My company is sinking!! Need advice

[Matt Teiken]

A couple of years ago I began work as CTO for a smallish mortgage company here in Northern CA. The company began to go sideways a year in, and I was in a position where a decent chunk of the staff was willing to follow me. I figured we could do alright with a battle hardened staff and without all of the unnecessary expenses and salaries built up during the boom.

Things were running fairy smoothly until the last few months, when my office manager apparently became burnt out and decided not to follow up with clients without letting me know this of course. Meanwhile he assured me everything was fine and that loans were simply taking longer due to banks doing their own appraisals, more detailed underwriting, etc. Seemed to make sense so I didn't question it too much. Soon enough I realized he was full of it and started drilling him. Turns out we have only one loan that is actually going to fund. So I go do the math and we are bankrupt... nice...

I fired the manager and had to lay off most of my staff. But my best sales person wants to partner with me now. She has a lot of contacts and can sell anything. Problem is, I am conflicted now because I don't know what in the world I can do to make money in this horrible market here in CA. I have been reading on this board, and one thing that appealed to me, wholesaling, doesn't seem very likely to do in my area where everyone is way upside down. Short sales seem to take forever, and everyone knows how difficult the mortgage business is. I obtained a life insurance license recently in order to sell life insurance and annuities, but not sure if I want to leap into that.

Fortunately I am young enough to get back up and start over, but my question to you guys is: If you were in Northern California right now with a great saleswomen who is also an agent, how would you utilize her? I need some direction since I don't have any mentors. Thanks guys.