Bryn Mawr, Pa., Jan. 3, 2020 – Bryn Mawr Bank Corporation (NASDAQ: BMTC) (the “Corporation”), parent of The Bryn Mawr Trust Company (“BMT”), announced today a new $30 million pledge to fund loans to low-and moderate-income households and loan in low- and moderate-income areas in 2020 through their Neighborhood Opportunity Program (NOP). This new 2020 commitment is the fourth annual pledge made by BMT. The NOP pledge began in 2016 with a $10 million commitment and has increased year-over-year to $25 million in 2019. BMT is pleased to share our 2019 results of $34 million, which exceeded our 2019 pledge and goal by 36%. These results and the desire to expand this program have compelled BMT to commit to a $30 million pledge for 2020.
“Home ownership and home improvement ensure neighborhood growth and revitalization. We are committed to helping low- and moderate-income borrowers in the diverse communities we serve to find the funding they need,” said Frank Leto, President and CEO of BMBC. “We believe home ownership and home improvement funding should be affordable and accessible. With the increased NOP funding, combined with our numerous mortgage and homebuyer educational programs, we can help even more individuals and families achieve the American dream.”
About BMT Neighborhood Opportunity Program
The program’s mission is to make homeownership more affordable for low- and moderate-income borrowers. BMT’s Neighborhood Opportunity Program provides loans to individuals purchasing and improving homes in low- and moderate-income areas. The BMT Neighborhood Opportunity Program provides primary home loans to individuals with low- and moderate-income, or to individuals looking to purchase or repair a primary residence located in a low- and moderate-income census tract. For more information on the Neighborhood Opportunity Program visit bmt.com/NOP.
For home purchases or refinancing, BMT’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, BMT offers consumers a wide variety of other mortgage products at competitive rates, including conventional, jumbo, adjustable-rate, and FHA loans.
BMT’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.