As more wholesalers shut down, some mortgage brokers will give up and try to obtain work at a bank or credit union where they may find the culture radically different. This could turn out to be a very good fit for some folks.

Nowadays, there is a trend that mortgage brokers are finding it more and more difficult to survive because all of them are facing a bad situation. During the beginning of the mortgage industry debacle, many of the problems within the industry were laid at the brokers’ feet. Commonly cited reasons for the meltdown were exorbitant fees, higher interest rates than necessary and putting borrowers in homes they could not afford.

In the most cases, these claims were unfounded. As the mortgage crisis has continued, it has become pretty clear that the brokers are not the ones to blame. It was not the broker that pushed for programs for borrowers that were not credit worthy.

Programs were developed that allowed for borrowers with low income or income that could not be proven by traditional methods to buy homes. Common sense rules about debt to income requirements fell by the wayside. Borrowers could state an income that sounded reasonable and even state the assets necessary to close their loans.

Interest only loans were made available. None of the borrowers’ payment went toward principal reduction of the mortgage. While that may be fine in a time of quickly appreciating home prices, it is devastating in times when home prices are falling.

In the end, many mortgage brokers and loan officers are being forced to search for ways to supplement or replace their incomes. Home based businesses and network marketing can offer viable solutions. Many of the skills honed for years in the mortgage industry can be used in these endeavors.

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