EagleBank Approved as a Government National Mortgage Association (Ginnie Mae) Multifamily Issuer, One of 13 Banks in the Nati...
23 May 2017 - 8:11AM
EagleBank has received approval as a Government National Mortgage
Association (Ginnie Mae) Issuer of Ginnie Mae I multifamily
mortgage-backed securities. This approval required EagleBank
to demonstrate that it has the organizational, financial,
procedural, quality control, and other necessary characteristics to
qualify it to participate in the program.
“EagleBank is proud of this achievement, as we
are only one of 13 banks in the Nation with this authority,”
commented Ronald D. Paul, Chairman and Chief Executive Officer of
EagleBank. “This was a direct result of our dedicated, very
capable team of professionals and our financial strength.
EagleBank now has expanded its critical lending role in the
permanent financing of acquisition, rehabilitation and construction
of multifamily rental housing. These projects stabilize
communities, bring jobs, and contribute to the preservation and
expansion of affordable housing in our area,” Paul
continued.
EagleBank recruited three highly experienced
multifamily housing professionals to establish its Federal Housing
Administration (FHA) Multifamily Lending Group under the Department
of Housing and Urban Development’s Multifamily Accelerated Program
(MAP). Richard Devaney, Anthony Washington and Michael
Somerville (with a collective 70 years of multifamily and capital
markets experience) established the FHA lending program within
EagleBank in late 2015 and obtained all of the regulatory approvals
to become a full service FHA MAP lender. The FHA group
recently began closing loans and has a robust pipeline of
transactions for the balance of 2017 and into 2018.
About Eagle Bancorp, Inc. and EagleBank
Eagle Bancorp, Inc. is the holding company for EagleBank,
which commenced operations in 1998. EagleBank is headquartered in
Bethesda, Maryland, and conducts full service commercial banking
through 21 offices, located in Montgomery County, Maryland,
Washington, D.C. and Northern Virginia. EagleBank focuses on
building relationships with businesses, professionals and
individuals in its marketplace.
EagleBank Contact
Ronald D. Paul
301.986.1800
Eagle Bancorp (NASDAQ:EGBN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Eagle Bancorp (NASDAQ:EGBN)
Historical Stock Chart
From Jul 2023 to Jul 2024