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Breaking Down Barriers to Homeownership: First Commonwealth Bank Launches SPCP with iEmergent's Expertise
Incorporated in 1982 with a history rooted back into the 1930s, First Commonwealth Bank is a subsidiary of First Commonwealth Financial Corporation (NYSE: FCF) with more than $11 billion in assets and 450,000 customers. With 126 banking offices throughout Pennsylvania and Ohio and 30 loan originators across five states, First Commonwealth Bank proudly serves local communities with a full range of commercial banking, consumer banking, wealth management, insurance solutions, and mortgage services, including Fannie Mae, Freddie Mac, USDA, VA, and FHA specialty lending programs.
First Commonwealth Bank is relentlessly committed to understanding how it can assist with home financing in a way that can make homeownership a possibility for everyone in the communities services, specifically for those in low-to-moderate income and majority-minority neighborhoods.
Leaders at the lender sought to identify gaps in the bank’s home lending coverage and explore developing a Special Purpose Credit Program (SPCP) to make homeownership more accessible to borrower demographics with disparate homeownership outcomes.
First Commonwealth Bank’s partnership with iEmergent enabled the successful launch of an innovative SPCP designed to help historically underserved communities build generational wealth through homeownership.
Learn how First Commonwealth Bank used Mortgage MarketSmart to build an SPCP and continues to gather insights to work toward homeownership for all in their communities.