Earlier
this
month,
California-based
multichannel
mortgage
lender


CMG
Financial
announced
that

it
had
acquired


Norcom
Mortgage’s
retail
assets
to
expand
its
operations
in
the
Northeast.

The
deal,
however,
will
not
include
core
members
of
Norcom’s
well-known
team
of
reverse
mortgage
professionals,
including

John
Luddy,
Norcom’s
senior
vice
president
of
reverse
lending.

In
interviews
with
RMD,
Luddy
and
other
core
members
of
his
team
—
including
vice
presidents
and
branch
managers

Garrett
Duffy
and
Robert
Filippone
—
explained
that
they
will
aim
to
find
a
more
optimal
fit
for
their
continuing
efforts
in
the
reverse
mortgage
business.

Seeking
a
new
home

“Norcom’s
owner,
Phil
DeFronzo,
who
I’ve
worked
for
for
10
years,
has
sold
the
company
to
CMG,”
Luddy
said.
“And
I
was
offered
a
wonderful
opportunity
at
CMG.
They
were
very
gracious
to
me
and
generous
in
their
offer.
But
at
this
time,
it
just
didn’t
feel
like
the
right
mix,
the
right
fit
for
me
and
my
team.”

Luddy
praised
DeFronzo
for
their
decade-long
collaboration,
saying
that
he
has
“never
had
a
bad
day
at
work”
while
with
Norcom.
But
he
reiterated
that
CMG
did
not
seem
to
be
the
right
fit.

“So,
I
chose
not
to
take
that
offer,”
he
said.

Luddy
and
the
core
members
at
Norcom
will
stay
aboard
long
enough
to
close
out
their
current
loan
pipeline,
he
explained.
After
that,
they
will
depart
for
a
new
home,
which
hasn’t
been
solidified
yet.

“Phil
has
been
very
generous
to
let
me
clean
up
our
pipeline,”
Luddy
said.
“I
don’t
want
to
leave
any
seniors
hanging,
so
we’re
going
to
get
those
loans
cleaned
up
before
we
move.
We’ll
be
moving
some
portion
of
the
group
all
at
once,
and
then
others
will
come
along
afterward.”

Luddy
is
now
having
conversations
with
potential
companies
and
is
confident
he
and
the
team
will
zero
in
on
a
good
fit.

“I’ve
got
to
find
that
there
is
a
good
spot
for
us,”
he
said.
“And
I’m
out
there
and
talking
with
people
from
early
in
the
morning
to
late
at
night,
and
we’ll
find
a
good
home.”

Product
need
and
leadership

Duffy
credits
Luddy’s
mentorship
and
leadership
with
his
ability
to
hit
the
ground
running
on
becoming
more
involved
in
the
reverse
mortgage
business.

“I’ve
followed
John
Luddy’s
game
plan
for
three
years
now,”
Duffy
said.
“I’ve
followed
what
he’s
taught
me
to
a
tee,
and
now
I’ve
earned
the
trust
of
over
150
referral
partners
in
Rhode
Island,
Connecticut
and
Massachusetts.
I’m
receiving
calls
every
day
with
new
loan
opportunities.” 

Duffy
said
this
also
helps
demonstrate
the
need
for
the
reverse
mortgage
product.

“Reverse
mortgages
provide
the
solution
that
so
many
of
our
seniors
need,“
he
said.
“And
there
are
benefits
in
high
interest
rate
or
low
interest
rate
environments.
So,
regardless
of
what
rates
do,
we
have
mortgage
solutions
for
our
borrowers,
and
we
are
so
excited
to
land
in
a
new
company
and
help
them
grow.”

Duffy
was
similarly
complimentary
to
DeFronzo
and
said
that
the
acquisition
is
“the
right
move”
for
Norcom.
Duffy
was
also
complimentary
of
CMG.

“CMG
is
an
amazing
company
and
they’ve
got
great
leadership,”
he
said.
“We’ve
just
decided
that
they’re
not
the
perfect
fit
for
us
right
now.
So,
we’re
going
to
look
elsewhere
and
let
John
lead
the
charge
and
see
where
the
best
fit
is
for
us.”

Not
‘another
mortgage
product’

Filippone,
who
transitioned
into
reverse
mortgages
after
working
on
the
forward
lending
side
—
and
who
has
been
involved
in
the
mortgage
business
for
close
to
30
years
—
credits
Luddy
and
the
transition
into
reverse
as
illuminating.

“The
minute
I
got
involved
in
the
reverse
space,
I
saw
the
tremendous
opportunity
because
I
saw
the
need,”
he
said.
“So,
I
transitioned
my
business,
followed
the
strategy
that
was
laid
out
here
organizationally,
and
I’ve
got
to
tell
you
that
my
numbers
are
increasing
exponentially.”

As
they
seek
a
new
home,
Filippone
said
that
the
team
is
seeking
to
make
as
much
of
an
impact
as
possible.

“We
approach
this
business
in
the
proper
way,”
he
said.
“We
understand
it’s
not
like
the
forward
business
and
not
just
another
mortgage
product.
This
requires
a
special
skill
set
and
a
thoughtful
approach
to
overcome
the
objections
that
are
out
there,
so
we
want
to
be
very
thoughtful
and
really
help
the
maximum
amount
of
borrowers.”

RMD
reached
out
to
a
listed
representative
of
CMG
Financial
but
did
not
immediately
receive
a
response.

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