The Mortgage Gloom?

I have noticed recently that a lot of mortgage companies are going out of business or are facing major woes in today's economy. Of course the shift had been anticipated, but it has become increasingly clear that many of these companies did not take the necessary steps to hedge their bets. My high school Lacrosse Coach always used to say "Failing to prepare, is preparing to fail." I guess they could have used his advice.

I think it is actually a good thing that these recent developments are leading to a reduction of mortgage broker/banker options. There have been way too many companies in our business that know very little about what they are doing and have been putting clients into the wrong loans. This business is not about tricking or pressuring a client through persuasion to take out a loan. We have an obligation to listen, evaluate and provide the most sound option. I believe that sales is defined as helping people make decisions that are good for them.

While the mortgage industry seems to be in disarray, it is still a fundamental component of the US economy. There will be a great deal of mortgage business this year, and every year thereafter. The big upside for Joe Consumer, is that after this shake up they are more likely to find a company that is capable and that actually cares. Companies like us are highly optimistic of what lies ahead.