FOR IMMEDIATE RELEASE
February 22, 2019
Media Contact: Kyrie Perry
RIHousing Achieves Record-Breaking Year in Mortgage Lending
Agency realizes highest mortgage volume in 45+ year history
Providence, RI – RIHousing funded 2,121 mortgages, with a volume of over $444 million, in 2018. This marks RIHousing’s highest mortgage volume in the corporation’s 45+ year history. The milestone follows double-digit annual increases in loan origination since 2015.
“Last year, RIHousing provided more funding to help families put down roots in Rhode Island than ever before,” said Barbara Fields, Executive Director & Chief Executive Officer. “Opening doors to homeownership is at the core of our mission and bolsters economic development activity in our state.”
Working with 41 lender partners and realtors throughout Rhode Island, the agency helped over 2,100 Rhode Islanders purchase a home. In terms of mortgage lending, 2018 was RIHousing’s biggest year, with 88 percent of the loan activity generated from lender and broker partners. This represents a 20% increase in mortgage volume from 2017 and supports over 1,000 jobs.
“With innovative lending programs, a network of lender and realtor partners, RIHousing did more mortgage business last year than the total from the four years prior to my leadership,” noted Fields. “Strong relationships with our 41 participating lenders, has helped RIHousing increase loan production and get more families into good, healthy homes.”
RIHousing offers an extensive line of loan options for first-time homebuyers, current homeowners and Rhode Islanders looking to improve their homes. Since 1973, RIHousing has helped approximately 72,000 Rhode Islanders purchase a home. RIHousing loans are available through the RIHousing Loan Center and a network of participating lenders across the state.
RIHousing works to ensure that all people who live in Rhode Island can afford a healthy, attractive home that meets their needs. RIHousing provides loans, grants, education and assistance to help Rhode Islanders find, rent, buy, build and keep a good home. Created by the General Assembly in 1973, RIHousing is a self-sustaining corporation and receives no state funding for operations. For more information regarding RIHousing, visit www.RIHousing.com or follow us @RIHousing on Facebook and Twitter.