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This is a quick note about the mortgage re-fi bubble...
Back in the early 90s, it seemed like everyone was starting a mortgage re-fi company because rates started dropping. And they kept droppping. So people kept opening new companies because there was so much room to drop rates, which means a lot of potential business. You kept hearing things like limitless potential, low barriers to entry, and everyone is welcome (to start a business).
However, once the Fed stopped lowering rates, and everyone had refinanced their mortgages, business started drying up and a lot of those refinancing companies went right out of business.
Only the businesses that started in the beginning that built up loyal customers and cash reserves were able to last. Even then, a lot of older companies went bankrupt because they got complacent or lost their focus.
It is never good to get in on a bubble when everyone is encouraging you to do so. If everyone is already in the biz (that wants to be), how can you make any money?
My advice: If you are new to the biz, get a partner or a mentor that knows what they are doing.
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