# advice needed



## Jango (Sep 4, 2008)

hi i am a morgage adviser in the uk, i am looking to move over to the states to work for a few years. is there much need for advisers over there and what are the best recruitment agencies to contact for jobs if so? thanks


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## twostep (Apr 3, 2008)

You should make your mind up where you want to move to:>)

You are aware of the subprime and retail mortgage crisis which has now reached correspondent and wholesale?


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## Jango (Sep 4, 2008)

i am aware of this but its the same state of affairs here in the uk. I would be looking to move to one of the big cities. Is there anywhere you would suggest?


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## Fatbrit (May 8, 2008)

Jango said:


> hi i am a morgage adviser in the uk, i am looking to move over to the states to work for a few years. is there much need for advisers over there and what are the best recruitment agencies to contact for jobs if so? thanks


There are plenty of jobs for successful mortgage brokers and sales people despite the crisis in the industry. It tends to be commission only so you earn whatever you can make. Many states have no licensing requirements, and brokers will generally take anyone on. The mortgage industry is very different from that in the UK, though.

But unless you have permission to live and work in the US, the point is moot. Did know one guy who bought a mortgage brokerage in Florida on an E2 and ran it for a couple of years. He sold it just before the crash and is back in home now, counting his good fortune.


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## Jango (Sep 4, 2008)

Fatbrit said:


> There are plenty of jobs for successful mortgage brokers and sales people despite the crisis in the industry. It tends to be commission only so you earn whatever you can make. Many states have no licensing requirements, and brokers will generally take anyone on. The mortgage industry is very different from that in the UK, though.
> 
> But unless you have permission to live and work in the US, the point is moot. Did know one guy who bought a mortgage brokerage in Florida on an E2 and ran it for a couple of years. He sold it just before the crash and is back in home now, counting his good fortune.


well florida is somewhere i would really be interested in. any ideas of where to look for the work, and how do i get the permission to work and live out there?


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## Fatbrit (May 8, 2008)

Jango said:


> well florida is somewhere i would really be interested in. any ideas of where to look for the work, and how do i get the permission to work and live out there?


Have you got $250k in liquid capital?


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## twostep (Apr 3, 2008)

The days a broker took a rookie without a book of business on are over.


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## Fatbrit (May 8, 2008)

twostep said:


> The days a broker took a rookie without a book of business on are over.


If it's straight commission, they really don't have anything to lose. All irrelevant to the OP, of course.


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## twostep (Apr 3, 2008)

Fatbrit said:


> If it's straight commission, they really don't have anything to lose. All irrelevant to the OP, of course.



Some run on draw plus, others on base plus. The fly-by-night shops are going under because no wholesaler will touch their business anymore.
By what he posted investment will not be an option. So marriage may be his only option for a visa.


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## synthia (Apr 18, 2007)

What is a mortgage advisor? Since home sales have crashed, if what you do is process mortgages, there aren't any to process and the people who do that are losing their jobs. We have never had a shortage of people in real estate, so sponsorship would not be possible, even if someone would take a chance on a newly arrived foreigner over an experienced local.

If you don't have money to invest, you really have no chance. If you do have money to invest in a mortgage business or brokerage, you would stand a good chance of losing it.


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## twostep (Apr 3, 2008)

You have brokers who will shop various investors for rates ... for their clients. They normally sell the mortgage at signing for a premium to a wholesaler. Very few have a line of credit to cover retail mortgages. Depending on the amount of risk their investors are willing to take they arrange mortgages for A paper to subprime. Most are on commission.
Originators are employed by a financial institution. Traditionally they handle A and A- paper only and fund the mortgages through their bank. Very few banks portfolio mortgages. Check the analyst pages and quarterly reports on the FDIC site. Interesting reading. Most sell them in bundles on the market. Some are salaried, some on draws/commission.
I have in three yours of mortgage recruiting seen only a few top producers to make the transition from brokerage to mortgage. The diffrent pricing means different compensation. Brokerage is feast or famine while mortgage gives some security such as branch referrals.


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