The island’s reverse mortgage market is getting more competitive this week with the arrival of Atlanta-based Generation Mortgage, which is introducing its retail banking services to the market.
The State Insurance Fund recently signed off on a $242 million loan from Banco Santander Puerto Rico to refinance a prior loan that was in default and for ongoing improvements planned at the government agency.
First BanCorp continued its path of negative quarterly growth, reporting a net loss of $28.4 million for the first quarter of 2011. However, the result for the period ended March 31 reflected a marked improvement from the $251.4 million net loss reported for the fourth quarter of 2010 and the $107 million net loss for the first quarter of 2010.