Welcome to the Business Journal Archives
Search for articles below, or continue to the all new BusinessJournalDaily.com now.
Search
Housing Finance Agency Honors Huntington Bank
COLUMBUS, Ohio -- The Ohio Housing Finance Agency has named Huntington Bank its most valuable player for closing $12.1 million in mortgages to low- to moderate-income families between July 1, 2013, and June 30, a fivefold increase over the preceding 12 months, a bank spokesman reported Friday.
The bank is also the recipient of the agency’s “Grand Slam” award for closing the most “Grants for Grads” loans -- home equity loans at no interest -- $4.1 million during the same 12 months.
Under the Grants to Grads, Huntington provides help to recent college graduates so they can obtain their first mortgages. The bank will issue a grant of up to 2.5% of the purchase price of a house so the graduate can make a down payment and pay closing costs or other expenses required before closing.
The grant is issued as a second mortgage, or home equity loan, at no interest, explains spokesman Bill Eiler.
Huntington has worked for some time with the Ohio Housing Finance Agency, Eiler said, and last year began a pilot program to train and certify its mortgage lenders in agency programs. Since then, loan production has increased sevenfold, Eiler said. Across its footprint in Ohio, Huntington has 75 lending officers OHFA trained and certified, six OHFA certified processors, three certified underwriters and three certified closers.
Huntington declined to provide information on how many housing finance agency mortgages it’s extended in the Mahoning Valley or how many recent college graduates it’s helped secure mortgages in the Valley.
Source: Huntington Bank
Published by The Business Journal, Youngstown, Ohio.
CLICK HERE to subscribe to our twice-monthly print edition and to our free daily email headlines.