PR Mortgage & Investments (PR) was established in August of 1990 as a mortgage banking firm specializing in multifamily housing and health care facilities finance. With more than a hundred years combined experience in these types of finance, the company is a premier provider and servicer of Multifamily, Senior, and Student Housing. Our mission is simple: to provide the best origination and service of our loan products with exceptional customer service, accuracy, creativity, speed, and conformance to regulations.
PR has originated and closed more than $11 billion in loans and now services in excess of $8.2 billion. PR’s primary source of funding is the secondary market of federally chartered agencies and the federal government. PR is an approved FHA Mortgagee and is an approved Multifamily Accelerated Processing (MAP) lender for HUD. In 2010, the company was #1 in the country in FHA Multifamily production and continues to be ranked in the top 5 nationally. RICHMAC Funding, a wholly owned subsidiary of PR Mortgage & Investments, is a national multifamily housing mortgage lender with a deep bench of talent and resources to efficiently execute multifamily housing loans. RICHMAC Funding is a Fannie Mae Affordable Lender, a Freddie Mac Targeted Affordable Housing (TAH) Seller/ Servicer, a Federal Housing Administration (FHA) MAP LEAN and LIHTC Pilot Lender, and a Ginnie Mae Issuer/ Servicer.
PR Mortgage is also a Rural Housing Service (RHS) approved lender for the Section 538 program. The company is a Government National Mortgage Association (GNMA) Issuer of Mortgage Backed Securities (MBS). These agencies offer secondary market programs that provide a full range of loan structures for multifamily rental projects and health care facilities. Through these programs, PR Mortgage can provide acquisition, refinance, rehabilitation and new construction loans. These programs offer competitive long-term, fixed-rate loans that will meet the needs of our clients. Through its banking parent (Merchants Bank of Indiana), PR Mortgage can offer floating and fixed rate interim construction and acquisition/rehab loans.
Michael R. Dury
President and COO
Mr. Dury joined PR Mortgage & Investments in 2007 as an investment officer. In his current position as President and COO, he oversees strategy and business development for multifamily and healthcare mortgage lending activities. The group was ranked #1 in the country in FHA Lending in 2010 and has ranked in the top 5 for seven consecutive years. He specializes in the origination of numerous multifamily rental and health care housing finance programs. Since 2010, Mr. Dury has originated over $3.9 billion of multifamily loan volume.
Mr. Dury is a graduate from The University of Notre Dame, where aside from his studies, served as team captain for the baseball team. In 2013, he received his MBA in finance from Indiana University’s Kelley School of Business and was selected as a “Future Leader” by the Mortgage Bankers Association. Mr. Dury serves on the Board of Directors of the Notre Dame Club of Indianapolis and serves as the current Club President.
Michael F. Petrie, CMB
Mr. Petrie co-founded PR Mortgage & Investments (PRMIC) with partner Randall Rogers in 1990. Mike Petrie is CEO & Chairman of Merchants Bank of Indiana (MBI), a $3 Billion Bank headquartered in Carmel, IN. PRMIC is a subsidiary of MBI.
Mr. Petrie is a 1979 graduate of Indiana University's School of Business with a major in Finance. He received his MBA in 1983 from Indiana University. In 1999, Mr. Petrie earned his Certified Mortgage Banker Designation (CMB) and in 2004 received the Accredited Mortgage Professional Designation (AMP).
Mr. Petrie is active in the industry and in the community, as evidenced by his affiliations listed as follows: Merchants Affordable Housing Corp., President and Director (1986 - present); Indiana Affordable Housing Council, Board of Directors (2016 - present); The Children’s Museum of Indianapolis (2015 - present); Multifamily Lenders Council (President); Community Investment Fund of Indiana, Board of Directors (2013 – present); Mortgage Bankers Association, Washington D.C., Chairman ( 2004 - 2005); Chairman - Elect, (2003 – 2004); Vice Chairman ( 2002 – 2003); Board of Directors (1999-2006, 2008 – 2009); Indiana Association of Community and Economic Development, Board of Directors (2013 – 2016); FHLBI Board of Directors ( 2007 – 2008); MERS Board of Directors (2006 – 2010).
Mr. Petrie has also served on numerous professional and civic boards including the Indianapolis Neighborhood Housing Partnership (INHP), Near North Development Corp., Fannie Mae National Advisory Council, the Harvard Joint Center for Housing Studies, and Advisory Committee for the Research Initiative on Rental Housing.
Mr. Petrie was awarded the "Sagamore of the Wabash" in 2004 and MBA’s Burton C. Wood Legislative Service Award in 2000.
Randall D. Rogers, CMB
Mr. Rogers co-founded PR Mortgage & Investments in 1990 after serving 21 years with Merchants National Corporation as Executive Vice President of the Real Estate Lending Group. The group was responsible for the origination and management of development, construction and permanent real estate loans both for portfolio and as an intermediary mortgage banking subsidiary.
A 1968 graduate of the University of North Carolina, Chapel Hill, Mr. Rogers also graduated in 1979 from the Stonier Graduate School of Banking, Rutgers University. In 1985 Mr. Rogers earned the Certified Mortgage Banker (CMB) designation from the Mortgage Bankers Association of America.
Mr. Rogers has served on several professional and civic organization boards including, the Fannie Mae Regional Advisory Board, Westside Community Development Corporation, both the Indianapolis and Indiana Mortgage Bankers Associations, The Health & Hospital Corporation of Marion County, the Eskenazi Health Foundation, the Indianapolis Zoological Society, Indianapolis YWCA, the 1987 Pan American Games, the Greater Indianapolis Progress Committee and SKL Society. He also served as the President of the Indiana Mortgage Bankers Association, Chairman of the Marion County Health and Hospital Corporation, and Chairman of the Eskenazi Health Foundation.
Matthew E. Kaercher
Senior Vice President, Originations
Mr. Kaercher serves as Senior Vice President with PR Mortgage & Investments and has been with the organization since 2011. He heads up our originations team and specializes in the origination of a wide variety of multifamily and senior financing programs available at PR Mortgage. These programs include, but are not limited to financings by FHA, RHS, and PR’s parent company, Merchants Bank of Indiana.
Mr. Kaercher is a graduate from The University of Dayton and received his MBA in finance from IU’s Kelley School of Business.
Since 2011, Mr. Kaercher has served as a multifamily loan underwriter of $215 million in closed loans. Upon transferring to originations in January of 2014, Mr. Kaercher has originated or co-originated over $600 million in loans.
In addition to his duties at PR Mortgage, Mr. Kaercher is a Board Member of Near East Area Renewal (NEAR) and also serves on their Housing Committee. NEAR aims to redevelop near east side neighborhoods in Indianapolis. He also volunteers as a member of the Penrod Society which organizes a fair benefiting local arts programs.
President, Richmac Funding
New York Office
Mathew Wambua, President of RICHMAC Funding, is located in New York and is responsible for establishing and expanding RICHMAC Funding multifamily lending platform. Mr. Wambua was former Commissioner of the NYC Department of Housing Preservation and Development. Mr. Wambua earned a B.A. from the University of California at Berkeley and a Masters in Public Policy from Harvard.
Jeffrey T. Spahn
Vice President, Originations
Mr. Spahn serves as Vice President with PR Mortgage & Investments and has been with the organization since 2007. He specializes in the origination of a wide variety of multifamily and senior financing programs available at PR. These programs include, but are not limited to financings by FHA, RHS, and PR’s parent company, Merchants Bank of Indiana. Mr. Spahn has been a part of the production team that was the #1 ranked FHA lender in 2010 and has been ranked in the top 5 for five consecutive years thereafter. Since 2009, he has originated and closed in excess of $1.038 billion in loan volume.
In 2016, Mr. Spahn completed his MBA at the University of Indianapolis. Previous to that, Mr. Spahn was a 2006 graduate of Indiana University (Bloomington) where he earned his degree in Biology and also earned a Certificate in Business Foundations from the Kelley School of Business. He has also completed several multifamily real estate finance education courses offered by the Mortgage Bankers Association.
In addition to his duties at PR and efforts to participate in outside education, Mr. Spahn serves on the Housing Committee for Hamilton County Area Neighborhood Development (HAND, INC), a local not-for-profit housing developer.
Randall D. Rogers, Jr.
Vice President, Originations
Mr. Rogers joined PR Mortgage & Investments in 2010 after practicing law in a variety of disciplines for nearly twelve years. As a former “white-collar” Deputy Prosecutor for Marion County, Indiana and later a defense attorney in the same practice area, Mr. Rogers began at PR as an underwriter and has received his MAP approval (2013) from the U.S. Department of Housing and Urban Development. After transitioning to the production team in late 2013, Mr. Rogers specializes in the origination of numerous multifamily rental and health care housing finance programs including conventional, FHA and RHS.
A 1995 graduate of Denison University, Mr. Rogers also graduated in 1999 from the Indiana University Robert H. McKinney School of Law and remains active and in good standing with the Indiana State Bar.
Senior Vice President, Richmac Funding
Saint Paul Office
Joseph Krengel, Senior Vice President of RICHMAC Funding and is located in the Saint Paul, Minnesota office. He is responsible for multifamily production and underwriting. Mr. Krengel graduated from the University of Wisconsin-Madison with a Bachelor of Science Degree and received his real estate license in 1999.
Senior Vice President, Richmac Funding
New York Office
Ben Levine, Senior Vice President of RICHMAC Funding LLC, is located in our New York City office and is responsible for originating new business to provide mortgage banking solutions through the Fannie Mae, Freddie Mac and FHA/HUD lending products. Mr. Levine graduated from University of California, San Diego with a degree in Economics.
Senior Vice President, Richmac Funding
Saint Paul Office
SaraBeth Mantia joined Richmac Funding in 2012 and is located in Saint Paul, Minnesota. She specializes in the origination and project management of a wide variety of multifamily and senior housing programs. These programs include Freddie Mac, Fannie Mae, FHA/HUD, as well as Richmac’s parent company Merchants Bank of Indiana construction, bridge and acquisition/rehab loans. Ms. Mantia brings over 13 years of banking experience and prior to her current role served as Richmac’s Deputy Chief HUD Underwriter, and received her MAP underwriter approval in 2008 from the U.S. Department of Housing and Urban Development.
Scott D. Chamberlain
Senior Vice President, Originations
St. Louis Office
Mr. Chamberlain joined PR Mortgage & Investments in 2016. He was responsible in the development, construction, management and financing for multifamily/elderly projects from 1976 to 1987, utilizing FHA multifamily mortgage insurance and direct HUD loans with Section 8 subsidies and other affordable housing resources. In 1987 he moved into mortgage banking specializing in FHA multifamily mortgage insurance programs. Prior to joining PR Mortgage, he worked for Berkadia for 16 years from their St. Louis office, where he financed hundreds of FHA mortgage insured multifamily and healthcare facilities across the country. He has financed, serviced or underwritten over $2 billion of FHA mortgage insured loans for multifamily and healthcare facilities in his career.
Scott graduated from Weber State University with a Bachelor of Science degree in Accounting and later received his CPA.
Vice President, Richmac Funding
New York Office
Michael Milazzo, Vice President of RICHMAC Funding, is located in New York City and is responsible for expanding RICHMAC Funding’s multifamily lending platform by providing mortgage banking solutions through the Freddie Mac, Fannie Mae, FHA/HUD lending products, as well as Merchants Bank of Indiana Construction and Acquisition/Rehab loans. Mr. Milazzo earned a Master Degree in Real Estate from NYU’s Schack Institute and holds B.A. from Sacred Heart University.
Assistant Vice President, Originations
Mr. Dietrick joined PR Mortgage & Investments in July 2015. He provides support to the Loan Origination Team and Underwriting department throughout the credit process.
Mr. Dietrick is a 2014 graduate of Indiana University's Kelley School of Business, where he earned degrees in accounting and real estate finance. Prior to joining PR Mortgage, Mr Dietrick worked for a local financial institution.
Mr. O'Connor joined PR Mortgage & Investments in 2016. He is a graduate of the University of Dayton, where he majored in Finance. Mr. O’Connor began at PR as an underwriter and has received his MAP approval from the U.S. Department of Housing and Urban Development. His previous experience includes working for a hedge fund and medical supply company.
Mr. Gilmore joined PR Mortgage & Investments in 2017. He is a graduate of Indiana University, where he majored in Economics and minored in Mathematics. After completing an internship with PR Mortgage in 2017, he officially rejoined the team as an Originations Analyst.
Mr. Shelbourne joined PR Mortgage & Investments in 2017. He provides support to the Loan Origination Team and Underwriting department throughout the credit process.
Mr. Shelbourne is a 2012 graduate of Wabash College, where he earned a B.A. in Economics, and is currently earning a Master of Professional Studies in Real Estate from Georgetown University. Prior to joining PR Mortgage, Mr. Shelbourne worked five years as a medical device and pharmaceutical sales representative.
Underwriting, Processing, and Closing
Executive Vice President, Fannie Mae & Freddie Mac Chief Underwriter
Saint Paul Office
Marsha Goff, Executive Vice President of RICHMAC Funding and is located in the Saint Paul, Minnesota office. She is responsible for all production functions and oversees and approves transaction specific business and legal waivers, transaction legal document review, client negotiation and final pricing approval. Ms. Goff graduated from Saint Cloud State University with a Bachelor of Science Degree in both Real Estate Finance and Organizational Speech Communications. She is a HUD Approved MAP Underwriter, a Designated Member (MAI) of the Appraisal Institute and has underwritten or overseen over $6 billion in complex multifamily loan originations.
Senior Vice President, FHA Deputy Chief Underwriter
Michelle Small leads our Underwriting Department team. Ms. Small joined PR Mortgage & Investments in 2005 as a Commercial Loan Processor. Ms. Small earned the MAP Approved FHA Underwriter accreditation in 2013 after successfully completing the CampusMBA FHA Multifamily Training Program. Ms. Small is responsible for the review of all in-house and third party reports and is required to make a determination whether each proposed loan represents an acceptable risk and is economically sound. Ms. Small is also responsible for monitoring and reporting results of the compliance/ethics efforts of the company and provides guidance for the Board and senior management on matters relating to compliance.
Ms. Small holds undergraduate degrees in Business and Accounting, and an MBA in Finance through Anderson University.
Vice President, Processing, Closing and Delivery Manager
Saint Paul Office
Ms. Swentek manages the loan processing, closing and delivery functions in our Saint Paul, Minnesota office.
Assistant Vice President, FHA Processing
Mrs. Kreigh joined PR Mortgage & Investments in 2011 as an Administrative Assistant/Commercial Loan Processor. Currently, Mrs. Kreigh is a full time processor responsible for all aspects of loan processing including the creation and management of loan application packages, credit reporting, monitoring of third party report completion, and financial spreadsheet creation. Additionally, Ms. Kreigh is responsible for management, development, and implementation of policies and procedures for the daily operation of the Processing Department which includes the administration of loan applications for our various loan programs.
Before joining PR Mortgage, Mrs. Kreigh served in several roles with single family housing production with various Mortgage Companies.
Assistant Vice President, Closings
Mrs. Belser joined PR Mortgage & Investments in 2016 as a Construction Loan Analyst. In 2017 she joined the Closing Department. In this role she assists in overseeing PR’s loan portfolio and is responsible for all aspects of loan closings from the time of commitment.
Mrs. Belser is a 2003 graduate of Franklin College and comes to PR Mortgage with 13 years of experience in marketing and restaurant management.
Senior Vice President, Chief Servicing Officer
Ms. Hamaker joined PR Mortgage & Investments in 2009 as Vice President and Controller. In 2015, she accepted the position of Vice President of Servicing. In 2017, she was promoted to Senior Vice President & Chief Servicing Officer.
She is a graduate of Indiana University’s School of Business with a major in Management. From 2000 to 2009 she was the Controller for Paragon Realty Companies where she was responsible for the accounting of more than 30 entities. Prior to working at Paragon, she worked for National City Bank in the Commercial Real Estate Department as a loan servicer.
Vice President, Asset Management
Mrs. Major joined PR Mortgage & Investments in 2003 and currently serves as Vice President, Asset Management leading both the Portfolio Management and Construction Loan teams. She has been servicing multifamily loans since 2011 specializing in construction loans such as FHA 221(d)4; MBI construction loans; and RD Continuous Guarantee 538 loans. Mrs. Major responsibilities include:
+ Overseeing Construction and Servicing Staff
+ Review and approval of all check/wire disbursement requests
+ Review and approval of all draw and repair escrow requests
+ Reviewing construction billing statements
+ Maintaining compliance with HUD/MBI//RHS program requirements
+ Ensuring Borrowers stay within the approved construction budget
+ Process GNMA pools for certification and delivery
Mrs. Major graduated from Indiana Wesleyan University where she majored in business management and received her Master’s in Business Administration with a specialization in International Business.
Vice President, Investor Accounting
Ms. Cuellar joined PR Mortgage & Investments in 2001. Her team’s responsibilities include all accounting and reconciliation of funds that flow through the Servicing Department, the transferring of funds to appropriate investor bank accounts, reporting and remitting to those investors, and meeting the corresponding regulatory requirements. Additionally, Investor Accounting oversees the Servicing Department database, including setting up new loans into the system and writing/preparing monthly, quarterly, and annual department reports. As such, it acts as a liaison for special database projects in support of the rest of the company and its correspondent lenders.
Ms. Cuellar attended Chapman University in Orange, California where she graduated magna cum laude with a Bachelor of Science degree in Business Administration. She has more than 30 years of mortgage servicing experience.
MBI Capital Division
Mr. Sullivan joined PR Mortgage & Investments in June 2013 and now serves as Vice President in the Merchants Capital Division. His role at PR Mortgage/Merchants Bank of Indiana is primarily focused on connecting PR Mortgage customers with real estate capital markets by marketing GNMA securities issued by PR. Mr. Sullivan has also helped several unaffiliated originators grow their business by providing warehouse lines of credit through Merchants Bank. Mr. Sullivan also serves as a shareholder relations representative for Merchants Bancorp and SBA trader for the bank.
Mr. Sullivan graduated from DePauw University in 2008 with a Bachelor of Science in Political Science and a minor in Economics. He received an MBA from IU Kelley School of Business in December 2013 with a major in Finance. Mr. Sullivan is involved civically with King Park Development Corporation, LISC Indianapolis, and the Penrod Society which supports the arts and cultural education in central Indiana. He has also volunteered for several local level political campaigns.
Chief Financial Officer
John Macke joined the company in July 2017 after more than 25 years in the mortgage finance industry. Mr. Macke has served in the roles of EVP of Capital Markets and Chief Financial Officer at Stonegate Mortgage. Mr. Macke also spent many years with Irwin Mortgage, a national residential mortgage lending company, responsible for capital markets, strategy, business development, and finance department management. He has extensive experience with financial forecasting, planning and analysis, as well as servicing valuation and MSR hedging. Mr. Macke was also the Chief Operating Officer of Freedom Mortgage after its acquisition of Irwin Mortgage. He holds an MBA from the Kelley School of Business at Indiana University and a BS degree in finance from the University of Dayton.
Vice President, Human Resources Director
Nic Baumann joined the company in 2016 as Vice President of Human Resources. He is responsible for the strategic development and administration of all human resources functions. Nic has more than a decade of experience in human resources having worked in most HR practice areas during that time. His SPHR and SHRM-SCP senior certifications reflect his extensive experience in the HR profession. He is a graduate of Purdue University with a bachelor’s in statistics and a minor in sociology. Nic stays actively involved in the HR professional community through organizations such as the national SHRM chapter and IndySHRM.
Vice President, Marketing and Communications Director
Chief Information Security Officer
Rebecca Marsh joined the company in 2008 as the Information Technology Officer and is now the Vice President of Marketing and Communications. Rebecca also serves the corporation as the Chief Information Security Officer. She is responsible for company marketing initiatives and media, and Director and customer communications. Rebecca also serves as a shareholder relations representative for Merchants Bancorp. Prior to joining the company, she worked for Merchants National/National City from 1990 to 2001. Rebecca holds a degree from IUPUI in Information Technology/Electrical Engineering Technology and graduated summa cum laude from the University of Phoenix with a Bachelor of Science in Information Technology/Multimedia and Visual Communications.
Vice President, Information Technology
Bruce Wiley joined the company in June 2017 as the Vice President of Information Technology. His responsibilities include providing leadership and direction to the IT team for all banking and mortgage businesses. Prior to joining the company, Bruce held several technical and leadership roles in IT at Roche Diagnostics. Bruce holds a BS degree from Taylor University in Business Systems and an MBA degree from Butler University. He is a member of PMI and holds his PMP® certification.
- Mortgage Bankers Association
- Council For Affordable and Rural Housing
- Apartment Association of Indiana
- Indiana Health Care Association
- Indiana Association of Homes and Services for the Aging
- Indiana Council for Rural and Affordable Housing
- Rural Rental Housing Association
- Indiana University Real Estate Club