WARWICK – For the second consecutive year, Home Loan Investment Bank is the nation’s top federal Title 1 home improvement loan lender, the bank announced.
Citing data from the U.S. Department of Housing and Urban Development, the Warwick-based bank held the top spot in all four quarters in 2018. By the end of the year, Home Loan Investment Bank had originated 1,453 Title 1 home improvement loans totaling $27.2 million.
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For the fourth quarter of 2018, Home Loan Investment Bank was the nation’s most active Title 1 lender, with 325 loans totaling nearly $6.1 million. Boston-based Admirals Bank, which has a regional operations center in Providence, was second with 177 loans totaling more than $3.8 million in the quarter. The only other New England bank or credit union among the top 25 for the 2018 fourth quarter was KSW Federal Credit Union of Waterville, Maine, which was ranked No. 23., according to HUD data.
Title 1 is a federally backed home improvement loan program requiring no equity in a home and no appraisal. Single- and multifamily homes, including manufactured homes and outbuildings on the same property, are eligible for loans up to $25,000, with higher amounts available for multifamily homes with three or more units.
“I’m very proud of the work done by our home improvement lending department,” said Brian Murphy, the Home Loan chairman and CEO. “This team and product line didn’t exist here until 2011. To go from startup to No. 1 in the nation in less than eight years is a testament to their knowledge, diligence and commitment.”
John Kuprevich, the Home Loan vice president of home improvement lending, credited the team’s success to proactive national outreach to construction trade companies, real estate agents and mortgage brokers.
“Many homeowners have projects they want or need to do but don’t have enough equity for a traditional home equity loan or line of credit. Often, it’s the construction companies and Realtors who know that their clients are struggling to find a way to pay for the work,” Kuprevich said.
“Through our preferred referral program, we provide affordable solutions they can share with their customers,” he added. “Because Title 1 loans require no equity or appraisal, we are able to provide fast funding to qualified borrowers.”
Established in 1959, Home Loan Investment Bank offers mortgages, home improvement loans, motorcycle and commercial-vehicle financing, small-business lending, certificates of deposit, savings and IRA accounts, checking accounts, and online and mobile banking.
Scott Blake is a PBN staff writer. Email him at Blake@PBN.com.
