Mortgage Banking: You Can Check Out Any Time You Like, But…

Remember the song ‘Hotel California’ by the Eagles where Glenn Frey croons: “You can check out any time you like, but you can never leave.” (Or was it Don Henley?) That line is apropos when discussing the two-dozen or so mortgage banking veterans (that we know about) who have re-entered the business the past few years after selling their firms, retiring, or leaving because of (shall we say) disagreements with  owners/investors. National Mortgage News and other news outlets this week reported that industry veteran Jon Daurio (he of Long Beach Mortgage and Kondaur fame) is out raising money to start a new nonconforming lender. That’s welcome news. Daurio joins many other executives we’ve reported on who are jumping back into the mortgage pool. All the re-entries hopefully signal that the current outlook for residential finance is somewhat bullish – either that or there’s only so much golf they can play.