BOB’S BILLION DOLLAR BLOG
Hello, my name is Robert Senko and I have been in the mortgage business since 1993. I have been self-employed in the mortgage industry since 1995 and I am presently in my 10th year of owning ACC Mortgage.
Since I closed my first loan, a $130,000 cash-out loan for women with below average credit to pay for credit card bills and her husband’s medical expenses, I have seen just about every conceivable loan scenario and situation.
Without exaggeration or hyperbole, billions upon billions of dollars worth of loans have come under my direction. This is not to say I have run a large organization, quite the contrary. I have always enjoyed running smaller, more manageable operations. This is the primary reason why we are still in business in the midst of the mortgage industry fall-out. This is also the reason I have been able to study first hand the human element of lending and money.
One of the primary reasons the mortgage industry is in the pickle we are now is because Wall Street tried to put every client into a neat and orderly box. Wall Street and their associates tried to define, bundle and package loans according to some mathematical formulas. Ivy League types created these complicated formulas to lend, mitigate risk and create huge incomes for themselves.
I ask you: How can these Ivy League types decide how to lend when they have never taken a loan application while sitting at the kitchen table of a couple trying to pay for their kid’s college education and make ends meet?
This blog will be broken down into three elements: education, entertainment and enlightenment.
Education will be used to explain the nuts and bolts of the mortgage industry. You could probably get most the education in reading Mortgages for Dummies book.
Entertainment will hopefully be something that I find amusing. I enjoy my work, I enjoy my life and I like to laugh. My sense of humor has helped me during my most difficult moments in life and I like to make people laugh.
Enlightenment is what I hope to really give back to the world. Having been in the mortgage industry since 1993 and seen tens of thousands of loans offers me a unique perspective on human psychology and money. I hope to share stories, parables and anecdotes that may offer some meaning to life.
Thank you for reading,
Robert M. Senko