Earlier this week, our Mentor program got engaged by a new student who came to us from one of the news-groups out there on the Internet. As it so happens, I was personally selected to be the one to help. This is going to be an exciting assignment for me (given the timing right now in this industry 'correction' cycle). This new group wants to start a nationwide wholesale operation from scratch, get approved by Fannie & Freddie, etc. If done properly, I told them I agree with their feelings this is a good time to do that, many opportunities are available - and since I have done what they need several times previously, I told them it will be my pleasure to help them avoid the many falling rocks that will fall and try to hit them as they move up the mountain.
As part of our first conversation, we discussed the critical need for bulletproof Broker Approval standards. For 30 years of my 'operation' life, 14 years with The Mother Company, the rest with my own company - we always had high standards on who we would accept business from - a feature that's been missing from most wholesalers the last 8 years or so. I'm going to design them for their group. I am very eager to help them succeed; a wonderful challenge for me again.
As I have been putting together the lead article for our September Newsletter, which is about what I saw and lived through during the last 4 industry make-overs ('corrections') - the reasons we had them, the opportunities that flowed from them, and of course who and what, got punished by them (this mortgage broker approval issue has been one important reason for this current one).
I am fascinated, as I have been recalling what I did and how I felt with each of the industy make-overs as they were happening. As I have been talking about this article I'm writing lately, it has become very obvious to me that the version some folks have of them, depends on where they were in their own careers at the time ... so I think I have a unique perspective and that it will be a note-worth analysis of the issues surrounding those 'corrections.' I hope you'll enjoy the reading!
As part of our first conversation, we discussed the critical need for bulletproof Broker Approval standards. For 30 years of my 'operation' life, 14 years with The Mother Company, the rest with my own company - we always had high standards on who we would accept business from - a feature that's been missing from most wholesalers the last 8 years or so. I'm going to design them for their group. I am very eager to help them succeed; a wonderful challenge for me again.
As I have been putting together the lead article for our September Newsletter, which is about what I saw and lived through during the last 4 industry make-overs ('corrections') - the reasons we had them, the opportunities that flowed from them, and of course who and what, got punished by them (this mortgage broker approval issue has been one important reason for this current one).
I am fascinated, as I have been recalling what I did and how I felt with each of the industy make-overs as they were happening. As I have been talking about this article I'm writing lately, it has become very obvious to me that the version some folks have of them, depends on where they were in their own careers at the time ... so I think I have a unique perspective and that it will be a note-worth analysis of the issues surrounding those 'corrections.' I hope you'll enjoy the reading!
posted by Secret! at 9:23 AM
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