Very interesting article on the exiting of MN Mortgage Originators. Personally, I am quite happy...I've always thought there was too much "riff raff" in the first place! My belief is that many of these leaving the industry are those that got into it in the first place for the fast buck, with little regard for building a career with the consumer's best interest as a priority.
What have you seen in your own areas of the country?
70%, WOW! That is 6 weeks, not 6 months!
Here in Idaho Falls we are looking at about the same number of sales as our record breaking year last year but it is slowing a little this 4th quarter. Since the new guideline clamps this summer (and the trickling tighting every week since) originators that are self employed and paying fees to a broker are dropping out. Like the housing market, there is a saturation. It will be interesting to see what happens to the number of Realtors and originators that drop out come Jan. 1.
Charles and Eleanor,
We (MN broker originators) also have to take 15 hours of continuing education credits. This was another new change, along with no more prepayment penalties allowed in MN and stated income is pretty much gone. Yes, lots of changes which I support whole heartedly...the stated income piece, I have some problems with!