Extreme Make-Over Industry

This is what is going on right now, more than I've ever seen. The closest I can remember, this was already nearly two decades as the chairman of Salomon Brothers (100 + years Wall Street firm) invented the Mortgage Back Security (MBS) and exchange the following MBS. This significant paradigm shift, the loans portfolio and modest amounts of whole loan sales have been in our field in the foreground. This gave easy access to almost unlimited resourcesfor mortgage loans.

The surrender their traditional role of "agreement-makers and companies involved in selling securities underwriting and trading, investment and merchant banking, financial advice, investment research, venture capital, brokerage and asset management - more than ten years ago we saw the start of Wall Street invasion in our industry when DLJ bought First Franklin, and Wall Street that several companieshas become more and more as owners of mortgage banks, warehouse operators, etc., because of their relatively short time-line of thinking today as an important part of the turmoil in the industry, we see the role newer disappear by them are involved.

Another significant transformation has come a bit 'more than a decade, I remember, was the idea that originators retail mortgage brokers - loan officers, credit, members of credit (or whatever you chose to label) select"Should be commissioned Sales / Closer 'types. This change has a new attitude and culture revolution, the character apart from long-settled position of customer service, trusted advisor, underwriter / processor-minded individuals. This new concept, created on commission , has the need for a national duty of care legislation under consideration, and the return of absolute good faith and fair standards necessary to protect the public address.

Unlike all"Me" Article too I see from most of the industry guru these days, it's not selling, "is more like a problem to solve or help customers make a decision! Transferors should not teach a" closer "- boy does not trust their clients interests first, as permitted by contract of sale / close as the guy who sold them the car was last used can be treated!

So last weekend I go to the local garden center and is a fresh-faced twentysomethingsyear-old boy who asks: "How can I help you, sir" - I'm going to explain, I believe that the fight against various projects in the pipeline and my need to buy a shovel! With a grin, he begins to make me some difficult questions, like what I get? Declare only what I need to do is to dig a small 6 "deep trench for a sprinkler system I want to be connected knowledge of the product put into play, and he says I need a flat nose, narrow blade for this type of task, and shows me one. I tell him tooI plant a few fruit trees, show me a shovel medium pointed nose or dig simple. Then I said, I will pour some concrete for a small terrace road and take a broad, flat nose shovel! Three different blades for three different situations. In fact, he is the perfect candidate for a rental LO! I explained what exactly is the author of a retail business with a potential mortgage customer needs, product knowledge and common sense coupled with acustomer-oriented attitude friendly helpful. Interests of their clients are ahead of the Commission test senders and no sale is necessary.

The big "contract of sale / Closer 'types in recent years, had the courage to themselves as professionals when they were first nor wise, but ready to learn every effort has focused its spending ... how to solve a laser light at its own inspections of the Commission, instead of centering on support for borrowers seeking theirProblems with loans that can offer and if the customer is given a reasonable, tangible net benefit to doing business with them.

I have absolutely zero impact on Wall Street 'make-over, as they continue to communicate with our business partners, but all I know, it can certainly Influence our customer contact personnel front. Everyone needs to see, to educate and train race people to think that these valuable Front, who are the face of our industry for most of the public. Stop andNow I'm a seller, are not - should be better than new.

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