About Providence Home Mortgage
In mid-November 2003, after two years of research and internal planning, ICCF's subsidiary, Providence Home Mortgage, Inc. opened for business.
According to ICCF Executive Director Jonathan Bradford, one key indicator of financial stability in a non-profit organization is the breadth of its revenue sources. "At ICCF we have worked hard to avoid dependence on one particular revenue source. By maintaining a diverse funding base, changes in one funding source do not suddenly put a large part of the organization at risk," Bradford observed. The launching of a mortgage brokerage is another step in diversifying ICCF's funding base.
Providence was opened with two key objectives. The first is to provide high quality, residential mortgage finance products at competitive prices with respectful service to low and moderate income families. Providence also exists to generate net revenue in support of the work of ICCF. In addition to satisfying the residential finance needs of lower income borrowers, Providence offers products and services needed by middle and upper income borrowers.
As a subsidiary of the Inner City Christian Federation, Providence operates with its own staff and Board of Directors. Nevertheless, the two firms will provide important services to one another.
Providence Home Mortgage is a logical extension of ICCF's 30 years of meetings the housing challenges in our community. Providence offers a full line of mortgage products and services for all income levels.