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,” said Robert Jewett, Chief Operating Officer at NewFed. “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.”
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,” said Rick Scherer. “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.”
“I’m also thrilled to announce that this new move comes with a new chapter for OnTo Mortgage,” adds Scherer. “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.”
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,” Robert Jewett added. “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.”
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.
CSO Contact Information: Rick Scherer, Chief Strategy Officer, NewFed Mortgage Corp, rscherer@newfed.com
Press Contact Information: Emmi Baker, VP Marketing Director, NewFed Mortgage Corp, esauls@newfed.com
