Mortgage Loan Daytona

MetLife Home Loans opens with familiar names on staff

DAYTONA BEACH -- A new mortgage-lending company has arrived in the Volusia-Flagler area, and it's attracted mortgage consultants from both large, nationally-known companies and mom-and-pop independent businesses.

MetLife Home Loans began earlier last decade and opened its local office in the International Motorsports Center on International Speedway Boulevard on June 1, although some of the staff members began working off-site in November. Eight people work at the Daytona Beach office and three are in the Palm Coast office.

Don Mastro manages both offices along with a Brevard County office that has one employee. Mastro who had nearly 20 years as a senior vice president at Bank of America's local mortgage division before joining MetLife.

Mastro enticed a handful of former Bank of America and SunTrust mortgage lenders to join the company, all of whom cited the excitement of joining a new contender in the local market as reasons for leaving their old jobs. MetLife also attracted two longtime area mortgage brokers who left their own companies partly because of job security at a bigger firm.

Mary Spearman and her husband Harry started their Jacksonville-based mortgage business Gulfstream Financial Services in 1979, moving to Daytona Beach in 1983. Now in Port Orange and known as Gulfstream ... your mortgage source, Mary felt that she had to take this job.

"We were afraid of regulations and wanted a backup plan," she said. Harry and their two sons, Dan and Jay, still help run Gulfstream.

New and different regulations have been enacted since the housing market began its collapse about five years ago, and many people blamed some mortgage professionals for approving loans to people who couldn't afford them. Stricter licensing came to Florida last year as part of the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008. The resulting longer and document-heavy application process weeded out many mortgage professionals.

Florida has 12,400 people with mortgage licenses or with pending applications, according to Greg Oaks, licensing bureau chief for the state Office of Financial Regulation, which monitors the mortgage industry. That's compared to 39,000 licensed mortgage brokers in early June last year, a 68 percent decrease largely attributable to the new licensing requirements. Oaks had expected about 15,000 applicants.

Licensed individuals are no longer called mortgage brokers in Florida. The new license title is loan originator.

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