Lender Reaches Out To Lower-Income Borrowers

Mortgage Master, a regional mortgage lender and one of the country’s largest privately-owned mortgage companies, has become the first non-depository lender to join the Massachusetts Home Ownership Compact to provide affordable mortgage solutions to lower income first-time home buyers. As a signatory of the Home Ownership Compact, Mortgage Master has committed to make a good faith effort to provide Mass Housing mortgage loans to borrowers below the median household income in 2014.

“Mortgage Master is proud to call Massachusetts its corporate headquarters and we are committed to serving our local state community,” said Paul Anastos, President of Mortgage Master. “The recovery of the housing market, the dream of homeownership and the overall economic success of our local communities are things that are extremely important to us at Mortgage Master. We are excited to support the governor’s initiative and do our part – as a collaborative community member – in helping borrowers and working toward strengthening Massachusetts.”

“The Homeownership Compact is a great example of how government, lenders and non-profit agencies can work together to make affordable mortgages available to first-time homebuyers across the Commonwealth.  We welcome Mortgage Master to the Compact,” added Aaron Gornstein, Undersecretary, Department of Housing and Community Development of Massachusetts.

Governor Deval Patrick announced the Massachusetts Homeownership Compact in 2013 with the goal of providing 10,000 mortgage loans over the next five years to first-time home buyers with household incomes below the area median income. In the second year of the Compact, Mortgage Master is paving the way as the first non-depository mortgage lender to sign on.

“We are pleased to have Mortgage Master join the Compact,” said Esther Maycock-Thorne, President of the non-profit Massachusetts Affordable Housing Alliance. “Mortgage companies play an important role in reaching low-to-moderate income first time borrowers in our Commonwealth and we congratulate Mortgage Master on making this commitment.”

“We hope many more lenders join in by signing the Compact,” continued Mr. Anastos. “We have 10,000 mortgages to originate and no time to waste. Mortgage Master is eager to focus its capabilities towards such an important initiative that will help citizens of Massachusetts by strengthening our communities and keeping young families in the state as a solid economic foundation for the future.”

About The Author

[author_bio]

Tony Garritano

Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.