Broker news forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Frustrated veterans considers 'Plan B'

Notify me of new replies via email
Mortgage Broker News | 27 Jul 2012, 10:00 AM Agree 0
A 13-year veteran is actively contemplating a career switch to real estate appraisal, blaming a slowdown but also the loss of a competitive edge due to the FirstLine closure.
  • Nancy Butler | 28 Jul 2012, 03:20 AM Agree 0
    As a mortgage agent working in a rural area, I will miss Firstline's variety of programs, they were great for acreage properties and had decent "B" lending as well. "Points" didn't have to be used in an unethical way!
  • Really? | 28 Jul 2012, 07:07 AM Agree 0
    See you later, good luck with your Plan "B". Can you send me over your client list before you go? I also heard CIBC is hiring specialists, perhaps a Plan "C"?
  • Derek Rowley | 28 Jul 2012, 07:25 AM Agree 0
    Good evening fellow brokers and agents

    I am in total sympathy with you Darren and I wish you all the best. I truly understand as I am entering my 13th year and all the changes have hurt many of us including the realtors and th clients. I personally know of some who are delivering pizza anbd sbs to make ends meet and to feed their kids, which makes me wonder what Flaherty is eating for supper tonight.

    I personbally think that one area that needs to be addressed and especially for realtors and mortgage brokers is the numbers, meaning tgis industry is likw the Taxi industry in that the more taxis on the roads (Agentsd) the more the owner (Brokers) make. I live in a very small farm community and between the bvanks, credit unions and other mortgage agents, I have 15 competitors. That's more agents than stop signs and traffic lights. IN addition I just recently discovered that 3 deals tha were recently declind by an insurer were approved for the bank - smae client - same deal - no to the broker but yes to the bank. I furthermore discovered that regardless of the new regulations, one cewrtain majhor lender does not or appears that they do not have to play by the same rules and are accepting cleints that do not fall under tghe new guidelines. Add all tghis together and it can spell disaster for the broker/agent.

    As or me all I can say is that I cannot focus on what I do not have or may have lost, but rather continue to move forward as best as I can and to stay optimistic and happy regardless.

    As for FL, I never used them at all so this has no impact on myself.

    SAummer wiull be long and HOT HOTR HOTR. My advice is do not let what is currently happening add extra heat. Remember, small pots boiul over first and we are all bigger than that.

    Best wishes for continued success to all

    Kindest regards

    Derek Rowley
  • Liz | 28 Jul 2012, 07:40 AM Agree 0
    really? I loved FLM also and it IS a sad day however, I wouldn't change careers over it. that is silly and misguided. Did you only ever did with FLM? If so, that is an entirely dangerous game to play. never put all your eggs in one basket. There are plenty of lenders out there to deal with and let's not forget approx 705 of the population do not use Brokers so there is a lot of uptapped volume out there. Enough of the doom and gloom already.
  • broker | 30 Jul 2012, 12:19 PM Agree 0
    Seriously? You are wiling to be an appraiser and work for $200 a deal? Thinks are nowhere near that bad.
Post a reply