ALERT: We are NOT the Colonial Credit Corporation which is a Collection Agency from a different state. We are a real estate company in California.
Colonial Credit began as a residential mortgage and real estate company in 2002, founded by Mario Fiermonte and Larry Lally. We are a small firm that delivers big results for our clients.
Larry Lally is a licensed Ca. Department of Real Estate broker and is Colonial Credit's CFO. As Broker of Record for our company, he and other current DRE licensees affiliated with Colonial Credit provide all advice and services involving the purchase and sale of real estate throughout California. Mr. Lally has a Masters degree with over 30 years of accounting and over 11 years of real estate experience.
Mario Fiermonte, a 30 year industry veteran, continues to serve our company as President providing executive and administrative leadership for the organization. Mr. Fiermonte has served in management, executive and senior management roles in the banking and mortgage industry since 1979, having worked for First Interstate Bancorp, Commercial Credit Corporation, and Old Kent Mortgage, among others.
To comply with federal and state regulations and offer a conduit for customers to obtain mortgage loans, in 2011 Mr. Fiermonte's NMLS certification and DRE license were moved from Colonial Credit and became affiliated with Rescom Financial Services, an NMLS authorized and DRE licensed company in Newport Beach. The companies are separate entities.
In 2011, changes to federal lending licensing rules under NMLS (National Mortgage Licensing System) required companies and staff to have an NMLS designation in order to originate mortgage loans. Colonial Credit is licensed by the Department of Real Estate and as of 2011 provides real estate services and not loan services. Since 2011, loans are originated by Rescom Financial Services in Newport Beach.