AccessMyLibrary provides FREE access to over 30 million articles from top publications available through your library.
Create a link to this page
Copy and paste this link tag into your Web page or blog:
Mortgage Scene: Is Mortgage Banking a "Crummy" Place to Spend Your Career?(Brief Article)
Not too long ago I was having lunch with a former top 10 mortgage executive who bluntly summarized the industry as a "crummy business" where the profit margins are too tight, capacity too high, and where too many people are employed.
A week earlier, I ran into a mortgage tech consultant on the street who voiced similar complaints, characterizing the residential finance sector as a "crazy business," that to him made little sense. I reminded both these gentlemen - both over 50 and in the twilight of their careers - that their gripes aside, they both have made nice livings from mortgages.
Their reaction? They paused for a minute and kept right on complaining. (Don't get me wrong. I love to hear complaints. That's what journalists do for a living).
Yes, it's a curious time in mortgage banking. Refinance volumes are swelling and 2001 could turn out to be a record, or near-record, year for lenders. The mortgage insurance sector - despite its constant pillaring of Fannie Mae and Freddie Mac - is thriving. And yet, there's still plenty of griping out there - about profit margins, about Fannie and Freddie, and about technology.
What's the beef on mortgage tech? Well, that the industry (lenders, servicers, brokers) aren't adopting technology as fast as some folks would like. That may be so, but so what? You ever look at a loan package - all that paper? You think it's easy putting all that stuff on a PC and getting the consumer to fill out the application online and then distribute the file into the secondary market complete with VOEs, VODs and HUD disclosure forms?
Is mortgage banking really a crummy industry? Compared to what? Networking? Telecommunications? If you had bought shares in Countrywide, Dime, Washington Mutual or Greenpoint ...
- American Residential Funding Expands Its Highly Profitable AMRES Mortgage...
- Press release article from: Business Wire February 15, 2005 700+ words
...with the higher profit margins of mortgage banking, we are looking...rapidly growing mortgage banking and brokerage...higher margin mortgage banking business, which...share and higher profit margins in the future...
- The battle for change. (strategic planning in mortgage banking)
- Magazine article from: Mortgage Banking Lefebvre, Jeffrey R. January 1, 1997 700+ words
...occurring within the mortgage banking community. In 1993...Financially, the mortgage banking industry has been squeezed as well. Profit margins for mortgage banks...we know about the mortgage banking business, it is...
- The unbundling of an industry. (mortgage banking industry) (Cover Story)
- Magazine article from: Mortgage Banking Garrett, Joe May 1, 1993 700+ words
...splintering of the mortgage banking industry may have...no return. The profit margins, once large enough...New Paradigm for Mortgage Banking." It struck a...micro-areas of mortgage banking. I argued that...
- Roslyn puts its mortgage banking subsidiary up for sale.(Brief Article)
- Magazine article from: Origination News Finkelstein, By Brad October 1, 2000 700+ words
...time had put its mortgage banking subsidiary, Roslyn...business with thin profit margins and increasing capital...consolidation in the mortgage banking industry and the...named Residential Mortgage Banking Inc. Roslyn paid...
- The Roslyn Savings Bank Announces Strategig Initiatives and Plans to Exit the...
- Press release article from: Business Wire August 28, 2000 700+ words
...risk profile as it exits the mortgage banking business. In connection with...commodity business with thin profit margins and increasing capital commitments...Additionally, consolidation in the mortgage banking industry and the cyclical nature...
- The Roslyn Savings Bank Announces Strategic Initiatives and Plans to Exit the...
- Press release article from: Business Wire August 28, 2000 700+ words
...risk profile as it exits the mortgage banking business. In connection with...commodity business with thin profit margins and increasing capital commitments...Additionally, consolidation in the mortgage banking industry and the cyclical nature...
- After the party. (mortgage banking) (Cover Report: State of the Industry)
- Magazine article from: Mortgage Banking Portner, Fred E. October 1, 1993 700+ words
...economics of today's mortgage banking business. When...recent attractive profit margins in the business...of new capital to mortgage banking, much of it based...surprises as the mortgage banking business accelerates...
- Amstar Financial Holdings, Inc. Sets Mortgage Banking Record.
- Press release article from: PR Newswire January 11, 2007 700+ words
...671,462.00 through their mortgage banking division. This constitutes...future profitability: "As the profit margins continue to shrink and lenders...market. As more loans go through mortgage banking this hits our bottom line profit...
- Wholesale Lending Online Reports Record Year Profit Margins Increase by 50...
- Press release article from: Business Wire March 10, 2004 700+ words
...a provider of mortgage lending solutions, announced its profit margins have increased by 50 percent on a per loan basis since April...offers easy to manage processes," Bill Lopez, director of mortgage banking for WLO, said. "By controlling the secondary side better...
- IndyMac's Earnings Fall 41% As Profit Margins Shrink, Costs Rise.(Financial...
- News wire article from: Mortgage Line May 2, 2007 700+ words
...in the first quarter of 2006. IndyMac said shrinking profit margins on loan production and higher credit costs were largely...the second quarter. The company said it expects to see mortgage banking revenue improve in the second half of this year. (c...
Source: HighBeam Research, Mortgage Scene: Is Mortgage Banking a "Crummy" Place to Spend Your...