As the mortgage industry sheds bodies like water droplets from a wet dog (24,000 since Aug 1) we came across this little gem from a recently let-go mortgage industry IT worker:
"The mortgage business isn’t dead — there’s just going to be less people in it,"
So true. And, though some quality people will be displaced, and there will be some serious pain as a result of this contraction, those of us who’ve been around the industry for the last 10 years will uniformly argue that this is a good thing (for consumers and the industry alike), and should have happened 2 or 3 years ago.
Mortgage Job Losses Surpass 38,000 [AP via Yahoo]
Equal Housing Lender |
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My thoughts exactly. All these new laws trying to fix the industry…. I think it’s going to fix itself better than the state ever could.