Well I can't say it's been a Happy year for us in the mortgage industry. In my talks and travels the stories I hear are quite sad, brokers not knowing where their next job will be, loan officers and managers in California; in the heart of the mortgage industry who can't move because their home values have decreased to the point of taking a 25-30% loss on their home. People who were employeed with big mortgage companies waiting tables and working as bartenders, not to suggest there is anyting wrong with the professions, but it goes to show how significant the surplus of mortgage professionals are. So where is all of this going? Well if you're like me you get up each morning at 5:30 grab your coffee and the copy of the journal and begin to page through article upon article describing each author's version of doomsday. The very next day, what a surprise, there is hope in the mortgage industry. The fed decreased the rate a quarter point and wall street has settled somewhat. The fact is, nobody knows where it is going. With majority of adj arms due in Q4 of 2007 and Q1 2008 the worst is yet to come. Compounded with decreased home vaulations many believe we are on the verge of a resession in mid 2008.
As a mortgage professional what do you do? First and foremost if you are still in the industry do not assume you job is stable. One of my first bosses gave me some really good advise a long time ago he said, "the very first day of your new job is when to update your resume, face it kid, you really never know from one day to the next". Also begin to look at your overall skills you have achieved in your career and if you can develop new skills to keep yourself fresh in the marketplace. If you have time, take some classes that you believe will make you more marketable. How are your networking skills? Take this opportunity to drop people in your network an e-mail. It might not be tomorrow or a even a few months from now but you want to feel comfortable if and when that time comes so you can inform your contacts you are in play. Consider this, what would want to do right now if you could not stay within the mortgage industry? Perhaps some of the career choices you are thinking about could perfectly be adaptable to your current job.
