Th e Last
By Jayson Stebbins
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]
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
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
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