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The question that should be asked is.. why? Why are they hiring 1200 loan officers now? There is another bank that is hiring 700. I wonder what they know that we don't? That's a lot of people
Do you think it might have something to do with the ( stock) market run that's been going on since March?
Every day, the bears lose another reason to remain negative.
Last edited by middle-aged mom; 11-12-2009 at 09:08 AM..
As a mortgage broker, Chase was formerly my go-to lender. Most of my loans were conventional loans with 20% down and good scores. Chase stopped working with mortgage brokers in early 2009 and their wholesale channel was terminated. There were many good, honest people I worked with through the years at Chase and I miss them. They had no warning either. Just gone, just like that.
Some out there are saying the mortgage broker model will be gone. That will be a shame b/c being a broker today is much more than just taking an application and processing it. You are a true problem solver. The people that I know that have survived this downturn and are still around were and have been in business for over 10-15 years, are highly educated, and are very dedicted to their profession.
When you go to a broker, you generally get better rates. When you go to a bank (retail), the rates are higher. With Chase hiring so many, it may be their way of expaning their market without using the mortgage broker model.
Do you think it might have something to do with the ( stock) market run that's been going on since March?
Every day, the bears lose another reason to remain negative.
They're expecting a large number of loan modifications in the next year. I think the estimate was potentially 5 million over the next two years, which may turn out to be on the low side since the current foreclosure run rate is much higher.
I wonder who's going to manage the rentals in the new government lease program.
How many people can afford 50% down, on a 5 year balloon, the most common mortgage term before Government put their muscle into real estate.
The U.S. Government began propping the market 75 years ago. There have been 11 different administrations between Roosevelt and Obama.
That's all irrelevant to what's going on now.
The agencies were pretty much a non-factor in the run-up of the housing bubble. Lending was much more lax through private lenders. Congress restrained the GSE's purchases of mortgages from 2003-2006, the period where housing prices made the most dramatic increase.
Minimum of three years of mortgage lending or mortgage banking experience
College degree or 4 years equivalent work experience in sales and/or real estate is required
Sales and consulting skills required
Excellent written and oral communication skills
Knowledge of real estate market in local area
Knowledge of FHA, VA, FNMA, FHLMC guidelines
FHA/VA sales experience preferred
Intermediate PC skills required in a Windows environment
Bilingual skills are also required in some branch offices.
Thanks for the good posts, MaM. This post put things into perspective for me as to why these jobs are shipped overseas (along with your other post). If the people at the call centers are required to meet the above requirements then, yes, I suppose in the US companies could not afford to pay what someone with those skill sets brings to the table - and it would fall back on the consumer.
Needed to see the other side of the coin I guess, because with unemployment numbers etc. I tend to get a little, well . . . me lol when I read about all of the outsourcing. Your posts put things in better perspective for me as to the 'whys' and the fact that these individuals are required to have high skill sets.
Thanks for the good posts, MaM. This post put things into perspective for me as to why these jobs are shipped overseas (along with your other post). If the people at the callcenters are required to meet the above requirements then, yes, I suppose in the US companies could not afford to pay what someone withthose skill sets brings to the table - and it would fall back on the consumer.
Needed to see the other side of the coin I guess, because with unemployment numbers etc. I tend to get a little, well . . . me lol when I read about all of the outsourcing. Your posts put things in better perspective for me as to the 'whys' and the fact that these individuals are required to have high skill sets.
These are the qualifications for a loan officer, not call center folk.
Most people who work in U.S. call centers do not have an undergraduate degree and their prior experience is often retail oriented. They are, for the most part, entry level- semi dead end positions with relatively decent benefits compared to most other jobs requiring the same skill set. Benefits often include tuition reimbursement, 401K, fully paid for health care, sick time, vacation time, short and LT disability.
When such jobs are performed offshore, it is more likely that someone with more education, experience and better communication skills will perform the job, for substantially less money/benefits.
The agencies were pretty much a non-factor in the run-up of the housing bubble. Lending was much more lax through private lenders. Congress restrained the GSE's purchases of mortgages from 2003-2006, the period where housing prices made the most dramatic increase.
The lion's share of mortgages written during 2003-6 were eventually bought by FNMA andFHLMC although these were not the deep sub primes. HUD mandated that at least 50% of FNMA/FHLMC loan acquisitions had to be for low/moderate income- so called affordable housing. This mandate made a significant contribution to the bubble and made housing less affordable.
Congress votes each year on the GNMA allocation because this is a direct and unquestionable obligation of the U.S Government. GNMA's market share did indeed decline during 2003-6 as the so called balance sheet risk was transferred to the GSEs.
Transfering balance sheet risk was the reason why FNMA was reinvented as a GSE, back in the late 60's. The status of FNMA/FHLMC as GSEs created a market niche that was balanced by government manadates and oversight. As we have seen, government sponsored carries the same weight as government guarantee and there is no avoiding the balance sheet, when it hit the fan.
These are the qualifications for a loan officer, not call center folk.
Most people who work in U.S. call centers do not have an undergraduate degree and their prior experience is often retail oriented. They are, for the most part, entry level- semi dead end positions with relatively decent benefits compared to most other jobs requiring the same skill set. Benefits often include tuition reimbursement, 401K, fully paid for health care, sick time, vacation time, short and LT disability.
When such jobs are performed offshore, it is more likely that someone with more education, experience and better communication skills will perform the job, for substantially less money/benefits.
OK, now I finally get it lol. Still though with all the people who do have their undergrad and are say working in fast food restaurants or have no job at all, one would think even a job where they are 'over qualified', but would still receive a salary and some benefits would be better than no job at all. But of course that's JMO and who knows? Maybe they were offered jobs like that and chose not to accept it.
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A Different thought
