The Big Short (2015)

Billy Magnussen: Mortgage Broker

Photos 

Quotes 

• Mortgage Broker : So, is Morgan Stanley recruiting us? Is that...

  Porter Collins : Oh, no. No. The bank owns our hedge fund but we're not really a part of it. We invest in financial service companies and we're trying to understand the residential mortgage business.

  Mark Baum : How many loans do you write each month?

  Mortgage Broker : Pffft! About sixty.

  Mark Baum : What was it four years ago?

  Mortgage Broker : Ten... maybe fifteen.

  Mortgage Broker : Yeah, I was a bartender. Now I own a boat.

  Danny Moses : You own a boat? So how many of these are, uh, adjustable rate mortgages?

  Mortgage Broker : Well, most. Yeah, I'd say about ninety percent. The bonuses on those skyrocketed a few years ago. Adjustables are our bread and honey.

  Danny Moses : So do applicants ever get rejected?

  Mortgage Broker : [laughs]  Seriously? Look, if they get rejected, I suck at my job.

  Danny Moses : Even if they have no money?

  Mortgage Broker : Well, my firm offers NINJA loans - no income, no job. I just leave the income section blank if I want. Corporate doesn't care. These people just want homes, you know, and they just go with the flow.

  Danny Moses : Good for you.

  Mark Baum : Your companies don't verify?

  Mortgage Broker : If I write a loan on Friday afternoon, big bank will buy it by Monday lunch.