Mortgage Network Helping More PA Home Buyers

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Mortgage Network Helping More PA Home Buyers
Our participation with Pennsylvania Housing Finance Agency was up 130 percent in 2013

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Mortgage Network Helping More PA Home Buyers

  1. 1. FOR IMMEDIATE RELEASE MORTGAGE NETWORK HELPING MORE PENNSYLVANIA HOMEBUYERS OVERCOME AFFORDABILITY HURDLE Mortgage banker’s participation with Pennsylvania Housing Finance Agency up 130 percent in 2013 DANVERS, MA – March 31, 2014 ─ While housing affordability became a major challenge in 2013, Mortgage Network Inc., one of the largest independent mortgage lenders in the eastern U.S., grew its participation with Pennsylvania Housing Finance Agency (PHFA) mortgage programs and helped twice as many Pennsylvania families buy their own homes than the company did a year ago. As both median home prices and mortgage rates increased throughout the year, housing affordability in Pennsylvania dropped 10.5 percent during the fourth quarter of 2013 compared to the fourth quarter of 2012, the Pennsylvania Association of Realtors said in its most recent housing market report released in January. Between 2012 and 2013, however, Mortgage Network’s volume of PHFA-assisted mortgage loans grew from 136 loans to 314, an increase of 130 percent. “Affordable mortgage programs have been a huge help to Commonwealth residents and a significant part of our business,” said Beth Hallett, manager of the company's Lancaster, Pennsylvania branch. “As the market continues to rebound and housing affordability continues to be a concern, we look forward to helping many more residents take advantage of these programs.” Among approximately 100 lenders that partner with the PHFA, Mortgage Network is now the fifth largest provider of affordable mortgages in the commonwealth, climbing from the number ten spot just one year ago. The rankings are based on total number of loans provided through the agency.
  2. 2. The PHFA works to provide affordable homeownership and rental housing options for older adults, low- and moderate-income families, and people with special housing needs. Since its creation by the legislature in 1972, it has generated nearly $11.5 billion of funding for more than 155,000 single- family home mortgage loans, helped fund the construction of 122,590 rental units, and saved the homes of more than 47,280 families from foreclosure. PHFA programs and operations are funded primarily by the sale of securities, not by public tax dollars. Mortgage Network was one of only ten Pennsylvania lenders honored by the PHFA at a recent awards winner for its work helping residents buy homes with affordable financing options. Based in Danvers, Massachusetts, Mortgage Network provides a complete range of conventional, non- conventional, government and reverse residential mortgage loans. Since 2000, the company has provided more than $35 billion in mortgage loans while building a reputation for delivering nationally acclaimed customer service. “The exceptional efforts of these lenders help support PHFA’s mission to bring safe and affordable housing to Pennsylvania residents,” said Brian A. Hudson Sr., PHFA executive director and CEO. “PHFA applauds and honors their achievements.” Mortgage Network’s affordable housing program activity also grew in Massachusetts, where it was the top-producing lender of affordable mortgage products under the Massachusetts Housing Finance Agency (MassHousing), and in New Hampshire, where it was the fifth largest provider of affordable mortgages with the New Hampshire Housing Finance Authority. About Mortgage Network, Inc. Mortgage Network, Inc. is one of the largest, privately held independent mortgage companies in the Eastern U.S. region, with more than 45 offices and licensed to do business in 24 states. The company provides a full range of residential mortgage products, including conventional and non-conventional loans, FHA and VA loans, mortgage refinancing and reverse mortgages, while offering borrowers a unique combination of experience, product development, and commitment to great service. According to a customer survey conducted from January 2011 through December 2012, more than 98 percent of customers would recommend Mortgage Network to friends and family members. Based in Danvers, Massachusetts, Mortgage Network was founded in 1988 by Robert McInnes and Albert Paré III, who have co-managed the
  3. 3. company since its inception. Mortgage Network can be found online at www.mortgagenetwork.com and can be followed on Twitter at @MNETMortgage. PRESS CONTACT: Warren Lutz Strategic Vantage Marketing & Public Relations (925) 270-3941 WarrenLutz@StrategicVantage.com # # #

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