Bryn Mawr Bank Corporation (BMBC)
has announced a new $30 million pledge to fund loans to low- and moderate-income households and communities this year through its annual Neighborhood Opportunity Program (NOP) through The Bryn Mawr Trust Company (BMT).
BMT began its NOP pledge program in 2016 with a $10 million commitment and has increased year-over-year to $25 million in 2019. NOP covers home purchases and refinancing and is designed to offer more flexibility than conventional loan programs by offering as a three percent downpayment and the potential to eliminate the high costs of private mortgage insurance.
Frank Leto, president and CEO of BMBC, stated the new NOP pledge coupled with the company’s ongoing mortgage and homebuyer educational programs would help further the possibility of homeownership for its customer base.
“Homeownership and home improvement ensure neighborhood growth and revitalization,” said Leto. “We are committed to helping low- and moderate-income borrowers in the diverse communities we serve to find the funding they need.”