May 9th, 2012

How Bay Equity Got Its Start

Posted by at 2:50 am

Well we’ve started a mortgage bank . . . “Are you serious?” “You’ve got to be kidding.” “Why Now?” These are just a few of the reactions we got when we told people about our plans back in June of 2007. Bay Equity was founded at a time when the recession was forcing hundreds of lenders, burdened by legacy loans, to exit the industry. But I saw an opportunity with the landscape of the mortgage industry changing, so I decided to start a new mortgage bank. With no legacy issues, we could start fresh on a firm foundation of the highest professional standards. I called Jim Corbett, a long-time entrepreneur and successful real estate investor, who agreed to serve as the firm’s chairman. We developed the business plan for Bay Equity and my brothers, Managing Directors Jon and Casey McGovern,...
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