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They must have a good feeling about 2010? What kind of qualifications would you expect to see in one of these job interviews? Personally, I think they can pick 'the best of the best', like degreed people from real colleges.
The previous decade has been a debacle of everybody and his brother getting into realestate loans. Talk about a market saturated with used-car salesmen...thank god the housing crash caused a massive "bump and flush".
That's the good news, the bad news is they will all be in India taking loan apps between giving advice to Dell Computer customers.
Get a loan and have your computer repaired with some Indian guy named Mike.
I have several city bank accounts. They have contracted about 65% of their call centers to India. While I have nothing against fine folks from India, they train them there to respond to answers and problems like robots. They cannot and will not think, or provide information outside their little box they were taught to stay in. It is sooo frustrating when you have even a minor complex issue, or question. I've had better luck with an automated system anyday.
So whenever I call, if I get someone on the line from India, I just hang up and keep calling back until I reach someone in the US. It usually takes 3-4 tries.
That's the good news, the bad news is they will all be in India taking loan apps between giving advice to Dell Computer customers.
Get a loan and have your computer repaired with some Indian guy named Mike.
Hey I think I know that guy! Talk about one stop shopping lol Seriously though that's what kills me - people in the US could use those jobs, but let's just ship them overseas to save a few bucks
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.
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
I have several city bank accounts. They have contracted about 65% of their call centers to India. While I have nothing against fine folks from India, they train them there to respond to answers and problems like robots. They cannot and will not think, or provide information outside their little box they were taught to stay in. It is sooo frustrating when you have even a minor complex issue, or question. I've had better luck with an automated system anyday.
So whenever I call, if I get someone on the line from India, I just hang up and keep calling back until I reach someone in the US. It usually takes 3-4 tries.
The massive U.S. based call centers generally employ organized labor.
Most massive call center positions, regardless of industry, require employees to follow a prompted script. Such scripts often include prompts to sell you something else. Ever try and communicate with your phone company or cable provider?
U.S. consumers refuse to pay a premium price for U.S. labor. Investors want a decent ROI. To survive, corporations increasingly respond with outsourcing, which eliminates U.S. based jobs. It's circular.
A substantial portion of U.S. corporate infrustructure is increasingly being outsourced to India and other offshore places because the labor pool is better educated, highly motivated and substantially cheaper.
As it relates to mortgage origination, there is no telling which bank is going to service the loan or for how long, let alone where that bank's call centers are based.
Bank of America, Wells Fargo, and Chase are making most of the government-funded home loans now. The bad news is that it'll cost the taxpayer 200 billion dollars a year to keep bailing out Fannie Mae, Freddie Mac, FHA, and FHLB since they're intentionally making bad loans under the direction of the administration and Congress. They found out that the real estate market can't be propped up if they only made loans to qualified borrowers.
The bad news is that it'll cost the taxpayer 200 billion dollars a year to keep bailing out Fannie Mae, Freddie Mac, FHA, and FHLB since they're intentionally making bad loans under the direction of the administration and Congress. They found out that the real estate market can't be propped up if they only made loans to qualified borrowers.
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.
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