Coastway lending honored by real estate professionals


At the April 1 statewide breakfast for real estate professionals, Rhode Island Housing recognized Coastway Community Bank with its 2013 Participating Lender of the Year award for providing their customers with more Rhode Island Housing loans than any other Participating Lender.

“Our lender partners are vital to the success of our loan programs and it is with great pleasure that we honor Coastway Community Bank for their efforts to connect Rhode Island homebuyers with our homeownership loans and services,” said Richard Godfrey, Executive Director of Rhode Island Housing. “We value our partnership with Coastway Community Bank, and each of our Participating Lenders. We would not be able to assist as many fellow Rhode Islanders in the purchase of their new home without them.”

Last year, Coastway Community Bank secured more than $3.7 million in mortgage loans for homebuyers through Rhode Island Housing’s homeownership programs. Coastway helped Rhode Islanders with more than $7.6 million in Rhode Island Housing loans in 2012 and 2013.

“At Coastway, our mission is to match members of the community who are in the market to buy a home with the financing that best fits their needs,” said Suzanne Fry, Senior Vice President. “Our partnership with Rhode Island Housing has enabled us to make the dream of homeownership a reality for so many Rhode Islanders buying their first home. We are proud to accept this award, and look forward to continuing and building upon our partnership with Rhode Island Housing.”

Coastway Community Bank has been helping Rhode Islanders with their financial needs for over 90 years and has over 25,000 members. Over the years, Coastway has helped thousands of families achieve their dreams of homeownership. “Coastway does a lot to foster our partnership and inform its members of the many unique features we offer, such as down payment and closing cost assistance that can help make homeownership more affordable,” said Peter Walsh, Director of Homeownership and Customer Service for Rhode Island Housing. “From highlighting our first-time homebuyer loans on their website, to steering their members toward our options when they are the right fit, the team at Coastway works hard to make sure that Rhode Island Housing is a part of the mortgage conversation and we look forward to growing our partnership even more in 2014 and beyond.”

In addition to celebrating its partnership with Coastway, Rhode Island Housing welcomed 300 members of the Rhode Island real estate community to its annual realtor breakfast to kick start the spring home buying season. The agency unveiled several new initiatives aimed at improving the home buying experience for customers and partners and provided an overview of 2013 accomplishments. Last year, Rhode Island Housing financed new homes for homebuyers by closing 489 mortgages for a total of $71.9 million, which is the highest closing volume since 2009. The agency also offered extra assistance to 419 homebuyers in the form of second mortgages and closing cost assistance loans. The extra assistance loans accounted for nearly $3.7 million in specialized funding to help purchase homes. During the past 40 years, Rhode Island Housing, working with its participating lender partners, has helped more than 60,000 Rhode Islanders buy a home.


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