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An average loan officer from 2000-2006 got a pile of leads on their chair every week. These were generated by telemarketing leads, Internet leads and even those “win a Car” displays in the malls of the Midwest. The loan officer would call the people up, and try to “slam dunk,” the customers into various loans of different and dubious suitability.
These people had/have no care or need for relationships–if an average fee was $8500 a loan, and they could do 5 a month, the average split being something around 47% paid these 20 something modern Matchstick Men could make $240,000 for stripping equity as a “multi state lender’s representative.” These folks had closing ability, and had good communication skills, to a point, but they were clearly overcompensated, and the market is rejecting the idea that a bunch of 20 somethings, fresh from the used car lot can be in charge of the financial fortune of good people in America. But where will they go?
None of these failures had a need for prolonged relationships with the same Realtors, Customers, CPAs, Attorneys. It was a series of quick, one night stands with their customers–that they’d hope to never see again. What happens to the guy that brings home a new woman each night do when he hits 40 and is more like Herb Tarlek than Brad Pitt? Where are all of you exiting lenders going?
What industries are currently paying so much to so many for so little? My guesses are Pharm Sales, Insurance, and maybe even Energy if they can dumb the job down enough.
What are your guesses?
Chris Johnson runs The Ten Day Team at First Ohio Home Finance in Westerville, OH. He is happy to put pithy guest posts on your blog if you email chris@tendayteam.com
Chris - I can tell you that they are probably not going into pharmaceuticals. I have several friends and contacts that work for some of the big boys - Pfizer, Merck, GSK, Abbot Labs, Novartis - and all of those places have given their HR departments an unwritten rule that if they see mortgage on a resume, just kill it. Perhaps it is because they assume that we are all a bunch of scam artists, or perhaps they think that a mortgage person is only looking for something to brige the gap until the mortgage market comes back (news flash - it will never be what it was in the early 2000’s). Either way, the pharm teams want nothing to do with us.
As a former AE, I would dread that job. If I thought brokers were annoying sometimes (before anyone gets chapped - I was a broker before, too), then I bet doctors would drive me nuts.
I have seen some of my former clients move into insurance. Working for some company I never heard of and trying to get me to take out millions in life insurance and money market accounts. I give it about 5 years and that industry will be going through the same thing the mortgage market is!
As for use cars, you know what they say - “Go back from whence you came!” I’m sure Ricart has a waiting list of new hires right now!
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