Total Mortgage

Office address: 185 Plains Road, 3rd Floor, Milford, CT 06461
Website: www.totalmortgage.com
Year established: 1997
Company type: financial services
Employees: 450+
Expertise: FHA loans, USDA loans, VA loans, jumbo loans, fixed rate mortgages, adjustable rates mortgages, 203k loans, HELOC
Parent company: N/A
CEO and key people: Scott Penner (CEO), Alexandra Galletti (VP of business development), Christopher Affinito (CRO), Deena DeCarlo (COO), Joshua King (CTO), Bill Schettler (chief product officer), Melissa Egan (chief risk officer), Erik Martin (president)
Financing status: corporate backed or acquired

Total Mortgage is a Milford-based mortgage broker and lending company that renders home loans, purchases, and refinancing solutions. The company employs over 450 staff and has operations across 46 states, including Washington D.C. The lending firm integrates technology and AI into their platform to simplify business transactions and improve customer service, such as supporting a quick 21-day closing guarantee.

History of Total Mortgage

Total Mortgage Services was founded in 1997 by seasoned loan officer John Walsh. Starting as a small operation, it endured the 2007 housing crisis by adhering to responsible lending practices, avoiding risk, and adopting online marketing models. Total Mortgage has positioned itself as a national lender that combines the personal touch of a local bank with the capabilities of larger institutions.

The company has won multiple awards and has been recognized as one of the top mortgage banks in the region. In 2022, it became a corporate sponsor to an arena in Bridgeport, which became known as Total Mortgage Arena.

Products and Services of Total Mortgage

Total Mortgage offers a comprehensive array of products, all of which are available online. Key offerings include:

• conventional loans: deal for borrowers with strong credit, offering favorable interest rates and terms
• jumbo loans: designed for high-value properties that exceed the conforming loan limits set by Fannie Mae and Freddie Mac
• adjustable-rate mortgages (ARMS): beneficial for those who plan on short-term homeownership, with lower initial rates that adjust over time
• FHA loans: great for first-time homebuyers with lower down payment requirements and more lenient credit criteria
• VA loans: tailored for veterans and active military, offering competitive rates with no down payment requirements
• USDA loans: aimed at homebuyers in rural areas, offering 100% financing with reduced mortgage insurance costs

Culture at Total Mortgage

Total Mortgage is recognized for its positive workplace culture, focusing on employee satisfaction and well-being. Benefits provided to employees include:

• remote work Fridays
• paid time off
• 401(k) plan with discretionary match
• company kick-off party
• voluntary life insurance
• voluntary disability
• medical coverage and more

The company also actively engages in community service and supports various charitable activities through the Total Mortgage Charitable Foundation. It is committed to sustainability and diversity, fostering an inclusive environment where all employees can work together comfortably.

About Total Mortgage CEO Scott Penner and Key People

Scott Penner serves as the CEO of Total Mortgage. Before becoming the company's president and CEO, he was the owner of Penner Law Firm, LLC. He attended Temple University - James E. Beasley School of Law and St. Bonaventure University.

Supporting Scott Penner are key executives including:

• Erik Martin, the president of Total Mortgage, plays a crucial role in strategic decisions and company leadership
• Christopher Affinito, as the CRO, drives the company’s financial strategies and growth
• Deena M. DeCarlo is the COO and oversees operational efficiencies and business processes
• Joshua King, CTO, leads on technological innovations and IT strategies
• Bill Schettler, the company’s chief product officer, manages loan production and underwriting quality
• Melissa Egan, as chief risk officer, ensures compliance and risk management protocols are upheld
• Alexandra Galletti, VP of business development, spearheads initiatives to expand the company's market reach

The Future at Total Mortgage

Total Mortgage has made strategic moves that would place the company in a more positive position in the mortgage banking industry. In 2021, the company projected record loan closures exceeding $3 billion, showing a favorable interest rate environment and a strong housing market.

Additionally, Total Mortgage's founder, John Walsh, recently invested in a $1.5 million land purchase near the company's headquarters. This signals potential development opportunities outside of the mortgage industry, possibly in commercial sectors like medical office buildings or storage spaces.