I must say, as the former owner of one of the largest mortgage brokers in the country, I have a newfound respect for all the crap my loan officers must have gone through when I was at the top making policy at Carteret Mortgage. Literally, four of my last five borrowers in the last two weeks did not qualify, where less than a year ago, they were golden. I never had these problems when I was taking loan apps 15 years ago, typing the 1003 on my trusty Smith-Corona and using some sort of “special machine” to run my credit reports. You old timers, like me, will remember the days before LoanProspector, before anyone had any loan origination software that merged the liabilities into the second page and when basically anyone breathing qualified for a loan.
So here I am, a time traveler thrown back 15 years to when I was a loan officer just starting out in the business. Back then, all we had was agency and government loans, just like to day. At least we had mortgage insurance back then. Yes, technology has made inputting the loan faster, but now we have to worry about appraisal reviews and ever-changing guidelines.
What I am saying is: It’s always something. The market is tough now, but hey, old timers like us have been through stuff like this before. The market is bad, then it’s good, then it’s bad again Underwriting is hard, then it’s easy, then it’s hard again. Life sucks, then you are on top of the world, and then it sucks again. So, what exactly is the secret to being rich in this crazy market?
I love the bumper sticker “He, who dies with the most toys … is STILL DEAD.” The best way to get rich in this market is to count your blessings, realize you still have your health and your family, and that you are still breathing on this earth. Life is the greatest gift, and if you are reading this, there is a good chance you are not dead yet. Rejoice at just being alive and the rest is just the price you pay for the privilege.
Right now, you are the richest person at the cemetery. So, just say a little” thank you,” and get back to work.
Eric Weinstein may be reached at (703) 505-8692.