Feb

18

No Country for Mortgage Brokers

Filed Under mortgage 

Over the weekend I finally caught the movie, No Country for Old Men. It’s critically acclaimed and several friends recommended that I go see it. At times the movie was boring and slow. At times it was quick witted and interesting. However, most of the time nothing about the movie made sense.

In the current landscape nothing makes sense.

I still get several refinance requests from the internet where people are and getting quoted rates that haven’t existed in years. Moreover, to get a loan closed today is much more difficult than ever before. So for anyone to do a loan at the lowest possible rates doesn’t make any business sense.

Some requests are for home purchases by investors. Every day lenders are limiting their risk by limiting what a mortgage broker can and cannot submit. Every day programs are disappearing. There are very few high risk loans available. It’s only a matter of time before buying a home with no money down will become extinct.

Most of the inquiries I get are questions. Simple questions such as “Is now a good time to ?” or “Will not paying my bills hurt my credit?” The people who ask these don’t give me any information about themselves just a name and an email. That’s like asking your optometrist (eye doc) “Do I have ocular degeneration?” without having him/her/it look at your eyes.

Just like the movie, No Country for Old Men, there is no end in sight to all the madness.

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Comments

3 Responses to “No Country for Mortgage Brokers”

  1. Rogan McGillis on March 18th, 2008 12:19 am

    This is why I switched over to Reverse Mortgages. Atleast there the lenders aren’t worried about getting paid back so they are still lending money. My last few forward loans have just been a disaster, doesn’t sem to matter how good they are.

    Rogan McGillis
    http://www.reversemortgagecity.com

  2. Mortgate Calculators on April 18th, 2008 12:31 am

    You are so right and its just going to get worse. People are really struggling, I am just lucking my partner is really good with finance.

  3. Portland Real Estate on May 14th, 2008 11:32 pm

    In some ways it all makes a lot of sense. People are still asking silly questions? Banks are being excessively conservative to compensate for being excessively liberal. If you ask me, it almost looks like business as usual ;)

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