Puerto Rico residents have seen their personal wealth levels drop by a whopping 22 percent between 2009 and 2013, based on the performance of the Puerto Rico Stock Index over that same period of time, according to an analysis of the numbers by private firm H. Calero Consulting.
Some 10,000 low- and moderate-income families residing in Puerto Rico stand to benefit from the “Ahorro Hipotecario” program, which offers mortgage-refinancing opportunities through the Housing Finance Authority, Gov. Alejandro García-Padilla said Tuesday.
In keeping with their philosophies of pitching in to move Puerto Rico’s economic development forward, mortgage bank Moneyhouse and local furniture chain Mueblerías Berríos announced Monday a partnership to help homebuyers through their transactions.
The head of the Homebuilders Association, Roberto Trápaga, warned Wednesday that funds that fuel the successful “Mi Casa Propia,” a government assistance program that provides mortgage assistance to working people with limited resources, are practically tapped out.
It’s no secret that Puerto Rico’s real estate sector has taken a beating in recent years due to the economic woes the island has been facing for the better part of the past decade. Property sales have stagnated and values have dropped in certain categories, affecting banks and brokers alike.
As part of its commitment to the real estate sector, Doral Mortgage announced Wednesday its partnership with San Juan Board of Realtors, which includes supporting the trade group’s continued education program, among other initiatives.
On the heels of a good third quarter, FirstBank executives are looking to capitalize on a “cleaner balance sheet” to continue strengthening and growing its franchise on all fronts in Puerto Rico, the U.S. Virgin Islands and South Florida.
Puerto Rico’s mortgage bankers and housing developers raised a red flag Tuesday to warn about the potentially devastating effects of a recently enacted federal regulation that sets new parameters that could make it difficult for would-be island home buyers to qualify for loans starting next year.
A new financial regulation defining “qualified mortgages” is due to take effect in January 2014. It would make the approval process for a mortgage stricter, both in the United States and Puerto Rico.
FirstMortgage recently upgraded its website’s online mortgage servicing features, enabling customers to conduct a variety of transactions.
Aware that buying a home can be daunting, Oriental Mortgage is launching a campaign to help first-time buyers ward off “Adquidofobia,” or buyer’s phobia of signing on the dotted line.
First BanCorp, the parent company of FirstBank Puerto Rico, announced today it has completed a sale of non-performing residential mortgage loans with an unpaid principal balance of $236.6 million (book value of $203.6 million), as well as other real estate owned (“OREO”) properties with an appraised value of $22.3 million (book value $19.2 million).
Scotia Mortgage recently closed three loans in partnership with Habitat for Humanity to help the nonprofit organization’s goal of providing low-income residents with new homes.
Popular Mortgage closed 10,000 new mortgages and refinancing loans in Puerto Rico last year, representing about $1.5 billion for the bank that as a result locked down a market share of about 30 percent for 2012, financial institution officials said Thursday.
Doral Bank is looking to expand its participation in Puerto Rico’s insurance market by adding new coverage options via its Doral Insurance division, said Jesús Méndez, recently appointed executive vice president of operations.
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