Rhode Island Housing has signed a contract to begin servicing the loans of MaineHousing’s half-billion-dollar mortgage portfolio on Jan. 1, the agency announced Thursday.
Rhode Island Housing and MaineHousing signed a three-year agreement, with an option to extend the contract for another two years, according to Leslie McKnight, Rhode Island Housing’s director of loan servicing. After expenses, including the hiring of new personnel, the agency expects to earn a net amount of “just under $800,000” during the potential five years of the contract period, she said.