Posts tagged with: mortgage

Live in Ridgewood, N.J.? You might be out of work

Ridgewood, N.J., recently won a dubious honor from BusinessWeek. The magazine predicted that the town would be one of those that would see the most suffering because of the country’s financial collapse.

Ridgewood is located about 25 north of New York City, and is home to many people who made their living on Wall Street as bankers, brokers, financial consultants and other money-related jobs. Today, according to an NPR story, the town is suffering. That’s because one in six residents works in finance or real estate.

This is a tough time to make a go of it in either of these fields. Both are shrinking.

Of course, if you’re good enough at something, and you work hard enough at it, the odds are good that you will do well, even if you happen to be working in what others would consider a dying field.

In Ridgewood, though, I’m sure there are a lot of folks who wish they hadn’t gotten those finance degrees right now. Of course, there are a whole lot of people across the country staring at their own college degrees and wondering why they can’t find a job.

You want to be a mortgage loan officer? Really

I have a friend who wants to work as a mortgage loan officer. And that’s with me telling him everyday that mortgage lending squeezes the life out of people. It’s a stressful job. Customers get angry with you when you quote them interest rates that they think are too high. The folks who qualify the mortgage loans officers make are always mad, too, finding all the mistakes that loan officers make.

The government’s constantly on the backs of mortgage companies these days, seemingly waching every loan they make for improprieties. And then there’s the public: We hate mortgage loan officers these days. In fact, many of us place a large share of the blame for today’s recession at the feet of mortgage lenders who kept on making stupid mortgage loans to people who should never have owned homes.

All that being said, my friend wants to enter this profession. That’s even considering the huge number of mortgage loan officers that have either been fired or who have fled the profession in the last year-and-a-half.

I asked him what he was thinking. He told me that there’s less competition now. A good businessman, like himself, can really thrive in the industry today.

Interesting theory. It’s one I hadn’t considered. It might also explain those people who are now working toward real estate licenses. With home sales still sluggish, you wouldn’t think that anyone would want to be a realtor these days. But there are people taking the plunge.

Maybe in some ways it does make sense to enter an industry when it’s down. There is less competition. It’s easier to make a name for yourself if you’re smart, hardworking and good at what you do.

We’ll see what happens to my friend. Maybe he’ll be the one laughing as he rakes in the big bucks.

Of course, he might be back at the unemployment line soon, too.