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Salem, Mass., August 15, 2017 – Salem Five Mortgage has been recognized by MassHousing as the top producer of affordable housing mortgage loans in Essex County in 2016.
MassHousing is an independent, quasi-public agency created in 1966 that provides financing for affordable housing in Massachusetts. The Agency raises capital by selling bonds and lends the proceeds to low- and moderate-income homebuyers and homeowners, and to developers who build or preserve affordable and/or mixed-income rental housing. Since its inception, MassHousing has provided more than $20 billion for affordable housing in Massachusetts.
“At Salem Five, we feel strongly that financial self-sufficiency is part of the foundation of a healthy and prosperous community, and home ownership is a large piece of that financial puzzle,” said Salem Five Mortgage President Ed McDonald. “We remain deeply committed to helping those in our community reach their financial goals and we’re honored to be recognized by MassHousing for our efforts.”
Salem Five Mortgage is an industry leader, financing more homes statewide than any other Massachusetts-based bank, and a dedicated supporter of affordable housing in Massachusetts. Salem Five Mortgage was also previously recognized by MassHousing as a top affordable housing loan producer in 2015 and Salem Five Bank President and CEO Ping Yin Chai serves as Vice Chairman of the board of MassHousing.
Bancorp is the parent bank holding company of Salem Five (www.salemfive.com), a mutual institution founded in 1855. Salem Five aims to make money less complicated and thereby make customers’ lives simpler and easier by offering sophisticated retail and commercial banking products, personalized service and innovative technology. Salem Five is one of the largest Massachusetts-headquartered banks with $4.7 billion in assets and 34 retail branches in Essex, Middlesex, Norfolk and Suffolk counties and New Hampshire. Divisions include Salem Five Mortgage Company, which has financed more homes than any other Massachusetts bank; Salem Five Financial which offers financial and retirement income planning, portfolio review and money management; and Salem Five Insurance Agency, which provides personal and commercial insurance. Salem Five deposits are insured through the FDIC and DIF. Salem Five Mortgage Company’s NMLS # is 4662. Equal Housing Lender. Securities are offered through LPL Financial, member FINRA/SIPC. Life insurance products are offered through LPL Financial or its licensed affiliates. Insurance and investment products are not FDIC insured, not bank guaranteed, may lose value, not a deposit, and not insured by any federal government agency.