“Regarding your piece on whether or not we’d recommend a young person to get into the mortgage business: I have a long time business friend, he retired after a 30+ year career as regional manager for a NYSE financial services firm. He became a one man mortgage brokerage licensed in two states, and over 10 years he had 10 audits…

…5 from State A and 5 from State B, without a single violation.  But he was tiring of the expense of the audits and of 25 year old examiners coming into his office treating him as a criminal, of his wife calling him repeatedly during a snow storm while an auditor refused to let him go home and continue the audit on another day. State A came in for their 6th audit and again did not find a single violation. Then they asked my friend to produce loan files from previous years and my friend told them those files had already been audited. They insisted so he complied (at his expense for the prolonged audit) and again not a single violation was found. That was the last straw for my friend, even though he had the energy of a man half his age and wanted to continue working, he finished out his pipeline and turned in his licenses. Shortly thereafter he received a letter from the senior auditor from State A, saying that he was sorry to see my friend retire, that State A needed more brokers like him. I’d recommend a young person to go to law school and volunteer on one of his State’s Congressional campaigns and parlay that into a job at the CFPB.”, Anonymous, Mortgage Industry Newsletter, December 2014

Posted on December 31, 2014, in Postings. Bookmark the permalink. Leave a comment.

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