Posted To: Pipeline Press“Rob, is any lender making money out there?” Well, what’s the old “joke?” “How do you get $5 million in the mortgage biz? Start with $10 million!” Not so funny when it’s real. Few companies are prospering, and what I hear more is, “We hope to outlast our competition by cutting costs and since we have deeper pockets.” Does that mean whichever company can lose more will outlast the others? Any lender making money deserves a big “congratulations” because it is very rough out there, whether it is margins, higher rates & volatility, seasonal factors, production staff not wanting to make moves until after year-end, whatever. And it is a lot easier to be a manager when your company is expanding than when you’re contracting…(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
Michael Ayoub, Author NMLS ID 6631