Province Mortgage Assoc Inc

What Province Mortgage Assoc Inc does

Province Mortgage Associates, Inc. is a private, full-service, delegated mortgage lender founded in 2005 and headquartered in East Providence, Rhode Island. The company is NMLS-licensed (#2861) as both lender and broker across five U.S. states — Rhode Island, Massachusetts, Connecticut, New Hampshire, and Florida — and operates 9+ physical branch offices concentrated in RI, MA, and CT, supported by digital channels including the Province Mobile App (iOS and Android) and an online application portal at myloan.provincemortgage.com. It maintains seller relationships with Fannie Mae and Freddie Mac and counterparty relationships with FHA, VA, and USDA, which together enable origination of conforming, government-backed, and specialty loan products.

The core product portfolio spans Conventional, FHA (including FHA 203k rehabilitation), VA, USDA, Jumbo, Reverse Mortgage, and Non-QM loans, alongside state-housing-program offerings (Rhode Island Housing, MassHousing, CHFA, New Hampshire Housing) and GSE sub-products such as HomeReady, HomePossible, and HomeStyle Renovation. Supporting tools include a Mortgage Calculator and an interactive 'Mortgage Journey' educational video library. The company differentiates on customer-experience signals — 3,000+ Five Star Reviews, A+ BBB accreditation continuously since 2011, Billion Dollar Club membership, Top 3 Mortgage Companies in Providence (2019), and PBN Business Excellence Award (2016) — and operates a sales-led, referral-driven go-to-market with mortgage advisors at each branch supported by a Zillow Lender Profile and participation in state housing programs.

Revenue is generated via transaction-based origination and broker-arrangement fees: as a direct lender in most states and a broker in Massachusetts, Province monetizes each closed mortgage through origination fees or yield-spread premiums built into loan economics. Pricing varies by product (conventional conforming, government-backed, jumbo, reverse, Non-QM) and is governed by market rates and borrower qualification rather than fixed published fees. End customers are individual consumer borrowers — first-time and repeat homebuyers, refinance candidates, veterans and active-duty service members, homeowners 62+ seeking reverse mortgages, self-employed and other non-traditional borrowers, and rural/suburban USDA-eligible buyers — acquired primarily through referral networks, real estate agent relationships, and digital self-service channels.

Name

Province Mortgage Assoc Inc

Legal name

Province Mortgage Associates, Inc.

Website

https://provincemortgage.com

Company type

Private

Founded year

2005

Operating status

Operating

Headcount range

11–50 employees

Short description

Province Mortgage Associates is a private, full-service residential mortgage lender founded in 2005, licensed in five U.S. states (RI, MA, CT, NH, FL) and operating 9+ branch offices to originate conventional, government-backed, reverse, and Non-QM loans for individual homebuyers, veterans, and seniors.

Ownership category

akta.pro rank

Product category

Residential Mortgage Lending

NAICS

Mortgage and Nonmortgage Loan Brokers (522310), Mortgage and Nonmortgage Loan Brokers (52231), Real Estate Credit (522292)

SIC

Loan Brokers (6163), Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

Residential Mortgage Brokerage (Purchase & Refinance) (FSAEAEAA)

akta.pro secondary industry

Commercial Mortgage Brokerage (FSAEAEAB)

Keywords

• Residential mortgage lending
• Mortgage origination services
• Mortgage refinance loans
• Reverse mortgage products
• Government-backed home loans

Headquarters

HQ city

Providence

HQ country

United States

HQ region

North America

Offices10 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Mortgage Origination Fees: Revenue generated from originating mortgage loans including conventional, FHA, USDA, VA, and jumbo loans for purchase and refinance transactions. Acts as both lender and broker depending on product type and state licensing.
2. Broker Arrangement Fees: In Massachusetts operates as a broker arranging loans rather than directly making loans. Generates revenue through broker arrangement fees on originated mortgages.
3. Reverse Mortgage Origination: Specialized reverse mortgage products for homeowners 62+ allowing access to home equity without monthly payments. Revenue generated on origination of these specialty products.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

Province Mortgage Associates is a full-service, delegated mortgage lender and broker that originates residential mortgage loans for purchase and refinance transactions. The company operates across five states (RI, MA, CT, NH, FL) through 9+ branch offices, offering a broad product portfolio that includes conventional, FHA, VA, USDA, Jumbo, Reverse, and Non-QM loans, supported by state housing program participation and digital application channels.

Product overview

Province Mortgage Associates is a full-service, delegated mortgage lender offering a comprehensive suite of residential lending products across multiple states. The company's portfolio centers on core mortgage loan products including Conventional, FHA, VA, USDA, and Jumbo loans, complemented by specialized programs such as Reverse Mortgages and Non-QM Loans for unconventional borrowers. State-specific offerings include Rhode Island Housing Programs, while partnership-based products include HomeReady (Fannie Mae), HomePossible (Freddie Mac), and HomeStyle renovation loans. Supporting the lending products are digital tools including a Mortgage Calculator, The Mortgage Journey video education library, and the Province Mobile App for on-the-go application management. The company operates as a single unified service with licensed advisors guiding borrowers through the entire mortgage process from application to closing.

Differentiator

Problem solved

Functional benefit

Products and services

• Conventional Mortgage Loans Standard conforming and non-conforming mortgage loans not backed by government agencies, with competitive interest rates for qualified buyers. PMI required when down payment is below 20%; loan amounts up to conforming limits with a typical minimum 5% down.
• FHA Loans Government-backed mortgages insured by the Federal Housing Administration offering low down payments (3.5% minimum) and flexible qualification guidelines for first-time and moderate-income homebuyers. Minimum FICO score of 580.
• FHA 203k Rehabilitation Loans FHA-insured loan allowing borrowers to purchase or refinance a home and finance rehabilitation costs in a single mortgage for properties needing repairs or improvements.
• VA Loans Department of Veterans Affairs-guaranteed mortgages for eligible veterans, service members, and spouses offering 100% financing, no mortgage insurance, and no prepayment penalties. Minimum FICO score of 620.
• USDA Loans Rural Housing Division loans backed by the U.S. Department of Agriculture offering zero down payment options for eligible homes in designated rural and suburban areas. Minimum FICO score of 640 with income limits.
• Jumbo Loans Mortgages exceeding conforming loan limits set by Fannie Mae and Freddie Mac for higher-priced luxury home purchases.
• Reverse Mortgages Specialized loan product for homeowners aged 62+ (55+ in some states) allowing access to home equity without monthly mortgage payments. Funds available as lump sum, monthly payouts, or line of credit; loan repaid when borrower sells home, moves permanently, or passes away.
• HomeReady Mortgage Fannie Mae product for low-to-moderate income buyers offering lower down payment and credit requirements, allowing family members as co-signers and income from accessory units for qualification.
• HomePossible Mortgage Freddie Mac product requiring as little as 3% down payment for low-to-moderate income families, with income limits and options for multi-family property purchases.
• HomeStyle Renovation Loan Fannie Mae-backed renovation loan for purchasing, refinancing, or renovating properties with a single mortgage using the after-improved value.
• Rhode Island Housing Programs State-specific loan assistance programs offering 100% financing, down payment assistance, closing cost help, and grant opportunities for Rhode Island residents through participating lender status.
• Non-QM Loans Non-Qualified Mortgages for unconventional borrowers lacking traditional eligibility, including self-employed borrowers using bank statements or 1099s, asset utilization, DSCR-based qualification, and financing for mixed-use properties and non-warrantable condos.

Quantifiable outcome

• A+ BBB Rating maintained since 2011 for 15 years of continuous accreditation
• +3 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

25 partnerships are on record, tiered core and minor.

• Rhode Island HousingcoreChannel Partner/ Reseller/ DistributorParticipating lender with Rhode Island Housing programs offering loan-assistance programs, 100% financing, down payment assistance, renovation loans, and no PMI for eligible borrowers. Company participates in state housing programs representing the local New England market.
• Massachusetts HousingcoreChannel Partner/ Reseller/ DistributorParticipating lender with Massachusetts Housing programs offering down payment assistance and specialized mortgage products for Massachusetts residents.
• CHFA (Connecticut Housing Finance Authority)coreChannel Partner/ Reseller/ DistributorParticipating lender with Connecticut Housing Finance Authority programs serving Connecticut homebuyers with specialized loan products.
• New Hampshire HousingcoreChannel Partner/ Reseller/ DistributorParticipating lender with New Hampshire Housing programs offering loan assistance for New Hampshire residents.
• Ronald McDonald House ProvidenceminorOthersCommunity outreach partnership helping to better the lives of hospitalized children and their families in the greater Providence area.
• American Heart AssociationminorOthersPartnership fostering efforts to help reduce disability and death caused by cardiovascular ailments and stroke.
• Toys for TotsminorOthersPartnership donating toys to families who cannot afford to buy their children gifts for the holidays.
• Rhode Island Blood CenterminorOthersPartnership supporting blood and marrow donations to those in need, both statewide and nationally.
• Junior AchievementminorOthersPartnership working to educate young people on the tenets of free enterprise, financial literacy, and entrepreneurship.
• Crossroads Rhode IslandminorOthersPartnership striving to end homelessness in Rhode Island through donations, volunteerism, and social support.
• ROCK the Fight Against CHDminorOthersPartnership increasing awareness to both understand and help treat congenital heart disease.
• CCAP (Comprehensive Community Action Program)minorOthersPartnership lending a hand to disadvantaged community residents in times of need.
• Foster ForwardminorOthersPics with Santa fundraiser partnership with Foster Forward, an organization dedicated to improving lives of children and families involved in the foster care system. Donated nearly 100 pairs of pajamas and raised over $8,000.
• Operation Stand Down Rhode IslandminorOthersCommunity outreach supporting veterans experiencing hardship. Donated 150 pairs of gloves and 150 winter hats to Providence VA Medical Center for veterans in need.
• Elves for EldersminorOthersTwo-year partnership bringing joy and connection to seniors who may otherwise spend the holidays alone. Purchased and delivered holiday gifts for 70 seniors at St. Germain Assisted Living and Evergreen Assisted Living in RI, plus 22 residents at Gardener Heights Rehab Center in CT.
• Project Hand UpminorOthersPartnership to help cover cost of groceries for up to 25 families per week during pandemic. Reached over 70,000 people on social media and provided food for 500+ families.
• The Samaritans of Rhode IslandminorOthersPartnership raising awareness about suicide prevention and anti-bullying. Donated $1 for every Facebook like received during September 2018, finishing at nearly 500 likes.
• Good Neighbors Soup KitchenminorOthersPartnership donating non-perishable food items or personal hygiene products for every new Facebook like received November-December 2017. Garnered over 500 items for local people in need.
• ZillowcoreChannel Partner/ Reseller/ DistributorZillow Lender Profile providing visibility to home buyers searching for mortgage lenders on the Zillow platform. Customers can find and connect with the company through Zillow's marketplace.
• Fannie MaecoreTechnology or IntegrationConventional loans sold to Fannie Mae (Government Sponsored Enterprise); offers HomeReady and HomeStyle mortgage products backed by Fannie Mae; participates in Fannie Mae RefiNow program.
• Freddie MaccoreTechnology or IntegrationConventional loans sold to Freddie Mac (Government Sponsored Enterprise); offers HomePossible mortgage products backed by Freddie Mac.
• FHA (Federal Housing Administration)coreTechnology or IntegrationOffers FHA loan products insured by the Federal Housing Administration; participates in FHA 203k renovation loan program.
• USDA (United States Department of Agriculture)coreTechnology or IntegrationOffers USDA Rural Housing loans backed through the Rural Housing Division of the U.S. Department of Agriculture for eligible rural and suburban properties.
• VA (Veterans Affairs)coreTechnology or IntegrationOffers VA loan products guaranteed by the Department of Veterans Affairs for eligible veterans, service members, and their spouses.
• CCRI Mortgage Data Processing ProgramminorStrategic or Co-development PartnerCollaboration with Community College of Rhode Island and Rhode Island Mortgage Bankers Association for mortgage industry training program. Michaela Bradford was hired after completing this program.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Emerging players

• Better.com: Digital-first mortgage lender that competes with Province primarily on the direct-to-consumer application experience. While Better has scaled nationally, its technology-led approach contrasts with Province's branch-and-advisor model.

Broad incumbents

• United Wholesale Mortgage (UWM): Largest US wholesale mortgage lender focused on the broker channel. UWM is a broad incumbent that competes for the broker-originated volume Province captures in Massachusetts and other states.
• loanDepot: Large national retail and wholesale mortgage lender with an extensive product menu and significant brand presence. Competes with Province across the same borrower segments but at meaningfully greater scale and marketing reach.
• Caliber Home Loans: National mortgage originator and servicer with retail, wholesale, and correspondent channels offering a comprehensive product menu. Competes with Province in conventional, government, and specialty products across overlapping geographies.
• Rocket Mortgage: The largest US mortgage lender, operating direct-to-consumer and partner channels. Rocket is a broad incumbent competitor that pressures Province's lead generation and digital application funnel nationally.

Direct peers

• CrossCountry Mortgage: Mid-size independent retail mortgage lender operating a multi-state branch-based model with a wide product menu (conventional, FHA, VA, USDA, jumbo, reverse, and Non-QM). CrossCountry's referral-driven, advisor-led model and multi-state licensing closely mirror Province's go-to-market.
• PRMG (Paramount Residential Mortgage Group): Privately held mortgage lender with broad multi-state licensing and a wide product menu including government, conventional, and specialty products. PRMG's advisor-driven retail model and licensed footprint are highly comparable to Province.
• Movement Mortgage: Privately held, mission-driven mortgage lender with a strong branch network, diverse product set, and reputation-based brand. Movement's regional density and relationship-driven advisor model parallel Province's approach in the New England market.
• NewRez: National mortgage lender and servicer with full retail and wholesale channels offering conventional, government, and specialty products. NewRez competes with Province in core New England purchase and refinance markets.
• Guaranteed Rate: Large independent retail mortgage lender with a multi-state branch network and comprehensive product suite. Comparable to Province as a non-bank, branch-led lender competing for the same purchase and refinance borrower.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xfacebook.com/ProvinceMortgage
• YouTubeyoutube.com/channel/UCRTHE5OaylhLIHvMAe3CRvw
• Facebookfacebook.com/ProvinceMortgage
• LinkedInlinkedin.com/company/province-mortgage-associates
• Instagraminstagram.com/provincemortgage

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Province Mortgage Assoc Inc