NewFed Taps Rick Scherer To Lead National Expansion

NewFed Mortgage, a mid-size, full-service, Boston-based independent mortgage bank (IMB) has added Rick Scherer, co-founder of Boston-based Onto Mortgage, to its executive team as Chief Strategy Officer. In the new role, Scherer will play “a pivotal role in guiding NewFed’s ambitious national expansion and market dominance as the company continues its growth trajectory,” company officials said in a press release.

Scherer brings more than two decades of experience to the position, including as a board member of LeaderOne Financial, a separate mid-size, Boston-based IMB that absorbed Onto Mortgage, founded in 2019, as a division in 2022. Scherer’s LinkedIn indicates prior experience as Vice President at MSA Mortgage, and before that, Branch Manager at (Guaranteed) Rate.

“Rick Scherer brings a wealth of knowledge and expertise that aligns perfectly with our vision of scalable, sustainable growth,” commented Robert Jewett, chief operating officer at NewFed, on the hire, citing Scherer’s “track record of driving results, combined with a deep understanding of both national and regional mortgage markets."

The press release announcing Scherer’s addition details NewFed’s ongoing strategy of “leveraging strategic hires and technology investments to drive a record-breaking year of profitability and success.” These advancements have proven “especially valuable as the company expands into new regions like the Midwest,” it also noted.

“I’m also thrilled to announce that this new move comes with a new chapter for OnTo Mortgage,” Scherer added about the transition. “In the coming weeks, Rich Clayton and the rest of our OnTo team will become a division of NewFed Mortgage. This speaks to our faith in NewFed’s leadership, growth trajectory, and commitment to best-in-class products and technology.”