Market Overview

New Fed Mortgage Corp. to Acquire Commonwealth Mortgage LLC

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DANVERS, Mass., Jan. 1, 2019 /PRNewswire-PRWeb/ -- New Fed Mortgage, a fast-growing multistate residential mortgage lender headquartered in Massachusetts is poised to expand the company further in 2019 with the announcement of plans to purchase Commonwealth Mortgage LLC, a direct to consumer lender located in Woburn, MA early in 2019.

Recent Growth
New Fed experienced rapid growth in 2018 adding on 25 new employees to its team along with the addition of 2 new retail branch locations. President Brian D'Amico: "Over the past year we have built our infrastructure and have been looking for opportunities for growth. Our vision for growth has been through retail branches in New England and to open a consumer direct channel outside of New England. The acquisition of Commonwealth enables us to do that while expanding our lending footprint. We are now more versatile with our current infrastructure and more importantly we have the right people in place."

About New Fed Mortgage
New Fed Mortgage Corp. based in Danvers has specialized in residential retail mortgage lending since 2001, and is licensed in seven states with team of 65 employees. New Fed offers in house underwriting for Conventional, Jumbo, FHA, VA, USDA, Portfolio lending and state housing programs. Products available include 1st time home buyer programs with little "0" down, pick your own term" traditional fixed rate programs, ARM programs, construction loans and 203K renovation loans.

The advantage of being a local based lender unlike most big banks, New Fed's focus is solely on mortgage lending and fostering a family style work atmosphere. New Fed takes an all-in team approach from the beginning of the process with personalized open communication through loan processing to closing.

About Commonwealth Mortgage
Founder and CEO of Commonwealth Mortgage Mike Richards, Esq. achieved extraordinary results funding billions of mortgage loans since its inception back in 2000 growing the company to a multi-state platform. Commonwealth has been on Banker & Tradesman "Fast 50" list amongst the fastest growing lenders in recent years and is approved with lending authority by Fannie Mae, VA, FHA and USDA.

Mike Richards also formed a subsidiary national closing/title company, CMR Closing Services. LLC with responsibility of oversight for several attorneys, paralegals, and support staff. The company has disbursed billions of dollars in residential mortgage funding's as well as title certifications and other settle agent functions.

Future Expansion and Plans
New Fed's acquisition of Commonwealth will enable the expansion mortgage lending into additional states that include Virginia, Illinois, Maryland and Pennsylvania. New Fed will be hiring additional staff to coordinate the internet mortgage division. D'Amico commented, "The acquisition will facilitate us to grow the company further and serve other markets in more states as well as to integrate and build out their existing platform of mortgage loan servicing which will create stronger relationships with our borrowers in the future."

New Fed Mortgage is an Equal Housing Lender. Members of the MA Mortgage Bankers Association and the Better Business Bureau of Eastern MA. For more information contact New Fed Mortgage at 877-639-3331 or email to info(at)newfed.com

 

SOURCE New Fed Mortgage Corp.

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