Wednesday, January 24, 2007

Run for the Hills

According to the January issue of The Real Deal, many local lenders are going out of business and the industry could shed as much as 25% of it's New York workforce in 2007. That's not necessarily bad news. Mortgage Brokers should be focused on the local real estate market, know the players and the nuances of the local property types.

There are still many people in the mortgage business who are more interested in collecting high fees, than getting the deal done. Still too many order takers, who are little more than telemarketers. By focusing on a sub market, and knowing everything one can about their chosen area of expertise, whether it's new construction, coops, condos or mixed use buildings, one can develop a mortgage business that will be profitable and productive.

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