Since Aug I have been posting on a thread about getting a job outside of the mortgage industry. What I have found is that if you worked in the mortgage industry regardless of what you job you held you will more than likely have an impossible time getting a job outside of the mortgage industry. I am in fact saying that mortgage people are being blackballed.
It's a very bold statement to make but i have talked to many people on and offline. Many argue and say no there is just a shortage of jobs, I disagree as I'm on many job sites everyday there are plenty of jobs out there. I have applied on avg to a dozen jobs a week in line with what i did for the last three years which was outside sales. Couple that with a bachelors degree and prior work experience equaling 10 yrs there is no reason someone like myself should be unemployed going on 7 months! Yes thats right I have not been able to get a job for 7 mos, that said one can't tell me that my prior mortgage experience isn't a factor. There are various reasons but one of the most obvious from my standpoint for this problem is the heavy stereotyping....
But let me make something clear to those ex mortgage people reading this many of you are going to have to accept that the life you knew is over as far as job duties and money. Some jobs in the business were way to specialized and there is noway to tranfer over what you did into other industries.
What I will do on here in the near future is repost some of my posts from the most heavily viewed thread on the implode o meter message board. I don't want to rewrite things and think its better to post things in their original context etc. I'll alsoi go over the sterotyping and hopefully get some input from you the readers on how we can overcome whats going on. There is a lot of bad press against this indutry which in turn falls on our heads. One of my goals on this blog is to get the word out and bring attention to this b/c as the days go on it will get worse. Articles are now popping up about the rise in unemployment within the industry. Problem with these articles(very few of them) is that they have yet to discuss what myself and many ohers are seeing and hearing when its come to being on the job hunt.
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6 comments:
I'm in Colorado more specifically Denver metro area. What you are saying rings true for this area. Former mortgage people are having a very hard time getting work of any kind. No one is going to hire someone they perceive as leaving them holding the bag at the closing table. And this is with both ALS and Citi having regional underwriting centers here. Colorado Dept of Labor people are flat out telling mortgage people to tone down resumes, and get licensed to sell insurance.
I went to a job fair by Salestrax. All attendees were told that Merck and Pfizer were not interested in any person "coming from the mortgage industry". I have no idea where to go to work now. I have been trying for months to get a job.
I live in Chicago area and jobs are plentiful. They however are not plentiful for people that were in the mortgage industry. I know people with Masters degrees that have been unemployed since March of 07. It is ridiculous. This person is being told he is over qualified. Come on! OVERQUALIFIED for a job? That is insane. The discrimination here is unreal. Almost anyone in the Mortgage Industry who lost their jobs here are still not working. No one will give any of us the time of day
I live in Chicago area and jobs are plentiful. They however are not plentiful for people that were in the mortgage industry. I know people with Masters degrees that have been unemployed since March of 07. It is ridiculous. This person is being told he is over qualified. Come on! OVERQUALIFIED for a job? That is insane. The discrimination here is unreal. Almost anyone in the Mortgage Industry who lost their jobs here are still not working. No one will give any of us the time of day
It has been absolutely brutal. I have submitted hundreds of applications and resumes to employers since my layoff in June of this year. I graduated from college with straight A's, and have many solid years of sales experience in the health care, financial, and mortgage industries. I even have years of sales management experience, and don't even get an initial interview for any positions. I am willing to work for pennies and at an entry level position, but keep hearing that I am "overqualified". At this point, unemployment pays more than any employer willing to hire me. Perhaps the state governments will get tired of paying out unemployment every week and will get with the program and help us out. Out of my 16 year work history, I only worked 5 years in wholesale mortgage. Makes me wish that I had gone for the big bucks at one of the giant fraud wholesalers as opposed to sticking with the smaller ethical companies that exercised excellent compliance and QC. My bad.
I left a prosperous job in TX to move to FL prior to the implosion of all these lenders. I had enough savings to live for a while, so I didn't start looking for a job until the subprime market had tanked. Of course, that's what I'd been doing for the last year or so. I tried to get out of the industry but found they wanted to pay $12 an hour to people with college degrees. It didn't matter what in, you had to have a degree. I sent out hundreds of resumes, was told to dummy them down, was told my area of expertise was too specialized, I heard all kinds of excuses. I never thought it was simply because I was coming from the mortgage industry. Now I look back and I wonder...I did finally land a job with a stable mortgage company AND I'm in wholesale. Keep looking, I'm sure something will come along...and yes, it took 4 months!
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