Employee Spotlight: Patrick Wheeler

August 5, 2026

Meet Patrick Wheeler, National VP of Business Development, March’s Employee Spotlight! Let’s get to know him.

Patrick at Work

After a decade-long role as VP of Operations in the catering and concession business, the pandemic’s impact compelled Patrick to reassess his career path to support his family. A friend of his suggested obtaining a MLO license, which he successfully did in 3 weeks.

“It was a great decision,” reflects Patrick. “Especially given the opportunity to thrive in an industry where interest rates were in the 2% range.”

In the fall of 2022, Patrick joined the NewFed team.

“Following an inspiring Zoom call with Brian D’Amico, I sensed a perfect alignment with the company’s values,” added Patrick.

When asked about what he finds most rewarding here at NewFed, he couldn’t speak highly enough about the growth potential.

“Earning the trust of Jim Janczy, Frank Plenskofski, and the entire D’Amico family has led to my promotion to the National VP of Business Development. It’s a tremendous honor to assume this position and have the opportunity to spearhead the company’s recruitment efforts,” shared Patrick.

When asked about what motivates him in this role, Patrick shared:

“As cliché as it may sound, my family is my motivation. Providing them with the best possible lifestyle propels me to excel every day. As a sales enthusiast, achieving milestones like securing a sale, recruiting new loan officers, or assisting my team in reaching their objectives is immensely gratifying. I thrive on healthy competition and relish significant victories.”

Behind The Scenes

What three words would you use to describe yourself?

Reliable, Versatile, and Adaptable

What’s your personal mantra/life motto, and where did it come from?

“You Miss 100% of The Shots You Don’t Take”

This quote is famous and might be a cliche at this point, but it is true. When we fail to capitalize on opportunities, or even worse, fail to pursue them in the first place, we throw away any chance of that being our big moment.

Hobbies?

Coaching my son’s soccer team and participating in a men’s soccer league are regular activities I enjoy, alongside occasional rounds of golf.

What’s the last podcast you’ve listened to?

Recent listens include “Pardon My Take” and “The Joe Rogan Experience.”

What did you want to be as a kid?

A professional golfer. Growing up playing and idolizing Tiger Woods and Phil Mickelson gave me quite the itch to chase that dream. But here we are… maybe someday!

What’s something we should know about you?

I’ve been happily married to my wife Megan for 11 years, and we are blessed with two wonderful children, William (9) and Maddie (6).

And it would only be fitting to end on this note…

I am enthusiastic about NewFed’s family-oriented culture and enjoy seeking like-minded professionals who share our values. I would greatly appreciate any referrals if those reading this know of individuals who’d be a good fit for our team! 😉


Ready to make your next career move?
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Curb Appeal 101: Boost Your Home’s Value This Spring

August 5, 2026

Welcome to Curb Appeal 101 with NewFed Mortgage, where we’re all about practical solutions for boosting your home’s value without breaking the bank. As spring rolls in, it’s the perfect time to roll up your sleeves and give your home’s exterior a much-needed facelift. Enhancing your home’s outward appearance not only spruces things up as temperatures warm up but can also add significant value to your property. Follow these straightforward tips to enhance your curb appeal and make your home stand out in the neighborhood.

Tidy Up Your Landscape, Declutter & Clean

Don’t underestimate the power of a good cleaning session! And we mean CLEAN. Pressure wash your driveway, sidewalks, and siding to remove dirt, grime, and moss buildup. Trim and prune unruly or overgrown bushes and vegetation, and remove any weeds or dead plants from your yard. Keep your lawn neatly mowed and consider adding fresh mulch to tidy up those flower beds for a neat and well-maintained appearance. Simple landscaping improvements can make a world of difference in enhancing your home’s overall appearance. And if you’re in the market to sell your home this year or next, this can significantly impact the perceived value of your property.

Need some help? Take a cue from Marie Kondo and declutter your exterior spaces. Remove any unnecessary items taking up space on your porch, entryway, or yard to create a clean and inviting atmosphere. Give your windows, siding, and outdoor furniture a thorough cleaning to restore their shine and charm. You might even find some hidden treasures you’ve forgotten about along the way. If you’re cleaning up yard debris or unwanted goods, be sure to sift through items that may be salvageable or suitable for donation.

Focus On Maintenance

Before diving into any cosmetic enhancements, start with the basics. Walk around your property and take note of any areas that need attention. Patch up cracks in the driveway, touch up peeling paint, and replace worn-out hardware like door handles or light fixtures. Well-maintained physical aspects of your home can set the foundation for a visually appealing home, especially if you don’t have much yard space or live in a heavily congested area.

🎨 Front Door Refresh:

Is your front door looking a bit tired? Give it a fresh coat of paint in a bold hue to make a statement and catch some eyes, especially if you’re considering putting your home on the market. Opt for colors complementing your home’s exterior palette while adding a pop of personality. Alternatively, investing in a new door with decorative glass panels or sleek hardware can be just as effective in adding more “Wow Factor” to your home.

Remember to touch up any spots you found on your initial walkthrough! Maintenance and renovations could cost homeowners a lot of extra money if they aren’t careful. Be sure to set a budget and prioritize upgrades based on importance/safety.

Explore Green Thumb Magic

Nothing enhances a home’s exterior like a touch of greenery or beautiful horticulture. Invest in potted plants or hanging baskets filled with seasonal blooms to add color and character to your porch or entryway. Plant some flowers in window boxes or create a small garden in front of your home. For a quicker, easier option for those without the green thumb trait, pre-made baskets of colorful blooms you’ve come across running errands or at a local farmer’s market work just as well. Choose low-maintenance plants that thrive in your climate to ensure easy upkeep. Some common options are petunias, marigolds, or pansies for a splash of color without the fuss.

Even updating your mailbox or installing new house numbers for a fresh and modern look is a great way to make a small, inexpensive difference. With a touch of nearby greenery, these changes can significantly enhance your home’s curb appeal without breaking the bank.

Shine Bright with Outdoor Lighting

Illuminate your home’s entryway with stylish outdoor lighting fixtures. Solar-powered lights are energy-efficient and cost-effective and are great for providing soft, charming, ambient lighting. Install affordable solar pathway lights to guide visitors to your door and highlight architectural features for curb appeal after dark. These days, plenty of solar-powered lighting options of all styles for your home’s exterior can offer a cost-effective, green option with minimal maintenance required.

Why Curb Appeal Matters

Enhancing your home’s curb appeal isn’t just about making it look nicer—it’s also a savvy investment. A well-maintained exterior can significantly increase your home’s value and marketability to potential buyers when it comes time to sell. First impressions matter, and potential buyers are more likely to be drawn to a home with attractive curb appeal, which can lead to quicker sales and higher offers. Plus, it creates a welcoming first impression for guests and neighbors, making you proud to call it your own. Who knows, maybe you’ll be a home-improvement trendsetter that sparks an increase in home value across the whole neighborhood.

With these budget-friendly tips from NewFed Curb Appeal 101, you’ll be well on your way to boosting your home’s value and creating a welcoming facade that you’ll be proud to call home. With some elbow grease and attention to detail, you can elevate your home’s curb appeal and enjoy a more beautiful and valuable property for years to come. Happy home improvement!

Mortgage Lenders Look At Your FICO Credit Score & Here’s Why

August 5, 2026

One of the most crucial factors that will determine your ability to secure a mortgage is your credit score. You may have come across various credit monitoring platforms like Credit Karma. However, when it comes to mortgage applications, lenders typically look at a different scoring model known as the FICO credit score. In this blog, we’ll delve into why mortgage lenders prioritize the FICO score and address some common questions regarding credit scoring.

Why FICO Scores Matter to Mortgage Lenders

While Credit Karma uses the VantageScore model, many mortgage lenders rely on FICO scores. Both scoring models utilize similar data but assign different weightings to various factors, leading to variations in scores.

When it comes to mortgage considerations, focusing on your FICO score is smart for several reasons. The FICO score is specifically tailored to predict credit risk for mortgage lending purposes, making it a more accurate indicator of your creditworthiness in the eyes of lenders. Through FICO’s specific criteria, factors include a borrower’s history of payment, level of debt, length of credit history, types of credit, and recent credit behavior. These collectively shape a borrower’s “score”, which the lender uses in their decision-making process, in housing in particular and many other industries that involve credit during large purchases.

Common FICO Credit Score Questions

Q: Why do my Credit Karma score and FICO score differ?

A: The variance between your Credit Karma score and FICO score can be attributed to the different algorithms and weightings each scoring model employs. While Credit Karma primarily utilizes the VantageScore model, mortgage lenders rely on FICO scores. Each model places varying emphasis on different factors, such as payment history, credit utilization, and length of credit history, leading to disparities in scores.

Q: How do mortgage lenders assess my FICO score?

A: Mortgage lenders consider several factors when evaluating your FICO score, including:

  • Payment history: 35%
  • Level of debt/amounts owed: 30%
  • Age/length of credit history: 15%
  • Types of credit/credit mix: 10%
  • Credit inquiries/new credit: 10%

FICO vs VantageScore: Scoring Factors Comparison

For reference, the most recent version of VantageScore (4.0) uses the following 6 factors:

FICO Factor Weight VantageScore 4.0 Factor
Payment history 35% Payment history (41%)
Level of debt/amounts owed 30% Credit Utilization (20%)
Age/length of credit history 15% Depth of Credit (20%)
Types of credit/credit mix 10% Balances (6%)
Credit inquiries/new credit 10% Recent Credit (11%) + Available Credit (2%)

These components collectively provide lenders with insights into your credit management habits, debt obligations, and overall financial responsibility, crucial factors in determining your eligibility for a mortgage loan.

“Both FICO and VantageScore utilize some overlapping data but apply different weightings, which poses the challenge of interpretation. In our view, the credit score that lenders utilize holds the most significance. Particularly for mortgage considerations, focusing on your FICO score is advisable.”

— Eric Portnoy, VP Eastern Regional Sales Manager, NewFed Mortgage

“Understanding these differences sheds light on why the scores seen online may differ significantly from those provided by loan officers during mortgage applications.”

— Eric Portnoy

While Credit Karma offers a valuable tool for monitoring your credit health, it’s essential to recognize that mortgage lenders prioritize FICO scores when assessing your eligibility for a home loan.

As you prepare to embark on your homeownership journey, heeding Eric Portnoy’s advice, and understanding the nuances between credit scoring models, prospective homebuyers can navigate the mortgage landscape with confidence. Remember to prioritize your FICO credit score and how its significance to mortgage lenders can significantly impact your ability to secure a favorable mortgage loan. By cultivating healthy credit habits and staying informed about your credit profile, you can position yourself for success in achieving your homeownership dream.

As always, contact one of our housing professionals at NewFed Mortgage if you have any questions about the current market or more information about how your FICO score is the preferred credit score for mortgage lenders.

Talk To Our Team

Meet Our Local Mortgage Professionals in Reading, Massachusetts

August 5, 2026

Are you looking for a local mortgage lender in Reading, Massachusetts? We’ve got you covered here at NewFed Mortgage. Get to know our Reading team below and reach out anytime! We’re here to help with mortgages for every stage of your life.™

Branch NMLS #1792693

DC

Danielle Courtemanche

Producing Branch Manager, NMLS #1805721

Danielle began her career in mortgage in 2017 and has been with NewFed Mortgage for over 5 years. Danielle was July 2023’s Employee of the Month – check out her full article here.

What do you like about what you do best?

“I LOVE helping first-time home buyers navigate the purchase process. There is so much joy in a first-time home purchase; just remembering how amazing and exciting it felt to buy my home and to help someone achieve that goal for themselves is such an honor (especially when they didn’t think it could happen for them). The ability to provide for my family by doing something that doesn’t feel like work is what I like about what I do best.”

EP

Eric Portnoy

Eastern Regional Sales Manager, NMLS #20766

Eric began his career in mortgage in 1997 and has been with NewFed Mortgage for over 5 years. Eric was December 2023’s Employee of the Month – check out his full article here.

What continues to motivate you, Eric?

“Two things deeply motivate me in my work. First, there’s the incredible sense of family with my Sales staff. Knowing my team relies on me to achieve their goals in this challenging market fuels me to try to always be my best. Second, I feel a profound gratitude to Brian D’Amico, who took a chance on me during one of the most difficult times of my life. Brian’s trust instilled a strong sense of loyalty and a desire to consistently go above and beyond for this company.”

What brought you to the city/town where our office is located?

Reading is centrally located between where I live and grew up (my referral base). Mr. D’Amico had a property that he and Brian totally renovated for my team.

What (if any) local community organizations are you affiliated with?

Reading Chamber Of Commerce

What’s a cause that you are passionate about?

“I’m deeply involved with two recovery programs, Chelsea House and Redemption House. The work, therapy, and opportunities they provide for people in short-term and long-term recovery are truly phenomenal.”

NE

Nolis Espinal

Senior Loan Officer, NMLS #20185

How, when & why did you get started in the mortgage industry?

“I am proud to say that I have dedicated the past 20 years to working as a loan officer. It has been an incredible journey, and the fact that I can help others fills me with joy.”

Why NewFed? How long have you been here?

“I have been a Senior Loan officer here 5 years. I have to say, NewFed Mortgage has been amazing! It’s a family-oriented and great company.”

What’s the last book you read or podcast you listened to?

Unravelling the Son-In-Law podcast!

Describe an interesting hobby or pastime that you have.

“I enjoy exercising a lot in the mornings. What makes my heart full of love is being with my kids and bringing them to the park or for a walk.”

What’s a cause that you are passionate about?

Advising the Hispanic community about mortgages!

What are some of your favorite local spots to visit?

Capital Grill Restaurant, Encore Casino

JP

Jesus Paraliticci

SVP for NewFed Commercial & Senior Loan Officer, NMLS #17695

How, when & why did you get started in the mortgage industry?

“I got started about 24 years ago. I started my career in banking, which was a good transition to mortgage. I thought I could make a difference in my community. When I started, there were very few Hispanic loan officers – no representation at the time.”

Why NewFed? How long have you been here?

“I’ve known Brian for a long time. He asked me to join his team several times before I decided to move to NewFed. Back then, NewFed was not the right size for my business. Six years ago, NewFed expanded its programs and increased its capabilities. Finally, it was the perfect combination of size and programs with a great work atmosphere.”

What has been your most rewarding experience working with a client?

“I have been doing mortgages for a very long time and have had many rewarding experiences over the years. I like making a difference in my community; I work primarily with minorities and do my best to cater to the Hispanic community. We are underrepresented in the financial sector, and I want to help my community grow and acquire wealth to be part of the American dream. In my opinion, real estate is one of the best ways to do that.”

What do you like about what you do best?

“The joy I see on my clients’ faces when they purchase their first home, and knowing I did my best to help them get there.”

What’s the last book you read or podcast you listened to?

“I don’t read as much as I used to, maybe 5 books per year. The last book I read was Killer of the Flower Moon, by David Grann. I like nonfiction books based on true stories because it was something that really happened. After I read the book, I saw the movie – I like the book better!”

Describe an interesting hobby or pastime that you have.

“I enjoy traveling to different countries & enjoying different cultures. I also like sky shooting and range shooting. I’m a big foodie and I love Salsa dancing with my spouse.”

What (if any) local community organizations are you affiliated with?

“I am a Free Mason. I belong to MVGC, LUMA, and Latidos the Amore. I sponsor several nonprofit organizations every year!”

What are some of your favorite local spots to visit?

“I love going to sporting events like the Patriots, Celtics, and Bruins. I also enjoy going to the Rockport Music Festival. I like to go to Broadway shows, the Ballets, & the Boston Symphony. I also enjoy Salsa Dancing with my spouse like Havana Club, and Ryles as well. And I can’t pass up fine dining around Boston and surrounding areas.”

DR

Delmy Ramirez

Loan Officer Assistant

How, when & why did you get started in the mortgage industry?

“In 2018, I embarked on a path to obtain a Loan Officer license with the aspiration of contributing meaningfully to the mortgage sector. Despite my earnest efforts, I encountered challenges with the licensure examination, ultimately falling short of passing the test. This setback, however, did not deter my enthusiasm or determination to continue to look for an opportunity within the industry.”

Why NewFed? How long have you been here?

“In 2020, I commenced my journey as a Loan Officer Assistant, marking the beginning of my active participation in the mortgage industry. This role not only provided me with invaluable insights but also equipped me with practical skills essential for navigating the complexities of mortgage transactions. NewFed gave me the opportunity that I was looking for.”

What has been your most rewarding experience working with a client?

“One of the most rewarding aspects of my role is the opportunity to connect with clients on a personal level. Oftentimes, beyond the transactional aspect of securing a mortgage, I have had the privilege of gaining insight into their lives, including their hopes, fears, and dreams. Listening to their stories and understanding their unique perspectives has been both inspiring and enlightening, fostering a deeper sense of empathy and understanding.”

Describe an interesting hobby or pastime that you have.

“Ever since I can remember, painting has been a source of tranquility and inspiration for me. I also love to run.”

What’s a cause that you are passionate about?

Help Hispanics who do not speak English.

MC

Michael Cusolito

Loan Officer, NMLS #1998214

How, when & why did you get started in the mortgage industry?

“I joined NewFed as an intern in June 2019. I was studying Finance & Real Estate, and looking for a summer internship. I had a mutual connection with Brian. He offered me the job and I haven’t looked back since.”

Why NewFed? How long have you been here?

“In my time at NewFed, I’ve gone from an intern while still in school to full-time and worked in post-closing, closing, processing, finance & accounting, and now sales as an LO. NewFed is made special by its people, and the Reading office is like family. Everyone is willing to offer a helping hand, and colleagues are involved in each other’s lives outside of work. As a newer LO, there is so much to learn, and I wouldn’t be able to do what I do without help from Eric and Dani, who make themselves available 24/7/365.”

Describe an interesting hobby or pastime that you have.

“I like to spend time outdoors, camping, hiking, and fishing.”

What’s a cause that you are passionate about?

“I support the Alzheimer’s Association because it is close to me personally.”

What are some of your favorite local spots to visit?

Daily Harvest Café and Nick’s Roast Beef near our Danvers office, & Bangkok Spice and Swissbakers in Reading.

MK

Max Kelley

Loan Officer, NMLS #2494108

Why NewFed? How long have you been here?

“I have only been at NewFed for about six months, but the people here are so welcoming and helpful. I couldn’t ask for a better place to work.”

What brought you to the city/town where our office is located?

“I called a local realtor when I was looking for work after getting licensed as an LO, he connected me with Mike Bornstein. Mike connected me with Eric and here we are now!”

What (if any) local community organizations are you affiliated with?

“Something I really enjoy doing is coaching lacrosse. For the past 3 years, I have been the assistant coach at my old high school, Dracut High. I love giving back to the kids and helping them succeed!”

What is one of your favorite local spots to visit?

Swissbakers, right next door to our Reading office!

BV

Bruna Valente Bua

Loan Officer, NMLS #2035430

How, when & why did you get started in the mortgage industry?

“I first started investing in real estate in 2014 and fell in love with the mortgage industry! I decided to become a loan officer to help others buy real estate and grow real wealth.”

Why NewFed? How long have you been here?

“I used NewFed to finance my first piece of real estate back in 2014 and then many times after, including refinances. So why not be a loan officer for the company I trust with my own financing needs? It was a no-brainer!”

What continues to motivate you? What do you like about what you do best?

“My family is my biggest motivation! My husband and I can provide for our family using passive income from real estate, and helping other families get into the real estate world makes me happy!”

What’s the last book you read or podcast you listened to?

Unstoppable Prosperity by Charles Payne

Describe an interesting hobby or pastime that you have.

“I love fishing, dancing, cooking for my family, and I love to clean (I know, strange hobby)!”

What’s a cause that you are passionate about?

“Tunnels to Towers for supporting the families of American Heroes – Fallen First Responders and Wounded Veterans. St. Jude as well, because families never receive a bill for treatment, travel, housing, or food. They lead the way treating and defeating childhood cancer.”

CS

Christine Seremet

Processor

Christine has been in the mortgage industry for about 20 years and has been with NewFed Mortgage for over 5 of those. Christine was November 2023’s Employee of the Month – check out her full article here.

“One thing I love about NewFed is that it’s not a big corporation, and we are not just a number here. I love how everyone knows each other and how down-to-earth everyone is. Everyone sticks together to maintain the same goal of being a successful company. Brian is a great guy to work for!”

MC

Maria Cicerone

Underwriter

How, when & why did you get started in the mortgage industry?

“My start in the mortgage industry – now over 25 years ago – was really by chance. After graduating from high school in 1989, I started working as a teller in a local bank in Everett, MA. After a few months, I moved to customer service and eventually the loan department as a loan servicing rep. A loan work-out specialist I worked with was leaving the bank and going to a mortgage company in Boston – I was asked to follow. At that time, I had been with the bank for 7 years and was ready for a change, so I made the move and took a position underwriting debt consolidation and home improvement loans until the company closed in 1999.”

“Once again, one of the managers from that company asked me to follow her to a different mortgage company, and I did. I started as a closer, moved on to processing, and eventually landed in underwriting. I really enjoy the challenge of analyzing credit and financial documentation and making tough decisions.”

Why NewFed? How long have you been here?

“I came to NewFed with Eric and most of the Reading group after Sage Bank merged with Salem Five over five years ago. After meeting with Brian D’Amico, I knew this would be a perfect fit. Brian’s laid-back, down-to-earth personality and vision for his company made me realize this was where I wanted to be. I’m forever grateful to Brian for this opportunity!”

What has been your most rewarding experience working with a client? Share a success story.

“As someone who immigrated to the United States, with my family, in search of the American dream, working as an underwriter has allowed me to help others realize a piece of that dream and that is very rewarding.”

MO

Meghan O’Brien

Processor

How, when & why did you get started in the mortgage industry?

“Twenty-five years ago, I met a guy who worked for Alternative Lending Capital, a mortgage broker in the office building I was working in at the time, and he convinced me to give it a shot.”

Why NewFed? How long have you been here?

“I came to NewFed a little under 5 years ago because some of the best people I know in the business were here.”

What do you like about what you do best?

“I love the customer service aspect and helping people through one of the most stressful purchases they’ll make.”

What (if any) local community organizations are you affiliated with?

Burlington High School Athletic Boosters. I’m passionate about youth sports!

ST

Stephanie Tanga

Closer

How, when & why did you get started in the mortgage industry?

“I started working in the mortgage industry in 2010, doing administrative tasks. Then, I received the opportunity to assist in working at the lock desk and then transitioned into funding, closing, and post-closing. I was initially presented with a permanent role working in the closing department as a funder and then transitioned into a full-time closing position. It was a fast transition, but I adapted quickly, and I’ve enjoyed learning and growing in my role within the closing department and still look to learn more as my journey continues in the closing department.”

Why NewFed? How long have you been here?

“I decided to join NewFed after being introduced to Brian D’Amico by Al Petrilli. Brian’s down-to-earth personality, visions for the growth of his company, and admiration for his employees and management team really resonated with me. I am very grateful to Brian for granting me the opportunity to be a part of the team.”

Describe an interesting hobby or pastime that you have.

“Having two small kids can make it challenging to find time for myself. In my spare time, I really enjoy focusing on movement, whether it be outdoor walks, yoga, or being challenged by a Peloton cycling or strength class. Implementing mental/physical activity daily helps put me in a positive mindset to start my day.”

NewFed Mortgage Corp’s Reading Branch NMLS #1792693

Financial Literacy for Homebuyers: Debt, Credit & Mortgages

August 5, 2026

In personal finance, the word “debt” often evokes feelings of stress and uncertainty. As a mortgage company dedicated to helping individuals achieve their homeownership dreams, we understand that debt is a nuanced aspect of financial planning. Let’s cover debt as our first key pillar of Financial Literacy Month. Although the topic of debt, its relationship with credit, and how it intersects with the journey to homeownership can be intimidating, we’re here to break it down with you and help turn those dreams into reality.

Understanding Debt and Credit

Debt is simply money borrowed that must be repaid, typically with interest. It can come in various forms, including credit card debt, student loans, car loans, and mortgages (just to name a few). Credit is used to measure one’s ability to borrow money, often represented by a credit score. Responsible debt management can bolster your creditworthiness, while excessive debt or missed payments can lower your credit score. When it comes to mortgages, lenders look at FICO scores to determine financing eligibility. Why FICO? We break that down in this blog.

💡 One of the most common questions we hear from those afraid they won’t qualify for a mortgage is:

“How can I improve my credit score?”

While there’s no straightforward answer for this, because everyone’s situation is different, there are certainly tips you can follow to make strides.

Debt and Homeownership

For many individuals, purchasing a home is the most significant financial commitment they will ever make. Understanding the relationship between debt and homeownership is crucial. Mortgage lenders evaluate the debt-to-income ratio (DTI), which compares your monthly debt payments to your gross monthly income, to determine your ability to repay a mortgage. Responsibly managing existing debt can improve your chances of securing a favorable mortgage rate and affording your desired home.

📊 Not sure where your DTI lands? You can easily calculate it!

Add up your total monthly debt payments (let’s say $900, for example), divide that number by your monthly gross income before taxes and deductions (let’s say $2,333, for example), and multiply it by 100.

This example would give you a 39% DTI

Analyzing and Managing Debt for Improved Approval Chances

Q: How much debt is too much when applying for a mortgage?

A: While there isn’t a one-size-fits-all answer, mortgage lenders typically prefer a debt-to-income ratio below 35%. However, this can vary depending on factors such as credit score and down payment amount. DTIs above 50% will likely require some work to lower them before applying – but some lenders can accommodate higher DTIs if other financial requirements are met and if that lender offers a supporting program (like our NewFed Advantage FHA DPA).

Q: Will paying off debt improve my chances of getting approved for a mortgage?

A: Reducing existing debt can often improve your debt-to-income ratio and overall financial health, increasing your chances of mortgage approval.

Q: What resources can help me manage my debt effectively?

A: Utilize budgeting tools like Mint or this nifty (and effective) budget planner from NerdWallet to track expenses and create a plan that works for you and your financial situation.

Additionally, many organizations at the federal, state, and local levels also exist to help people improve their financial literacy and provide assistance to those in need of debt relief or more detailed attention. Check out Debt.org for financial resources and guidance surrounding debt of all kinds.

And of course, our team of licensed mortgage professionals is more than happy to examine your current finances and assess what options and/or courses of action you can take to get pre-approved and start your home search. If you’re unsure where to begin, let us help!

At NewFed Mortgage, we recognize that debt is a natural part of financial life and believe that individuals can navigate it successfully with the proper knowledge and tools. By understanding the relationship between debt, credit, and homeownership, you can take proactive steps toward achieving your housing goals while maintaining financial stability. Together, we can help transform the challenges of debt into opportunities for financial empowerment and freedom, paving the way toward your real estate investment.

Stay tuned throughout April for more tips on how to boost your financial literacy. Up next, we’ll cover the topic of Budgeting.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. Please consult with a qualified financial professional regarding your specific situation.

NewFed Mortgage Chief Operating Officer Robert Jewett named 2024 HousingWire Tech Trendsetter

August 5, 2026

Boston, Massachusetts, November 4th, 2024 – NewFed Mortgage Corp (NewFed Mortgage), a full-service mortgage lender operating in several states throughout the country, today announced Chief Operating Officer Robert Jewett has been selected by HousingWire as a 2024 Tech Trendsetter Award winner. HousingWire’s Tech Trendsetters are the top product and technology leaders who have been essential in bringing innovative tech solutions to market for mortgage and real estate clients.

“I’m deeply honored to be recognized among HousingWire’s Tech Trendsetters and to stand alongside so many industry leaders and innovators. In today’s lending environment, technology is no longer just a tool but a necessity for creating a streamlined, transparent, and supportive borrower experience.”

“At NewFed Mortgage, we’ve made innovation a core pillar of our commitment to our clients and partners, ensuring that we’re not only meeting industry standards but setting new ones. As a mid-size independent mortgage bank, this award is a testament to the strength of our team and the value of being agile, forward-thinking, and people-focused in every decision we make.”

“As we continue expanding nationwide, we’re seeking experienced mortgage loan officers who share our vision—those who prioritize tech, innovation, and an elevated borrower experience. We’re excited about the journey ahead and remain steadfast in our mission to deliver top-tier service and technology to communities across the country.”

— Robert Jewett, Chief Operating Officer, NewFed Mortgage

About NewFed Mortgage Corp.

NewFed Mortgage Corp. is a nationally recognized, full-service mortgage company leveraging over two decades of residential retail mortgage lending to provide premier financing experiences for clients in 20+ states nationwide.

NewFed Mortgage Corp. is a Fannie Mae/Freddie Mac seller-servicer. They offer a complete line of products, including Agency Conventional, Jumbo, and Non-QM mortgages. NewFed Mortgage Corp is an approved lending institution for the VA (the U.S. Department of Veterans Affairs), USDA (U.S. Department of Agriculture), FHA (Federal Housing Administration), and various state housing programs. They provide access to different innovative portfolio products, ranging from first-time homebuyer programs with little or “zero” down, “pick your term” traditional fixed-rate products, ARM programs, USDA Renovations, VA Renovations, 203k, or Homestyle renovation loans. They also provide access to custom-fit portfolio programs tailored to meet clients’ specific needs.

Committed to local lending, the NewFed Mortgage Corp team loves what they do and the impact they leave even more. They’re your neighbors, after all. With a family-style approach to fully understanding clients’ needs, working with this team will never feel transactional. The company takes an all-in team approach right from the beginning of the process, providing personalized service and open communication from loan processing through loan closing. Their tagline, “Mortgages for every stage of your life™,” is their mission. This mission is achieved through establishing deep connections with clients so that they turn to NewFed Mortgage Corp as a reliable financial partner for years to come.

Learn more about NewFed Mortgage Corp at www.newfed.com.

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Rick Scherer Joins NewFed Mortgage as Chief Strategy Officer to Lead National Expansion

August 5, 2026

Bringing Over 20 Years of Industry Experience, New CSO Poised to Drive Record-Breaking Growth in 2025

Boston, Massachusetts, November 14th, 2024 – NewFed Mortgage, an independent mortgage banking leader known for its commitment to technology-driven innovation and personalized lending solutions, is pleased to announce the appointment of Rick Scherer as Chief Strategy Officer (CSO). With over two decades of experience in the mortgage industry, Rick Scherer will play a pivotal role in guiding NewFed’s ambitious national expansion and market dominance as the company continues its growth trajectory.

Strategic Leadership for a New Era

In a time when many independent mortgage bankers (IMBs) have scaled back operations, NewFed has taken bold steps to secure its position as an industry leader. Having weathered the financial crises of 2008 and the recent challenges in the real estate market, NewFed is leveraging strategic hires and technology investments to drive a record-breaking year of profitability and success. Rick Scherer will spearhead the company’s growth initiatives, including market expansion into new states, optimizing operational efficiencies, and strengthening the company’s already robust loan officer recruitment strategy.

“Rick Scherer brings a wealth of knowledge and expertise that aligns perfectly with our vision of scalable, sustainable growth. His track record of driving results, combined with a deep understanding of both national and regional mortgage markets, makes Rick Scherer the ideal choice to lead us into the next phase of our journey. We’re excited to go into the new year with such powerful momentum.”

— Robert Jewett, Chief Operating Officer at NewFed

A Proven Leader in Mortgage Strategy

Before joining NewFed, Rick Scherer served on the board of directors at Leader One Financial where he assisted in the company’s vision, marketing efforts and growth strategies. His focus at NewFed will be on executing the company’s national expansion plan, enhancing partnerships, and further innovating loan origination processes with cutting-edge technology.

“I’m excited to be joining NewFed at such a transformative time in the company’s history. The investments in technology and people that this company has made ensure that we are positioned not just to survive, but to thrive in today’s challenging market. I look forward to helping shape a future where NewFed continues to stand out as a lender of choice for homebuyers, top loan officers, and referral partners.”

— Rick Scherer, Chief Strategy Officer

“I’m also thrilled to announce that this new move comes with a new chapter for OnTo Mortgage. 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.”

— Rick Scherer, Chief Strategy Officer

Investing in Talent and Technology

The appointment of Rick Scherer is part of NewFed’s broader strategy to strengthen its leadership team, which includes recent key hires in finance, technology, and operations. These additions have allowed the company to innovate and streamline processes, ensuring a seamless and personalized experience for borrowers and real estate professionals alike. NewFed’s industry-leading lending technology allows for faster approvals and enhanced customer service, which has proven especially valuable as the company expands into new regions like the Midwest.

A Call to Loan Officers: Join Our Growing Team

As NewFed continues its national expansion, the company is actively seeking experienced loan officers to join its team. NewFed offers a collaborative, supportive environment with competitive compensation packages, cutting-edge tools, and a leadership team dedicated to professional growth.

“Our mission is to empower our loan officers with the resources they need to succeed. With the addition of Rick Scherer as CSO, we are taking our recruitment and growth initiatives to the next level. Loan officers looking for a stable, growth-oriented company backed by world-class operational support should look no further than NewFed.”

— Robert Jewett, Chief Operating Officer

About NewFed Mortgage Corp.

NewFed Mortgage Corp. is a nationally recognized, full-service mortgage company leveraging over two decades of residential retail mortgage lending to provide premier financing experiences for clients in 20+ states nationwide.

NewFed Mortgage Corp. is a Fannie Mae/Freddie Mac seller-servicer. They offer a complete line of products, including Agency Conventional, Jumbo, and Non-QM mortgages. NewFed Mortgage Corp is an approved lending institution for the VA (the U.S. Department of Veterans Affairs), USDA (U.S. Department of Agriculture), FHA (Federal Housing Administration), and various state housing programs. They provide access to different innovative portfolio products, ranging from first-time homebuyer programs with little or “zero” down, “pick your term” traditional fixed-rate products, ARM programs, USDA Renovations, VA Renovations, 203k, or Homestyle renovation loans. They also provide access to custom-fit portfolio programs tailored to meet clients’ specific needs.

Committed to local lending, the NewFed Mortgage Corp team loves what they do and the impact they leave even more. They’re your neighbors, after all. With a family-style approach to fully understanding clients’ needs, working with this team will never feel transactional. The company takes an all-in team approach right from the beginning of the process, providing personalized service and open communication from loan processing through loan closing. Their tagline, “Mortgages for every stage of your life™,” is their mission. This mission is achieved through establishing deep connections with clients so that they turn to NewFed Mortgage Corp as a reliable financial partner for years to come.

Learn more about NewFed Mortgage Corp at www.newfed.com.

Contact Information

CSO Contact Information:

Rick Scherer, Chief Strategy Officer, NewFed Mortgage Corp

Email: rscherer@newfed.com

Press Contact Information:

Emmi Baker, VP Marketing Director, NewFed Mortgage Corp

Email: esauls@newfed.com

The Boston Globe Names NewFed Mortgage a Top Place to Work in 2024

August 5, 2026

Boston, Massachusetts, December 9th, 2024 – NewFed Mortgage Corp (NewFed Mortgage) has been named one of the 2024 Top Places to Work in Massachusetts in the 17th annual, employee-based survey from The Boston Globe.

Top Places to Work recognizes the most admired workplaces in the state voted on by the people who know them best—their employees. The survey measures employee opinions about their company’s direction, execution, connection, management, work, pay, benefits, and engagement. The employers are placed into one of four groups: small, with 50 to 99 employees; medium, with 100 to 249 workers; large, with 250 to 999 staff members; and largest, with a workforce of 1,000 or more employees.

NewFed Mortgage Corp. was ranked #54 in the Top Places to Work: Medium-size companies category.

Quotes from NewFed’s Leadership

Rob Jewett, Chief Operating Officer:

“At NewFed Mortgage Corp, our commitment to innovation is driven by the voices of our employees. This recognition underscores the success of our approach to leveraging feedback to enhance both technology and processes. From streamlining workflows to introducing cutting-edge tools that empower our team, we continuously evolve to create a workplace that prioritizes efficiency and employee satisfaction. This award reflects the tangible impact of listening to our people and turning their insights into meaningful advancements.”

Rick Scherer, Chief Strategy Officer:

“Feedback is at the core of everything we do at NewFed Mortgage. It informs not only our strategic initiatives but also how we plan and execute across all departments. By fostering a culture of openness and collaboration, we ensure that every decision we make aligns with the needs of our team and the goals of the company. This recognition as a Top Place to Work validates the importance of listening, adapting, and building strategies that empower our employees and drive long-term success.”

Eric Portnoy, EVP Sales, Eastern Division:

“Receiving this award is a proud moment for all of us at NewFed Mortgage. It highlights the unique culture Brian D’Amico built and we’ve continued to foster — one that prioritizes people above all else. By fostering open communication and integrating employee feedback into our strategies, we’ve created a workplace where individuals feel empowered to excel. This approach not only strengthens our team but also ensures we deliver exceptional results for our clients and partners.”

Hans Plum, EVP Sales, Western Division:

“Being named a Top Place to Work is a testament to the forward-thinking culture at NewFed Mortgage. As we expand into new markets, the emphasis we place on incorporating employee feedback into our growth strategies sets us apart. This recognition strengthens our ability to recruit top talent, build industry authority, and forge valuable partnerships. It showcases our dedication to creating an environment where innovation, collaboration, and excellence are not just goals—they’re how we do business.”

“The best employers pay attention to the many ways work changes– and the many ways it stays the same– and figure out how to keep people engaged and motivated through it all,” said Katie Johnston, the Globe’s Top Places to Work editor.

About the Survey

The rankings in Top Places to Work are based on confidential survey information collected by Energage (formerly WorkplaceDynamics), an independent company specializing in employee engagement and retention, from nearly 68,000 employees at 323 Massachusetts organizations. The winners are constantly working to improve their workplaces, from making meetings more manageable in a virtual environment to pairing up new hires with more seasoned “buddies.”

Top Places to Work online extras include sortable rankings and features that showcase companies that are investing in their entire, multigenerational workforce. All information is available at globe.com/topplaces. Follow the news on social media using the hashtag #workboston.

About NewFed Mortgage Corp.

NewFed Mortgage Corp. is a nationally recognized, full-service mortgage company leveraging over two decades of residential retail mortgage lending to provide premier financing experiences for clients in 20+ states nationwide.

NewFed Mortgage Corp. is a Fannie Mae/Freddie Mac seller-servicer. They offer a complete line of products, including Agency Conventional, Jumbo, and Non-QM mortgages. NewFed Mortgage Corp is an approved lending institution for the VA (the U.S. Department of Veterans Affairs), USDA (U.S. Department of Agriculture), FHA (Federal Housing Administration), and various state housing programs. They provide access to different innovative portfolio products, ranging from first-time homebuyer programs with little or “zero” down, “pick your term” traditional fixed-rate products, ARM programs, USDA Renovations, VA Renovations, 203k, or Homestyle renovation loans. They also provide access to custom-fit portfolio programs tailored to meet clients’ specific needs.

Committed to local lending, the NewFed Mortgage Corp team loves what they do and the impact they leave even more. They’re your neighbors, after all. With a family-style approach to fully understanding clients’ needs, working with this team will never feel transactional. The company takes an all-in team approach right from the beginning of the process, providing personalized service and open communication from loan processing through loan closing. Their tagline, “Mortgages for every stage of your life™,” is their mission. This mission is achieved through establishing deep connections with clients so that they turn to NewFed Mortgage Corp as a reliable financial partner for years to come.

Learn more about NewFed Mortgage Corp at www.newfed.com.

About Boston Globe Media

Boston Globe Media Partners, LLC is a locally owned, award-winning media company serving Boston and New England. The cornerstone of the brand is The Boston Globe, a 27-time Pulitzer Prize-winning news source and one of the most successful metro news organizations in the United States. The Globe is headquartered in Boston with regional bureaus in Washington, D.C., Rhode Island, and New Hampshire. The Globe has one of the highest daily print circulations among metro newspapers and more than 245,000 digital subscribers. As part of Boston Globe Media’s growing portfolio of brands, the Globe hosts events that connect community members to its journalism and provides a range of digital and home-delivered advertising solutions that reach more consumers than any other New England media brand. Boston Globe Media’s properties include The Boston Globe, Globe.com, Boston.com, STAT, The B-Side, Globe Publishing Services, Globe Events, Studio/B, and the weekday news program Boston Globe Today on NESN and online.

Press Contact

NewFed Mortgage Press Contact Information:

Emmi Baker, VP Marketing Director, NewFed Mortgage Corp

Email: esauls@newfed.com

NewFed Mortgage Proudly Supports Boston’s Co-Purchasing Housing Pilot Program

August 5, 2026

NewFed Mortgage is honored to partner with the City of Boston in its groundbreaking Co-Purchasing Housing Pilot Program, an initiative designed to make homeownership more attainable for middle-income residents. Announced by Mayor Michelle Wu during her 2025 State of the City Address, the program allows multiple households to combine their purchasing power to buy multifamily homes, helping families and individuals overcome the financial barriers of Boston’s competitive housing market.

“Boston’s housing market has created significant barriers for middle-income families, particularly those from historically marginalized communities. Through the Co-Purchasing Pilot Program, we are creating opportunities for residents to pool their resources and build generational wealth together.”

— Mayor Michelle Wu

Breaking Down Barriers to Homeownership

Boston’s housing prices continue to challenge first-time homebuyers, even those who are financially prepared to own a home. This program creates a new pathway to homeownership by allowing families, friends, and individuals to co-buy properties together, making it possible to afford homes that may otherwise be out of reach.

“Homeownership is one of the most effective ways to build wealth and secure long-term stability, yet for many Boston residents, it feels out of reach. This program opens up new possibilities by helping families work together to achieve what may have seemed impossible on their own.”

— Sheila A. Dillon, Chief of Housing

💰 Program Benefit:

To further assist participants, the program offers forgivable loans of up to 5% of each buyer’s share of the purchase price, helping with down payments and closing costs.

NewFed Mortgage’s Commitment to Innovative Housing Solutions

As a program partner, NewFed Mortgage is committed to helping co-buyers secure financing solutions that turn homeownership dreams into reality.

“This pilot co-purchasing program is a concrete step towards making Boston more affordable to families. The Boston Home Center and the Mayor’s Office of Housing have come up with a creative way to generate more equity in the Boston real estate market.”

— Bart Reddington, Senior Mortgage Planner, NewFed Mortgage

At NewFed Mortgage, we understand the challenges homebuyers face in today’s market. That’s why we’re committed to providing flexible, community-driven financing options that support programs like this—helping more Boston residents own homes, build wealth, and create long-term housing stability.

Why This Program Matters

By promoting co-ownership agreements and providing financial assistance, the Co-Purchasing Housing Pilot Program is not just about affordability—it’s about community. This model allows participants to:

✔️
Pool resources to buy in desirable neighborhoods
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Reduce individual financial burden while gaining home equity
✔️
Strengthen communities by increasing homeownership and neighborhood stability
✔️
Combat investor competition, keeping homes in the hands of Boston residents

“Many first-time buyers in Boston are financially ready to own but face steep prices. This initiative offers a way to pool resources and increase buying power, making homeownership accessible to those who might otherwise be priced out.”

— Jessica Ingram-Bee, Boston-based Real Estate Agent

A Step Toward Housing Equity

This initiative is part of a broader effort to close the racial wealth gap, ensuring that homeownership opportunities are extended to historically marginalized communities. The Wu administration has already helped over 800 Boston residents become homeowners since 2022, and this program will continue to make strides in housing equity.

NewFed Mortgage is proud to stand alongside the City of Boston in this mission and remains dedicated to helping homebuyers turn their homeownership dreams into reality.

Interested in learning more about the Co-Purchasing Housing Pilot Program?

Our team is here to help you explore your options and navigate the homebuying process.

Four NewFed Mortgage Professionals Featured in Boston Agent Magazine’s 2025 Who’s Who

August 5, 2026

This April, Boston Agent Magazine released its annual Who’s Who issue spotlighting professionals who are shaping the future of real estate and mortgage lending across Greater Boston. We’re proud to share that four outstanding members of Team NewFed were recognized in the 2025 edition — each representing a different strength of our company’s people-first approach to lending.

From strategic leadership and operational excellence to grassroots community outreach and bilingual client support, these honorees embody what it means to go all in for the people and communities we serve.

RS

Rick Scherer

Chief Strategy Officer

Rick Scherer’s journey into mortgage lending began with a deeply personal experience — watching the impact a loan officer had on his mother, who worked three jobs and was on welfare when she bought their first home.

“Her loan officer guided her with care, making her feel comfortable and helping her achieve this major milestone,” Rick recalls.

Now Chief Strategy Officer at NewFed Mortgage, Rick leads the company’s vision for growth while continuing to originate loans himself. His hands-on approach allows him to experience borrower needs firsthand and support his team with a real-world perspective. Rick is also an advocate for community involvement, supporting causes like HomeStart and participating in his sixth PAN MASS Challenge to raise funds for Dana Farber.

His leadership is guided by his personal motto: “Doing the right thing is always the right thing.”

DC

Danielle Courtemanche

Branch Manager

Danielle Courtemanche’s journey to becoming Branch Manager at NewFed Mortgage began with a passion for real estate and a natural transition to lending. After joining the industry as a loan opener in 2017, she quickly advanced into processing and later loan origination — where she became a top producer her first year at NewFed and has remained one ever since.

“I quickly realized my passion and skillset were better suited for mortgages,” Dani notes.

Today, she leads a high-performing team of loan officers, many bilingual, and bridges the often-challenging gap between sales and operations. Her unique experience as a real estate agent and an operations specialist gives her uncommon insight into every step of the lending process. Known for being solution-oriented and always available, Dani is trusted by borrowers and agents to guide deals with confidence and collaboration.

NE

Nolis Espinal

Loan Officer

With over 22 years of mortgage lending experience, Nolis Espinal has built a career on reliability, referrals, and deeply personal client relationships.

“There’s nothing more rewarding than guiding clients from renting to owning and seeing how that decision positively impacts their lives,” he shared.

Nolis’s entry into lending came after an earlier career in construction. A chance project led to referrals — and ultimately, to a thriving career helping families build wealth through homeownership. Fluent in Spanish and conversational in Portuguese, he serves many clients with care, clarity, and cultural understanding.

His referral-based business model centers around treating each client like family—listening, guiding, and confidently walking them through the process.

VL

Vicma Lamarche

Loan Officer

Named 2025 President of the National Association of Hispanic Real Estate Professionals (NAHREP), Vicma Lamarche is a force for inclusion, education, and empowerment in mortgage lending.

Her journey to the industry was unconventional. After nearly 19 years as an electrical engineer and marketing director at Verizon, Vicma transitioned into lending following a powerful personal experience buying an investment property.

“I wanted to make a direct and meaningful impact on people’s lives in sharing lessons learned in the world of real estate,” she explains.

Today, she brings strategic thinking and real estate investor savvy to every transaction. Known for her ability to break down complex concepts in a way that builds client confidence, Vicma has become a trusted advisor in both English- and Spanish-speaking communities.

“That level of trust and connection means the world to me,” she shared.

Why This Recognition Matters

At NewFed Mortgage, we believe in celebrating our people when they lead, grow, and elevate others — in the headlines, in their markets, and in their communities. These four professionals exemplify the values we’ll be championing at our 2025 Sales Rally on Tuesday, May 5th: integrity, momentum, and going all in for every client and colleague.

Congratulations, Rick, Dani, Nolis, and Vicma — your dedication inspires us all.

📰 Read the full articles at bostonagentmagazine.com.

👉 Learn more about our people-first approach or explore career opportunities at newfed.com/join-us.