by Brian Brady
Commercial Real Estate Finance Expert
Structured Debt and Equity
Licensed Real Estate Broker in AL, CA, and FL
I can’t wait to see the blue-vested, loan originating octegenarian explain the truth-in-lending statement to the first-time home buyer at this new entrant to the mortgage business.
Greg Swann says:
Snob. Some of WalMart’s best employees got their start by sneering at the company…
March 15, 2007 — 2:55 pm
Brian Brady says:
>Snob. Some of WalMart’s best employees got their start by sneering at the company…
Looks like I have a shot at CEO next year. I still won’t shop there.
March 15, 2007 — 3:57 pm
Todd Carpenter says:
As a long time originator, I have to say that it doesn’t take someone that’s anymore talented than the average Wal-Mart salesperson to originate a loan. They prescribe & sell prescription eye glasses at Walmart, clerking out a loan app isn’t any more difficult. I used to make sales calls to loan originators. The questions some of them asked me make me doubt they could explain a truth-in-lending either. I’m not just picking on mortgage people though. In my experiance, there’s quite a few idiot real estate agents out there as well. Walmart discout MLS listings could be next. Truely professional LO’s or real estate agents would continue to prosper, while Walmart would flush out the mediocre.
March 15, 2007 — 11:10 pm
Brian Brady says:
Todd,
I agree with you and Greg. What I do for a living is not rocket science AND I am snob.
March 15, 2007 — 11:20 pm
Russ says:
Wal-mart mortgage would be a bad idea. There was a press release earlier today though that they withdrew their application, so it won’t be happening anytime soon. http://www.msnbc.msn.com/id/17645331/ If Wal-mart were to get into mortgages, my guess they would be THE sub-prime lender. The shoppers at the Wal-Mart near me ain’t exactly A paper borrowers. Get a HELOC to pay for the diapers, toys, bulk sodas, and other cheap crap from China.
While the job isn’t rocket science, it isn’t exactly easy either; at least if you actually work hard and care about your clients. One of the problems with this business right now is that any idiot can get a calculator and call themselves a loan officer. I believe most of the issues with the business now stem from the fact that people who were working at mall kiosk one day hawking cell phones are calling themselves Senior Loan Officers the next.
Personally, I find it absurd that the “professionals” dealing with people’s largest financial transaction don’t even need a college degree or any kind of a real training and licensing. No other financial business has such low standards of its professionals than mortgage lending. If there is one good thing happening right now is that the industry is getting a good flushing of the order takers and quick buck artist that flooded the industry over the past few years.
I am definitely a snob and proud of it.
March 16, 2007 — 8:49 am
Brian Brady says:
Snob is an acronym for “sine nobilitate” (without nobility). I might submit, Russ that you have the proper pedigree (training and experience) so being “snob” is impossible for you
March 16, 2007 — 10:53 am
Russ says:
Brian:
If that is the case, then next to you I am definitely a snob then.
March 16, 2007 — 11:20 am
NYCJoe says:
Hmmmm…. “McLoans”, anyone? 🙂
April 14, 2007 — 2:17 pm