United Bank Launches PATH Plus Program
GLASTONBURY, CONN., March 31, 2015
– United Bank today announced that it has launched a unique and innovative 12-month program called PATH Plus that is designed to provide the three keys to homeownership – education, savings and mortgage benefits – to individuals and families eligible to enroll in this program through only Massachusetts and Connecticut-based nonprofit organizations.
United Bank’s PATH Plus program directly assists low-to-moderate income individuals or families achieve their dream of homeownership by providing free financial education on home buying and money management; establishing a savings program that requires participants to open a United Bank Savings Account; making regular contributions to the account; and rewarding program participants who complete the comprehensive 12-month program with the opportunity to get a United Bank mortgage, including 100% mortgage financing with no private mortgage insurance (PMI) and a closing cost credit up to a maximum of $1,200.
PATH Plus requires participants to attend classes over a 12-month timeframe, which includes courses on making deposits and withdrawals; identifying ways to save, understanding credit and credit reporting; learning about the home buying process; things to do after you buy a home; and many other important topics essential to a sound financial education program. The classes will be taught by subject matter experts from United’s retail banking and mortgage lending teams.
To be accepted into the program, eligible participants must first meet United Bank’s definition of low-to-moderate income families. Next, candidates must apply through a nonprofit organization in Connecticut or Massachusetts that have attended United’s information seminar on the PATH Plus program. If the candidates meet those requirements, they are required to complete a pledge statement that they will attend 12 educational classes over a one year period, open a savings account with United Bank and make monthly contributions to the account. They are also asked to summarize in writing what their dream of home ownership means to them.
United Bank has already met with several nonprofits in Connecticut and Massachusetts since January to introduce them to the program and “certify” them to work with the Bank to find eligible individuals and families to participate in the program. The classes will be provided in United’s four markets: Hartford, New Haven, Springfield and Worcester.
“The PATH Plus program is a perfect example of how the United Bank team pursues excellence in respect to our customers and communities,” said William H.W. Crawford, IV, Chief Executive Officer of United Bank and United Financial Bancorp, Inc. “Our goal with this homeownership program is to turn the dream of owning a home into reality for individuals and families who might otherwise never have had this opportunity. Thanks to our mortgage banking and retail banking teams at United, particularly Jeff Lipes, Tymina Follins and Moyah Smith, we now have a very impactful financial education and savings program in place that has the potential to put nearly 50 program participants in their own homes each year.”
The first class is slated to begin in May with rolling acceptance, meaning a candidate may start attending the class the month they are notified of an opening. The classes will be held in the early evening once per month with a maximum class size of 12 families or individuals per region.
Jeff Lipes, Senior Vice President of Mortgage Sales at United Bank, said they are still accepting new participants into the PATH Plus program. Connecticut and Massachusetts-based nonprofit organizations only who want more information about the PATH Plus program, please contact Tymina Follins, Community Outreach Officer for United Bank’s Connecticut region, at (860) 512-2452 or firstname.lastname@example.org
. For nonprofits in the Massachusetts region, please contact Moyah Smith, United’s Community Outreach Officer in Massachusetts, at (413) 787-1271 or email@example.com
Individual consumers interested in the program are also encouraged to contact Ms. Follins and Ms. Smith to learn more about the program and its eligibility requirements as well as find out which nonprofits in their area in Connecticut and Massachusetts that are certified to recommend program participants.