Skip to main content

NFHA and Patriot Bank in Memphis Mortgage Partnership

Jan 31, 2020
Photo credit: Getty Images/undefined undefined

The National Fair Housing Alliance (NFHA) and Millington, Tenn.-based Patriot Bank have teamed up on an endeavor designed to increase access to residential mortgage loans in the Memphis metro market.
 
This new partnership will involve input from The Works Inc., a Memphis-focused community development corporation. Under this arrangement, Patriot Bank will provide lending up to $500,000, at a below market interest rate, to support The Works Inc.’s Opportunity Home Loan Fund, which provides mortgage loans of up to $50,000 to underserved borrowers for the purchase of a home. Patriot Bank will also provide $325,000 in grants to The Works Inc. for the construction and rehabilitation of homes in predominantly nonwhite communities in Memphis, along with the establishment of a loan subsidy fund to be administered by The Works Inc. to be used for down payment assistance and other housing-related programs.
 
Patriot Bank will also provide $100,000 in grants to nonprofit organizations to fund Patriot Bank’s existing pilot program to refinance title and payday loans with new loans containing more favorable terms for borrowers.
NFHA researched regional mortgage lending activity and identified opportunities to increase lending services in the African-American community in the Memphis region. This research will form the basis of the new mortgage origination outreach.
 
“We’re glad to be working with Patriot Bank to increase access to mortgage loans and support community development,” said Lisa Rice, NFHA’s president and CEO. “It is vital for local communities to have access to bank services, like residential mortgage loans. This allows more people to become homeowners and increases the opportunity for upward mobility.”
 
“Patriot Bank is excited about the opportunity to partner with the National Fair Housing Alliance and local community development corporations in an effort to increase mortgage lending in Memphis’ underserved areas,” said Charles Ennis, chairman and CEO of Patriot Bank. “We are proud of our accomplishments in this area and believe this partnership will allow us to expand this commitment to underserved areas in Memphis. The prosperity of these underserved areas is critical to the future success of Shelby, Tipton, and Fayette counties.”

 
About the author
Published
Jan 31, 2020
Comings And Goings At AmeriHome

Chief Operating Officer John Hedlund announced his retirement on Thursday in a LinkedIn post.

Mar 22, 2024
Rocket's Tim Birkmeier To Retire

Birkmeier is bidding farewell after a 28-year career at Rocket Companies.

Mar 21, 2024
How NAR’s Settlement Impacts Homebuying

While the settlement's silver lining is that homes are expected to become more affordable, many uncertainties loom over the housing market.

Mar 19, 2024
NAR Reaches $418 Million Settlement

The association agreed to give home sellers the option of compensating agents.

Mar 15, 2024
U.S. Non-Bank Mortgage Lenders Surge Amid Industry Consolidation, Fitch Ratings Reports

As smaller players exit the market, scaled originators like UWM and PennyMac Financial dominate, but challenges persist with low origination volume and pressured margins amidst rising interest rates.

Mar 14, 2024
Guild Mortgage Reports Net Loss In 2023 Amid Acquisition Spree

San Diego-based lender reports net loss for 2023 despite aggressive growth strategy.

Mar 13, 2024