Born on December 13 1958 in Brooklyn, New York, Eric is a proud father of 4 children, Janet, Michael, Rachel, and Steven.
After graduating from Florida International University in 1980 with a BS in Finance, he later obtained his Master’s Degree in Finance at Florida State International University. Eric worked in banking on the commercial real estate side until 1991, when he switched to residential lending.
Due to his higher education, Eric soon rose to the top of his profession. (Freddie Mac)
In 1995, he started a single person mortgage company in his basement called Carteret Mortgage Corporation (http://en.wikipedia.org/wiki/Carteret_Mortgage_Corporation) which, in 2003 grew to the largest mortgage broker company in the United States. (Top 50 Mortgage Brokerage Companies in 2003)
Carteret Mortgage Corporation was originally incorporated in Virginia in 1991 as Weinco, Inc. This was a family owned dormant company until it was licensed as a mortgage broker and its name was changed in 1995. 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. In 2001, Inc Magazine listed it as the 129th fastest growing company in the country, in 2002, the 61st fastest growing company and 2003, the 59th fastest growing company. In 2004, it was the 74th fastest growing company with 2003 revenues of $86.5 million and 1803 employees. See http://www.inc.com/profile/carteret-mortgage. (The Inc 500, 2001; The Inc 500, 2002)
The company was known for a non-traditional business model. The company allowed employees to earn residual income by recruiting and managing other employees. Each loan officer had the ability to recruit and mentor others. Likewise, each loan officer had a mentor they turned to for help. With this business model, teamwork helped maintain the lines of communication and motivation to the sales force.
Another reason for its fast growth was the early adoption of high technology for its loan officers in the mortgage industry. This allowed a superior system that gave them insight to the entire loan process. See http://www.elliemae.com/pdf/carteret_cs.pdf and http://www.businesswire.com/news/home/20041026005401/en/Carteret-Mortgage-Corporation-Standardizes-Ellie-Maes-Encompass
Eric Weinstein has numerous published articles and is an acknowledged expert in the mortgage Industry.
Dinosaurs Still Live
Better SAFE Than Sorry
FHLMC Service Awards
HW Magazine Article
The Inc 500, 2001
The Inc 500, 2002
Top 50 Mortgage Brokerage Companies in 2003
These days, he is doing mortgages by referral only. As he likes to put it, “I am either saving people money per month or helping them buy a new home. What a great job!”