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FOR: IMMEDIATE RELEASE TO: THE BUSINESS EDITOR
EMBARGO FOR JUNE 1, 2006
FMB breaks into mortgage broking market in Jamaica

“We are here to take care of real estate clients’ needs”-Pitter
Kingston, Jamaica June 1, 2006. First Mortgage Brokers (Jamaica) Ltd, (FMB) a new mortgage broking Company officially entered the dynamic financial and real estate services markets today with a media launch at the Hilton Kingston Hotel.

FMB, one of the first of its kind in Jamaica and the Caribbean celebrates its first anniversary this month. It is the fruition of the vision its five initial shareholders: Karl Allison, Connell Steer, Lloyd Davis, Owen Pitter all chartered surveyors and partners in Allison Pitter & Co., the well-known 30-year old local real estate firm; and Dave Pitter, a Florida based mortgage broker whose extensive experience in the field of mortgage brokering, is seen to be of particularly strategic benefit to the Company.

According to Director, Dave Pitter, FMB was established with a mandate to satisfy the need and demand for a central entity to co-ordinate the many facets of the mortgage origination process on behalf of prospective purchasers. “The concept of mortgage broking is relatively new to Jamaica. While there are several direct opportunities for persons purchasing or re-financing real estate to access financing, many purchasers are still not very knowledgeable about the details of accessing a mortgage and therefore find the process difficult and confusing. The good news for these purchasers is that First Mortgage Brokers is now here to take care of all these problems.”
Mr. Pitter said that “the Company’s main objective is to be a one-stop, full service entity for all real estate acquisitions and financing thus making the process hassle free for its clients. This includes obtaining mortgage financing for clients to satisfy their range of needs in areas such as purchase of house and property, including properties on auction, re-financing using real estate, building construction and commercial property acquisitions.”

FMB breaks into mortgage broking market in Jamaica
To this end, FMB has established a collaborative partnership arrangement with the Jamaica National Building Society and is finalizing agreements with other major housing finance actors to increasing the number of partnerships. FMB has also established a strong relationship with the Realtors’ Association of Jamaica whose members are already playing a pivotal role in the delivery of its services primarily through referrals. “We have already begun training with several of them and they are all quite enthusiastic about our trail-blazing endeavour,” said Mr. Pitter.

The Company is very upbeat about its prospects for Jamaica and is already looking further afield for new territories to conquer. “We are so confident of a successful rollout in Jamaica that we are already projecting first-stage expansion to Trinidad and Tobago, Barbados and possibly the Cayman Islands, using the liaison partnership with our housing finance and other financial partners who operate in these territories,” said Mr. Pitter.

According to Mr. Pitter the platform for this confidence is rooted in the proven competence and experience of the individuals who comprise the Board and management team of FMB as well as the vision, the mission, the operational targets and the high leadership standards which the Company has set for itself. Its Board of Directors are all qualified and competent professionals with considerable local and international experience in mortgage broking, real estate surveying, appraisal and management. The Board is chaired by Karl Allison and includes Dave Pitter, Eleanor Henry, Peter Reid, Adrian Laidlaw and General Manager, Karla Henry. “The creation of First Mortgage Brokers, reflects not only their vision and foresight, but is also a natural extension of the use of their skills, resources and expertise,” said Mr. Pitter.

The Company is located at 1 Tremaine Road, Kingston 6 (also the home of its Parent Company –Allison Pitter & Co.). It has established a website at www.fmb.com.jm and a toll free line 1888-Mortgage. FMB has been providing services to clients island-wide with particular emphasis on Kingston and St. Andrew, St. Catherine, Manchester, St. James and St. Ann.
Earl Jarrett, General Manager of JNBS was the Guest Speaker and Lorraine Finalson President of the Realtors’ Association of Jamaica who also delivered remarks confirmed the timely and value adding entry of FMB to the marketplace.


Contact:- Alison Christie Binger
Managing Director
Illuminarte Communications Ltd,
Email: illuminarte@jamweb.net;
Tel;- 756-3697, 330-1155