gmhTODAY 14 gmhToday May June 2017 - Page 66

T Th e Last Decade in Mortgage By Jayson Stebbins Mortgage Professional Jayson Stebbins is a 23 year veteran of the Mortgage Banking industry and an Accredited Mortgage Professional through the Mortgage Bankers Association. He grew up in Morgan Hill and currently lives in Gilroy. He is the local Branch Manager of Guild Mortgage, a 56 year old mortgage banking firm. His office is in Morgan Hill and serves all of Santa Clara, San Benito, and Monterey counties. You can reach Jayson and his Team at 408-782-8800 or at [email protected] 66 his year marks my 24 th year as a Mortgage Industry professional, and I know: 24 years does not a milestone make, but that isn’t why 2017 is special. Ten years ago this year we saw the beginning of what is now known as the “mortgage meltdown,” an emotional and tumultuous time in our industry. Many of you reading this know the pain or the struggle that happened through that time. Many homes and families were affected, and just now we are seeing the tail end of the problems created. Both my wife and I were employed by the same mortgage company and found ourselves out of work, and looking forward with uncertainty. But I am not writing to talk about what happened to our economy or industry. I just want to share with you what happened to me, and why this year will be a year of both bittersweet memories, and energy for the future. When 2007 began, I was in my 14 th year in the business, all with the same company. I had grown up in the business with the same company name and same mentor, moving from my entry—level job as a mail clerk all the way up to a senior executive running the national production channels. In January of 2007 I was announced the incoming CEO of the company, to take over the reins and run the company with my business partner. What a difference a year would make. After posting a record first quarter in 2007, the company was out-of-business by October 2007. The combination of the market implosion, the way we sold loans, and the type of loans we sold created a perfect storm that closed a 27- year-old company. I found myself going from CEO-elect to unemployed. I share this with you as this year, every month, will remind me of some- thing else about that experience. And every time I think back on that I will realize how blessed, lucky, and grateful I am for that experience and for where I am now. After that company closed and after a period of planning, we opened our doors with Guild Mortgage in February of 2008, committed to doing loans directly with our local market. We struggled through the remaining years of the meltdown...and thankfully, after a few years, I found my coaching company and now we are on a steady march of success and delivery for our wonderful clients and referral partners. The other benefit of these rough waters is the “re-boot” it gave the mortgage business. While now we are one of the most heavily regulated industries in the nation, the toxic loans and the borrower issues the industry allowed have been purged, and those people buying homes now are qualifying for them in the right way. Over the course of the next calendar year there will be a lot of commentary on the melt- down, as we re-live the cause and effect. I prefer to celebrate the now and look forward. The lesson from this experience, now ten years in the rearview mirror is one of Gratitude. I am grateful for the journey that brought me here as a full-time Loan Officer working where I live. I am grateful for the struggles and challenges professionally that led me to this point. Gratitude creates energy for the future. And I am excited, optimistic and ready for whatever lies ahead. Jayson Stebbins is a licensed mortgage agent in CA for Guild Mortgage Company NMLS#38463; Licensed by CA Disclosure: Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act. NMLS Company Unique ID 3274; Branch Unique ID 38480. The postings on this editorial don’t necessarily represent the positions, strategies or opinions of Guild Mortgage Company or its affiliates. This information is not guaranteed to be accurate and shall not be construed as a guarantee of loan approval. All loans are subject to underwriter approval, and are subject to change without notice. Equal Housing Lender. GILROY • MORGAN HILL • SAN MARTIN MAY/JUNE 2017