What are the former Orange County "kings" of Mortgages doing to maintain their incomes?
There have been many names for Mortgage Brokers and Loan Officers, not all of them positive. But, nobody can deny that the top producers were making tons of money. Gone are the days when we see 18 yr olds paying cash for a new BMW or newbies making 100K their first few months. It was a flourishing business, especially for some subprime brokers.
Now we are seeing a huge number of unemployed loan officers and mortgage company execs who are desperately searching for jobs and just scraping by to pay the bills. In Orange County, there are thousands. Many large home loan companies have crumbled and left many scratching their heads on what to do next, including the CEOs and VPs (some who were making millions).
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The problem is, many of the loan officers and brokers have no experience in any other field, and many have not graduated from college. So unless they are looking to scrape by at another, potentially bankrupt mortgage company, there is nowhere to go. Many have stuck with sales and are selling things from photocopiers to mutual funds. Others have ventured to new positions like office managers and HR. Basically, the average income for no experience, non-graduate type jobs is about $40,000. A huge change from the hundreds of thousands many were making. If they owned a home and fancy cars (like most did), 40K is not going to cut it. Many are facing repos and foreclosure at alarming rates. Real Estate Agents are in the same boat.
The good news is there are many heading to a new type of business. Well, its not exactly new. Its been around for decades, but new advancements in the internet have made it much more profitable.
This is Network Marketing. Now it has gotten a bad rep in the last few years, with many been confused with bad MLMS and pyramid schemes. But let me tell you, network marketing is no joke. Both Robert Kiyosaki and Donald Trump agreed, that if they lost their fortunes tomorrow, network marketing is how they would rebuild their wealth.
There are many different opportunities, selling things from vacations, to vitamins, to ..who knows. The ones that are appealing to mortgage professionals are the ones that work in the financial sector, maybe because its kind of related to the real estate industry. Now what separates the good from the bad these days is the ability to market. There are a few turnkey opportunities out there where most of the hard part is already done for you (thanks to new internet technology). This allows one to make money quick, with little effort.
So in Orange County, it seem many of the savvy, former Kings of the mortgage business are not willing to settle for 40K a year and are jumping into network marketing, and it seems like a smart move because there is A LOT of money to be made in that industry and top producers there make millions.
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