Who am I

Donald R. Arace

Branch Manager – Metrocities Mortgage a prospect mortgage affiliate.


My Mortgage Team
I have been in the mortgage business for over 23 years, starting with a regional mortgage banker named Columbia Equities ltd. from 1986 – 2000. In my 16 years at Columbia Equities I was Vice President and Sales manager with a loan officer corps of approximately 20 -60 loan officers at various times in the80’s and 90’s. Our business production consisted of Prime mortgage loans including FNMA / FHLMC, FHA financing including 203K rehabilitation loans, mixed use and commercial loans. I was responsible for the entire mortgage Originations unit. Columbia Equities at it’s height had approximately 1 billion dollars in servicing loans ( or approximately 7,000-8,000 homeowners who made loan payments monthly to the bank.

I have always been a producing manager and loan officer. I believe that you understand the needs of Borrowers when you have to deal with them each day in helping them close their loans. In 2000 Columbia Equities was purchased by Ocean First bank of Toms River New Jersey. Eventually our name was changed to Columbia Home loans a subsidiary of Ocean First Bank. I was promoted to Senior Vice President of Columbia Home loans in 2003 -2004 and helped operate the company from Originations, processing, Underwriting, closing, funding and post closing.

In 2006 I decided to rejoin the Originations division with an eye towards striking out on a personal basis. With the number of past borrowers I worked with and deep real estate contacts I felt my strength was in the Lending community at large. My long time affiliation with such organizations as the Westchester Board of Realtors where I was a member on many committees including, Finance, Member services, and Legislative committees led me to the conclusion that I should continue to originate mortgage loans. In my endeavors I became first Co-chair for the Hearts for the Homeless a non-profit organization for the WCBR for 2 years 2002 – 2004. Along with my Co-chair Bonnie Koffwe raised over $120,000 in our two year administration of the fledgling program. The program is now called Hope for the Homeless is a staple of the WCBR to this day. I continue to write articles of interest in the Westchester In-Depth Magazine and am proud sponsor at the board. I do public speaking engagements in connection with Mortgage financing for both the board and first time homebuyers seminars.

Upon the dissolution of Columbia Home loans ( June 2008 ) I moved to New York Mortgage Company which was later purchased by Indy Mac bank. I was Vice President of Originations for the bank and began their Retail division in Westchester County. Due to the legacy issues associated with Indy Mac bank and their Sub-prime and Alt-A wholesale business IndyMac filed for bankruptcy and in September of 2008 I began my tenure with Metrocities Mortgage a Prospect Bank affiliate. Owned by Sterling Investment a 4 billion dollar investment company our Origination division was kept intact and we began doing business in Westchester County with a full staff which to this day is operating on the principals I have always believed in which is customer service ( approvals within 48 hours and closings within 30 days) , product diversity and competitive pricing for all borrowers.

Our office is located at 333 Westchester Ave, White Plains, New York 10606 ET102. I can be reached at 914 733-7900 or 914 364-0242/ 914 260-9265

  • Employee of the Year Columbia Equities 1992
  • Affiliate of the Year Westchester County Board Of realtors 1999
  • 2004 and 2005 Co-Chairman “ Hearts for the Homeless” Non-profit organization under the Westchester Real Estate foundation.
  • 7 year Member of the Legislative committee for the Westchester Board of Realtors.
  • Former Committee associations: Member Services committee and Financial services the Westchester Board of Realtors
  • Director for the Women’s Association of Professional Mortgage Bankers.
  • Member of the Realtors Women’s council
  • Contributing writer “ Westchester In-Depth Real Estate magazine”
  • Dale Carnegie Graduate
  • Iona College Graduate, B.A. Accounting

 

 

Contact Don: 914.733.7901

Website by: Aaron Kershaw - West1Media Productions