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Started By
Message
Time to look for a job.
Posted on 3/25/09 at 8:25 pm
Posted on 3/25/09 at 8:25 pm
I'm probably getting out of the mortgage business. Chase cut everyone loose. The business has gotten to the point where expertise and effort do not matter.
I'm thinking the mortgage broker business model is shot. The MI companies have fixed to where the brokers can not do an 80% or more LTV loan with Fannie/Freddie. The warehouse lines are being cut or pulled from too many lenders. The business in a year or two will probably be retail only. At first I thought correspondents would be ok but then the lenders are requiring them to have much higher net worths as are the banks issuing their warehouse lines.
Am looking at several fields right now so here goes nothing.
I'm thinking the mortgage broker business model is shot. The MI companies have fixed to where the brokers can not do an 80% or more LTV loan with Fannie/Freddie. The warehouse lines are being cut or pulled from too many lenders. The business in a year or two will probably be retail only. At first I thought correspondents would be ok but then the lenders are requiring them to have much higher net worths as are the banks issuing their warehouse lines.
Am looking at several fields right now so here goes nothing.
4
Posted on 3/25/09 at 8:30 pm to prplhze2000
Best of luck... is this Chase development new news?
Posted on 3/25/09 at 8:33 pm to igoringa
yes and no. a bunch were let go in Jan. the rest now.
Got a degree in Bio and minor in Chem so I'm looking at pharm's right now. have a JD and wish Thomson/West was hiring but unfortunately no. That would be my dream sales job.
Got a degree in Bio and minor in Chem so I'm looking at pharm's right now. have a JD and wish Thomson/West was hiring but unfortunately no. That would be my dream sales job.
Posted on 3/25/09 at 8:42 pm to prplhze2000
quote:
Got a degree in Bio and minor in Chem
You'll be fine then. Might have to go to school for a couple of years though.
Posted on 3/25/09 at 8:48 pm to prplhze2000
were you laid off, or just jumping ship in anticipation?....
Posted on 3/25/09 at 8:59 pm to prplhze2000
You have a good education and a good brain. You will find what you want. Good luck.
Posted on 3/25/09 at 9:01 pm to prplhze2000
best of luck.
I would see about an asst manager position for you in jackson, but the jackson wendy's are gawdawful.
I would see about an asst manager position for you in jackson, but the jackson wendy's are gawdawful.
Posted on 3/25/09 at 9:03 pm to MileHigh
quote:
but the jackson wendy's are gawdawful.
I can vouch for this....Wendys usually has fairly good quality employees...Jackson's are just barely a step above taco bell...
Posted on 3/25/09 at 9:11 pm to Spankum
quote:
I can vouch for this....Wendys usually has fairly good quality employees...Jackson's are just barely a step above taco bell...
let's not be rash here. They aren't that bad.
Multiple wendys in jackson have been inches from closure due to health code violations. I normally wouldn't say this but the regional VP covering that area is a fricking arse to no end.
Posted on 3/25/09 at 9:17 pm to MileHigh
Probably right about the TB comment..that is pretty much the bottom of the barrel...but I can assure you that on the whole, the employees in the area are well below the quality typically seen at Wendys...
I suppose this would explain the health code violations as well...
I suppose this would explain the health code violations as well...
Posted on 3/25/09 at 9:21 pm to Spankum
quote:False... right there with Burger King and Taco Bell
Wendys usually has fairly good quality employees
Posted on 3/25/09 at 9:35 pm to Bayou Tiger
I will vociferously back up the BK comment.
Posted on 3/26/09 at 1:01 am to Spankum
shut down whole division.
Posted on 3/26/09 at 9:43 am to Bayou Tiger
quote:
False... right there with Burger King and Taco Bell
But still better than Hardee's. By far.
Posted on 3/26/09 at 10:42 am to Rivers
we will see. The problem is I live in Jackson. Most of the sales jobs are BS ones, you know, selling credit card merchant sales, jobs that require you to pay money, not the employer, etc. So far its look like drug sales or medical devices.
There is no point in staying in the mortgage business as the wholesale jobs have dried up. The few remaining lenders are on the ropes. Flagstar and Amtrust are close to crashing and Taylor Bean and Whiitaker doesn't have the warehouse line capacity it needs to handle the business coming in. Wells and BoA are still around but for who knows how long. And frankly, I wouldn't want to be a loan originator in this environment for the next few years. Sad part is if I lived in BR I'd have no problem. Chase as A TON of jobs in La and I'd have no problems moving over to another division at Chase. The FDIC has some good ones that I am qualified for and I've sent in my stuff but the open period doesn't end til next week and the federal government takes its own sweet time in hiring. Friend of mine tried to talk me into selling NAA insurance but I said no thanks. There are also a ton of insurance jobs out there, selling insurance but I'm not sold on that idea.
There is no point in staying in the mortgage business as the wholesale jobs have dried up. The few remaining lenders are on the ropes. Flagstar and Amtrust are close to crashing and Taylor Bean and Whiitaker doesn't have the warehouse line capacity it needs to handle the business coming in. Wells and BoA are still around but for who knows how long. And frankly, I wouldn't want to be a loan originator in this environment for the next few years. Sad part is if I lived in BR I'd have no problem. Chase as A TON of jobs in La and I'd have no problems moving over to another division at Chase. The FDIC has some good ones that I am qualified for and I've sent in my stuff but the open period doesn't end til next week and the federal government takes its own sweet time in hiring. Friend of mine tried to talk me into selling NAA insurance but I said no thanks. There are also a ton of insurance jobs out there, selling insurance but I'm not sold on that idea.
Posted on 3/26/09 at 1:20 pm to prplhze2000
Best of luck to you. I worked as a LO for a retail bank until last summer when it was shut down. I took the opportunity to switch over to the commercial side and learning the ropes in underwriting. My income was reduced 25%, but I think it’s the best move in the long run.
Posted on 3/26/09 at 1:58 pm to prplhze2000
quote:
Got a degree in Bio and minor in Chem
quote:
have a JD
Any thoughts on doing patent law?
Posted on 3/26/09 at 2:51 pm to bz11
can't say I blame you.
Posted on 3/26/09 at 2:58 pm to MileHigh
quote:
Multiple wendys in jackson have been inches from closure due to health code violations.
**makes mental note regarding Wendys in Jackson**
Posted on 3/26/09 at 3:03 pm to prplhze2000
quote:
prplhze2000
Have you thought about looking around at title companies? With your JD and background, it would be a nice fit.
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