Newport, Rhode Island-based, Embrace Home Loans has partnered with Rockland, Mass.-based Rockland Trust, to further expand its lending operations, the company said in a press release.
Rockland Trust is a $6.4 billion asset institution with nearly 80 branches across Massachusetts.
Embrace Home Loans will process, underwrite and close loans originated by Rockland Trust, enabling the Massachusetts bank to increase its competitiveness as the demand for home financing grows.
"By partnering with us, the bank can offer mortgages without the stress and significant costs, all while providing outstanding service by speeding loan closings. This will certainly increase Rockland's competitiveness," said Dennis Hardiman, CEO and founder of Embrace Home Loans.
On the other side, Rockland Trust said it expects the partnership to significantly speed loan closings, which would improve the borrower experience. In addition, the bank will now offer USDA and VA loans to consumers across Eastern Massachusetts and Rhode Island.
Armando Carvalho, senior vice president and director of Residential Lending at Rockland Trust, said that due to the partnership, the company is “able to expand it mortgage offering and provide a better experience to borrowers – critical as the demand for home financing continues to grow and we shift to a purchase-driven market."