As I type - Tropical Storm Cristobal is bearing down on the Outer Banks. Current conditions - sunny with a slight breeze. The Weather Channel has reporters on Hatteras Island waiting for the big opportunity, but you know if Jim Cantore is not here - it is not serious.
One year ago I was working for American Home Mortgage. Everyone in the mortgage industry knew a storm was on the horizon, but many had no clue to the size and devastation it would bring. The company was the 10th largest lender in the country and growing. American Home Mortgage had a very large line of credit. They borrowed a dollar from the credit line - sold and funded mortgages for individuals which cost them an additional 2 cents and sold the package for $1.08 to companies like Bear Sterns. I was about to go to lunch with my wife on a Monday in August of 2007 and got a call from my manager - a mandatory conference call at noon. Guess what boys - the company was in trouble and would stop funding loans that day. There were hopes of merging with Countrywide and Indymac but it didn't work out. A week and 20 conference calls later- Chapter 11.
I spoke to 15 different lenders about joining their team. As of last count - 8 of those are no longer in business. What a change a year makes. Bear Stearns, Countrywide and now Indymac have all experienced some significant changes themselves. I decided to join Wells Fargo - they were the most stable of all and had a great presence on the Outer Banks.
I made the decision to exit stage left from the mortgage industry a few weeks ago. I went back into the software world. I was fortunate - I had a background in an industry that allows and embraces remote workers.
A Realtor asked about my plans for my blog. I hadn't thought about that. My initial goal is to catch up with the frequency and quality of blog posts as Mayor Bob and Monty and the other Local Bloggers I follow. Lofty goals are not a bad thing.
Hey! YOU CAN'T LEAVE!!! :-) Ugh, another good Mortgage dude bites the dust. PLEASE stay in touch! Colleen
Posted by: Colleen Almoney | July 20, 2008 at 07:19 PM
Colleen,
Thanks. I am not leaving the beach - just the crazy industry.
Posted by: Ronnie Roach | July 20, 2008 at 07:36 PM