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Dave Pick: 410-310-8893 
Email: dpick@monarchmtg.com Phone: 410-310-8893 Fax: 410-451-7866 ################################################
UPDATE - Burt Jamison is no longer in the mortgage origination business, he is now a Loan Modification Advocate. Letter updated by Burt Jamison 10/01/2008 To All My Past and Future Customers, Thank you. As many of you already know, I have been in this crazy business since 1986. At that time I went to work for a mortgage broker, American Capital Mortgage Corp in Pasadena, MD. A little background. In December, 1994, I had the opportunity to buy the company where I was then employed, which was Consolidated Mortgage. I closed on the sale May of 1995. Back then it was just me, Burt Jamison. Originating. Processing. Closing. Advertising. Paying the bills. You name it. I incorporated in 1999. I built the Company up, little by little, to the point where I had four loan officers and a processor. I have been through many cycles of ups and downs through the years, but the mortgage business took a terrible turn for the worse in the beginning of 2007, and it further deteriorated in July. Those "exotic" loan products and too loose underwriting came back to haunt the entire mortgage industry. Wall Street and other investors lost their appetite for low grade high coupon mortgage backed securities and similar investment vehicles amid rising delinquency rates. It also affected the "A" lenders. The "mortgage meltdown" had begun. Consolidated Mortgage had 14 investors that we worked with. Some really Big Players. Bank of America Wholesale. Greenpoint. First National Bank of Arizona. Charter One. Option One. New Century. BNC Mortgage. Homecomings Financial. Decision One. Saxon. Fremont. Dollar. And more. Within 12 months, 12 of 14 either closed up completely or exited the wholesale business. Those left tightened their lending guidelines to a point where what once were "slam dunk" common sense loans a year prior were impossible to get approved. I was forced to close the business. After several months of interviewing mortgage companies for prospective employment I decided early this year to accept an offer from Countrywide Home Loans as a Home Loan Consultant (an originator), and officially started with them in my new capacity in March 2008. One rate sheet. One set of guidelines. I resigned in October, just six months later. I will not comment further on Countrywide. Since October 2008, I am now back in the broker world. Now I once again have several rate sheets (who is lowest that day?), and several guidelines from several investors. I found this out for myself... Working for a "Lender" does not automatically make for more options or the lowest rates for borrowers. As a matter of fact, a loan officer is limited to his choices when working for a "Lender". As a broker, I have access to many investors. And even with the same product, one investor may allow something all others may not. It is better for a consumer to check with and deal with a broker. I should know, I have worked on both sides of the mortgage lending fence. Owning a Mortgage Business has been a wild and wonderful ride, and I learned more than I could have ever imagined about the intricacies and nuances of mortgages, and about running a small business. I am still here. Still in this crazy business. Now that I am with ^%$#&^& Mortgage Corp., I can offer a better mix of mortgage products, and better pricing than before. Please give me the opportunity to serve your mortgage needs. One thing hasn't changed. And that is my passion for honesty and integrity, and top notch service. Burt Jamison Please Note: many of the loan products described on this site are no longer available. I am trying to get the site updated. Please contact me with your needs. Thanks, burt jamison |
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