Chris Downey has been originating mortgages for sixteen years and on the air for over nine years. He has been a licensed insurance agent, title agent and a representative of Contour Software (the leading software to the mortgage industry). He has helped thousands of homeowners with their financing. He has owned his own mortgage brokerage and originated for both regional and national firms. Chris is frequently published in local papers and magazines and writes a weekly column in The Journal Newspapers Friday Home Report. He believes his mission is to educate people about the intricacies of home financing. By speaking at the Mortgage Bankers of America Technology Convention, Virginia Land Title Association Annual Convention and several universities, Chris has gained much experience in educating the public to remove their fears regarding home financing.
Providing financing solutions to individuals who want to own a home and are confused by the process, Chris has made reputation for himself as The Mortgage Guy.
Chris and his wife live in Northern Virginia with their three children. Originally from New York, the family relocated to Virginia in the early eighties to pursue career opportunities in this growth area. After working in the insurance industry for a few years, Chris had the opportunity to originate for a small mortgage division of a local lending institution.
That was a crazy time in this industry. The VA Rate, at that time set by the Veterans Administration, had just dropped from 12.5% to 10% and it was on it’s way down further. People couldn’t refinance soon enough. Lenders weren’t even taking loan applications any more. Appraisals and credit reports took months. We had to verify every aspect of a client’s life, in writing. It was a difficult time to try to coordinate all of the aspects we needed to and still provide good service.
After originating loans for another bank’s mortgage department, and a large mortgage company, Chris decided it was time to open his own firm. With his partner, Monte McMichael, a Realtor®, they opened Crismont Mortgage and were licensed in December of 1988. After working for a small firm that had great programs, but not really competitive rates and a large firm that really had only one program, I wanted to offer my clients more. I wanted the flexibility and pricing that I could only get by owning my own firm. It was time." From 1988 to 1994, that mortgage company grew from three people to over 35 loan officers, processors, closers, a receptionist and a bookkeeper.
We were originating over $40 million per year. I was Vice President of Virginia’s Association of Mortgage Brokers. I was also began my involvement with several charities including Prevent Blindness and the Cystic Fibrosis Foundation. It was an experience I could recommend to anyone with a vision and a desire to make a difference."
In order to offer FHA and VA loans to it’s clients, Crismont needed to become licensed as a lender, rather than a broker with the state of Virginia. Chris negotiated an agreement with a local bank in 1994 to become the residential lending division for that institution. Crismont Mortgage Corporation closed in 1994 after Chris was in a debilitating car accident.
I almost lost everything. With a family to feed and a rapidly changing market environment, I took a position with a software company that sold Loan Origination Software. What an education. Two years earlier, I taught myself to use a computer. My three year old had figured out how to use the new computer we purchased. I figured it was time I learned as well. Now I was consulting other lenders in the use of software, networking, small business administration as well as sales and marketing techniques. But, my first love has always been originating loans. The tech experience I gained over that time has really helped me implement the massive changes that have occurred in our industry."
Chris went back to the origination end of the business full time.
I have always tried to find as many ways to offer competitive programs at a competitive price to all of my customers. Whether they are looking to renovate a million dollar mansion or purchase their first home, I can offer them the best there is from hundreds of loan offerings from around the country. I am confident that I can get a loan for almost anyone at a very competitive price."
Chris spends his non-originating time with his family. His three children are in elementary school and he is the Cubmaster of the local Cub Scout Pack. He is active in their church and school. He is an avid golfer.
