FirstBank Testimony of Dina Perry-Malone Committee on Housing, Transportation and Telecommunications July 8, 2021 - 34th Legislature of the Virgin ...
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FirstBank
Testimony of Dina Perry-Malone
Committee on Housing, Transportation and
Telecommunications
34th Legislature of the Virgin Islands
July 8, 2021TESTIMONY OF DINA PERRY- MALONE
COMMITTEE ON HOUSING, TRANSPORTATION AND TELECOMMUNICATIONS
34TH LEGISLATURE OF THE VIRGIN ISLANDS
JULY 8, 2021
Page 2
Good morning, Honorable Marvin A. Blyden of the Committee on Housing,
Transportation and Telecommunications, Honorable members of the Committee, other
Senators present, and the viewing and listening public.
My name is Dina Perry-Malone, and I am the Vice-President and USVI Market
Manager at FirstBank. I would like to thank you for providing me with the opportunity to
present my testimony to discuss FirstBank’s diverse residential mortgage products, the loan
application process, and homeownership opportunities available to USVI residents.
Residential Mortgage Loans
At FirstBank, we offer fixed rate/competitively priced loans with terms up to 30 years.
These loans are granted for the purpose of purchasing or refinancing 1–4-unit residences
(owner occupied and non-owner occupied). Our products include conforming and non-
conforming conventional fixed rate loans.
Conforming conventional loans follow lending rules set by government sponsored
entities (GSEs) such as the Federal National Mortgage Association (Fannie Mae) as well as
the Federal Home Loan Mortgage Corporation (Freddie Mac) and can be sold in the
secondary market to mortgage investors, including GSEs.
Non-conforming conventional loans do not follow Fannie Mae and Freddie Mac
guidelines, cannot be sold in the secondary market and are considered portfolio owned loans
held by the bank.
FirstBank
P.O. Box 309600, St. Thomas, USVI 00803-9600
340-775-7777/1-866-695-2511
Member FDIC in USVI only. Equal Housing Lender.TESTIMONY OF DINA PERRY- MALONE
COMMITTEE ON HOUSING, TRANSPORTATION AND TELECOMMUNICATIONS
34TH LEGISLATURE OF THE VIRGIN ISLANDS
JULY 8, 2021
Page 3
Our product offerings also include government insured (or government-backed)
loans, which have special features that make them a good fit for first time homebuyers. The
types of loans offered by FirstBank include:
1. Federal Housing Administration (FHA): up to 96.5% financing;
2. Veterans Administration (VA): up to 100% financing for eligible veterans on
active duty or honorably separated from service; and
3. Rural Development: up to 100% financing (geographical area must be eligible
according to USDA eligibility map).
Application Process
Our application process is transparent and easily accessible to all residents. A high-level
overview of the process is as follows:
• A prospective homeowner can schedule an appointment to meet with our experienced
mortgage loan originator to complete/submit their mortgage application in person or
online at www.1firstbank.com/vi;
• As part of the application process, the prospect is required to provide the originator
with a valid photo id, evidence of income, employment, assets, contract of sale, pay
FirstBank
P.O. Box 309600, St. Thomas, USVI 00803-9600
340-775-7777/1-866-695-2511
Member FDIC in USVI only. Equal Housing Lender.TESTIMONY OF DINA PERRY- MALONE
COMMITTEE ON HOUSING, TRANSPORTATION AND TELECOMMUNICATIONS
34TH LEGISLATURE OF THE VIRGIN ISLANDS
JULY 8, 2021
Page 4
up-front fees (i.e., title search, flood determination, appraisal, etc.) and sign the
required disclosures to request a credit file.
Upon compiling this information, the application is reviewed and decisioned based on a
number of factors, to include debt to income ratio, ability to repay, credit profile, loan to
value, assets, etcetera.
Homeownership Opportunities
FirstBank is a member of the Federal Home Loan Bank of New York (FHLBNY). As
a member bank, we are participating in their Homebuyer Dream Program, which provides
the following to qualified first time homebuyers:
1. Grant up to $9,500 per household is provided to participants who complete VI
Housing Finance Authority’s (VIHFA) homeownership counseling course
(evidenced by a homeownership counseling certificate). The funds can be used
towards the down payment and/or closing costs associated with purchasing a
home; and
2. VIHFA will receive up to $500 towards the defrayment of homeownership
counseling costs per participant.
FirstBank
P.O. Box 309600, St. Thomas, USVI 00803-9600
340-775-7777/1-866-695-2511
Member FDIC in USVI only. Equal Housing Lender.TESTIMONY OF DINA PERRY- MALONE
COMMITTEE ON HOUSING, TRANSPORTATION AND TELECOMMUNICATIONS
34TH LEGISLATURE OF THE VIRGIN ISLANDS
JULY 8, 2021
Page 5
As you are aware, a borrower’s credit profile is an important criteria evaluated to
obtain a mortgage. To this end, FirstBank offers several loan products to help clients
establish credit, including:
1. Unsecured personal loans up to $2,500 to applicants who have no credit file and
exhibit job/residence stability.
2. Cash secured personal loans starting at $2,500.
Additionally, for purposes of Compliance with the Community Re-investment Act,
which was enacted by Congress in 1977, FirstBank co-facilitated 20 financial education
seminars with our community partners; VI Small Business Development Center, University
of the Virgin Islands, VI Housing Finance Authority and VI Housing Authority. We targeted
the low to moderate income segment, while focusing on preparing for homeownership (e.g.,
financial literacy, fundamentals of credit and how to apply for a mortgage) as well as
budgeting. These educational seminars continue in 2021.
Furthermore, FirstBank is finalizing a partnership with the Virgin Islands Housing
Finance Authority to provide mortgage financing to first time homebuyers. Once successful,
FirstBank will waive up to $2,000 in up-front fees (e.g., application, title search, flood
determination, and appraisal) for participants in program.
Finally, with respect to commercial loans, FirstBank provides construction loans to
reputable real estate developers, home builders and other commercial business operators for
FirstBank
P.O. Box 309600, St. Thomas, USVI 00803-9600
340-775-7777/1-866-695-2511
Member FDIC in USVI only. Equal Housing Lender.TESTIMONY OF DINA PERRY- MALONE
COMMITTEE ON HOUSING, TRANSPORTATION AND TELECOMMUNICATIONS
34TH LEGISLATURE OF THE VIRGIN ISLANDS
JULY 8, 2021
Page 6
the purpose of constructing or renovating a variety of commercial properties and residential
housing complexes (5+ units). Over the past decade, FirstBank has provided over $40mm
in commercial and residential construction and rehabilitation financing throughout the U.S.
Virgin Islands.
Residential products financed include affordable homes and condo units, multi-family
homes (up to 4 units), and end-loans. However, FirstBank does not offer a construction loan
program for spot residential construction to individual real property owners in the USVI or
Puerto Rico.
Commercial entities financed with construction loans include supermarkets,
restaurants, gas stations, laundromats, private and government office buildings, malls,
zipline facilities, and dental/medical practices.
This concludes my testimony. Again, I would like to thank the Honorable Marvin A.
Blyden of the Committee on Housing, Transportation and Telecommunications,
Honorable members of the Committee, other Senators present, and the viewing and listening
public for granting me this opportunity to present my testimony. I am open to receive any
questions you may have at this time.
FirstBank
P.O. Box 309600, St. Thomas, USVI 00803-9600
340-775-7777/1-866-695-2511
Member FDIC in USVI only. Equal Housing Lender.You can also read
