PR Mortgage & Investments Announces a Record Year with More Than $1.17 Billion in Mortgage Originations
Carmel, INDIANA (1/18/2017) – PR Mortgage & Investments (PR) is proud to announce record results for 2016. The company finished the year with more than $1.17 billion in mortgage originations, the second highest in the company’s 26 year history, 20,931 total housing units, and 152 total loans.
The key highlights of these record performance numbers consisted of Affordable Housing Financings at 30% of total volume, the highest in company history. Loan volume for 221(d)4 financings exceeded $161 million with 1,957 total housing units. Also, more than $505 million in loans, 43% of total volume, were closed using Merchants Bank of Indiana, the parent company of PR Mortgage & Investments.
PR Mortgage’s servicing portfolio volume also hit record performance numbers in 2016 with 944 active loans exceeding $6 billion, the highest in company history.
“We at PR Mortgage are very proud of our accomplishments in 2016 and share in our success with our customers and banking partners. Utilizing Merchants Bank of Indiana in conjunction with FHA and the GSE’s have given us a competitive advantage and provides very competitive financing options for our clients. With the continued growth of the bank and competitive GNMA pricing, we expect momentum to continue in 2017,” said Mike Dury, COO of PR Mortgage & Investments.
PR Mortgage & Investments is headquartered in Carmel, Indiana. PR is an approved FHA Mortgagee and is an approved Multifamily Accelerated Processing (MAP) lender for HUD. PR Mortgage is also a Rural Housing Service (RHS) approved lender for the Section 538 program. The company is a Government National Mortgage Association (GNMA) Issuer of Mortgage Backed Securities (MBS). These agencies offer secondary market programs that provide a full range of loan structures for multifamily rental projects and health care facilities. Through these programs, PR Mortgage & Investments can provide acquisition, refinance, rehabilitation, and new construction loans. These programs offer competitive long-term, fixed-rate loans that meet the needs of our clients. Through its parent company (Merchants Bank of Indiana), PR Mortgage offers floating and fixed rate interim construction and acquisition/rehab loans.