Steve Borgerson Resume

                                                                            Steven K. Borgerson

                                                                            21 Stoney Brae Road 

                                                                  Quincy, Massachusetts 02170

                                                                          (617) 596-3548 (Cell)

                                                                       (617) 609-9747 (Office)

Profile 30+ Years Lending and Banking experience working for at multiple Community Banks and Credit Unions in the Boston Area.

CURRENT 

SBORGERSON Consulting LLC                                                                                         11/2025 to Present

After helping a couple of institutions address regulatory issues in their Lending areas

SBorgerson Consulting was founded and launched as a vehicle for me to use my expertise to assist other Banks and Credit Unions. SBorgerson Consulting offers the following lending consultations:

          ·  Loan Servicing Deficiency Identification and Remediation

          ·  Lending Procedures Review and Augmentation 

          ·  Loan Servicing Controls: Reporting & Oversight

          ·  Loan Origination: Efficiencies and Cost Control

           ·  Interest Income and Cash Flow Analysis

           ·  Originating Loans for Sale

           ·  Effective Board Reporting

           ·  CECL Analysis and Narrative

PREVIOUS EPERIENCE  

First Priority Credit Union                                                                                                             02/2023- 11/2024

President and CEO & Vice President and Lending Manager

Hired in February of 2023 by the Board of Directors as President and CEO of the Credit Union to succeed the outgoing President and CEO, Anthony Paciulli. Held that position until July of 2023 at which time Mr. Paciulli, who had been transitioning out of the roll, stepped back into it after significant deficiencies were identified in a number of areas. These deficiencies were deemed significant enough to jeopardize the Credit Unions ability to pass an upcoming 12/2023 examination and Mr. Paciulli’s retirement was placed on hold so he could resolve the issues. At that time, I stepped down from the President and CEO role and into Vice President and Lending Manager role where I where I focused on the lending deficiencies. Over the next 6 months I wrote policies, created procedures, brought the department into compliance with the State and Federal regulations. Due to these actions and efforts by both Mr. Paciulli and myself, the Credit passed the December visitation and recently (2024 Q2) went through a 3rdparty Lending Compliance and Fair Lending Audits, neither of which had any findings or suggestions. Currently I am responsible for overseeing all the lending functions for the Credit Union.

  Highlights and accomplishments.

  o Introduced the Launched the FHLB Equity Builder Program and FHLB CDFI loan program to the Credit 

       Union

  o Created a Lending Procedure Manual comprised of 40 Procedures totaling 210 pages and 40 procedures.

  o Successfully completed the launch of a new LOS system, Encompass Banker.

  o Built a Lending Platform that included a Commercial Lending channel, a retail Residential Lending         

      channel, and a Secondary Market Sold Loan channel. 

   o Created a Loan Servicing Monthly Report procedure consisting of 25 system reports that used to ensure 

      loans are operating correctly and compliantly

   o Identified and corrected the following lending deficiencies/regulatory violations:

        · ARM Rate Adjustments and Monitoring

        · Mortgage Payoff Discharge Process

        · Quality Control and Dual Signature Requirements

        · MI and Insurance management and monitoring

        · HELOC Servicing Procedure to monitor and disclosure LOC expiration's

        · Created a Quarterly CECL Analysis and Narrative that received praise from our Accountants.

        · Redesigned the Credit Committee package to provide additional information and more accurate data.

   o Helped the Credit Union get back to and maintain profitability by June of 2023.

   o Cleaned up many Loan misclassifications and assisted the finance department with a procedure that 

       would ensure the Call Reports and CECL Report were accurate and matched.

   o Brought the Credit Union back into compliance with the FHLB’s servicing policies.

   o Pulled the Credit Unions Commercial Loan portfolio in-house from a 3rd party servicer,  saving the Credit

       Union $5000 per month. 

   o Wrote and rolled out a Commercial Loan Annual Review Process and Procedure.

East West Mortgage LLC                                                                                                               07/2019-02/2023

President

Hired in July of 2019 by the owner of the company to oversee all facets of the company. Left the Company during an historic down year in the mortgage industry, with the support of the Owner to take the role of President and CEO of First Priority Credit 

Highlights

    o Updated the company’s Lending Policies and Procedures. 

    o Responsible for all State and NMLS reporting

    o Improved workflow and efficiencies

    o Helped the company reach profitability in 2021, its third year in existence.

    o Revamped and Improved the Secondary Market Loan Sales area. 

    o Helped create and roll out a compliant Portfolio Program 

Mechanics Cooperative Bank                                                                                                  02/2018-07-2019

Vice President and Residential and Home Equity Manager

Hired in February of 2018 by the President and CEO to oversee the Residential and home Equity Lending areas of the Bank. 

Highlights:

o Revamped their residential construction loan program.

o Updated and improved the Bank’s Residential Lending Policies and Procedures. 

o Represented the Bank on the board of numerous local not-for-profit housing organizations. 

Meetinghouse Bank                                                                                                                        10/2011-12/2017

Vice President and Lending Officer

Hired in October 2011 to Manage all Lending functions of the bank reporting

directly to the President and CEO., Anthony Paciulli. Areas of Responsibility included management of the following functions: Residential Lending, Loan Servicing, Home Equity Lending, Commercial Lending, and Consumer Lending.

Highlights:

o Increased Loan Origination staff from 4 Loan Officers to 8 Loan Officers to ensure the Bank continues to meet its 90-million-dollar annual production goals in a challenging Lending environment. 

o One of a three-person Senior Management Team of the bank and responsible for running the Banks monthly Security Committee meetings as well as being a key participant of the monthly Board of Directors Meetings.

o Played a key role in helping the bank improve its FDIC and DOB exam results from a critical 2009 exam to a complimentary 2012 exam, receiving personal praise from both the DOB and FDIC examiners.

o Helped grow the bank's loan portfolio from 42 million dollars to 62 million dollars in 2 years while maintaining the highest loan quality standards. Currently the bank has only 4 delinquent loans, no non-performing loans, and no foreclosure actions in the past 5 years.

o Managed the Secondary Market activities including creating correspondent partnerships with 6 Investors and increasing FNMA servicing portfolio from 16 loans to 127 loans. During my tenure at Meetinghouse Bank the Bank sold over 700 million dollars of Loans on the Secondary Market without having to repurchase one loan.

o Created Loan Servicing Procedures that have helped the loan servicing area run efficiently and without issues and ultimately helped clean up a loan portfolio with a history of loans not operating correctly by identifying issues and resolving them. 

o Responsible for the management of the Lending Division Budget which is the primary income source for the bank. Activities include weekly and monthly budget updates against goals and taking appropriate action to address shortfalls. 

o Assists the bank’s CFO by providing the many reports needed to produce the bank's quarterly and annual financial reports.

Rockland Trust Company, Rockland, MA                                                                                   09/03-11/2011

Vice President and Regional Sales Manager    

Hired in September of 2003 as part of a new management team, responsible for the management of the Brockton Region of the Residential Mortgage Division. Duties include managing a staff ranging from 7-11 Loan Officers.

Personal and Community Highlights:

· Designed staffing and business model for Multiple Regional Sales Teams (2003) designed to maximize originations utilizing the banks 50 retail branch network and 6 Regional Commercial Lending Centers

· Managed a team of Loan Officers that consistently exceeded its 100 million dollars annual closed loan goal.

· Managed the departments migration to a new compensation plan designed to adhere to the Loan Officer Compensation Regulations which took effect in April of 2011. 

· Designed and managed a reporting and communication plan to update various departments of the bank on the status of their mortgage referrals. This program was deemed a major success by the Retail Management team by improving interdepartmental communication and tracking referral results.

· Took the initiative to successfully apply for and obtain Equity Builder Grant Funds from the Federal Home Loan Bank of Boston.

· Helped create, coordinate, and roll out the BuyBrockton Loan Program in April of 2008. This program was a first in the State and one of the first in the Nation proactive efforts to counter the effects of the ongoing foreclosure crises. 

· Named Member of Rockland Trust CRA Committee (2005-2011)

· Named Director of Neighborhood Housing Services Inc (2006- Present).

· Named to The Old Colony YMCA’s Board of Governors for their Family Services Division in 2010.

· Named Director/Member to the Brockton Housing Partnership (2003-2011)

· Named Chairperson of Brockton Housing Partnership Mortgage Origination Sub Committee (2006-2009)

· Designed CRA Database to track Volunteer Activities of RTC Employees (2005).

· Designed and coordinated a Brockton Area Banks Foreclosure Workshop held on 02/08 and attended by 62 families.

CambridgePort Bank, Brighton, MA                                                                                            9/94 –09/03

Call Center Manager, Mortgage Loan Officer                                               1/99 –09/03

Responsible for managing the banks Call Center which provided sales and service to current and potential bank customers, as well as originated Consumer Home Loans and Residential Mortgages via the telephone and Internet. Duties include management of the 13 member staff and it’s workflow to ensure a high level of service and efficiency. 

Highlights:

· Department funded 89 million in first mortgage product in 2002.

· Achieved departmental success by exceeding annual Sales goals for 3 consecutive years.

Call Center Loan Sales Manager                                                                        4/98 – 1/99

Responsible for developing a Loan Production Unit to originate mortgages and consumer loans via the telephone, Internet, and direct mail activities. The successful accomplishment of goals led to a promotion to Call Center Manager

Residential Mortgage Sales Manager                                                           2/97- 3/98

Directed the sales function within the department. Duties included departmental budget development and controls, staff recruitment and quality, designing plans to increase market share, and overseeing the training and education of direct hires and retail staff on mortgage related issues.  

Manager, Direct Lending Department    9/94-2/97 

Developed and managed a lending unit for the Residential Mortgage Division with the responsibility of originating mortgage loans through Community Activities, Retail referrals, and consumer direct activities.  

Cambridgeport Bank CRA Highlights

· Community Re-Investment Point person for Mortgage Division: 1995-1998

· Task force member of The Federal Reserve’s Greater Boston Home Purchase Process Initiative: 1997-1998

· Member of the Cambridge Banks Housing Association and the Somerville Banks Housing Association: 1995-1998

· Cambridge Fair Housing Committee Member: 1995-1998

Monarch Mortgage Company, Waltham, MA                                                                          6/93- 12/93

    Mortgage Loan Originator

Bank of Boston, Boston, MA                                                                                                             6/87- 2/93

Mortgage Loan Officer 

EDUCATION Boston University, Boston, MA  School of Management,    BSBA                1985