![\"peter](\"https:\/\/fromabirdseyeview.com\/wp-content\/uploads\/2014\/04\/peter-principle.jpeg\")
<\/a>There\u2019s a phrase in the mortgage industry that describes someone who is either new to the business and doesn\u2019t know anything or someone who has been in the business a while and is still clueless.\u00a0 That phrase is, \u201cHe doesn\u2019t even know where the \u2018t\u2019 goes in mortgage\u201d<\/strong>.\u00a0 After a 27-year career in the business, I once again find myself wondering if I remember where the \u2018t\u2019 goes, as I was recently presented with an opportunity to get back in the business.\u00a0 As I considered this prospect, I reflected on my nearly three decades in the business and concluded that I could have been a poster child for the \u2018Peter Principle\u2019.\u00a0 For those unfamiliar with Peter Laurence\u2019s 1969 book, The Peter Principle: Why Things Always Go Wrong<\/strong>,<\/i> it goes like this: if someone is good at something, they get promoted, and if they\u2019re good at that job, they get promoted again, and that keeps happening until they are elevated to a job and stay there because they\u2019re not good enough at it to get promoted.\u00a0 More simply put, it says that people are promoted to their level of incompetence.\u00a0 \u00a0In 1983 I started in the business as a loan originator and was pretty good at it, so was promoted to branch manager and continued through the management ranks until I ended my career as president of a joint venture. \u00a0No matter what your political bias, we know that we\u2019ve all seen our share of incompetent presidents.\u00a0 I was no exception.<\/p>\nIf you\u2019re saying, \u2018Wait a minute, why are you telling me about the mortgage business, you’re suppose to take us on a journey to some off-the-beaten-path place?\u2019 \u00a0Hey, if I’m going back to work, you’re coming with me!<\/p>\n
My reasons for contemplating a return to a business that was a major player in bringing our economy to a screeching halt in It\u2019s bad enough that I\u2019m getting back into a business that doesn\u2019t enjoy the best of reputations, but to put some whip cream on this mortgage meadow muffin I\u2019ll be specializing in reverse mortgages<\/strong>.\u00a0 Reverse mortgages or as So sister Suzanne and I have sort of switched rolls with me staying close to home and she off cavorting in Washington DC \u2013 a trip that you\u2019ll hear about next week. \u00a0In the mean time, if I work hard and use spellcheck I may once again find the ‘t’.<\/p>\n <\/p>\n <\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" by Bob Sparrow Mortgage: a French law term meaning \u2018death pledge\u2019.\u00a0 For me it must be a \u2018death wish\u2019. There\u2019s a phrase in the mortgage industry that describes someone who is either new to the business and doesn\u2019t know anything … read more<\/a> 2008 are two fold: 1) I don\u2019t seem to be adjusting very well to a life of retirement, and 2) perhaps I wanted to end my mortgage career doing something that I was good at.\u00a0 So after twenty hours of on-line course work and hours of studying and passing both a state and a national exam, I received my mortgage license and last week started working as a loan originator for Metropolitan Home Mortgage<\/strong>, a mortgage banker based out of Irvine, CA. (949) 428-0134.<\/p>\n<\/a>they\u2019re know in some quarters, Perverse Mortgages, have a rather sullied reputation in spite of the efforts of Fred Thompson, Robert Wagner and \u2018The Fonz\u2019<\/strong> \u2013 all espousing the benefits of the loan that pays you.\u00a0 I call it the \u2018Hollywood Loan\u2019, not because of the celebrity pitchmen, but because every loan requires the applicants to go to counseling, which is code in Hollywood for therapy.\u00a0 I\u2019ve learned that it\u2019s a very complex loan that has changed dramatically since its inception in 1990 and that it\u2019s not for everyone, but it\u2019s a great loan for the right people.<\/p>\n