Option One shuts down lending arm

NEW -> Contingent Buyer Assistance Program
CM

I read that on the OC Register. Must be hard for the employees with Christmas only weeks away. Bummer. (Yes, Yes, I know. Someone out there will argue that these people were "no good' loan pushers. Blah blah) But still human being with families.
 
This is indeed sad--I used to work for H&R Block Mortgage (basically Option One), and there were many 'no good' loan pushers, but there were also decent people as well. Here's my observation of where people have gone since the time I left the industry a few years back:

1. People with bachelors degrees: pharmaceutical sales rep, self employed business consultant, insurance sales, financial consultant (all doing well)

2. People without bachelors degrees: still struggling in mortgage, unemployed, cell phone store, retail, call center support

The individuals in group #2 far outnumber group #1.

A lot of these people bought expensive homes in Irvine/Aliso/Ladera etc. in the past few years with exotic financing as well, thinking that earning 10-25k/month would last forever...
 
reason and cyc_tr,

I was told of many tears being shed today. I don't know about all subprime shops, but I do know of a few. OOMC stood out as striving for a good reputation, with a culture that encouraged collaboration, training, and ethical behavior.

Most of my friends have been there for years, as have their co-workers. They are not on the origination side of things. OOMC paid for tuition and provided excellent training. They took borrower complaints very seriously. I'm sure that there were bad apples, as there are in most companies, but OOMC people had immense pride in their company and really thought that their processes and track record would keep them afloat - after all, there will always be a market for subprime.
 
cyc_tr

That's true. I have a client in mid 20's taking home 250k/yr. He spent his income like there's no tomorrow. So many times, I advised him to be careful with his spending. Of course, he didn't listen. Then lost his job 3 months ago w/ literally zero. He's currently working in computer sales making 150k/yr. But is not content b/c there's a cap of 150k/yr.

Although, I agree with you that most w/ college degrees might fare better in the job market. This young man doesn't hold a degree, though. But what he does possess is persistence and a drive to compete. (not to be augumentative) Just sharing my experience.

Getting back to my sentiment. Anytime, there's a lost of employment. It's just sad, irregardless.
 
CM_Dude, sorry to hear about your friends. I know that OOMC has/had a very great culture and people. Keep in mind that my experience is solely on the origination side. I remember when I first started, I attended a multi-day orientation that focused on company culture, morale, etc. Don't get me wrong, I do feel bad for everyone involved in this, including the families and kids of the "bad apples". Reason--I also agree that with persistence/drive to compete, a person can make money regardless of what sales they choose to do. Best of luck to anyone who has lost their job lately, including a few of my friends who are "trying to find what to do next". I've been in the position a few years back as a result of the tech bust, and it's no fun.
 
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