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I have some good and some bad news for you depending upon your perspective and assertiveness. The bad news is that this is probably one of the worst time in history for those within the loan brokerage profession. Many banks have decided to lend directly opposed to tpo (third party origination) business. Meaning, banks currently do not trust the quality of paper / loans generated by loan brokers and would prefer to do so in-house. The good news is that it's cheaper for banks to buy loans from the secondary markets and from channels that orginate loans for them. It's the property valuations, fraud and product types (arms, ballons, interest only and option arm loans) that have them saddled with problems. These issues have caused disruptions within the market and many loan brokers have left the lending business. Again, the bright spot or good news for someone that really wants to build this type of business is that there is fewer competition and people still need money for the aquisition of property and to refinance their current loans. My advise would be to work for a lender to secure training and to build a network of relationships that you can tap into for resources and direction. Good Luck!!!
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