Province Mortgage

Province Mortgage Earns Top Ranking for ‘Best Places to Work in RI’ by the PBN

November 30, 2012 by · Leave a Comment 

On Thursday, June 14th several of the Province employees joined their company president, Dave Currie at the “Best Places to Work in RI” banquet held each year at the Crown Plaza Hotel in Warwick, RI.  The enormous outdoor tent was lavishly decorated and buzzing with excitement as over 500 people from some of the most successful and prominent companies in the state anticipated their company ranking.  Three giant screens sported images of employees loving their work as the host for the evening shared the many hi-lights as to why each company deserved to be in attendance this special night.

            The employees at the Province table were already gleaming with pride as their company had earned this prestigious honor given annually by the Providence Business News for the fourth straight year.  The “four-peat” in and of itself was worth celebrating and exciting enough, as 2012 marks only the seventh year in business for Province since opening it’s doors in 2005.   As the emcee read on through the rankings for the Small Companies category, it became gradually apparent to the group that Province was in the top 5 out of 12.  With Province not being one of the next three companies the team began to celebrate being one of the top two!  Could it be that a mortgage company like Province can in fact weather the storm known as the US economy as well as the nastiest mortgage market we’ve seen in decades?  Finally, the emcee made the announcement…



Small Companies Category as voted by the Providence Business News

Best Places to Work in Rhode Island!


            In 2005, Province Mortgage Associates was just another mortgage broker in a sea of mortgage companies, banks, and credit unions based in the state of RI.  Let’s just say it: a mortgage is a mortgage and anyone will give you a rate quote these days that hovers in a familiar ball park.  Now, seven years later, how has Province survived to the point of now being almost 40 employees with multiple locations and the distinction of being the #1 ranked small company to work for in RI?  With 100% of their business coming by referral, one word still remains as the buzz around the Province water cooler: SERVICE! 

            Province has built its reputation one quality individual at a time.  President, Dave Currie does enjoy his corner office, but he earns it through his commitment to creating something special at Province, not only for their mortgage clientele, but for their valued employees as well.  People who tend to refer their mortgage professional remember the experience they had during the mortgage process.  That quality experience has always been the focus of the Province Team, but the same also applies to the experience of being a part of this team on a daily basis.  They work hard, and they play hard.

            Province still remains one of hundreds of options for local mortgage originators, however its employees feel that Province is definitely more than just another mortgage company.  They are truly humbled by this distinction by the PBN Best Companies Group, and they will continue to rally around their collective effort to personify what it really means to love their work, their company, and their special approach to the mortgage business that is shared and valued throughout our local community. 

What Does a Healthy National Housing Market Look Like?

November 30, 2012 by · Leave a Comment 

Freddie Mac’s economists today used the analogy of a patient with a high fever to talk about the recent course of the housing market. In the November 2012 Economic & Housing Market Outlook, Freddie Mac likened that patient’s 103° temperature to the height of the housing boom in 2006. The patient collapsed, the Outlook reported and “after a difficult period of convalescence, how seems to be getting better.” Indicators such as housing starts, sales, and prices are rising while the negatives of delinquencies and foreclosures inventories are trending down. Freddie Mac’s Chief Economist Frank E. Nothaft asks “What does a national housing market look like at a healthy 98.6 degrees?”

The answer to the question requires a comparison with the market today to that in the years before the peak itself. Today we are looking at:
•The S&P/Case-Shiller 20-city and Federal Housing Finance Agency’s purchase-only house price indexes have both shown seven consecutive months of seasonally adjusted positive gains through August.
•Freddie Mac’s own house price index was up 4 percent in September over the same month in 2011 and other geographically broad based increases in 44 states and the District of Columbia.
•Residential construction was up 26 percent in the first nine months of this year compared to the same time last year.
•Home sales were at a rate of almost five million units for the first nine months of 2012, a 9 percent increase from the same period a year ago.
•Homeowner and rental vacancy rates have declined to 1.9 percent and 8.6 percent, respectively.

On the downside, unemployment remains in the high 7-percent area and family-income growth is modest. Housing demand has remained subdued, and the pace of household formations was running at an annual rate of 0.5 percent over 2007- 2011, less than one-half the 1990-2006 average of 1.2 percent per year. Over the past four quarters however it has returned to a 1 percent growth rate which translates into about 1.15 million new households over the past year.

Freddie Mac said today that a diagnosis of a healthy market must take into account demographic shifts. “Generation Y” appears to be delaying household formation and home purchase by remaining in their parent’s home longer while the “Baby Boomers” are now looking at not only the younger generation living with them, but also their own retirement. Consequently fewer are likely to be move-up buyers and may delay a move to a retirement home. There is also the declining rate of both foreclosures and delinquencies. “If we put these additional factors into play,” the Outlook says, “what a healthy housing market should look like will dismay those who keep comparing housing to its peak years of 2004-2006.” Looking at long-term trends here’s what a healthy housing market should look like in the next five years:
•Housing starts increasing to about 1.7 to 1.8 million dwellings per year (compared with 2.1 million in 2005)
•Home sales increasing to about 5 percent of the housing stock, or about 6.5 to 7.0 million homes per year (compared with sales of 7 percent of the stock in 2005)
•U.S. house price appreciation rising gradually to about 3 percent per year (compared to 11 percent of 2005).
•Vacancy rates easing further to about 1.7 percent on for-sale homes and 8 percent for rental homes (down from peaks of about 3 percent in 2008 and 11 percent in 2009, respectively).
•Serious delinquency rates nearing 2 percent (down from a peak of 9.5 percent in early 2010)

To sum up: taking into account recent trends, key housing indicators and the shifting demographic patterns that will define a new and realistic trajectory toward a healthy housing market, the long- term prognosis is promising. In the immediate future, however, the market’s recovery will be tempered by continued high unemployment, modest income growth, and a subdued pace of household formations. In other words, the patient is on the way back to health, but don’t expect the housing market to wake up at 98.6 degrees tomorrow morning.”

PBN names Province Mortgage one of the Best Places to Work in RI

July 1, 2011 by · Leave a Comment 

Providence Business News has honored Province Mortgage Associates for the third consecutive year as being one of the annual Best Places to Work.

The recipients of this award are chosen based on responses to a management questionnaire as well as a confidential employee survey. You can click below to read the original article on the Providence Business News website and see the entire list of companies honored.

Original Article:,57996