Being a mortgage broker is not as glamourous as it appears to be on TV…

July 21, 2010

Good morning!

Working Quote of the Day: “The best way to appreciate your job is to imagine yourself without one.” – Oscar Wilde

Interest Rate Update: We are now at week # 7 with 30yr fixed rates below 5% and ARMS about a point lower. The Jumbo loans (anything over 417k) are starting to see the big picture too. A year ago a 30yr fixed jumbo loan was at 7%. Now it’s almost a point and a half lower. As usual, please let your family, friends, enemies, and coworkers know that on any purchase or refinance loan I will waive all lender fees if the loan amount is over 240k.

Licensing: Never in my 7 years at the University of Kansas did I have a “class” like the one the mortgage industry is forcing upon me. In my first 11 years of writing loans I had to take maybe 6 hours of continuing education and no tests. In 2010 the government is making all mortgage brokers take a national exam, a state exam, 40 hours of continuing education, and get fingerprinted for a national registry. This is what happens when the government steps in too late to fix a problem they should have seen coming. Am I happy about the government making my life miserable? A little because I can only imagine what the BP/oil industry will go thru in the next few years.

Working Quote of the Day 2: “Hey, I started mopping the floor just like you guys. But now…now I’m washing lettuce. Soon I’ll be on fries; then the grill. And pretty soon I’ll make assistant manager, and that’s when the big bucks start rolling in.” – Maurice (Louie Anderson), Coming to America (1988).

Wuss’up This Week: A quiet week for the economic reports that affect how rates will move. On Thursday we have the Weekly Jobless Claims (7:30 CST). Higher claims will result in lower rates. Also on Thursday we have Existing Home Sales (9:00 CST). If this is up from last month rates will go up. On Friday we have My Haircut (5:30 CST). If more patchy baldness is discovered, rates will go up.

Timeout for Trivia: Congratulations to all of you last week who correctly guessed Arnold Schwarzenegger. Want to be entered into a drawing to win cool stuff? Simply email me the answer to this week’s Who Am I? question. Good luck: I was born in Chicago on this day in 1951. My sitcom took place in the 70s, not the 50s from where people first discovered me. In the movies I’ve spent time in Neverland (not with Michael), dressed up like a woman, and played a penguin. I’ve made horrible movies and great movies, but the movie in the 90s where I won a Best Supporting Actor award was good.

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