Printer Friendly

URBAN REDEVELOPMENT AUTHORITY TRANSFERS LOAN SERVICING PORTFOLIO FROM HOUSING MORTGAGE CORPORATION

 PITTSBURGH, Nov. 24 ~PRNewswire~ -- The Urban Redevelopment Authority of Pittsburgh today took action to transfer its mortgage loan portfolio from the troubled Housing Mortgage Corporation (HMC) to PNC Mortgage Servicing Company, a PNC company. Through another subsidiary, Citizens Fidelity Bank & Trust Co., PNC is involved in the daily oversight of HMC.
 URA's board of directors approved the transfer at a special meeting.
 Over the past 13 years, HMC has originated more than 965 mortgages through URA housing programs. HMC currently services 2,148 URA loans valued at more than $71.3 million, representing more than 59 percent of the authority's single-family loan portfolio.
 Mulugetta Birru, URA executive director, said no URA loan recipients had suffered financial losses as a result of HMC's difficulties, nor are any expected to.
 "We recommended to the board the transfer of servicing rights because we wanted our loan recipients to be able to make their monthly loan payments with complete assurances that all payments would be properly credited, and that all payment schedules would continue without interruption," Birru said.
 "Although HMC's performance with respect to our loans always has been quite competent, we felt that the turbulence they face in the coming months made a change necessary."
 Birru praised HMC for its cooperation in the transfer process.
 "They acted professionally throughout," Birru said. "It should be noted that once we suggested the transfer, HMC initiated it voluntarily."
 He said PNC Mortgage Servicing Company, as a new servicer of URA loans, will send a letter explaining the transfer to all URA mortgage loan recipients who are affected.
 -0- 11~24~92
 ~CONTACT: Norma Madden of URA, 412-255-6639~


CO: Urban Redevelopment Authority of Pittsburgh; PNC Mortgage Servicing
 Company; ST: Pennsylvania IN: SU:


MJ-MK -- PG008 -- 1044 11~24~92 12:04 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 24, 1992
Words:294
Previous Article:HEALTH MANAGEMENT INTERNATIONAL ACQUIRES INTEREST IN TV INFOMERCIAL MARKET
Next Article:DU PONT TO RELEASE DOCUMENTS SUPPORTING ANNOUNCEMENT THAT BENLATE DID NOT CAUSE FLORIDA PLANT DAMAGE


Related Articles
ALASKA HOUSING FINANCE COMMITTEE $332.6 MILLION GENERAL MANAGEMENT BONDS RATED 'AA-/F-1+' BY FITCH -- FITCH FINANCIAL WIRE --
ALASKA HOUSING FINANCE CORP. REPORTS $147.4 MILLION EARNED IN FY 92, BUYS LOAN PORTFOLIO FROM DCRA FOR $180 MILLION
CITY, URA OFFER MORTGAGE LOANS AT 4.9 PERCENT; ADDITIONAL FUNDS FOR 'FIGHT AGAINST BLIGHT'
OFFICE OF FEDERAL HOUSING ENTERPRISE OVERSIGHT REPORTS ON FANNIE MAE, FREDDIE MAC STATUS FOLLOWING CALIFORNIA QUAKE
HUD LAUNCHES PROGRAM TO PRODUCE AND MAINTAIN AFFORDABLE APARTMENT UNITS
SHAWMUT BANK TARGETS $2 MILLION IN AFFORDABLE MORTGAGES TO NORWALK RESIDENTS
FHA HOLDS TWO MULTIFAMILY MORTGAGE AUCTIONS AS PART OF HUD'S STRATEGY TO MANAGE PORTFOLIO
CITY OF ALLENTOWN AND PP&L RECEIVE AWARDS FROM HUD
National City and the SBA Go `On the Road Again' to Kick Off Third Annual National Small Business Week Tour in Pittsburgh and Allegheny County.
PNC Real Estate Finance Funds Largest Multifamily Development in Pittsburgh in Nearly a Decade.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters