SOURCE: Doral Financial Corporation

October 11, 2013 12:47 ET

Doral to Provide Free Educational Workshops in Puerto Rico on Home Ownership

Initiative Launched Cooperatively With Puerto Rico Municipalities and the Consumer Credit Counseling Bureau; Doral Working With Guaynabo, Dorado, Bayamon and Carolina Municipalities

SAN JUAN, PR--(Marketwired - Oct 11, 2013) - Doral Bank, a subsidiary of Doral Financial Corporation (NYSE: DRL), announced its participation in providing free educational workshops in Puerto Rico about home ownership. Titled Ruta d Hogares, the effort involves free educational workshops about home ownership, refinancing, loss mitigation, financial education, as well as tools and programs to help with the purchase of a first home. Joining Doral in this initiative are four municipalities and Puerto Rico's Consumer Credit Counseling bureau. The initial event was launched this past weekend in Guaynabo municipality.

Topics to be addressed at the seminars include orientation with the First Home Club, a program in alliance with the Federal Home Loan Bank to help buyers in the purchase of a first home. Consumer Credit Counseling experts will also discuss budgeting and credit management.

Jesús F. Méndez, EVP for Doral Bank, Puerto Rico Operations commented, "Doral is pleased to be working with municipalities throughout Puerto Rico to educate communities about home ownership. We have helped to design this initiative to enhance the understanding of people who are homeowners and those who are prospective purchasers about key aspects of homeownership. The program, among other things, will feature experts on options for buying or refinancing, savings products for first-time home buyers and important education for consumers when facing financial difficulties."

Following Guaynabo, the Ruta d Hogares will be held in the municipalities of Dorado; Bayamon; and Carolina. The workshops will begin at 9am and continue until 12pm, to be followed by a stand-up comedy show presented by Ruta d Hogares spokesperson and esteemed comedian Raymond Arrieta.

Schedule of Seminars:

  • October 12, 2013 @9AM -- Municipality of Dorado -- Juan Boria Theater
  • October 19, 2013 @9AM -- Municipality of Bayamón -- Braulio Castillo Theater
  • October 26, 2013 @9AM -- Municipality of Carolina -- the Antonio González Caballero Theater at the School of Fine Arts (Escuela de Bellas Artes)

Mayor Carlos A. López Rivera of Dorado said, "Every family dreams of having a secure home, and Ruta d Hogares should be a helpful step in that direction. The workshops are designed to help the public receive important information and guidance from consumer banking professionals regarding various alternatives related to mortgage financing."

Mayor Ramón Luis Rivera of Bayamón, emphasizing his office's support for the Ruta d Hogares seminars, said, "Helping people understand home ownership helps the community. We look forward to working with Doral in this community endeavor."

Doral will be undertaking the Ruta d Hogares community initiative through Doral Mortgage. Doral Mortgage is a leader in mortgage banking in Puerto Rico, serving the Commonwealth's communities for decades. In 2012, the American Bankers Association recognized Doral Bank with the Community Commitment Award for its community service in the Affordable Housing category due to its efforts to promote and support home ownership. Doral Mortgage works with more than 120,000 homeowners across Puerto Rico.

About Doral Bank
Doral Bank is a leading community bank, based in San Juan, Puerto Rico. Doral serves its customers in both Puerto Rico and the US mainland. On the US mainland, Doral has branches in Florida and New York as well as its national online bank, Doral Direct. Doral Bank is a member of the FDIC and a wholly owned subsidiary of Doral Financial Corporation (NYSE: DRL).