The Rainbow Mortgage Inc. Story

A Series of Life Changing events

In late 1998 Dave was working for a fortune 500 company as a Sale Manager/Senior underwriter for a division that was closing over 1000 loans per month working his way up the corporate ladder.  I was working as a critical care nurse at Methodist Hospital in St. Louis Park, MN.  After graduating from college, Dave worked in many areas of lending and for many different companies. However, the path to Rainbow Mortgage probably started in 1999 when he found himself working for what is known in the industry as a Wholesale Lender.  Wholesale lenders provide money to mortgage brokers to lend to their clients.  At some point after taking this job, Dave had the bright idea to open a mortgage company of his own.  On a whim, he called his boss in Chicago and asked if they would be opposed to him getting his mortgage broker license while he was still employed at the company.  His boss called him back a few minutes later and gave him the green light.  At that time, the goal was to have the company as a side business helping friends and family with their mortgage financing.

In, March of 1999, while on a family vacation in Maui, we were trying to decide on a name for our new company.  At that time, the phone book was still popular so often company names were created to get a top listing in the phone book.  It was pretty common to see names like ABC Mortgage, Approved Mortgage, etc.  However, as we rode down the coastline of Maui, contemplating the name of our company, we saw beautiful rainbows on a daily basis and finally took it as a "sign".  It's still a matter of debate who suggested the name, either Dave or myself, but on that glorious morning, it was decided that the name of our new mortgage company was to be Rainbow Mortgage, Inc.  We believed just like Judy Garlands, "Somewhere Over the Rainbow”, that the rainbow represented the connecting to a happier place.   At the time, Dave’s core business was based on helping people who had suffered life challenges that required specialized financing options and loan programs.  Our clients were looking for a fresh start.

From 1999-2001 Rainbow Mortgage helped a few friends and family as Dave worked for a couple different companies while continuing to work Rainbow Mortgage, Inc. on the side.  Dave was very busy, sometimes having 10 loan applications per day to review and find programs for.  Rainbow Mortgage, Inc. was also beginning to show signs of success.  More and more clients were being referred to Rainbow Mortgage, Inc. and Dave was having trouble keeping up.  At this time, I was still working as a registered nurse in the medical ICU and was tiring of the 12 hour shifts and three day work weekends.  I decided to become more involved in the day to day operation of Rainbow Mortgage, Inc. and within a short time, decided to quit nursing and be a full-time partner of the company.  The skills I acquired as a nurse; documentation, time management, attention to detail, and being able to critically think and plan ahead, proved invaluable to the company.  This was likely the turning point for Rainbow Mortgage Inc. 

With myself now working full time in the company, Rainbow Mortgage, Inc. started to flourish by assisting more and more clients each year.  Dave was still working another job, however, one beautiful spring weekend in 2004, I convinced him to attend a seminar in Chicago that would be life changing.  Following the seminar, it was determined that Dave and I would go "all in" with our company.  That Monday, Dave gave his two week notice and it was Rainbow Mortgage Inc. full time!

Around the same time, our financial planner, Amy Jensen Wolf of AJW Financial, suggested that we investigate working with divorcing clients.  Divorce situations are complex and are very similar to the loans that Dave and I were doing when helping clients with credit challenges. We immersed ourselves into learning all we could about the mortgage challenges with divorcing clients and became an expert in Minnesota.  Our focus became assisting people going through divorce to determine their options for home financing following the divorce.

From 2004 to 2007 things were humming along nicely at Rainbow Mortgage Inc., the markets were great, people were buying homes, credit was easy to get…then BOOM the mortgage meltdown and nobody was buying, selling, or refinancing their home.  Many larger companies were shutting their doors, however, since we kept our company "lean" and had a divorce client focus,  were able to stay in business.

Since 2007, Rainbow Mortgage Inc., has continued to specialize in assisting clients going through divorce, assisting our past clients with purchases and refinances, and assisting the clients of our realtor and financial planning partners. We are proud to be a company that operates nearly 100% by referral.

Rainbow Mortgage, Inc. has been recognized as the Top Mortgage Broker Company in the Sun Times Directory for several years and was a repeat winner in 2015 and 2016.  Dave recently received an award from Rainbow Mortgage Inc.’s preferred lender for being among the top 1% of loan originators in the nation (coming in at number 75 out of 10,000+ loan originators). 

Our Story wouldn't be complete without thanking all of our referral partners, clients, family, and friends who have supported us over the past 17 years.  Thank you for your past referrals and continued support and for the potential new introductions yet to come.  We look forward to being your mortgage company of choice today and in the future, this is still just the beginning of our story!

To Your Success,

Gale Jamison


Rainbow Mortgage, Inc.