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Personnel File - Banker & Tradesman

Feb 11
Category | News

RMS Employees, Susan Quilty and Andrew Edwards, have been included in a write up by Banker & Tradesman

Helpful Tips

5 indoor home improvements you can do during the cooler months

Do these chilly winter months have you hibernating in your home? It’s easy to fall into an unproductive rut when you find yourself avoiding the cold outdoors. Luckily, there is plenty that you can do to improve your home all while staying comfortably inside.

Crown Molding:

Installing crown molding can give your home a finished and refined look. Make sure that you are buying the correct size molding for the room you are installing it in. For smaller rooms with ceiling heights of 8 feet, consider keeping your molding width between three to six inches. Larger rooms and rooms with higher ceilings can support wider crown molding.

Upgrade Your Cabinet Hardware:

Changing your hardware on your cabinets can instantly make your kitchen look more updated. Upgrading the hardware on your cabinets will take less than half a day to complete, and all you need is the hardware itself and a screwdriver.

Add a new backsplash:

After you change out your cabinet hardware, add a new backsplash and your kitchen will look modern and refreshed. Many backsplashes like beaded-board and tile are easy to install so you can do it on your own within a weekend.  Freshening up your kitchen can add value to your home and it doesn’t need to break the bank or take more than a day or two to complete.

Add a Programable Thermostat:

A programable thermostat will help you save energy and money. You can set the thermostat to drop the temperature down 8-10 degrees while you’re at work and sleeping. This will help you save money on utility bills without needing to think about it!

Caulk Your Bathroom:

When you start to notice that the areas of caulking that regularly get wet are yellow and cracked, it is time to redo your caulking. First remove the caulk with the help of a putty knife and caulk remover. Then thoroughly clean the surrounding tiles with a vacuum and alcohol. Then you are ready to apply the new layer of caulk and remove any excess caulking.

Don’t let bitter cold weather keep you from updating your home. Spend the last few weeks of winter inside sprucing up your home and maybe even add some value to your investment!


RMS is thrilled to be listed as one of National Mortgage Professional Magazine's 2020 Top Mortgage Employers! 


Residential Mortgage Services Celebrates a Record Year By Giving Back


Bob Johnson of RMS, Jim Seely of RMS and Dennis Heron of Make-a-Wish hold a large check for ten thousand dollars to Make-A-Wish 

Left to Right: Bob Johnson, Executive Vice President of RMS, James Seely, President and Chief Executive Officer of RMS, Dennis Heron, President and CEO of Make-A-Wish® Philadelphia, Delaware & Susquehannah Valley

Wednesday, February 5 at Spring House Brewing Co, Residential Mortgage Services Inc (RMS), a leading independent, purchase-focused mortgage lender, serving primarily the Mid-Atlantic, Northeast and Eastern Seaboard markets, presented a $10,000 check to Adopt-A-Wish program during an employee appreciation event to celebrate the Mid-Atlantic region reaching a record $1.3 billion in mortgage loan volume in 2019. The check was mostly made up of employee contributions from the Mid-Atlantic region.

The Adopt-A-Wish program helps to ensure that the Make-A-Wish foundation has the funds to grant the wishes of every eligible child. RMS has raised $80,000 total for the Adopt-A-Wish program since 2016. “Our employees are committed to and actively involved in giving back to the communities that we live and work in,” said Bob Johnson, Executive Vice President of RMS. Bob Johnson and James Seely, President and Chief Executive Officer of RMS, presented the $10,000 check at the event to Dennis Heron, President and CEO of Make-A-Wish® Philadelphia, Delaware & Susquehannah Valley.

Employees from the RMS Lancaster regional operations center were treated to a night of games and refreshments as a thank-you for all the hard work in 2019 that lead the Mid-Atlantic region to reaching the $1.3 billion milestone. Jim Prieto, Executive Vice President, Retail Production and John Gaglia, Area Manager, made the trip to attend the festivities from the RMS Bedford, NH regional operations center.

2019 was a record year for RMS company-wide. RMS generated record mortgage loan volume of $5 billion in 2019, a 27.4% increase compared to 2018, when RMS originated $3.9 billion. “We are excited to have reached the $5 billion origination growth milestone,” said James Seely, President and Chief Executive Officer of RMS. “More importantly, we are extremely proud of the continued commitment and dedication of all our team members, who are the driving force behind our culture of collaboration, industry-leading customer experience, and our company’s overall success.”

About Residential Mortgage Services

Residential Mortgage Services, headquartered in South Portland, Maine, was founded in 1991. Currently, RMS employs more than 750 employees companywide, with approximately 275 loan officers and is a licensed lender in 23 states and the District of Columbia. RMS offers a wide range of mortgage products including conventional purchase and refinance home loans, as well as VA, FHA, USDA-RD and many state-sponsored loan programs. For more information on RMS visit the company’s website at

Media Contact

Bob Johnson, Executive Vice President, Residential Mortgage Services

Email:  Phone:717-925-2350

Bob Johnson of RMS, Jim Seely of RMS and Dennis Heron of Make-a-Wish hold a plaque

Left to Right: Bob Johnson, Executive Vice President of RMS, James Seely, President and Chief Executive Officer of RMS, Dennis Heron, President and CEO of Make-A-Wish® Philadelphia, Delaware & Susquehannah Valley

Things to Consider

Non-rate reasons for refinancing your mortgage

When it comes to the very latest in residential real estate events, stories that tend to make the news are usually related to asking prices, and the availability of homes for first-time or move-up buyers. But another newsmaker is the state of interest rates, which fell rather sharply in 2018.

The general rule of thumb is if you can lower your interest rate by 0.5% or more, refinancing is worthwhile by virtue of helping you save potentially thousands of dollars over the life of the loan. However, a low-interest rate environment is not the sole reason why refinancing can be a smart move. Here are a few other reasons why it can be worth the time and effort:

Reduce the loan's term

Generally speaking, there are two options you can choose from when it comes to how long you intend to pay off your home loan: 15 and 30 years. Overwhelmingly, the most common choice is 30 years. However, with the economy in bull territory, salaries increasing, job availability outnumbering those looking for work and the national unemployment rate as low as it's been in over half a century, you may be in a better position to pay more per on a per-month basis. The upshot here is, you'll be able to pay off the entirety of the loan more quickly and ultimately pay less than you would with a 30-year mortgage.

You can find out exactly how much you stand to spend per month by changing to a 15-year term length - and how much you'll save - with a mortgage calculator.

Switch from FRM to ARM

Just as you typically have two choices of terms, you also have dual options for the type of interest rate: Fixed Rate Mortgage (FRM) or Adjustable Rate Mortgage (ARM). Fixed is the most common choice because it provides borrowers with the predictability they need to make the appropriate adjustment with their budget and how much they can expect to spend.

However, depending on how long you've owned your residence, your circumstances may have changed, making an adjustable-rate mortgage a better option. For example, if you're thinking about moving in a few years - which you may not have considered when you first applied for a  mortgage - an ARM may be a wiser option, in part because rates at the outset may be lower than they are with fixed.

Alternatively, if you no longer plan on relocating, switching to fixed with rates where they are now can help keep your monthly payments in historically low territory so you never have to worry about the impact rising rates will  have on your wallet when - not if - they do climb. 

Tap into home equity

It's said that real estate is one of the best investments you can make. This is largely due to the direction of home prices, as they've risen consistently on a year-over-year basis for 92 months in a row, according to the most recent figures available from the National Association of Realtors. Similarly, home equity levels have also surged. In the third quarter of 2018, over 54 million homes were equity-rich, according to estimates from ATTOM Data Solutions. That's the equivalent of more than 1 in 4 homeowners. Meanwhile, just 3.5 million mortgages were underwater.

Tapping into the equity your home has built up can provide you with more options when it comes to decisions that cost money. For example, if you want to refurbish your kitchen, bathroom or dining room, cashing out can supply you with the funds necessary to pay for the equipment and labor involved. You may also want to use the proceeds to purchase a business or make a down payment on an investment property. All this can be done by refinancing.

Forego mortgage insurance

Many people are under the assumption that they have to make a 20% down payment in order to buy a house. In reality, you can buy a house with as little as 3.5% down, and if you're a veteran or active duty member of the military, or purchase in a designated area, you may not need a down payment at all.

Perhaps the main reason why this 20% down requirement myth has persisted is due to mortgage insurance. If you put down less than 20% of the house's listed price, mortgage insurance is generally required so the lender can be made whole if the borrower defaults.

If you're someone that currently has mortgage insurance and you want to avoid paying the premiums associated with keeping the policy current, you may be able to eliminate it by refinancing into a conventional mortgage. Since more properties these days are equity-rich, you may have the 20% equity that is necessary to waive mortgage insurance. 

There's a caveat

As you can see, the reasons why refinancing can make a lot of sense aside from taking advantage of historically low mortgage rates run the gamut. However, just because a variety of other scenarios exist does not necessarily mean that you should - or will even be able to.

Whether you should or not depends on your goals first and foremost. If you don't know or they're still a work in progress, avoid refinancing until you're sure of the path forward. You may want to speak with a financial advisor for some direction. A loan officer may also be able to help you to chart out a strategy for real estate investing decisions.

The other thing to be mindful of is refinancing qualification. Refinancing a mortgage is just like a purchase mortgage, in that you need to have the appropriate qualifications in order to be eligible. Some of the things your lender will look at are your income, your loan-to-value ratio, credit history and FICO® score. Talk to your lender about the documentation necessary to refinance. Much of the material you'll need is similar to what's required in order to pre-qualify.

Talk to your lender for more news and information on refinancing and whether you're in a situation that makes you an ideal candidate.


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