I've heard plenty of mortgage professionals and commentators say that they've seen many cycles before in the mortgage industry. I respect their opinions, given that I have only been focused on the mortgage industry since 2000 and have no basis to make any judgements.
However, as a college history major with a bend to Marx and Hegel, no cycle is ever the same, and I believe this industry cycle might create a very different market than what entered.
Specifically, are the days of the traditional mortgage banker numbered?
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If by "traditional mortgage
If by "traditional mortgage banker" you mean the typical mortgage broker then yes I believe thier days are numbered. Gone are the 580 credit score 7% ARM rate that put a person with hopes of owning a home in 30 years in foreclosure in two. What will emerge from this your FHA 203K streamline, 30 year fixed and people needing to actually work on credit issues, pay bills on time, buy what they can truly afford, have two year work and rental history to earn a home. The new mortgage banker needs to be a "needs consultant" with honesty and integrity and not a one shot pony trying to make a killing with closing costs and high risk loans on any poor sucker that accidently walked in thier lion's denat feeding time.
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