Author Topic: Nurses  (Read 5275 times)

Rob L

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Nurses
« on: July 28, 2015, 04:30:37 PM »
LC seems to have targeted nurses for loans.
A casual look at the loan releases of late seem to include an exceptional number of them.
Or, maybe they've always been there and I just haven't noticed before. I haven't done an actual quantitative study.

PhilGD

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Re: Nurses
« Reply #1 on: July 28, 2015, 06:18:49 PM »
Also Presidents! who knew  8)

fintechjunkie

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Re: Nurses
« Reply #2 on: July 30, 2015, 08:57:46 AM »
For what it's worth, "caring professions" have historically had lower default rates than their credit scores/models would predict.  Using profession in underwriting decisions is very difficult in this era of how regulators are interpreting "Reg B" but individual investors can always choose to purchase "Nurse" or "Teacher" loans if they wanted to.

Just my two cents based on a 20+ year history of building/managing underwriting models.

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lascott

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Re: Nurses
« Reply #3 on: July 30, 2015, 10:04:44 AM »
I like "caring professions" as well because they don't get outsourced to other countries like my software profession! Nurses are also high demand and will be for a long while because of baby boomers :)
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Victor

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Re: Nurses
« Reply #4 on: August 03, 2015, 11:12:53 AM »
I'm married to an ER nurse who is returning to school for her masters this fall.  I've had an opportunity to interact with many of her coworkers over the years.  I've found nurses are no less kooky or prone to making poor economic decisions than the general population.  However, as a group, they tend to be more responsible and committed to doing the 'right" thing after their bad decisions than the general population.  A nurse will generally take a second PT shift at another hospital to meet financial obligations before just not paying a bill.  All other things being equal, I always pick a nurse over another job description.

This anecdotal stuff is probably a lousy way to make economic judgments, but it works for me.

fintechjunkie

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Re: Nurses
« Reply #5 on: August 03, 2015, 02:51:14 PM »
Facts are important....so if you want justification for biasing your decisions just spend time looking through all the Bureau of Labor Statistics employment data (www.bls.gov).  They have plenty of data by profession, by location, etc. and there are good, fundamental reasons why certain "classes" of borrowers do better than others. 

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Randawl

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Re: Nurses
« Reply #6 on: August 03, 2015, 10:24:58 PM »
I'm married to an ER nurse who is returning to school for her masters this fall.  I've had an opportunity to interact with many of her coworkers over the years.  I've found nurses are no less kooky or prone to making poor economic decisions than the general population.  However, as a group, they tend to be more responsible and committed to doing the 'right" thing after their bad decisions than the general population.  A nurse will generally take a second PT shift at another hospital to meet financial obligations before just not paying a bill.  All other things being equal, I always pick a nurse over another job description.

This anecdotal stuff is probably a lousy way to make economic judgments, but it works for me.

I am in the medical profession and have also given a slight favorable bias in selection toward those who list nurse as job title - irrationally or not!

Fred

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Re: Nurses
« Reply #7 on: August 04, 2015, 02:39:59 AM »
I am in the medical profession and have also given a slight favorable bias in selection toward those who list nurse as job title - irrationally or not!

I am the opposite.  I am in the investment banking / asset management industry, and give less favorable bias towards those in the same industry. I have seen quite a few distant VP/MD coworkers whose loans appeared in P2P with high DTI, low FICO, and got "C" or "D" grade.