Top Lenders

TopLenders

 


Lenders Adjust From Refis To Purchases In 2016

Brexit, Rising Rates Contribute To Shift

By Laura Alix

Massachusetts lenders last year continued to be dogged by tight inventory and low interest rates, but those who dominated this year’s Top Lenders invested in staff and technology to drive loan growth.

Guaranteed Rate outstripped its competitors in the residential market, with 2,430 single-family mortgages worth $985 million and 2,347 condo mortgages worth $513.9 million. The lender also made 287 multifamily mortgages worth $123.7 million. Those numbers made Guaranteed Rate the top lender by both volume and number of loans in most of those categories.

Shant Banosian, senior vice president, said the company had made substantial investments into technology, enabling buyers to begin an application online, upload all their documents securely and ultimately shorten the time between the application and the loan approval. That quick turnaround has proven an advantage in an often fast-paced and competitive market like Massachusetts, he said.

Meanwhile, Leader Bank claimed the No. 1 position among banks with 1,623 single-family mortgages totaling $718.9 million and 886 condo mortgages totaling $323.1 million. For Leader Bank, the purchase market kicked into high gear when rates dropped following the Brexit vote abroad, said Jay Tuli, head of retail banking and residential lending.

Leader Bank and others have been anticipating a shift back to the purchase market following what some have described as the longest refinance boom of their careers. For many mortgage lenders, that has meant investing heavily in operational staff, who can turn around prequalification letters in a matter of hours and speed up closing times. Tuli said that Leader Bank had opened a small processing center in Florida, staffed with 10 people, to handle some of its operational business.

Digital Federal Credit Union also invested in staff, doubling its loan officers dedicated to prequalification letters (from seven to 14), said President of Mortgage Lending Caleb Cook. The aim is to get the client a prequalification letter within two to four hours, and DCU’s staff follows up with that potential buyer over the next several months, he said.

That strategy evidently paid off. Digital Federal Credit Union remained the No. 1 credit union lender of single-family mortgages, with 389 loans totaling about $120.1 million. That represents a substantial increase from 2015’s 261 loans totaling $81.5 million. With interest rates poised to climb this year, Cook said he is expecting about a 50 percent reduction in DCU’s refinance business, but they’ve been preparing for this for a while.

“We expect to make up that difference in improved purchase originations,” he said. “We don’t expect our purchase volume to slow down because of rates at all. We’re really focused on continuing to improve our market share through purchase loans.”

Banks dominated in commercial mortgages. Rockland Trust was the No. 1 lender by both volume and number of commercial mortgages and made 280 loans totaling $345.5 million in 2016. That compares to 204 loans totaling $188.26 million in 2015.

Gerard Nadeau, executive vice president in charge of commercial banking, also said Rockland Trust had invested substantially in its commercial lending staff, with about 90 customer-facing staff and another 80 or so running backend operations in that division.

He said Rockland saw substantial demand for apartment buildings in 2016, though the bank actually reduced its activity there due to concerns in that class from 2015. On the other hand, retail in Boston, residential condominiums in Boston and the closer suburbs, and grocery-anchored retail complexes fit nicely into Rockland Trust’s commercial business, Nadeau said.

Of Rockland’s base in Massachusetts, along with its substantial bench of customer support staff, he said, “That gives us a competitive advantage.”


For nearly 145 years, The Warren Group has been the most trusted and reliable source in New England for real estate property data. The company maintains the most comprehensive property database today due to its long-standing relationships with town assessors, clerks and county registries as well as its extensive daily collection of transaction records in the field. Transactional data is collected daily, verified, matched to the appropriate property record and posted weekly and includes sales transfers, mortgages and refinances.

The data in this report represents all purchase and non-purchase loans made by banks, credit unions and mortgage companies in Massachusetts in 2016. Category breakdowns include single-family, multifamily (two-family and three-family combined), condominium, commercial, and residential refinance (non-purchase). Residential and commercial data are not combined in any reports. The commercial data in these reports caps all loans at $1 billion. Each category ranks the top 10 lenders by both dollar volume and number of loans.

For more information, please contact The Warren Group’s customer service department at customerservice@thewarrengroup.com or 617-896-5388.

Single-Family Mortgages

Bank # of Purchased Money Loans

Leader Bank NA                                    1,623

Wells Fargo Bank NA                           1,215

Santander Bank NA                               963

Bank of America NA                              886

Cape Cod Five Cents
Savings Bank                                           841

RBS Citizens Bank NA                           756

Berkshire Bank                                        553

Sage Bank                                                  549

Rockland Trust Co.                                  469

Randolph Savings Bank                          447

Bank Volume Purchased Money Loans

Leader Bank NA                                       $718,923,680

Wells Fargo Bank NA                              $687,754,599

Bank of America NA                                $478,824,358

Santander Bank NA                                 $356,945,041

RBS Citizens Bank NA                            $319,680,565

First Republic Bank                                 $308,288,480

Cape Cod Five Cents
Savings Bank                                              $307,687,019

Berkshire Bank                                           $214,461,342

TD Bank NA                                                $210,322,069

JP Morgan Chase Bank                             $179,799,992

Credit Union # of Purchased Money Loans

Digital Federal Credit Union                      389

Greylock Federal Credit Union                   239

Metro Credit Union                                       231

Jeanne D’Arc Credit Union                          231

Workers Credit Union                                   171

Navy Federal Credit Union                           164

St. Anne’s Credit Union                                 124

Freedom Credit Union                                   123

Harvard University Credit Union                114

Rockland Credit Union                                  100

Credit Union Volume Purchased Money Loans

Digital Federal Credit Union                       $120,132,019

Metro Credit Union                                       $92,854,293

Jeanne D’Arc Credit Union                          $76,498,173

Navy Federal Credit Union                          $58,931,662

Harvard University Credit Union               $50,389,678

Greylock Federal Credit Union                   $40,032,661

Workers Credit Union                                  $39,713,143

Rockland Credit Union                                $30,359,876

St. Anne’s Credit Union                               $26,398,243

RTN Federal Credit Union                          $26,383,085

Mortgage Company # of Purchased Money Loans

Guaranteed Rate Inc.                                    2,430

Residential Mortgage Services Inc.            2,202

LoanDepot.Com LLC                                    1,900

Fairway Independent Mortgage                 1,730

Mortgage Network Inc.                                1,517

Salem Five Mortgage Co.                             1,023

Quicken Loan Inc.                                         905

Prospect Mortgage LLC                               806

Merrimack Mortgage Co. Inc.                     788

Radius Financial Group                               766

Mortgage Company Volume Purchased Money Loans

Guaranteed Rate Inc.                                    $984,935,615

LoanDepot.Com LLC                                    $723,465,227

Residential Mortgage Services Inc.           $634,872,360

Fairway Independent Mortgage                 $593,211,543

Mortgage Network Inc.                                $536,059,359

Salem Five Mortgage Co.                             $371,620,606

Quicken Loan Inc.                                         $284,463,949

Prospect Mortgage LLC                                $269,417,003

Radius Financial Group                                $227,246,554

United Shore Financial Services LLC        $209,287,589

Condo Mortgages

Bank # Purchased Money Loans

Leader Bank NA                                                886

Wells Fargo Bank NA                                       538

Bank of America NA                                         409

Santander Bank NA                                          326

First Republic Bank                                          321

RBS Citizens Bank NA                                      284

Cape Cod Five Cents Savings Bank                228

Berkshire Bank                                                   207

Blue Hills Bank                                                   181

Bank of Canton                                                   169

Bank Vol. Purchased Money Loans

Leader Bank NA                                                 $323,122,226

Wells Fargo Bank NA                                        $295,306,489

First Republic Bank                                           $275,495,530

Bank of America NA                                          $189,337,822

RBS Citizens Bank NA                                      $98,788,729

Santander Bank NA                                           $96,230,141

Eastern Bank                                                      $95,553,294

Blue Hills Bank                                                  $78,743,943

Berkshire Bank                                                   $77,113,252

Cape Cod Five Cents Savings Bank                $63,391,810

Credit Union # of Purchased Money Loans

Digital Federal Credit Union                            145

Jeanne D’Arc Credit Union                               129

Harvard University Credit Union                     119

Metro Credit Union                                             109

Workers Credit Union                                         54

Align Credit Union                                               35

St. Mary’s Credit Union                                       35

RTN Federal Credit Union                                  33

Rockland Credit Union                                         23

Central One Federal Credit Union                      21

Credit Union Volume Purchased Money Loans

Harvard University Credit Union                       $48,829,364

Metro Credit Union                                               $35,854,959

Digital Federal Credit Union                               $33,773,910

Jeanne D’Arc Credit Union                                 $30,485,796

Workers Credit Union                                          $9,146,238

RTN Federal Credit Union                                  $7,928,222

Align Credit Union                                                $7,275,355

St. Mary’s Credit Union                                        $7,030,376

Boston FireFighters Credit Union                      $6,094,900

Sharon Credit Union                                             $5,594,050

Mortgage Company # of Purchased Money Loans

Guaranteed Rate Inc.                                              2,347

LoanDepot.Com LLC                                              1,791

Fairway Independent Mortgage                           1,009

Mortgage Network Inc.                                          1,005

Residential Mortgage Services Inc.                      760

Salem Five Mortgage Co.                                       689

Prospect Mortgage LLC                                          363

Washington Trust Mortgage Co.                           317

United Shore Financial Services LLC                   448

Quicken Loan Inc.                                                     954

Mortgage Company Volume Purchased Money Loans

Guaranteed Rate Inc.                                             $513,969,203

LoanDepot.Com LLC                                             $227,364,429

Fairway Independent Mortgage                          $221,444,693

Mortgage Network Inc.                                         $189,346,489

Residential Mortgage Services Inc.                     $125,661,776

Salem Five Mortgage Co.                                       $107,124,790

Washington Trust Mortgage Co.                          $78,018,051

Prospect Mortgage LLC                                         $69,701,288

PHH Home Loans LLC                                          $52,228,414

Quicken Loan Inc.                                                   $51,218,894

Residential Refinance Mortgages

Bank # Refinance Loans

Leader Bank NA                                                4,023

Bank of America NA                                         3,358

Wells Fargo Bank NA                                       3,011

Santander Bank NA                                          2,953

Rockland Trust Co.                                           2,581

RBS Citizens Bank NA                                     2,043

Cape Cod Five Cents Savings Bank               1,266

JP Morgan Chase Bank                                    1,102

Berkshire Bank                                                  1,071

Bank of Canton                                                  860

Bank Vol. Refinance Loans

Bank of America NA                                        $1,491,075,614

Leader Bank NA                                               $1,481,324,758

Santander Bank NA                                         $926,291,421

Wells Fargo Bank NA                                      $887,210,935

RBS Citizens Bank NA                                    $682,584,353

Rockland Trust Co.                                          $675,695,073

First Republic Bank                                         $580,682,149

TD Bank NA                                                      $506,503,309

JP Morgan Chase Bank                                  $473,881,494

Cape Cod Five Cents Savings Bank              $434,450,524

Credit Union # Refinance Loans

Digital Federal Credit Union                          2,115

Hanscom Federal Credit Union                     1,420

Workers Credit Union                                      992

Jeanne D’Arc Credit Union                             929

Metro Credit Union                                          887

Rockland Credit Union                                    734

St. Anne’s Credit Union                                   709

Quincy Credit Union                                        470

Sharon Credit Union                                        410

Greylock Federal Credit Union                      306

Credit Union Vol. Refinance Loans

Digital Federal Credit Union                          $363,601,882

Metro Credit Union                                          $284,503,021

Hanscom Federal Credit Union                     $196,179,153

Jeanne D’Arc Credit Union                             $186,455,002

Workers Credit Union                                      $117,108,350

Rockland Credit Union                                    $106,735,161

St. Anne’s Credit Union                                   $101,920,755

Harvard University Credit Union                  $72,332,223

Quincy Credit Union                                        $71,727,845

Direct Federal Credit Union                            $71,112,865

Mortgage Co. # Refinance Loans

Quicken Loan Inc.                                              7,026

LoanDepot.Com LLC                                        6,333

Guaranteed Rate Inc.                                        3,437

Salem Five Mortgage Co.                                 2,143

Mortgage Network Inc.                                    1,859

Residential Mortgage Services Inc.               1,817

Fairway Independent Mortgage                     1,707

United Shore Financial Services LLC            1,384

Freedom Mortgage Corp.                                 1,270

Ditech Financial LLC                                        1,085

Mortgage Co. Vol. Refinance Loans

LoanDepot.Com LLC                                       $2,093,372,353

Quicken Loan Inc.                                            $1,852,168,215

Guaranteed Rate Inc.                                      $1,261,020,566

Salem Five Mortgage Co.                               $728,934,928

Mortgage Network Inc.                                  $644,505,954

Fairway Independent Mortgage                  $607,540,068

Residential Mortgage Services Inc.             $525,181,009

United Shore Financial Services LLC         $429,239,308

Freedom Mortgage Corp.                              $322,427,350

Poli Mortgage Group                                      $286,132,750

Commercial/Retail Mortgages

Bank # Purchased Money Loans

Rockland Trust Co.                                                280

Eastern Bank                                                          216

Enterprise Bank & Trust Co.                               143

East Boston Savings Bank                                   114

TD Bank NA                                                           112

Bank of America NA                                             105

Cape Cod Five Cent Bank                                     91

Santander Bank NA                                              86

Middlesex Savings Bank                                      71

Northern Bank & Trust                                        69

Bank Volume Purchased Money Loans

Rockland Trust Co.                                               $345,508,796

East Boston Savings Bank                                   $296,792,139

Eastern Bank                                                          $285,504,551

Cambridge Savings Bank                                     $165,601,035

TD Bank NA                                                           $146,121,002

Santander Bank NA                                              $136,510,646

Northern Bank & Trust                                        $129,298,600

Peoples United Bank                                            $121,027,186

Middlesex Savings Bank                                      $120,784,859

Enterprise Bank & Trust Co.                               $107,022,987

Credit Union # Purchased Money Loans

Digital Federal Credit Union                                57

St. Anne’s Credit Union                                         26

First Citizens Credit Union                                   16

Webster First Federal Credit Union                   15

Greylock Federal Credit Union                            14

Freedom Credit Union                                          12

St. Mary’s Credit Union                                        12

Jeanne D’Arc Credit Union                                  10

Metro Credit Union                                               10

Rockland Federal Credit Union                           9

Credit Union Volume Purchased Money Loans

Digital Federal Credit Union                                $110,662,688

St. Anne’s Credit Union                                         $38,628,427

Workers Credit Union                                            $8,620,500

Metro Credit Union                                                 $7,701,463

St. Mary’s Credit Union                                          $5,664,266

Greylock Federal Credit Union                             $5,168,000

Webster First Federal Credit Union                    $5,102,800

Rockland Federal Credit Union                            $4,117,500

Liberty Bay Credit Union                                       $4,089,400

Freedom Credit Union                                           $3,873,300

Mortgage Company # Purchased Money Loans

Salem Five Mortgage Co.                                       89

New England Cert Dev                                           25

Endeavor Capital LLC                                            14

E Loan Inc.                                                               7

County Mortgage LLC                                           6

MassDevelopment                                                 5

Apex Mortgage Corp.                                            4

Farm Credit East ACA                                          3

First Boston Assoc.                                                3

Guaranteed Rate Inc.                                            3

Mortgage Company Volume Purchased Money Loans

Salem Five Mortgage Co.                                     $113,879,122

New England Cert Dev                                         $16,980,000

Endeavor Capital LLC                                          $15,081,200

Oxford Finance LLC                                             $12,000,000

MassDevelopment                                                $11,748,001

Housing & Healthcare Financial                       $7,817,000

BMW Financial Services NA LLC                      $7,800,000

Goldman Sachs Com Mortgage                          $6,600,000

UBS AG Tampa Branch                                        $6,150,000

Rialto Mortgage Fin LLC                                     $5,200,000

Multifamily Mortgages

Bank # Purchased Money Loans

Rockland Trust Co.                                                177

Leader Bank NA                                                     165

Santander Bank NA                                               156

Sage Bank                                                                131

Citicorp Mortgage Inc.                                          98

RBS Citizens Bank NA                                           95

Wells Fargo Bank NA                                             91

Randolph Savings Bank                                         79

Eastern Bank                                                           60

Bank of Canton                                                        59

Bank Volume Purchased Money Loans

Leader Bank NA                                                      $80,858,519

Rockland Trust Co.                                                 $78,538,076

Santander Bank NA                                                $56,374,076

Wells Fargo Bank NA                                             $48,343,525

Citicorp Mortgage Inc.                                           $42,102,050

Sage Bank                                                                 $40,793,057

Eastern Bank                                                           $38,074,942

First Republic Bank                                                $36,219,026

RBS Citizens Bank NA                                           $33,393,812

East Boston Savings Bank                                     $29,852,159

Credit Union # Purchased Money Loans

Jeanne D’Arc Credit Union                                     42

Metro Credit Union                                                  32

St. Anne’s Credit Union                                           26

Greylock Federal Credit Union                              23

Digital Federal Credit Union                                  14

Harvard University Credit Union                          13

Freedom Credit Union                                             12

RTN Federal Credit Union                                       9

St. Mary’s Credit Union                                            9

Workers Credit Union                                               9

Credit Union Volume Purchased Money Loans

Jeanne D’Arc Credit Union                                      $19,277,240

Metro Credit Union                                                   $14,145,437

Harvard University Credit Union                           $6,993,200

Digital Federal Credit Union                                   $6,425,200

River Works Credit Union                                       $5,085,157

St. Anne’s Credit Union                                            $4,788,091

Workers Credit Union                                              $3,254,020

Liberty Bay Credit Union                                        $3,189,200

St. Mary’s Credit Union                                           $2,665,359

RTN Federal Credit Union                                      $2,626,700

Mortgage Company # Purchased Money Loans

Residential Mortgage Services Inc.                         389

Guaranteed Rate Inc.                                                 287

Fairway Independent Mortgage                               175

Mortgage Network Inc.                                              148

LoanDepot.Com LLC                                                  137

Salem Five Mortgage Co.                                           123

Prospect Mortgage LLC                                              110

MSA Mortgage LLC                                                      94

Merrimack Mortgage Co. Inc.                                    90

Home Point Financial Corp.                                       85

Mortgage Company Volume Purchased Money Loans

Guaranteed Rate Inc.                                                 $123,773,841

Residential Mortgage Services Inc.                         $118,283,602

Fairway Independent Mortgage                              $65,642,202

Mortgage Network Inc.                                             $58,066,848

LoanDepot.Com LLC                                                $55,126,687

Salem Five Mortgage Co.                                         $48,296,931

MSA Mortgage LLC                                                  $41,264,626

Prospect Mortgage LLC                                           $36,999,648

Home Point Financial Corp.                                   $30,389,474

Prime Lending Inc.                                                   $28,235,574

Top Lenders Archive

Special Sections Top

Special Sections Bottom