Massachusetts

Draper and Kramer Mortgage has announced that Bob Rocklein, a 30-year veteran of the Massachusetts mortgage industry, has joined the firm as Senior Loan Officer, based out of DKMC’s Boston-area branch in Franklin, Mass.
Draper and Kramer Mortgage has announced that Bob Rocklein, a 30-year veteran of the Massachusetts mortgage industry, has joined the firm as Senior Loan Officer, based out of DKMC’s Boston-area branch in Franklin, Mass.Draper and Kramer Mortgage has announced that Bob Rocklein, a 30-year veteran of the Massachusetts mortgage industry, has joined the firm as Senior Loan Officer, based out of DKMC’s Boston-area branch in Franklin, Mass.
 
“I’m excited to be joining the Draper and Kramer Mortgage Corp. team,” said Rocklein. “I am a trusted adviser to hundreds of clients, and with this firm, the support and service I can provide them is unparalleled in the industry.”
 
Rocklein has spent his entire career in mortgage banking, working in multiple facets of the business and holding several key positions. During the 1980s, he helped build the largest mortgage company in New England at the time–a mortgage lender that was the first in the region to hit $1 billion a year in loan production. He has also been a frequent media source, speaker and mentor on mortgage topics. Boston Agent Magazine, a local real estate trade publication, recently included Rocklein on its Who’s Who 2017 list of leaders in Boston’s residential real estate industry.
 
“Draper and Kramer Mortgage Corp. has been an important addition to mortgage lending in Massachusetts, and Bob Rocklein is an invaluable addition to our team,” said DKMC Franklin Branch Manager Michael Dunsky. “We’re a new name in the region, but the level of experience at this branch is already very deep. Bob exemplifies that expertise with his impressive track record, and we’re honored to have him on board.”

 
A former Massachusetts mortgage company executive pleaded guilty to defrauding the federal government of more than $2.5 million
A former Massachusetts mortgage company executive pleaded guilty to defrauding the federal government of more than $2.5 million.
 
Robert Pena, president of the now-closed Mortgage Security Inc. in Falmouth, Mass., admitted to six admitted to six counts of wire fraud and one count of conspiracy in federal court in Boston.
 
According to Acting U.S. Attorney William Weinreb, "Beginning in 2011, Pena began diverting money that borrowers were sending to Mortgage Security Inc. Pena also attempted to cover up his scheme by providing false reports to Ginnie Mae about the status of the loans MSI was servicing."
 
Pena used those funds for personal and business expenses, and also diverted borrowers’ escrow funds and mortgage-insurance premiums for his own use. Pena, 68, will be sentenced on Jan. 5 and faces up to 20 years in prison.

 
Draper and Kramer Mortgage has announced that Bob Rocklein, a 30-year veteran of the Massachusetts mortgage industry, has joined the firm as Senior Loan Officer, based out of DKMC’s Boston-area branch in Franklin, Mass.
Draper and Kramer Mortgage Corporation (DKMC) has named Harinder “Indy” Johar as the company’s new Director of Residential LendingDraper and Kramer Mortgage Corporation (DKMC) has named Harinder “Indy” Johar as the company’s new Director of Residential Lending, based out of DKMC’s Franklin, Mass. branch.
 
“This is a big move for me, and I’m excited to be making it,” said Johar. “I work with hundreds of clients a year and am on the job seven days a week, so making a transition like this is not a casual decision. I’ve done my homework and am confident Draper and Kramer Mortgage Corp. is where I can find the best support for my business and the best financing options for my clients.”
 
Johar is accompanied at his new position by several other top-producing greater Boston area loan officers.
 
“We’re truly honored to have Indy as part of our team,” said Paul Lueken, Chief Executive Officer of Downers Grove, Ill.-based Draper and Kramer Mortgage. “His incredible record and reputation speak for themselves. He could have chosen any mortgage company to work with, so it’s a huge endorsement of who we are and what our firm offers that he joined us.”
 
The addition of Johar is a notable development in DKMC’s ongoing recruitment and expansion efforts nationwide. With over 40 branches across the country currently, the lender is on pace to add over a dozen locations in 2017. In addition to entering the Boston market in late 2016, the company has recently established a presence in Washington, D.C.; Tennessee; Kentucky; Missouri; Texas; California; and Oregon.

 
Mortgage Network Inc. has announced that Jay Murphy has joined the company as a Loan Officer serving the Greater Boston area
mortgagenetwork.comMortgage Network Inc. has announced that Jay Murphy has joined the company as a Loan Officer serving the Greater Boston area, based in the lender's Burlington, Mass. branch. Murphy brings 10-plus years of mortgage banking experience to Mortgage Network, working primarily in the Boston area and the Greater New England region. He specializes in both conventional and jumbo loans. Most recently, Murphy served for six years as a Loan Originator for Salem Five Bank.
 
"Jay is a Boston area native and has spent his entire career working in the local real estate market, so he is a great resource for home loan borrowers in this area," said Billy Pierce, Branch Manager of Mortgage Network's Burlington office. “We are very pleased to welcome Jay to Mortgage Network and know he will be a valuable asset to the Burlington branch as we continue to grow."
 
Murphy said, "Mortgage Network is committed to the best possible customer service, which aligns very well with my customer-centric approach. I'm delighted to join the Burlington team."

 
Massachusetts Attorney General Maura Healey has announced her intent to sue Equifax Inc. over the security breach that exposed confidential personal data
Massachusetts Attorney General Maura Healey has announced her intent to sue Equifax Inc. over the security breach that exposed confidential personal data.
 
Healey noted that nearly three million Massachusetts residents may have been impacted by the breach, which Equifax reported last week. She added that her office will allege in its lawsuit that Equifax did not maintain the appropriate safeguards to protect consumer data in violation of Massachusetts consumer protection and data privacy laws and regulations.
 
“In all of our years investigating data breaches, this may be the most brazen failure to protect consumer data we have ever seen,” said Healey. “My office is acting as quickly as possible to hold Equifax accountable for the risks that millions of consumers now face.”
 
In most circumstances, the Massachusetts Consumer Protection Act requires the AG’s Office to send a five-day notice to companies it intends to sue. The AG’s Office sent such a letter to Equifax today.

 
Mortgage Network Inc. has announced that Jay Murphy has joined the company as a Loan Officer serving the Greater Boston area
Mortgage Network Inc. has announced that Christopher Cowher has joined the company as a Senior Loan OfficerMortgage Network Inc. has announced that Christopher Cowher has joined the company as a Senior Loan Officer, serving the Winchester and Lexington regions of Massachusetts. Cowher brings more than 25 years of experience to Mortgage Network in the areas of condo, multi-family, jumbo, VA and FHA loans.
 
"Having served clients in the Winchester and Lexington regions for 20 years, Chris offers a rare combination of local expertise and excellent service that's hard to beat," said Brian Koss, National Head of Production for Mortgage Network. "Chris' proven track record and dedication make him a valuable part of our continued success."
 
Most recently, he was a Loan Officer for Fairway Independent Mortgage Corporation. Prior to that, Cowher worked as a Senior Residential Loan Officer for Patriot Community Bank.
 
"Low housing inventory has led to a strong seller’s market," said Cowher. "Homebuyers who get pre-approved for mortgage financing ahead of time are in the best position to act quickly. As a buyer, it's also very helpful to work with an experienced mortgage lender that offers a wide range of loans at competitive rates." 

 
For the second month in a row, the median price for a single-family home in Massachusetts hit the $400,000 mark
For the second month in a row, the median price for a single-family home in Massachusetts hit the $400,000 mark, according to new data from the Massachusetts Association of Realtors. During July, the Bay State’s $400,000 median price also represented a 5.3 percent increase from the $380,000 mark set in July 2016.
 
But while prices soared, inventory in July reached its lowest level since MAR began recording the data in 2004. The 13,788 homes for sale in July represented a 28.6 percent plummet from one year earlier, when 19,317 homes were on the market. The 2.9-month home supply in July was 29.3 percent below the previous year’s level of a 4.1-month supply. As a result, July’s home sales were 1.2 percent lower on a year-over-year measurement.
 
“We’re seeing it take a toll on the ability of some buyers to close transactions,” said 2017 MAR President Paul Yorkis, president of Patriot Real Estate in Medway, Mass. “The demand is still there, but it’s the combination of price and inventory that’s catching up to buyers who are on the cusp of buying their first home, which has helped cause the dip we saw in closed sales this month.”

 
Richard Bettencourt, CRMS, Member of the Board of Directors of NAMB—The Association of Mortgage Professionals and Manager of Mortgage Network Inc.’s Danvers Square, Mass. branch, has been named Affiliate Member of the Year by the Greater Boston Associatio
Richard Bettencourt, CRMS (pictured above second from left), Member of the Board of Directors of NAMB—The Association of Mortgage Professionals and Manager of Mortgage Network Inc.’s Danvers Square, Mass. branch, has been named Affiliate Member of the Year by the Greater Boston Association of Realtors (GBAR).
 
Each year, GBAR recognizes the active volunteer involvement, charitable acts and business success of its members. The Affiliate Member of the Year Award acknowledges the involvement of industry product and service providers for their active participation in GBAR programs and activities, and their general support of the association, its mission and the REALTOR membership.
 
"Richard is very deserving of this honor," said Brian Koss, executive vice president of Mortgage Network. "Public service is a big part of what we do, and Richard exemplifies that to the fullest."
 
Bettencourt has been helping people buy homes or refinance their existing mortgages for more than 14 years. A Certified Military Housing Specialist (CMHS), Bettencourt for the past five years has served on the NAMB’s Board of Directors, where he also serves as Chairperson of the VA Loan Committee and is Past Chairman of the Government Affairs Committee. He was also recently appointed to the Mortgage Bankers Association's VA Working Committee Group. In 2016, he was recognized as one of the “Top 50 Most Connected Mortgage Professionals” in America by National Mortgage Professional Magazine.
 
"I am truly honored by this distinction," Bettencourt said. "It has and continues to be my honor to serve and support our community."
 
There is a growing level of discontent among Boston residents regarding the cost of living
There is a growing level of discontent among Boston residents regarding the cost of living.
 
According to a new Suffolk University/Boston Globe poll that ranked the cost of housing on a scale of 1 to 5, 49.2 percent of respondents rated housing costs with a 1, or “Very Dissatisfied,” while 21.6 percent rated it a 2. In comparison, 5.2 percent of voters rated the cost of housing a 5, or “Very Satisfied,” while six percent gave it a 4.
 
Furthermore, 34.2 percent of respondents said they were very dissatisfied with the overall cost of living, and 24.4 percent said they were somewhat dissatisfied. But only 17.4 percent of respondents selected the cost of housing as the top issue among seven socioeconomic concerns impacting their lives.
 
“We didn’t know going into the poll where these numbers were going to fall,” said David Paleologos, Director of the Suffolk University Political Research Center. “That’s an overwhelming poll number.”
Paleologos added that he hoped the survey could be used by policymakers as “a tool, a compass to try to figure out how to make the quality of life better for Boston residents.” The survey polled 500 residents by telephone between June 19 and June 21.

 
Forty-four employees and friends from nine offices of Mortgage Network Inc. participated in the recent Run for the Troops 5K in downtown Andover, Mass., that will help build a new custom home for a wounded Connecticut soldier
Forty-four employees and friends from nine offices of Mortgage Network Inc. participated in the recent Run for the Troops 5K in downtown Andover, Mass., that will help build a new custom home for a wounded Connecticut soldier.
 
Proceeds from the event will enable Homes for Our Troops to build a mortgage-free, specially designed home for Marine Corporal Roger Rua of Middlebury, Conn., who was injured in the line of duty in Afghanistan in 2012. The vehicle Rua was riding in drove over a command-detonated improvised explosive device (IED) in Helmand Province, Afghanistan. Rua sustained fractures to his spine, femur and sternum, as well as traumatic brain injury as a result of the explosion. Initially paralyzed from the chest down, Roger was able to walk again using only a cane following months of physical therapy.
 
"Mortgage Network was proud and privileged to help Roger by participating in last Sunday's Run for the Troops 5K in Andover, Mass.," said Robert McInnes, president of Mortgage Network. "Roger's story is truly inspirational, as are those of all of the many other veterans that have been helped by Homes for Our Troops. I know I speak for all of our employees that being involved in the run was incredibly rewarding."
 
Race proceeds also help military families through Fisher House Boston and Brides Across American organizations as well as help soldiers with PTSD through the military programs at Ironstone Farm.
 
"It was great to see so many people come together to support our veterans," said William R. Kelly, a loan officer in Mortgage Network's Danvers Square, Mass., branch and a U.S. Coast Guard veteran. "Many thanks to all of the sponsors who donated time, effort and money to support this great cause."