If you're looking for the chance to make good money, take a look at agency lending (Fannie, Freddie, HUD/FHA)

It's not sexy, and not everyone succeeds. But it's just so fucking easy to do. I've seen semi-mentally handicapped mortgage bankers rake over $2MM in fees and take home ~$1MM consistently... It's mad.

Edit: for reference, our youngest mortgage banker is 27 and brought home just under $850k last year.

 

Agency / HUD is a commodity. It’s like telling someone to go into wealth management because you can rake in fees. Of course you can, but it’s pure sales. No way to differentiate yourself or the product you’re selling

 

I understand you're in production but I was answering OP's question. 

Also my point is that I wouldn't expect to see "semi-mentally handicapped mortgage bankers rake over $2MM in fees and take home ~$1MM consistently" for the indefinite future. Market conditions over the past couple years have been very favorable for agency volume and that's changing. 

The Fed has no choice but to continue to raise rates until inflation subsides. Even with the recent rate hikes we're still in a relatively low rate environment historically speaking. 

 
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No one is talking perpetuity; didn't mean to come off as if that's what one can expect each year. Now if you've been in the business since 2012 or so, you've likely done very well and my statement rings true. But this is CRE and it's cyclical as we know.

The agencies still have their production and affordability buckets to fill each year. Interest rates are one thing but their spreads are another. Sure we can't control the MBS market, but they get slutty for specific deals, especially if mission-rich. Talking 35-year amortizations, 1.15x debt covers, close on T-1 collections or final rent roll, etc. They still want the business.

Down year(s) incoming? Sure.

Down year(s) indefinitely? No.

Opportunity to excel during recovery and expansion cycle? Absolutely.

Now if the agencies go private again, that's a different conversation. 

 

I am in agency lending. Our shop also has a balance sheet lending business which has saved my ass in the last six months as the agencies had slowed down. I always want to be at a shop that has an agency platform and a balance sheet lending business or have different lending groups. Not only our clients benefit but it also offers me some protection particularly during a downturn. 

 

Work for one of the thousands of small/mid-sized REPE firms providing JV or Pref Equity for garden-style MF renovation or development projects in Southeastern markets. Or potentially work for one of the thousands of small/mid-sized owner/operator firms buying or developing garden-style MF products in southeastern markets. 

 

Trammel Crow, ValCap Group, JPI, Hines, Lonestar Development Partners, Woods Capital, Hillwood, Cardinal MF, Mill Creek, Hanover Company, TDC (Dinerstein Companies), Wayfinder, Alliance Residential, Signorelli, Castle Development Group, Thompson Thrift, Waypoint, RREAF, Banner Oak, OakPoint

PE: H2C Capital, Presario, RSF Partners, 2GR Equity, Thackeray Partners, Paravest, Virtus, Trive Capital, Broadvail, PERI Capital, BV Capital, Black Creek Group (Now Ares - think they have a TX office), 

 

Public MF REITs: Equity Residential, Avalon Bay, Camden Property Trust, UDR, Essex Property Trust, Mill Creek Residential, Mid-America Apartments

Private MF Operators: Waypoint, American Landmark Partners, TruAmerica, Greystar, Lendlease, Related Cos, Knightvest Residential, etc. 

https://www.multihousingnews.com/2021-top-multifamily-property-owners/

 

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