The local mortgage industry implosion has hundreds of Massachusetts mortgage brokers fleeing the industry. In late 2007, Massachusetts Division of Banks reported 1,511 licensed mortgage brokers on the books. In December 2008, it was down to 1,006. As of December 1, 2009, the numbers were down to 600 licensed brokers in our local area.
So are you like me, wondering where hundreds of these former mortgage brokers are working now? Well, Banker & Tradesman tracked a few of them down. The following are excerpts from B&T:
Craig Good, formerly of Norwood-based Mortgage Results, became a small-time fruit and flower peddler in downtown Boston,” he said. “My stand is awesome.” (See picture above).
The pay is about a third of what his mortgage business was, and the work is tough. Good now has to unload trucks and deal with the elements, although his stand is strongly sheltered and moderately heated. But the simplicity of the work appeals to him.
I heard that Graig Good is a “good apple.” Okay, here’s my favorite one:
Souza, a former wholesale mortgage representative, left her job after the real estate bubble imploded. But she’s now riding a completely new bubble, as a kind of Mary Kay of cash-for-gold. Her new business, Boston-based Gold to Green, organizes home parties where groups of women gather at a friend’s house, bring their old gold jewelry and exchange it for piles of cash.
“We’re growing like crazy,” Souza said. “It’s fun, no stress, everybody’s making money.”
Looking forward to your comments.
File Under: You can’t change a Zibras’ stripes