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post #1 of 11 (permalink) Old 01-04-2007, 03:42 PM Thread Starter
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Question Mortgage Biz?

A high school friend of mine invited me for lunch today. He picked me up in his S55 AMG and we had a very interesting over that lunch. He basically proposed to me to work for him originating a few loans to learn the ins and outs of the business then maybe either start my own gig or partner with him in some way. His firm covers all sorts of products from A to BCD papers and he's been in business for 10 years. He swears by it and wants me to get into it and drop teaching and poverty. I don't know, what do you guys think? Anyone in this business?
I love teaching but frankly I am getting tiered of the anemic checks that it produces. This semester I am going to keep teaching but I will try my hand at originating a few refi loans and see if I like it. Maybe by the summer I will tell my dean to find himself another prof. Do you think it's realistic to develop enough momentum in a few months to call it quit?
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post #2 of 11 (permalink) Old 01-04-2007, 03:48 PM
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Are you tenured? Do you have a Doctorate? Ask yourself if you want to become that guy on TV...lost another one to Ditech!
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post #3 of 11 (permalink) Old 01-04-2007, 03:52 PM Thread Starter
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LOL, no I am on a contract. Ditech is not really a competition for my friend as far as I know, I asked.
His deals are not just rate and terms, he does all sort of cash out schemes and debt consolidations. His forte and bulk of work is in the BCD market, basically people that fked up financially.
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post #4 of 11 (permalink) Old 01-04-2007, 04:33 PM
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Mortgage brokers make a killing if they know what they're doing. There is one thing, you can lose your ass if you forget to have even one form signed.

2005 S430 4Matic 'Morton' W220.183 • 722.671 Rest in Peace

Bells and whistles are thorns and thistles.
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post #5 of 11 (permalink) Old 01-04-2007, 04:35 PM
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Perfect timing, Prof, especially with the people fked up financially.

my $0.02.
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post #6 of 11 (permalink) Old 01-04-2007, 04:45 PM Thread Starter
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Perfect timing, Prof, especially with the people fked up financially.

my $0.02.
I think so, I am thinking of all of those interest only loans that were taken out during the boom. Maybe I got a market to convert these into conventional loans. I am sure that many people that bought too many speculative properties will be facing forclosure if they don't refi or unload. In addition my friend is starting a reverse mortgage product backed by FHA which I think is going to be hot with all of the baby boomers making their equities work for them. The opportunities are there, I just have to learn the products and get me some clients if I decide to do this.
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post #7 of 11 (permalink) Old 01-04-2007, 04:57 PM
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Quote:
Originally Posted by Professor
I think so, I am thinking of all of those interest only loans that were taken out during the boom. Maybe I got a market to convert these into conventional loans. I am sure that many people that bought too many speculative properties will be facing forclosure if they don't refi or unload. In addition my friend is starting a reverse mortgage product backed by FHA which I think is going to be hot with all of the baby boomers making their equities work for them. The opportunities are there, I just have to learn the products and get me some clients if I decide to do this.
If you can catch up all those morons who bought in 2003-2006 with no money down and ARMs and give them 30 year fixed on your terms, you'll be a very rich man.

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post #8 of 11 (permalink) Old 01-04-2007, 04:58 PM
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Sounds like a good opportunity to me.
Nothing like getting your foot in the door of a lucrative business with someone you know.
If you try it and fail, you can always go back to teaching.
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post #9 of 11 (permalink) Old 01-04-2007, 05:28 PM
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you need to be good at sales. and out hustle everyone else. it is good money if you take the time to "build" a clientele base
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post #10 of 11 (permalink) Old 01-04-2007, 05:30 PM Thread Starter
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you need to be good at sales. and out hustle everyone else. it is good money if you take the time to "build" a clientele base
I financed my undergraduate studies selling cars (new and used). My heart broke when I left that business to work in my field of study. I missed the grinding
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