Mortgage Lender Implode-O-Meter… 269 and Counting…
As you might know… I was marketing for a mortgage lender a few years back and got to see the beginnings of the mortgage meltdown firsthand.
It was weird… one month the company I was marketing for had all kinds of lending programs and we had dozens of wholesale lenders calling us and stopping in each and every week. At this time, getting money was pretty darn easy for most anyone.
Then… little by little we began to see the tightening. First we saw programs get a little more strict on credit score and LTV (Loan To Value)… then on income verification… and on and on.
Before we knew it, we got a emails coming in from wholesalers saying they would cease to exist beginning TOMORROW ! Most of these closures were all of the sudden and without much warning to their employees.
While the mortgage broker I marketed for has made it through the storm… the number of imploded mortgage lenders has climbed to almost 270 over the last several years.
Mortgage Lender Implode-O-Meter
I recently stumbled across a website that is tallying up the mortgage lender closures/implosions and has done a great job of chronicling the whole debacle.
To date they show a total of "269 Since Late 2006"… which is pretty damn crazy when you think about it!
That’s 269 LESS places we have to find money for our real estate deals… and for buyers to find money to buy properties… than just 3 years ago. If you’re wondering a big reason why the real estate market is the way it is… this is it.
Check out the list and enjoy!
Mortgage Lender Implode-O-Meter <<
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Hey, my name is Trevor and I'm the founder of The REI Brain and a real estate investor since the age of 21. Right now, my focus in real estate investing is multi-family income properties and I have plans on moving more into the commercial real estate investment world in 2008 and beyond. 
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