Norcom Mortgage has opened its third branch in Massachusetts, located in Belchertown, Mass. to be led by Miranda Ronke-Czarniecki, an 18-year veteran of the mortgage industry, who has been appointed Branch Manager. Prior to joining Norcom, Ronke-Czarniecki was a Sales Manager in Northern Hartford and Western Massachusetts.
“The growth potential through partnering with Norcom and the brand recognition will be unparalleled to anything I have experienced in the past,” said Ronke-Czarniecki. “Our team’s ability to exceed their goals will be true recognition of our potential.”
Norcom Mortgage Vice President of Retail Lending James Morin said, “Miranda and her team are an incredible addition to the Norcom family and we are thrilled to have them on board. Her background in the mortgage industry is exceptional and her overall experience is exactly what Norcom needs to continue our success in Massachusetts and throughout the East Coast.”
Mortgage Network Inc. has announced that Sean Doucette has joined the company as a Mortgage Loan Officer serving the central Maine area, bringing more than 15 years of banking and mortgage experience to the company.
"Experienced mortgage professionals like Sean Doucette are why we have so many happy borrowers at Mortgage Network," said Julie Poulin, Mortgage Network Branch Manager. "His track record and dedication to borrowers and homeowners in the Central Maine area makes him a valuable part of our continued success."
Most recently, Doucette served as Loan Originator for Key Bank. Prior to that, he managed Northeast Bank for 10 years. Born and raised in the Lewiston, Auburn area, Doucette served on the Board of Directors for Senior's Plus, an aging and disability resource center in Western Maine. Doucette earned his Mortgage Loan Origination Certification from Xinnix Academy and has a BA in Business Management from the University of Maine.
"Houses in central Maine move fast due to a shortage of inventory," said Doucette. "Most sellers won't sign a purchase agreement unless financing is in order, so homebuyers need to get pre-qualified right away. I am thrilled to be joining Mortgage Network, a lender with an excellent reputation, impeccable customer service, and a commitment to get loans closed quickly and on time.”
The old joke about the long arm of the law became a reality for Patrick Lee, a Massachusetts resident who was extradited from Ireland to face federal mortgage fraud charges.
According to U.S. News & World Report, Lee holds dual U.S.-Irish citizen and has lived in Ireland since 2007. In 2011, he was indicted on federal charges of mortgage fraud related to the use of forged mortgage applications and property appraisals in the acquisition of Boston properties between 2005 and 2007. The properties went into foreclosure, resulting in losses for the lenders.
Lee’s extradition is the first since 2012 for the return of a U.S. citizen from Ireland. Lee’s attorney stated that he intends to enter a not guilty plea.
One of the Northeast’s most popular tourist destination is experiencing a significant housing dilemma impacting its year-round residents.
According to a report from the regional trade publication Banker and Tradesman, Cape Cod has evolved into an acutely lopsided housing environment. Half of all of the second homes within Massachusetts are on Cape Cod, and the demand for vacation homes is forecast to grow by six percent over the next eight years, according to a report from the Cape Cod Commission. But the region’s tourism industry is not overflowing with high-paying jobs – the median household income for Barnstable County, which covers Cape Cod, is $63,251, but the median home price is $370,000. As a result, there is a shortage of more than 26,000 homes that would be affordable to residents making 80 percent of the median household income, and that gap is predicted to rise to more than 33,000 within 12 years – and that doesn’t take into account the absence of affordable rental apartments.
“As the number of second home owners increases, the seasonal economy becomes stronger, more businesses close in the off season, which further increases seasonal migration, decreases municipal tax revenue from year-round residents, and increases the town’s incentive to attract more seasonal homeowners,” the commission’s report stated.
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.
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 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, 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.
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 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."