What Has This Industry Become?

I've been originating residential mortgage loans since 1997.  In the ten years that I've been talking with homeowners and helping them with their financing the past five have been some crazy times.

During the past five years we have seen the total number of originators in the U.S go from about 100,000 to a high of 400,000+ at the peak of the refinance boom in the summer of 2003.  Current stats show us back down to 200,000 and that number is rapidly falling as company after company shuts their doors.

One of my biggest gripes has been the lack of professionalism shown by so many that jumped into the industry in recent years.  This gripe is being supported by a recent report from Harris Interactive.  In this report they found that two-thirds of Americans believe mortgage product advertising and marketing lacks credibility.  Amen to that!

So many times I find myself in conversations having to explain and undue the misinformation hawked by someone else in this business who is only "acting" as a professional but not behaving as one.

Since most of those that do the "bait and switch" will never take responsibility I feel the need to apologize for my industry.  I'm sorry guys.  I wish the junk and inaccurate information wasn't out there too.

Brett