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Olen Soifer, President, Quest Funding Services
Before you can proclaim to the world, “I’m a Quest Funding Services Affiliate for commercial funding”, …thinking that it's "a breeze", simply because commercial funding is mostly unregulated, you need to think again. Certainly, becoming a commercial funding originator, in name, is as easy as it used to be to become a residential loan officer. But, it is even easier to fail. You may not "go down in flames" in a spectacular failure, but you will still fail if you don't take the time to learn what it takes to be competent and professional.
In the last few years, several hundred of the largest lenders have vanished, and they took thousands of branches and local offices with them when they went. The result? Something like 400,000 loan officers are looking for a new beginning. Some have become credit counselors or mortgage modifiers, trying to assist the same people who are losing the homes and mortgages that the former loans officers originated for them. It used to be straightforward to be a loan officer and the industry formerly supportted people who didn’t have the smallest concept of what they were doing. There were millions of loan applications to taken, and virtually any body could write them. Wall Street was so desperate for morgages to back their mortgage-backed securities, and the biggest lenders were so bloated with money, that the untrained, haphazard, order-taker, loan officer always has someone to call on to them out...because almost anyone with a heartbeat qualified for a loan!
But, those days are gone. The mortgages are gone. Many of the lenders are gone. And most of the residential originator jobs are gone. The result? A lot of those same untrained, unprofessional or incompetent originators are eyeing commercial funding. Unfortunately, successful commercial funding origination was, and still is, hard. It has nothing to do with licensing requirements or regulations. It is not hard to enter the field. But it is hard to succeed itn. That is solely because it takes knowledge to "play with the big boys". The professionals who seek commercial funding are not going to deal with someone who knows less about the business than they do. But most of the new migrants to the industry do not have the drive or dedication to learn what it takes to succeed.
Whereas the former untrained residential originators dealt with people who knew even less about finance than they did, as a commercial funding specialist, you are supposed to be a professional dealing with professionals. If you fail to learn what it takes to be a professional, your customers will see through you like a glass of water. You must become competent, or you will have no customers!
Because we noticed something special in you, we have invited you to be a Quest Funding Services Affiliate. You have the rare opportunity to succeed where many are destined to fail, because Quest makes the training, tools and support available to you, at no charge, that some people are willing to pay tens of thousands of dollars for. But the next step is yours: By applying yourself, and taking advantage of what Quest provides for you, you can stand out, while the rest of the crowd of originators who may flock to commercial funding will fail (all the while wondering why they failed).
Quest Funding Services might not be funding those little cottages behind the white picket fences. But, we help make dreams comes true, nonetheless. You can help us do it, but it takes honest, professionals who are dedicated enough to become knowledgeable and competent. In the process, you can make your own dreams come true. We at Quest Funding Services ask you to dare to dream, and to take advantage of what we provide that can enable you to reach heights, the likes of which you never even imagined.
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