ROCHESTER, N.Y., June 28, 2021 /PRNewswire/ — As a lender that prides itself on innovation, technology, and inclusiveness, Premium Mortgage Corporation is proud to announce the deployment of its «Neighborhood Vitality» program; a strategy it believes will help underserved communities in upstate New York. Premium Mortgage Corporation—who already provides more loans to minorities in Buffalo than every other non-bank lender—has established a special financing fund of a minimum of $500,000 to further incentivize the purchase of homes in historically disadvantaged communities. Moreover, these monies will be advertised and dispersed through Premium Mortgage Corporation’s unique proprietary software that will identify properties in underserved communities for which the incentive is available, and advertise the incentive to real estate agents and consumers in a manner that will encourage the purchase of real estate in these targeted communities.
Premium Mortgage Corporation began developing the technology and offering incentives at the beginning of 2021, while it and multiple other lenders were being examined by the NYS Department of Financial Services – Consumer Protection Division regarding their lending practices. DFS ultimately concluded its investigation finding that as to Premium Mortgage Corporation there was no «evidence of intentional discrimination, misconduct or other violations of law» by the company or its employees. Nonetheless, Premium Mortgage Corporation chose to enter into an agreement with DFS at the conclusion of its review, to utilize the Neighborhood Vitality program and invest a minimum of $500,000 in homebuyer incentives to assist the State in realizing its goal in revitalizing the real estate market in these underserved areas.
Mike Donoghue, Premium Mortgage Corporation’s founder and president, stated, «I am proud to work with a group of people who are both innovative and community centric. We are utilizing the latest technologies to benefit our communities and address problems whose roots date back to their very beginnings.» As Mr. Donoghue explained, «We did not just want to throw money at the problem – that is easy – anyone can do that. We wanted to find a way to get the money into the hands of those that need it and can use it to revitalize their neighborhoods.» Premium Mortgage Corporation believes its strategy – which has already awarded over $100,000.00 in incentives — can be an example for other lenders and other communities.
About Premium Mortgage Corporation
Headquartered in Rochester, New York, Premium Mortgage Corporation serves residential real estate markets across upstate New York, Florida, Vermont, Massachusetts, Connecticut, Pennsylvania and Ohio. Since opening in 1999, the company has grown to over 200 employees and attributes its success to matching mortgage financing to individual clients’ needs, while also giving excellent customer service to real estate agents in the community. For ongoing mortgage news, please visit: www.premiummortgage.com and follow Premium on Facebook, LinkedIn, and Instagram.
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SOURCE Premium Mortgage Corporation