Corinthian
Capital Group
no longer provides
mortgages.
First mortgages are mortgages for new purchases and refinanced mortgages.
Initially our customers chose us because of our low interest rates,
but they came back to us, and referred their friends to us, because of our
experience, knowledge, and service. We offered:
Why did we exit the mortgage business?
Because we could no longer provide the outstanding service that we
once could.
Here are some examples
of why I say this:
1.
We used to be able to help 90% of the folks that came to us...
this year we have been able to help only about 10%. Sure, the
program pendulum will eventually swing back towards 'normal', but
when? and what will the new 'normal' look like??
2.
Implementation of new regulations is not always reasonable:
One of my customers chose to use their attorney instead of the
attorney I recommended (and that's perfectly fine and semi-normal);
however, when their attorney charged them $1500 more than estimated,
well, that $1500 was taken out of my earnings to pay their attorney (this is what I call
an unreasonable implementation of our new regulations).
3.
I can no longer rely on the tools of my trade: On another
transaction, my tools told me the transaction I submitted was
qualified for purchase by Fannie/Freddie, but, after I spent
hundreds of dollars and many hours of work, the loan was
denied.
I
could add a few more 'gotchas' but why bother? Bottom line
remains the same. I spent 12 years working with NASA.
Then I spent 12 years working with Bell Labs/Bellcore. Then I
spent 14 years in the mortgage business... and hind-sight tells me I
should have stuck with my 12-year cycle!! What will the next
12 years hold? Stay Tuned!
p.s.
Ignore
all the links on this page... I'll shut it all down
later. And yes, the 'market will come back', and the
'pendulum will swing back', and yadda yadda... yes, I can
'survive'... But I don't want to be a survivor... I want to
Build Something even more beneficial than our old mortgage business.
