(Hampstead, Md.) For any company to be named one of the most dynamic and innovative in the country is a special honor.
But for a mortgage company to receive the honor in the middle of the worst housing crisis since the Great Depression is truly remarkable.
Meridian Home Mortgage Corporation in Hampstead, Maryland was awarded the Inc. 5000 distinction as one of the fastest-growing companies in the country for 2008. Even within that distinguished group, it earned a place among the top one-third at 1540.
From its humble start with just 4 part-time employees and a few thousand dollars, Meridian is now home to 18 full-time employees offering refinancing in eight states with plans of expanding to the west coast.
“This is something that took us eight years to earn but it really highlights the dedication of our employees and it highlights the trust we’ve been able to earn among our customers,” said Glenn Belt, president of Meridian Home Mortgage Corporation. “I really believe that you should do something to the best of your ability and people have responded to that and allowed us to grow. And we’re thankful for that.”
In fact, it was at this time of year that Meridian was born in 2001. While meeting with his longtime friend, Mike Zgorski, over Thanskgiving weekend, the two decided they wanted to build a very different mortgage brokerage in which customers would be treated as people, not credit scores, who have unique situations and needs.
With Belt’s background in the mortgage business and Zgorski’s background as an entrepreneur, they started Meridian out of an old house in the small rural town of Hampstead, which is probably known more for its rolling hills, corn fields and Christmas tree farms.
From the beginning, Belt knew Meridian would be different. He purposely didn’t hire employees who had experience in the mortgage industry who may have their own bias of how things should work. He wanted them to learn “the Meridian way,” that says employees should put customers first, possess an unwavering attention to detail and work efficiently.
At a company that arranges loans, some people also think it’s odd that Meridian doesn’t have any loan officers. But that’s another innovation that earned Meridian the Inc. 5000 award.
Customers aren’t dependent on one loan officer. Instead, they have a team of experts in underwriting, financing, problem solving and communicating on their behalf.
As a result, Meridian is closing more loans and doing them faster than ever – often in half the time. Before reorganizing their operation, it was not unusual for a loan to close in 3-4 weeks. Meridian is now closing the same loans in as little as 10 days, which Belt says is one more reason for its success.
Despite the dramatic growth, the company continues to be a successful family business, with brothers, daughters and lifelong friends on the Meridian team.
Belt admits that the Inc. 5000 award is something, “I never imagined.” But he has no plans of slowing down either. While other mortgage brokers are cutting back, he’s pouring more resources into marketing and adding more employees as he gets set to expand to California and Oregon.
Contact:
Dennis Sullivan
410-529-8854
dennis@thepubguru.com
Glenn Belt, President
Meridian Home Mortgage Corporation
410-374-3000
glenn@meridainhm.com
