Wisdom of Rich Dad

The mortgage business has been hard for many mortgage professionals as the real estate market has cools from a flippers dream or from the idea that just owning a home makes you rich. I’ve seen many many mortgage originators and brokers go into other lines of work and honestly who could blame them?

With Massachusetts adding the requirement of licensing, the number is now being seen as falling as much as 80% from the height of the real estate boom when mortgage brokers made easy money and lots of people entered the field. This comes from the Massachusetts Mortgage Bankers Association.

Read the article from the Boston Business Journal! Thanks go to Danielle Rocheford for forwarding the article to me.

There is likely a silver lining in this for the mortgage brokers that stick. They will have far less competition and the ones that stay should have a lot more business I’d guess.

   

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This entry was posted on Friday, July 4th, 2008 at 5:09 am and is filed under Real Estate. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.