BRYN MAWR, Pa., June 15, 2016 (GLOBE NEWSWIRE) — Bryn Mawr Bank Corporation (NASDAQ:Bryn Mawr TrustC) (the “Corporation”), parent of The Bryn Mawr Trust Company (“Bryn Mawr Trust”), announced today a $10 million commitment to fund loans to low-to-moderate income households and areas. In conjunction with the significant funding commitment, Bryn Mawr Trust adjusted the guidelines on its Neighborhood Opportunity Program, to make home ownership and home improvements more accessible and affordable to low and moderate income borrowers. The Neighborhood Opportunity Program provides loans to individuals purchasing and improving homes in low-to-moderate income areas.
“Home ownership should be affordable for everyone. We are committed to providing mortgages and home loans that further meet the needs of borrowers in the diverse communities we serve,” said Frank Leto, President and CEO of Bryn Mawr Trust. “Home ownership gives borrowers the opportunity to build equity by owning and enhancing their property. This $10 million allocation, combined with our Neighborhood Opportunity Program is designed with this goal in mind.”
Bryn Mawr Trust created its Neighborhood Opportunity Program in 2014 to help meet the needs of consumers in low and moderate income communities and improve the local neighborhoods it serves. The program provides primary home loans to individuals with low-to-moderate incomes, or to individuals looking to purchase or repair a primary residence located in a low-to-moderate income census tract. The program also helps low-to-moderate income home owners borrow the funds they need to improve their residences.
For home purchases or refinancing, Bryn Mawr Trust’s Neighborhood Opportunity Program provides a flexible alternative compared to conventional loan programs. With as little as a 3 percent down payment, and the potential to eliminate the high costs of private mortgage insurance (“PMI”), the Neighborhood Opportunity Program makes home ownership more affordable.
In addition to loans through its Neighborhood Opportunity Program, Bryn Mawr Trust offers consumers a wide variety of other mortgage products at competitive rates, including conventional, jumbo, adjustable-rate, and FHA loans.
Bryn Mawr Trust’s convenient online mortgage portal allows customers to apply for a mortgage loan when and where it is convenient for them. Customers can also visit a local branch for information, or connect with a local Mortgage Loan Officer for a customized consultation by calling 610-581-4876.
Bryn Mawr Trust, founded in 1889 and headquartered in Bryn Mawr, Pa., operates 25 retail bank locations in Montgomery, Chester, Delaware and Philadelphia Counties in Pennsylvania and New Castle County, Delaware. Bryn Mawr Trust also serves clients through its Wealth, Private Banking and Insurance divisions in addition to Mortgage and Commercial Lending Departments. Further information about products and services offered may be obtained at bmt.com.
