Bryn Mawr, Pa., December 14, 2017 – Bryn Mawr Bank Corporation (NASDAQ: BMTC) (the “Corporation”), parent of The Bryn Mawr Trust Company (“BMT”), announced today a new $15 million commitment to fund loans to low and moderate-income households in 2018. This commitment is the second made by BMT. In mid-2016, BMT committed $10 million to make homeownership more affordable for low and moderate-income borrowers through BMT’s Neighborhood Opportunity Program. BMT’s Neighborhood Opportunity Program provides loans to individuals purchasing and improving homes in low and moderate-income areas. In 17 months, BMT funded over $14.5 million in home loans, and looks to continue the Program’s strong performance in 2018 with the additional $15 Million commitment.
The 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.
“We have been encouraged by the positive results over the past 17 months, originating over $14.5 million in Neighborhood Opportunity loans. We are dedicated to providing education and information to help low and moderate-income prospective homebuyers and individuals seeking home improvement funding,” said Frank Leto, President and CEO of BMT. Continuing, “this new $15 Million pledge reaffirms our commitment to provide mortgages and home loans that further meet the needs of borrowers in the diverse communities we serve and is designed to ensure neighborhood growth and revitalization.”
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.