The great slow down of 2009

This is a post about the lack of business. In fact, in many ways, business has never been easier to get. As you know I'm the best so it's not hard for Bear Financial to get new business. The slowdown comes from the banks.

I once thought that there was going to be a mass conspiracy to get rid of wholesale brokers all together and that the banks wanted to only have retail. But after all that I've seen in the last few weeks, I think if you asked the banks what do you really want, they'd tell you that they wouldn't lend another dime to anyone. Retail is running 75 - 90 days from some of my reports and this appraisal rule, HVCC (which I beg all of you to write your representatives to get rid of) is only making the experience harder for the borrowers.

Please hang in there. I do believe things will get worse before they get better but loans are still being funded, we just have to fight twice as hard and wait three times as long. Rates are slowing inching back down and hopefully someone will realize there is a lot of money to be made in the lending business. They just need someone who can look at files and borrowers as individuals and not lump everyone in these pigeon holes. There is money to be made and usually when that happens someone gets wise and figures out how to make that money. I just hope they do it sooner than later.