Recruiters not giving mortgage professionals a chance?

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PSchapker in Newburgh, Indiana

81 months ago

There seems to be a vocal segment of people from the mortgage profession who are adamant that they are somehow being "blackballed" and employers will simply not give them a chance. Many want to change careers, but with all the negative press about the "mortgage meltdown," they claim to be passed over without regard. Any truth to this?

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Anonymous in New York, New York

80 months ago

I have noticed a ton of resumes pouring in from these folks, and my heart goes out to them...but I have a job to do, and that involves matching hiring needs with the most qualified candidates. The same thing happened after the dot-com bust when I was overwhelmed with programmers and web designers. The cycle is such that everyone will have their turn. My advice to these folks is to look inward and find their passion. Chances are many of them wanted out to begin with.

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V.K. in Cleveland, Ohio

75 months ago

PSchapker in Newburgh, Indiana said: There seems to be a vocal segment of people from the mortgage profession who are adamant that they are somehow being "blackballed" and employers will simply not give them a chance. Many want to change careers, but with all the negative press about the "mortgage meltdown," they claim to be passed over without regard. Any truth to this?

Well I was just an underwriter who was laid off in January. I am still looking, but not in the mortgage business. It's the investors who wanted the banks to keep making loans because there was so much money to be made. I worked for a major bank based in the East Coast and we were not doing sub-prime loans either. There dofinitely seems to be a superior attitude, especially from the $13/hr employee who is interviewing you for a much lower paying job.

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CAH in Olive Branch, Mississippi

74 months ago

Anonymous in New York, New York said: I have noticed a ton of resumes pouring in from these folks, and my heart goes out to them...but I have a job to do, and that involves matching hiring needs with the most qualified candidates. The same thing happened after the dot-com bust when I was overwhelmed with programmers and web designers. The cycle is such that everyone will have their turn. My advice to these folks is to look inward and find their passion. Chances are many of them wanted out to begin with.

I am not sure what that means, but the trurh of the matter is that we were forced out of jobs that we liked and there is no reasonable expectation that these jobs will return for the foreseeable future if at all. To suggest that we turn inward ... and find our passion is a very self serving comment. We have families to take care of and to put up with the condescension that we former mortgage professionals (I was an AE for a lender not a mortgage broker) is ridiculous. Oh wait our turn, you say, well, after 4+ months I do not have the luxury of "chin up and just wait and things will turn your way." How about this, you find me a job if your heart goes out to us. I don't need your pity and empathy, I need a job that pays me more than 12-14 dollars an hour. You cannot survive on that -not today.

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Lokes in Rocklin, California

74 months ago

I just spoke to a recruiter who said if I hadn't called her my resume would have went right into the trash can because I'm a mortgage professional. They don't want someone who is going to leave at the first sign of a turn around in the industry. Little do they know. And they don't think we'll be happy because they can't match our previous salary. Here is an article I found that echoes here sentiments.

mortgage.freedomblogging.com/2008/03/11/the-story-behind-that-no-mortgage-applicants-job-posting/

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Edgar Velez in Stamford, Connecticut

65 months ago

PSchapker in Newburgh, Indiana said: There seems to be a vocal segment of people from the mortgage profession who are adamant that they are somehow being "blackballed" and employers will simply not give them a chance. Many want to change careers, but with all the negative press about the "mortgage meltdown," they claim to be passed over without regard. Any truth to this?

I have found my self in this situation and It took me while to figure it out.

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Lara in Spring Hill, Tennessee

62 months ago

I am a sales recruiter and most of my fortune 500 clients say they do not want mortgage/loan candidates is because 1. they believe they do not have REAL sales skills because most of the time, their sales walk come the door...sort of like retail sales 2. they believe when the market turns around they will be gone, so why spend the time to invest in them.
I am not saying I agree with this but this is why...just hope it answers your questions. If you are from this industry and want a job in sales, my suggestion is to by-pass recruiters (because we are given a criteria and that is that) and go directly to the company you want to work for. Just walk in their door, find out the sales managers name and "cold call" on them. If they are not there, then get their contact info and start emailing or calling them. Do this with like 2-3 companies a day and you will definately get a job because you are showing your true raw sales skills and sales managers LOVE that! they cannot resist somebody who can get past a gatekeeper and get to them because this is what they want in a sales person. Make finding a job....a job in itself and you will have a new position in less than two months. Also, STAY AWAY from Human resources people...they have NO idea what to look for in a true sales person and will politely "take" your resume and it will never go anywhere but in their trash can. SALES MANAGERS are the key.Try office Equipment companies (yes, copier companies...but you can make good money there if you are good), telecom, advertising (yellowpages), and any other B2B sales because these industries are more open minded but they pay base salaries, benefits, good commission structures, and expenses. Forget Pharma or medical...impossible for somebody with out B2B sales experience to get in...will be a waste of time unless you "know" somebody. Even the most experience medical sales professionals are having a hard time in that industry right now.
Just some advice...hope I helped.

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BOREDINOC in Lake Forest, California

62 months ago

I know this to be fact. I have 17 years of recruiting experience in mortgage and banking, the bulk of which is mortgage, but recruiting everything from LO's to IT and Clerical. I've been told by more than two agencies that they don't want the "Stigma" of hiring a former mortgage employee. That their clients don't want us. It's near impossible to enter any company wherein atleast one of their employees has not been affected by the mortgage crisis. Who's fault is it? Well, I say when you refinanced your home regularly to suck the equity out to buy what ever you wanted, when I, yes the mortgage professional remain in a 1700 sf home for the past 15 years, refinancing only once in that time, with an 8 year old car, and NO CREDIT CARD DEBT, am paying the price in the way of unemployment for nearing a year, because you gorged yourself on self indulgence. It's the borrowers fault in MOST cases. Yet mortgage pro's continue to be blamed. One thing I know to be true, I wll still be a responsible credit risk, while those who were "Bailed Out", wil be back in the same position in 4-5 years looking for another rescue and another entity to blame. Good luck with that.

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retailer/IT Recruiter in New City, New York

52 months ago

While former mortgage professionals are having it tough...everyone is having it tough. There is a glut of resumes from every profession as so many businesses have disappeared - Hospitals, retail, sales positions, broker positions, service businesses, non profits and the list goes on. I myself have spoken to my contacts and they say, on average, it will take 8-12 months for qualified individuals to get positions in any industry.
Lara in Springhill is right on the money. Get past HR. but also, do NOT shy away from talking to everyone you know. Make sure your resume is up to date and looks great. Network...follow-up. Don't sit around in your house feeling sorry for yourself. The business I worked for went out of business..I am looking myself. Take part-time positions in places that give you health insurance like UPS/Home Depot..(look online)do telemarketing from home to make some money - it keeps you talking to people everyday. We are all discouraged in this job market - but this happens every 10 years in the economy - last time it was Y2K - before it was the junk bond market...If the creditors are breaking down your door do not hesitate to talk to a GOOD bankruptsy attorney...Donald Trump does it everytime he is trouble. Credit rating? Take care of your family not your credit rating..not able to pay your mortgage - find a good forclosure attorney - he can keep you in your house for 2 years without paying if he is good (bankruptcy and foreclosure are two different attorneys but they should coordinate together if you are doing both.)...get rid of these distractions and take care of yourself and your family...Don't get bogged down in bank values that only care about getting their interest..they didn't care about you when they took your job by cheating the world. You have to just keep going no matter how discouraging it is. Look into retraining..get a technical certificate in something- there are options.

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Nanlisa in Upper Darby, Pennsylvania

52 months ago

CAH in Olive Branch, Mississippi said: I am not sure what that means, but the trurh of the matter is that we were forced out of jobs that we liked and there is no reasonable expectation that these jobs will return for the foreseeable future if at all. To suggest that we turn inward ... and find our passion is a very self serving comment. We have families to take care of and to put up with the condescension that we former mortgage professionals (I was an AE for a lender not a mortgage broker) is ridiculous. Oh wait our turn, you say, well, after 4+ months I do not have the luxury of "chin up and just wait and things will turn your way." How about this, you find me a job if your heart goes out to us. I don't need your pity and empathy, I need a job that pays me more than 12-14 dollars an hour. You cannot survive on that -not today.

Amen to that! It's in every industry. These recruiters should get down on their knees and thank God that they have jobs to go to every day. I'd like to see these recruiters get by on a limited income, struggling to meet their rent or mortgage payments and their other bills, taking care of their families, putting food on the table, keeping their utilities on, and have bill collectors jumping down their throats. It's about time that they got off their high horses and start giving people a chance.

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