MassHousing Executive Director Chrystal Kornegay, center, with top HomeOwnership partner lenders
MassHousing works with a network of 175 lenders across Massachusetts to make its affordable first and second mortgage products available. In calendar year 2017, MassHousing provided a total of $536 million to help 2,309 Massachusetts residents purchase or refinance a home in 263 of the Commonwealth’s 351 cities and towns.
- 83% of borrowers (1,916) were first-time homebuyers
- 41% of borrowers (945) earned no more than 80% of the Area Median Income
- 40% of the loans (931) were made in Gateway Cities
- 24% of loans (549) were made to minority borrowers
- The average home purchase price was $248,992, the average loan amount was $232,205, and the average household income was $77,370
The honorees for 2017 were
- Residential Mortgage Services, Inc. was recognized for the fourth consecutive year as top originator of MassHousing loans statewide - 277 loans for $62 million. RMS was also the top producer in Bristol, Plymouth and Worcester Counties.
- Millbury Federal Credit Union (with originating by its subsidiary Security First Mortgage Funding): highest percentage of loans to minority homebuyers. Of the 26 loans for $5.7 million originated by Millbury/SFMF, 14 loans totaling $3.3 million (54%) were made to minority borrowers.
- East Boston Savings Bank: highest percentage of loans to borrowers earning ≤80% of the Area Median Income. Of the 13 loans for $2.8 million originate by EBSB, 11 for $2.1 million (85%) were made to low- and moderate-income borrowers.
- Country Bank for Savings: top producer of loans that have MassHousing Mortgage Insurance but are not funded by MassHousing (21 loans for $3.4 million).
- Adams Community Bank: MI-Only Rising Star award for using MassHousing Mortgage Insurance to insure 15 loans for $2.5 million in financing in its first year of offering MassHousing Mortgage Insurance.
- Guaranteed Rate, Inc.: top producer of loans in Middlesex County (43 loans for $12.7 million). Overall, Guaranteed Rate originated 157 MassHousing Loans for $45.2 million.
- Guaranteed Rate Loan Officer Shant Banosian was honored for being Top Originator of MassHousing loans statewide with 38 loans for $10.2 million.
- Cape Cod 5 Cents Savings Bank: top producer of loans in Barnstable and Nantucket Counties (Barnstable 35 loans for $8.9 million; Nantucket 9 loans for $2.6 million).
- Lee Bank: top producer of loans in Berkshire County (16 loans for $1.7 million).
- Cross Country Mortgage: top producer of loans in Essex County (62 loans for $17.9 million.)
- Greenfield Savings Bank: top producer of loans in Franklin County (4 loans for $605,490)
- Academy Mortgage Corporation: top producer of loans in Hampden County (44 loans for $7.3 million).
- Monson Savings Bank: top producer of loans in Hampshire County (8 loans for $578,048).
- Fairway Independent Mortgage Corp.: top producer of loans in Norfolk and Suffolk Counties (Norfolk 27 loans for $8.1 million; Suffolk 17 loans for $5 million).
- Mill Cities Community Investments of Lawrence: top producer statewide of MassHousing’s Get The Lead Out Program for the removal of lead paint (67 loans for $2 million). Mill Cities posted a 123% increase in GTLO production over its 2016 award-winning effort to help remove lead paint.
Learn more about MassHousing’s affordable mortgage products. And view a complete list of MassHousing partner lenders.