i won't take the backoffice work, started in it in 1993 for over a year, really sucks, hard, boring, routine, meaningless, dead end, shi*, crap, dumb, $%^&* !!! damnit, its gd if u r starting out in your early 20s to learn abt financial mkts but not as a career ...
Now I have heard it all. The mortgage industry is history?!? The mortgage industry is akin to kerosene lamps!?! Maybe people will start living in cardboard boxes, and finance their house with monopoly money.lol Are you sure thats hydro and not crack that you are smoking.
now, now boys, that will be the end of that. you each had your turn at each other, no more now but it was f'n funny, ha ha
Reality check dude - My brother is a cop with about 12 years experience in a small rural town (population 12,000) in northern Illinois. During this time, he has been shot at more than once, been involved in several high speed chases at > 80 mph through town, personally saved with CPR an inmate who attempted to hang themselves with a belt, had to break up gang violence with only himself and one other officer present, and those are only the stories he's told me about - doubtless there are numerous other things he has not discussed. He makes only about $45K-$50K at this point, and he barely supports himself by running his own business installing windows on weekends. Being a cop is not a job to take for easy money, and thinking you can lay around doing other stuff. You won't last 5 years like that, and you might get someone killed (including possibly yourself). If you are in a large Metro area it is a lot more dangerous as well.
I understand where you are coming from on this, my cousin is a captain in Paterson, NJ and I hear all of his horror stories. He is currently getting paid $155k which is insane, but at the same time, I would never go work in that type of area. I'm not sure if you know Bergen County, NJ but the only crimes that occur in most of the towns are real estate vandalism and thats really it. I'm not looking to work in the ghetto or work as a state trooper either, as both may easily get me killed. God bless your brother for taking his job and protecting those in that area. -Jmortgage
Is this considered back office and does anyone know the company, I can't even look them up online which is a huge red flag to me... Weiss Special Operations, LLC, a multi-strategy hedge fund based in Hartford, CT, is seeking an entry-level Operations Specialist to support its daily trading activities. The primary responsibilities of this position may include: > Process daily cash, trade, and position reconciliations to the various custodians (includes running, reviewing and analyzing reports and taking action, if needed, by working with the prime broker or internal settlements group). > Resolve daily settlement issues working with the executing broker, trading desk and the prime broker/custodian. > Run and review internal diagnostic reports, then review all of the trade corrections/changes from prior day(s), post accounting system, run the mid-day reconciliation report, then analyze the report to insure that differences are valid and resolving discrepancies. > Perform end-of-day P&L reconciliation to compare what is in the firmâs accounting system to what is in firmâs P&L system. > Provide/research responses to traders regarding P&L variances. > Perform morning price reconciliation by comparing prior day prices received from Comstock (pricing source) and compare unmatched items to Datascope and Bloomberg. > Load manual prices in our bottom-line console which feeds into our real-time P&L system (Weissview). > Review alert log and manually price any items identified there. > Utilize Bloomberg to obtain prices and add new symbols. > Research and process all corporate actions. > Get appropriate locates for stock loan. > Open and maintain new broker accounts.
Yeah I was making a 100% direct comparison. Ehh, you may think it's funny, but ever heard of shantytowns? Not that far of a possibility, considering that USA is slowly turning into Brazil. It's actually PCP, but thanks for asking. PM me for some product, you may need it. The mortage broker industry is shrinking to a fraction of what it was, or have you missed the numerous news reports of mortgage companies shutting doors & laying off staff. We are not talking about just the subprime, no, all mortgages are being cut off even the highest grade. So while the job will not just dissapear off the face of the earth, it will revert to what it was prior to the cheap money real estate boom, or actually even tougher. So now you have so many laid off mortgage brokers, what makes you think it's a job worth sticking with unless you are at the zenith (like high end clients). Does the concept of "too much competition" come to mind? The regulation & general landscape of the profession will change to be tougher, more competitive & less lucrative, just like it has with a number of other financial positions. They go through the Golden Age, and then it goes downhill. The Thread Starter has the right gut feelings as the smarter guys in the industry started getting out 1-2 years ago. It's dead obvious that the industry is going to be revamped and made a lot tougher. Talk to those who work in it or just take a look at the fact that mortgages are no longer so easy to get, even for qualified applicants. And don't forget, we are not done with this mess yet.
op - you seem like a smart guy. you won't like being a cop, it will bore you. most cops have brains equal in size to their testicles. the job is more about interpersonal skills & dealing with people than with smarts or brain-usage. i'm even surprised you were a mtg broker. that and real estate agent and cop are the 3 dumbest professions. i've met a number of r/e agents, their brains may be smaller than cops'. go the route of the hedge fund and trade on the side. otoh, if you're real smart and want to make easy money, go into electrical engineering or tech. i know a few people in ee who are just 30 and they make 130k plus benefits. the really good ones can top 175k by age 35. and if there's always a chance you can hit the lottery if you join a company that has a successful ipo.
Hydro, You are mistaken. I have a 50% stake in a Mortgage company in FL where alot of the shit is hitting the fan. Here are the facts. 1) The subprime and alt a market are history. But not FHA. 2) Contrary to what you here in the rumor mill agency paper (Fannie Mae and Freddie Mac) are still available, this market never went away and accounts for the lion share of mortgage originations. 3)Jumbo loans went away briefly but are back with competitive pricing. 4)FHA loans (which accounted for only 3% of the market last year due to the robust subprime market) are in full swing again with by partisan gov. support. FHA is the original subprime marketplace. 5)MOST IMPORTANT. The original poster is a RETAIL LOAN OFFICER. Almost all of the lenders that you heard about going out of business where in the WHOLESALE MARKET. Virtually all subprime and alt-a WHOLESALE lenders. And RETAIL Lenders that focus mostly on the subprime and alt a market With all of the devastation in the market my company and most that I know (ON THE RETAIL LEVEL) are still writing alot of loans. In fact Fannie and Freddie loans account for about 80% of the loans we do..... So the subprime holocaust has not been as big a problem as the slowing housing market. Less volume of course but not what you believe to be the case (probably 50% fall off from the peak) and we are talking about the biggest peak in history! In fact my stake in that company should match my trading profits for this year. When the dust settles people will still need a loan not to many people pay cash for real estate even if they can....... And nobody that I know of wants the visit Joey the Fish (your local loan shark) to refinance...... We are in a down cycle that WILL LAST several years. This is the nature of business guys. Bubbles form, they pop, things stabilize and they develop again....