Mortgage Professional America forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Veteran: Mortgage industry needs to take notes from Realtors

Notify me of new replies via email
Mortgage Professional America | 14 Dec 2015, 06:30 AM Agree 0
The mortgage industry needs one united voice when it comes to addressing concerns, according to one industry veteran who suggests taking a page out of another industry’s book
  • Anonymous | | 14 Dec 2015, 11:46 AM Agree 0
    That sounds good on paper but it will never work until we, as an industry, stop being so antagonistic and combative towards each other. It is astonishing to me that after my 18 years in this business, every single mortgage officer, banker or broker, still views each other as a competitive threat. That is where we fail as an industry. The realtors are operating on a higher level of thinking in that regard. Somehow, during the course of their existence, they realized that they need to be collaborative and they all need to work together to get their voices heard. As a direct result, they now have one of the largest and most influential lobby associations in Washington.
  • National Strike Supporter | | 14 Dec 2015, 12:34 PM Agree 0
    EXCELLENT comment and points from Anonymous! It would be great if it could happen. I hope one day it will.
    The truth is that now that all the small players are knocked out of the game n only correspondents & big banks are left w little competition, they just do not want us uniting.
    They have us where they want us: underpaid n commission only since draws have to be paid back even if carried months, no real benefits unless your lucky enough to get medical, we have to pay for n bring our own leads, no expense reimbursement, no match 401k's , and much more work, time involved, effort, n way longer to get to closing - IF something doesn't kill your deal first. The smart, more experienced mortgage officers have had it. They are all trying to or have left the industry. You can't cut our pay down to netting about $15 per hour, if your lucky, and expect educated, knowledgeable people to continue to put up with SHIT. We, our time, and education are worth a professional salary just as an attorney, accountant, or a doctor. They need to realize it!

    A national strike with ALL of us coming together n walking out for a month or longer would send a huge message to the cheap execs holding all the money for themselves AND the government who forced all small players out n raised the cost to customers by sometimes double. I don't appreciate my 12 years of building a good, honest business being wiped out because it was small... or my income dropping to about $30k.
  • | | 14 Dec 2015, 12:35 PM Agree 0
    Correct does sound good on paper; but when you walk into that Keller Williams, Nothnagle office and they have your competitions Mortgage Bank flyers all over the place (including posters) you tend not want to get involved with that RE office and those who chooses to violate the law accepting kickbacks. Who needs that kind of fine and it seems these days it is not the RE office getting fined. When we can get these offices to understand that then let us know about your united voice....
  • policydude | | 15 Dec 2015, 09:34 AM Agree 0
    the MBA, GSEs, FHFA, Lenders and other stakeholders have been working with the CFPB since the initial drafts of REG X and Z were put out there in 2013. Sounds like Cosgrove just feels left out.

    Also, one voice is not always the end of the day the leaders of those organizations have to decide on how they are going to pitch their position on any one topic and just becuase you have voiced your opinion to those heads doesnt mean that that is the opinion that will be shared with the regulators. Many voices is good so that the CFPB knows all of the different positions and the various impacts. What you need is a well thought out argument for your position.

Post a reply