Well now we understand how folks who בעצם created 0 value were able to afford such high lifestyles. And Adirei's, וכו וכו, see the panels at the Aguda Convention.
The industry needs to very honest with a raw fact: All a mortgage broker really does (after roping in a client) is forward emails. There are zero barriers to entry, and thus in a capitalist environment with free flowing information fees get compressed to nothing. Case in point for example- Gparency. Economics 101. And even Gparency is just an intermediary. Why not just go direct? If you're smart enough to find a property to buy, you're smart enough to find a lender too. Everyone knows that finding the property is the much more challenging part of the business.
So it never made any sense that there were so many mortgage brokers making so much money, reaching the pinnacles of frum world earning, with no capital at risk. Obviously they were compensated for the “creativity” they brought to the table = fraud. Or shtick. Or whatever they and the client convinced themselves it was. At this point it no longer even matters who exactly in the food chain was responsible for the "bad act", it obviously wasn't a level playing field.
Of course of course 99% of mortgage brokers make an honest living, don't fudge T12's, don't concoct net worth's out of thin air, don't touch internal flips, don't lie to appraisers, don't facilitate liquidity for loan apps, don't fake leases, don't give kickback to GP's etc. etc. But we need to be real about what the earning potential over the long term such a career can offer.
Same goes for title companies.
