We all know the mortgage business can be extremely profitable at times. We also know it can be disastrous at other times. Regulators and law makers have created an environment that makes us feel like a pin ball, bouncing aimlessly from one bumper to another
Regardless of all these issues, most mortgage lending professionals stay in the business too long and never retire.
I recently had the opportunity to talk to an “old timer”. He is in his mid-70s and still looking for an opportunity to manage/operate a company again. While his previous companies were well run and profitable, I was perplexed as to why he wished to do it all over again at the age of 75, especially in this environment.
I had the opportunity to chat with a younger mortgage banker who had already sold a company, made a boat load of money and is now anxiously trying to break back into the fray.
And finally, I’ve spoken to many a senior and mid-level manager who've been on the job hunt for over 2 years. This group of professionals is willing to take on a role 2-3 levels below their previous position.
When is it time to check out and start something completely new? Can there be life after mortgage banking?
One of my dearest friends, Cindy Sample, who managed a very successful mortgage bank in Sacramento, CA for two decades, has found a new life. After retiring from her CEO position several years ago, she immersed herself into her passion: creative writing.
She has recently written and published a book called Dying for a Date. The story is about a divorced single mother who enters the dating scene and just so happens to work as an underwriter at a small bank. The story develops into a murder mystery with many humorous escapades of the lead character. It’s a hoot.
This just goes to show you there is life after the mortgage business. Some people are able to escape....