News, Updates and Press Releases

August 26, 2010 - Total Mortgage Press Release

Total Mortgage Named One of America's Fastest-Growing Companies.

Total Mortgage Named One of America's Fastest-Growing Companies: Included on The 2010 Inc. 5000 List

"Total Mortgage Services, LLC, a leading mortgage lender and broker, announced today that it has been named to the 2010 Inc. 5000 list of America's Fastest Growing Companies. The company was ranked as number 2,815 on the Inc. 5000's annual list with a three year growth rate of 79 percent."

Read the entire press release here.

July 14, 2010 - Total Mortgage Press Release

Total Mortgage launches wholesale residential mortgage lending platform.

Total Mortgage Services Launches Wholesale Lending Platform In 17 States

"Total Mortgage Services launches wholesale residential mortgage lending platform, TMS Funding across 17 states to offer mortgage brokers greater choice, service, efficiency and some of the lowest mortgage rates available in order to help them quickly meet the needs of their clients."

Read the entire press release here.

Partial list of news media coverage:
- MortgageOrb
- National Mortgage Professional
- EarthTimes.org
- ibtimes.com
- Business Insider

July 7, 2010 - Total Mortgage Press Release

Total Mortgage's Continuing Growth. Total Mortgage Expands Reverse Mortgage Program.

Total Mortgage Expands Reverse Mortgage Program To Assist Growing Senior Population

"Total Mortgage Services, LLC, a leading mortgage lender and broker, announced today it is expanding its reverse mortgage lending operation, Total Mortgage Reverse Mortgage Program, to help more senior homeowners in need of accessing the equity available in their homes during this challenging economic environment."

Read the entire press release here.

Partial list of news media coverage:
- PRWeb
- Street Insider
- National Mortgage Professional
- Housing Wire
- Reverse Mortgage Daily
- Yahoo News

June 15, 2010 - Total Mortgage In The News

John Walsh quoted in an article by Bonnie Sinnock and Paul Muolo on BrokerUniverse.com

Interest in Jumbo Still Building

John Walsh, president of Connecticut-based lender Total Mortgage Services, said only a relatively small percentage of his business is jumbo but he has noticed that large lenders are generally making fixed-rate product available to third parties, while typically offering both fixed- and adjustable-rate products through their retail channels.

Read the entire article here.

June 15, 2010 - Total Mortgage In The News

John Walsh quoted in an article by Kate Berry on AmericanBanker.com

Lack of Comps Leads to Vicious Cycle in Housing Market

"The housing market is very fragile," said John Walsh, the chief executive of Total Mortgage Services LLC, a Milford, Conn., lender. "Comps are either distressed homes or you don't have enough data to establish an acceptable value."

Read the entire article here.

June 11, 2010 - Total Mortgage In The News

John Walsh featured in an article by Phil Hall on MortgageOrb.com

Have Underwriting Standards Become Too Tight?

John Walsh does not need to be convinced that underwriting standards are tight - he discovered that the hard way when a home loan that he originated on a condominium unit was rejected for a reason that left him baffled and astonished.

Read the entire article here.

June 11, 2010 - Total Mortgage In The News

John Walsh published in the National Mortgage Professional Magazine

Lack of comparable sales data and foreclosures continue to put increased pressure on appraised values

It is becoming significantly more difficult for those attempting to sell or refinance a home to get an appraised value that meets lender requirements to qualify for a loan.

Read the entire article here.

May 30, 2010 - Total Mortgage In The News

John Walsh quoted in the Wall Street Journal, MarketWatch

June 30 Deadline Looms for House Buyers

The next few weeks are crucial for home buyers who need to close on a house before the end of June to claim the federal home-buyer tax credit. A hiccup during the next month could cost a buyer thousands of dollars.

"If for some unforeseen reason you end up closing on July 1, you lose out on the tax credit," says John T. Walsh, president of Total Mortgage Services in Milford, Conn.

Read the entire article here.

You can also find this article as it was originally published at MarketWatch:
MarketWatch

May 30, 2010 - Total Mortgage In The News

John Walsh published in the June 2010 issue of Scotsman Guide

Brokers can leverage many advantages but should maintain strong lender ties

Mortgage brokers who build strong wholesale-lender relationships and stay abreast of industry changes have several advantages compared to many retail mortgage originators. Knowing what these advantages are and how to use them can help brokers thrive in even the most-inhospitable marketplaces.

Read the entire article here.

May 18, 2010 - Total Mortgage In The News

Q & A on MortgageOrb with Total Mortgage President, John Walsh.

John Walsh Analyzes The Housing Markets

This week, Phil Hall from MortgageOrb speaks with John Walsh, President of Total Mortgage Services in Milford, Conn., about the tax credit program's impact and how the housing market will respond without the program.
Q: How would you categorize the overall impact of the home buyer tax credit on the U.S. housing market?

Read the entire article here.

May 10, 2010 - Total Mortgage Press Release

Total Mortgage's Continuing Growth. Total Mortgage Enters Pennsylvania.

Total Mortgage Continues To Grow Nationally By Entering Pennsylvania

"Total Mortgage is very excited about opening for business in Pennsylvania and we look forward to working with high quality borrowers throughout the state," says John Walsh, president and founder of Total Mortgage..."

Read the entire press release here.

This press release was covered by:
- Real Estate Rama
- National Mortgage Professional

May 3, 2010 - Total Mortgage Press Release

The housing market after the tax credit. Why it's still a good time to buy.

Mortgage lender Sees Favorable Home Buying Opportunities Despite Expired Tax Credit

"Despite the end of the tax credit, the nationwide housing crisis is opening the door for home buyers throughout the U.S. to purchase an affordable home," commented John Walsh, president of Total Mortgage.

Read the entire press release here.

This press release was covered by:
Real Estate Rama

April 27, 2010 - Total Mortgage Press Release

Total Mortgage announces new website redesign. Total Mortgage Website Redesign.

Mortgage Lender Total Mortgage Unveils New Website

Total Mortgage Services introduced its redesigned website this month. With improved user interface and navigation, updated mortgage calculators, expanded education centers, and a frequently updated blog, TotalMortgage.com is the ultimate destination for users looking for current mortgage rates and news about the mortgage industry."

Read the entire press release here.

April 21, 2010 - Total Mortgage in the News

Total Mortgage founder and president John Walsh was recently quoted in National Mortgage News.

Nonbanks Hunting for Depositories but Will Any Deals Get Done?

...John Walsh, who heads TMS of Connecticut, readily admits that he's been looking at a depository purchase but has been frustrated by the process. The fast-growing nonbank also has explored the idea of going the "de novo" route but was unhappy when regulators placed tight limits on what business activities he could engage in during the first three years of operation..."

Read the entire article here.

April 20, 2010 - Total Mortgage in the News

Total Mortgage founder and president John Walsh was recently quoted in National Mortgage News.

Applications Increase as Tax Break Deadline Looms

In recent weeks mortgage lenders have experienced a flurry of new applications from prospective homebuyers who see the April 30 federal tax credit expiration fast approaching and want their $8,000 "gift" from Uncle Sam. "We're getting calls from people who are frantic and want to get their contracts in," said John Walsh..."

Read the entire article here.

April 19, 2010 - Total Mortgage in the News

Total Mortgage founder and president, John Walsh was recently quoted in Yahoo Finance.

'Cash-in' refinance activity skyrockets

"We are seeing people bringing cash to close because of low appraisals," says John Walsh, president of Total Mortgage Services of Milford, Conn. "That's really what's the eye opener to me, people repositioning their money in order to qualify for these still phenomenal rates."

Read the entire article here.

April 19, 2010 - Total Mortgage in the News

Holden Lewis recently quoted John Walsh in an article on Bankrate.com

'Cash-in' refinance activity skyrockets

The cash-out refinance is going out of fashion. Now the "cash-in" refinance is in vogue.

You've heard of the cash-out refi. That's when the new mortgage is for a bigger amount than the old loan. The homeowner receives a check for the difference at closing.

In a cash-in refi, the refinanced mortgage is for a smaller amount than the old loan. The homeowner takes a check to the closing.

"We are seeing people bringing cash to close because of low appraisals," says John Walsh, president of Total Mortgage Services of Milford, Conn. "That's really what's the eye opener to me, people repositioning their money in order to qualify for these still phenomenal rates."

Like Crocs footwear, cash-out refinancing peaked in popularity in 2006 and has faded since then. Cash-in refinancing picked up steadily last year. In the final three months of 2009, cash-ins accounted for one-third of refinances of Freddie Mac-owned loans, and cash-ins outnumbered cash-outs.

Read the entire article here.

April 19, 2010

Press Release

Mortgage Lender Scores Highly in Customer Feedback Survey

Milford, CT, April 19, 2010 --(PR.com)-- While many of its competitors have struggled in the current economic climate, Connecticut mortgage lender Total Mortgage Services, LLC continues to thrive in the face of challenges, as confirmed by recent customer satisfaction surveys conducted in 4th Quarter of 2009.

"From the time that we opened in 1997, we have proudly differentiated ourselves from our competition by aligning our goals with that of our customers. Our job is not done until we deliver each borrower an affordable, appropriate loan at the lowest available mortgage rate. It is this philosophy of partnership with our customers that has allowed us to fund more than $4 billion worth of successful mortgages since our inception," says John Walsh, President and founder of Total Mortgage.

As part of an effort to bring customers the best possible lending experience, Total Mortgage surveys past borrowers to identify areas where company processes can be modified or improved. This is just one way that Total Mortgage demonstrates its dedication to continual improvement.

The mortgage lender surveyed hundreds of borrowers who closed loans with Total Mortgage in the last three months of 2009. The results clearly validate the Total Mortgage commitment to excellent customer service.

When asked about the ease of and quality of their communications with Total Mortgage employees, two thirds of respondents deemed their experience with Total Mortgage as good or excellent. Nearly 70% of respondents deemed their loan officer's ability to answer questions and keep them up-to-date on the loan process as good or excellent.

When asked why they opted to use Total Mortgage, people cited past good experiences with the company, prompt customer service, and personal referrals. By far the most commonly cited reason for going with Total Mortgage was the combination of low rates and fees. Total Mortgage leverages in-house underwriting and processing in order to offer some of the lowest rates in the industry.

73% of customers said they would definitely use Total Mortgage for their mortgage needs in the future, and that they would recommend Total Mortgage to their friends or family. Referrals, word of mouth, and reputation are of the utmost importance in the mortgage industry, and this statistic speaks well to Total Mortgage's ability to cultivate customer relationships.

Mr. Walsh says that "Offering low rates is only part of the equation for success in the mortgage business. We often say that the best loan option for one person may be totally different from the best loan option for their friends, neighbors, or family. That is why it is so important to get to know the customer on an individual basis and understand their needs and priorities. We strive to provide each customer with a loan that will work for them today and long into the future."

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About Total Mortgage Services

Total Mortgage Services, LLC, a provider of some of the lowest current mortgage rates, is an industry-leading direct mortgage lender and mortgage broker that has funded over $4 billion in mortgage loans since 1997. Licensed in 19 states, Total Mortgage offers a variety of products and programs including fixed-rate loans, adjustable rate mortgage loans (ARMs), jumbo loans, FHA mortgages and more. Visit TotalMortgage.com for current mortgage rates, FHA mortgage rates, jumbo mortgage rates, ARM rates as well as other mortgage rates. For more information on Total Mortgage, please visit www.TotalMortgage.com.

April 12, 2010

New Haven, CT based news publication "Connecticut Business News Journal" interviewed Total Mortgage President John Walsh. Read the excerpt below, or read the entire article here.

Mortgage Firm Weathers the Storm

Founder Walsh tells how Milford's TMS has survived the mortgage meltdown

John Walsh is president of Total Mortgage Services, LLC (TMS) in Milford. He started in the mortgage business in 1993, just as the last financial crisis in New England was abating. He founded TMS in 1997 as another bust-boom cycle was beginning. Walsh and TMS sidestepped the worst of the mortgage meltdown that brought down mortgage and other financial-services firms across the country, including Connecticut's own high-flying Mortgage Lenders Network USA, which in 2006 had more than 1,000 employees and built a new office complex in Wallingford. While that complex lies vacant, TMS continues to grow based on its market niche: highly credit-worthy customers. BNH spoke with Walsh about his company and today's mortgage and real estate market

What was the mortgage market like when you first started your company in 1997?

We had come off decent refinance year, but '98 and '99 were tough years in the mortgage business. My timing wasn't that good, to say the least. But we had low overhead and were small so we could weather the storm and it was good training for the 2007, 2008 [market crash]. Refinancing began to take hold in 2000 and really cranked up. Those first couple of years were break-even type years, and then as time progressed we hit the refinance boom pretty well.

What is business like today?

We had a tremendous year last year - we were up about 67 percent from 2008. We've been in the same office space. We started with one office, now we have about 9,000 square feet and we have approximately 70 employees. We're consistently growing and we've just begun a wholesale division.

Visit CONNTACT.com to read the full article.

Feburary 14, 2010

John Walsh, President of Total Mortgage, Quoted on New Haven Register

203(k) Mortgage Loan

Cara Baruzzi, New Haven Register's Business Editor, recently quoted John Walsh, President of Total Mortgage on her article titled "Building a Future: 203(k) loan lets home buyers borrow for renovations".

Total Mortgage Services President John Walsh spoke with the New Haven Register about the increased demand for 203(k) loans "A lot of these home that are foreclosed, they are distressed to some level. It has to be fixed in order to get a loan. Banks just aren't giving construction loans; this is really the only option for people who want to buy a home that is distressed".

Walsh went on to comment that 203(k) mortgages can be more complicated than standard mortgages, and that it is important to seek out advice from a mortgage experts that have experience with 203(k) loans.

While credit standards have tightened on almost all loans in light of the economic downturn, credit qualifications through the FHA are more lenient than traditional lenders. Additionally, the FHA generally only requires a 3.5% down payment for the home.

Total Mortgage services is a Full-Eagle, FHA approved lender. To explore your options under the 203(k) program, please call one of our mortgage experts at 877-868-2503.

Visit New Haven Register to read the full article.

January 14, 2010

Total Mortgage Services Receives Full-Eagle Approval For FHA Mortgages

Under goes thorough approval process by HUD to convert to a non-supervised lender

MILFORD, CONNECTICUT - (January 14, 2010), Total Mortgage Services, LLC, a leading mortgage lender and broker, announced today it has received approval from the U.S Department of Housing and Urban Development (HUD) to convert to a Full-Eagle, or non-supervised lender. The Company may now originate, fund, hold, purchase and sell Federal Housing Authority (FHA) backed mortgage loans.

"This Full-Eagle approval is another proof point of Total Mortgage Services' operational integrity and financial strength," commented John Walsh, President of Total Mortgage Services. "Being a non-supervised lender will help further streamline our process for FHA loans, which will allow us to pass the cost and time savings on to high-quality borrowers in the form of lower FHA mortgage rates and better service.

"Our Full-Eagle designation will also help us significantly increase our FHA mortgage volume, which was only 5% of our total production in 2009, to 20-25% of production in 2010," continued Mr. Walsh. In addition, when we combine this approval with the upcoming launch of our new Wholesale Division, TMS Funding, which will also provide very attractive mortgage rates to our broker base, we are even better positioned to continue to grow our origination volume in 2010 to over $1 billion, despite a U.S. mortgage market that is expected to decline year-over-year."

Total Mortgage Services Business Overview

Total Mortgage Services was founded in May of 1997 with a customer centric focus and a mission of responsible lending. Today, the Company offers a range of mortgage solutions to high-quality borrowers, from FHA mortgages to jumbo loans, with some of the lowest current mortgage rates in the industry. Through a centralized business model, Total Mortgage is able to create significant efficiencies in both its origination and operational infrastructure, and pass the cost and time savings on to borrowers working with Total Mortgage in the form of lower mortgage interest rates and better service.

The Company's production is driven by a centralized retail lending platform, which has over 25 very experienced and advice driven loan officers. The Company will be launching TMS Funding, its wholesale lending platform in January 2010, to offer mortgage brokers and borrowers better service, choice, knowledge and efficiency in the mortgage lending process. The wholesale platform will also operate through a centralized model in order to improve the consistency and quality of the broker experience and reduce the wholesale platform's risk profile.

Currently licensed in 19 states, Total Mortgage currently has an application pending with the Commonwealth of Pennsylvania and intends to be licensed in five to ten additional states in 2010. The Company is projecting 2010 closed loan production to increase to $1 billion.

About Total Mortgage Services, LLC

Total Mortgage Services, LLC, a provider of some of the lowest current mortgage rates, is an industry-leading direct mortgage lender and mortgage broker that has funded over $4 billion in mortgage loans since 1997. Licensed in 19 states, Total Mortgage offers a variety of products and programs including fixed-rate loans, adjustable rate mortgage loans (ARMs), jumbo loans, FHA mortgages and more. Visit TotalMortgage.com for current mortgage rates, FHA mortgage rates, jumbo mortgage rates, ARM rates as well as other mortgage rates. For more information on Total Mortgage, please visit www.TotalMortgage.com.

January 7, 2010

John Walsh, President of Total Mortgage Quoted Extensively on New York Times

Mortgage industry thought leader, John Walsh, President of Total Mortgage Services, was quoted on New York Times by Bob Tedeschi in an article titled "Rethinking Vacation Homes".