couldn't make change for my purchase because the power failure rendered her math coach (the electronic register screen) dysfunctional and she actually could not figure out how much change I was owed. Covering your as_ with electronics as an alleged originator, looking to "sell" mortgage opportunities, would indicate to me that a career change is pending. All that said, I think sole is a very tasty entrée.
  • Patti | | 22 Oct 2013, 09:00 PM Agree 0
    Steve, congratulations for letting technology help you work "smarter" not "harder". Bob, compliments of knowing so much about the "little people" in the world. If you had your very own iPhone, you could download an IQ App and and learn that one single typo doesn't calculate as ignorance. Perhaps you should do some SOUL searching (not for fish). One more thing...don't knock Walmart as I hear they like to hire people in your age range for Greeter positions. ;)
  • Bob Gillespie | | 22 Oct 2013, 09:49 PM Agree 0
    Patti. Working smarter would include not relying on spell check to cover your as_ rather than reviewing your own work before clicking 'enter'. A single typo that renders your point useless indicates a blatant disregard for quality or concern, not to mention bringing into question ones competence in their chosen profession.

    To resort to meaningless retorts such as your "little people" comment damages your credibility. As to WalMart, I'm a big fan. It gives the less than qualified and part timers in our industry an alternative when they fail.

    I don't own an iPhone. Still old school with a laptop and flip phone. Yes, the flip phone has text capability, but my clients know to call me on the phone.
  • Patti | | 22 Oct 2013, 11:03 PM Agree 0
    Bob, why don't you get off your Judgmental High Horse, and stop belittling people who make errors in typing. That is all you are doing here. People are losing their jobs left and right. Many of them are as smart or smarter than you. Most of them are financially devastated. That is more important to me than your silly rantings about a typo. You appear as an old know it all geezer with nothing but disdain for the less than perfect. Now that may not be how you want to present yourself, and it is a long way from Professional. But your haughty sounding remarks such as the Walmart employees , making change and stacking cans speaks very poorly of you reasoning and you appear shallow and snobbish. I am not sure you belong on this thread at all. I do care about those that lose their jobs, and I do care about the working people that try to make a living regardless of people like you that seem to think they are less qualified than you. You disrespect yourself with your haughty remarks. If I wanted a home mortgage I would refrain from seeking out a pompous a$$ such as yourself. There is nothing uglier than an old blowhard that can't keep up with technology and hates all those who can. Fact is, you may just be getting too old to learn. FYI, I am probably close to being as old as you are. I love the hardworking people of this industry, and I love the hardworking people at Walmart. Little dogs pi$$ on big wheels! Keep that in mind!
  • Patti | | 22 Oct 2013, 11:04 PM Agree 0
    MPA forum is the place for positive industry interaction and welcomes your professional and informed opinion.
  • Bob Gillespie | | 23 Oct 2013, 08:51 AM Agree 0
    "Little dogs pi$$ on big wheels". I like that one. Is that your 'positive industry interaction' or 'professional and informed opinion' ????
  • Patti | | 23 Oct 2013, 11:03 AM Agree 0
    Again too pompous to admit you might be wrong. I don't need to talk to you anymore. You might be too old to get it. Good luck with your Old School Ways. The remark about the little dogs was just a tiny piece of wisdom you seem to lack.
  • Bob Gillespie | | 23 Oct 2013, 11:28 AM Agree 0
    Patti: I do admit when I'm wrong. Recall this comment: "Plural or possessive, I'll own up to that one".

    This is your second dismissal of responding to my comments. Remember this one?

    "You are off on some goofy tangent and therefore consider yourself dismissed from adult conversation here"

    Feel free to keep your word. Hey look!!!! The old fart can cut and paste. WOW!!!!
  • Steve Greenberg | | 23 Oct 2013, 12:00 PM Agree 0
    no time
  • Patti | | 23 Oct 2013, 12:11 PM Agree 0
  • Bayview Mortgage, Inc. | | 30 Oct 2013, 08:48 AM Agree 0
    I guarantee in 12 months more than half of the originators will be let go. I am hearing all the small companies in Texas are letting all their originators go. Owners are signing all the mortgage applications and processors are working the mortgages. The job of the originator is slowly being replaced by the on-line application.The bonding and responsibility and Obama care is making the LO a dieing service.
  • Patti | | 30 Oct 2013, 10:43 AM Agree 0
    Yes, it is indeed a sad situation for all of us in the industry. We have been called crooks, liars and thieves. And the online services are hurting many industries. More people are ordering on line for consumer products, including mortgages. It seems to be the trend in our country that technology and government controls our every move. So much for Capitalism! I am concerned that the entire economy is at risk. Best practices indicate diversify. Get trained for something else while you can. Perhaps in the medical industry. Physical therapy might be an option for people that like other people. It pays well.
  • Bob Gillespie | | 30 Oct 2013, 11:01 AM Agree 0
    ENJOY YOUR NEW CAREERS. 1st law of the mortgage jungle: only the educated survive. 2nd law: adapt or be eaten. LO's are bailing out because they don't understand that the new rules in place and coming up are an opportunity for those that understand them. If you don't already know what QM and QRM are, and how to deal with them, you're doomed. A suggestion for you: FOOT MASSAGE!!!! More business for the survivors.
  • :) | | 08 Nov 2013, 08:19 AM Agree 0
    I for one, enjoy the fact that the standards are being raised in the mortgage industry. The Originators that are disappearing, often times, seem to be the ones that shouldn't have been allowed to help clients make financial decisions to begin with. If you are doing the right things, you have nothing to fear. People will always need home mortgages, but now, they will be able to purchase their money with full disclosure and hopefully from an ethical LO.
    :) Keep Smiling and roll with it. Life seems a little more pleasant that way.
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