It was a cut above ordinary loan servicing or collections work and attracted experience credit people.
Something like that is going to happen again I suspect.
I’ve looked at that, but all of them say “three to five years experience in REO required.”
It’s not good enough to have a degree and 8 years experience in the trenches of residential mortgage lending.
Don’t get me wrong, I DO apply for them...I’ve even applied for a few at HUD but even HUD has very specific requirements. I read the requirements and I nod, nod, nod, then I hit a line where I think “well...considering I don’t even know what that MEANS, I doubt I have the experience they’re looking for!
I exaggerate a bit, I know what it means but it’s way off from what I know!
For example a lot of them want experience in MBS’s (mortgage backed securities.)
I know what MBS’s are and the trouble that we’re in because of the way they were done, but I haven’t worked one day of my life on that end of the business.