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We've calculated that the average salary at Carteret Mortgage is $50K based on 140 user-submitted salaries

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Carteret Mortgage Corp. was a national mortgage broker headquartered in Centreville, Virginia. It was originally founded in 1991 as Weinco by Eric Weinstein, but did not conduct business until 1995, when Weinstein received a Virgnia mortgage brokers license. At the height of its success, Carteret employed over 1,700 loan officers and was operating in 49 states.

The company operated under a non-traditional business model, in which employees could, and in fact were encouraged to recruit new loan officers and earn residual income from the loan transactions their recruits closed. Employees were responsible for mentoring the loan officers they recruited and in turn had a mentor of their own to turn to for assistance.

In October 2008, Weinstein announced that the company no longer had the funds to continue operating and would file for Chapter 7 bankruptcy. The rapid decline in the housing market was cited as the primary cause of the company's financial troubles, although numerous lawsuits alleging fraudulent activity by the company and certain of it's employees may also have played a role.

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Today, there are at least two small mortgage companies operating under the name Carteret Mortgage Corp. One is located in North Bergen, New Jersey and the other in Durham, North Carolina. Both are privately held and employ only a few people.

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