Carteret Mortgage Corporation
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Carteret Mortgage Corporation, founded 1995, was a national mortgage broker based in Centreville, Virginia and operating in 49 states. Inc 500 listed Carteret as the 59th fastest growing private company in 2003. On 2007, Carteret Mortgage employed over 1700 loan officers from a wide range of social and economic backgrounds. It declared bankruptcy in October 2008.
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[edit] History
Carteret was started in 1995 by Eric Weinstein. The brokerage started small but grew quickly because of one simple decision: Mr. Weinstein agreed to allow someone to work under his license and share a small amount of the profit with him. One thing led to another and soon others were asking to work with him.
The company is known for a non-traditional business model. The company allows employees to earn residual income by recruiting and managing other employees. Each loan officer has the ability to recruit and mentor others. Likewise, each loan officer has a mentor they turn to for help. With this business model, teamwork helps maintain the lines of communication and motivation to the sales force.[1]
[edit] Bankruptcy
Carteret Mortgage Corporation filed for Bankruptcy in October 2008.
- August 26, 2008 Eric Weinstein says they are out of money and will be closing the doors soon.
"Carteret Mortgage Corp., a closely held mortgage broker that originated more than $4 billion in loans in 2006, plans to close in several weeks, said Chief Executive Officer Eric Weinstein."
``We ran out of money, Weinstein, 49, said in an interview today.
Weinstein said the ... company has about 800 employees.
From Bloomberg, Tuesday, August 26, 2008
[edit] Community
During its day, Eric Weinstein CEO of Carteret Mortgage believed deeply in giving back to the community the success he garnered. Nothing shows this better than the Carteret Mortgage Branch of the Greater Washington Boys and Girls Club located in Manassas, Virginia.[2] If for no other reason, the experience that was Carteret Mortgage Corporation can be considered a success.
Carteret Mortgage Branch Boys & Girls Club offers a wide variety of drop-in programs as well as before- and afterschool care and summer camp. Facilities include three gymnasiums, wrestling room, theatre room, library game room, ceramics lab, teen lounge, arts and crafts room, training kitchen, classrooms, and a multi-purpose room. Drop-in activities include sports (basketball, soccer, flag football), open gym, arts and crafts, music, computer skills, homework help, and more. There are also athletic leagues for basketball, softball, volleyball, flag football, and cheerleading. Before- and afterschool care includes transportation to and from a number of area schools, plus programs such as gym time, computer time, arts and crafts, and homework help.
