July 22, 2010
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Maryland Department of Housing and Community Development

  

CROWNSVILLE, MD (July 22, 2010) - Maryland Department of Housing and Community Development (DHCD) Secretary Raymond A. Skinner today recognized five lenders for their partnership in promoting the Maryland Mortgage Program (MMP). The awards were presented at the Department's First Annual Top Maryland Mortgage Program Lender Recognition Breakfast.
 
"The relationship between the State of Maryland and the mortgage banking community has been really special, with some being our partners almost from the inception of the program nearly 30 years ago," said Secretary Skinner. "Working together, we have helped thousands of hardworking Maryland families enjoy the benefits of homeownership while also positively impacting our communities in the form of stable households, stronger neighborhoods, thriving businesses and vibrant schools and civic organizations."
 
Honored lenders that were given plaques in recognition of their cooperative spirit and extraordinary contribution to the Maryland Mortgage Program include:
 
*     First Home Mortgage Corporation
*     1st Mariner Bank ouHou
*     Carrollton Bank
*     Wells Fargo Home Mortgage
*     K Bank
 
Other top performers honorably mentioned include:
 
*     Union Mortgage
*     Wei Mortgage
*     Sun Trust
*     Bank of America
*     Met Life
*     Presidential Bank
 
Ryan Paquin, a mortgage consultant and branch manager at First Home Mortgage in Bowie was given an individual award for Top Loan Originator for his exemplary work with the Maryland Mortgage Program. The Salisbury University graduate was a trader on the American stock exchange prior to joining First Home Mortgage in June 2006. 
 
In addition, Secretary Skinner also unveiled a new mortgage product, the Acquisition Rehabilitation Program. The program will allow eligible families to use the Maryland Mortgage Program and our Downpayment and Settlement Expense Loan Program (DSELP) to purchase a home and obtain funds for needed repairs and renovations at the same time. One goal of this program is to assist in the preservation of neighborhoods rocked by foreclosures.
 
Another change announced at today's breakfast is DHCD's decision to move to mortgage-backed securities as a more efficient vehicle of raising capital for its mortgages. The change will allow the Department to receive the highest possible bond rating, which will allow it to lower its borrowing costs.   This lower cost of capital will be passed on to DHCD's MMP borrowers.   This will help additional Marylanders buy their first home and assist with the ongoing stabilization of many of the State's neighborhoods.
 
Attendees at today's breakfast also took part in a presentation about the region's current economic climate. The guest speaker was Dr. Daraius Irani, Director of the Regional Economic Studies Institute at Towson University.
 
For nearly 30 years, the Maryland Mortgage Program has provided Maryland's families with reliable and flexible mortgage loans. The program is administered by DHCD's Community Development Administration (CDA). To learn more about homeownership through the Maryland Mortgage Program, visit www.mmprogram.org or call 1-800-638-7781.
 
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The Maryland Department of Housing and Community Development works with partners to finance housing opportunities and revitalize great places for Maryland citizens to live, work and prosper. To learn more about DHCD programs and to stay connected to the latest news and events, log on to the website at www.mdhousing.org, or follow DHCD on the blog at http://blog.mdhousing.org/, Twitter (http://twitter.com/MDHousing) and Facebook (http://www.facebook.com/MDHousing.)