Top Lenders

TopLenders

 


Commercial Market Boosts Lending Last Year

By Laura Alix
Banker & Tradesman Staff

It’s good to be on top, but in an increasingly competitive and prolonged low-rate environment, the watch words for this year’s Top Lenders might well be “cautious optimism.”

For those banks, credit unions and mortgage companies on Banker & Tradesman’s annual Top Lenders list, 2015 was a solid year, with many posting considerable increases over the prior year’s loan production in both commercial and residential loan categories.

While the interest rate environment continued to squeeze margins, Bay State lenders still benefited from homebuyers looking to purchase and homeowners looking to refinance. And slow, but steady economic growth meant that there was plenty of business to be had in the Greater Boston area’s increasingly white-hot commercial real estate market.

Where residential mortgages were concerned, the Arlington-based Leader Bank came out on top of the list of banks, booking $666 million in single-family purchase mortgages and $260 million in condo purchases.

Along with low rates and a late-starting but strong purchase season, the bank undoubtedly also benefited from its geographical location, said Jay Tuli, senior vice president and head of retail banking and residential lending.

“On the purchases in particular, the Boston economy is at a place now where it’s just attracting a lot of jobs. There are bigger announcements like GE, but it’s also just the number of startups and the number of foreign companies coming in and starting subsidiaries, there’s a lot of job growth,” Tuli said. “We’re fortunate to be on the eastern side of Massachusetts where most of the job growth is happening.”

Elsewhere in the state, Berkshire Bank maintained its Top Lender status with nearly $224 million in single-family purchase volume last year and $64.7 million in condo purchase volume. That amounted to about an 8 percent year-over-year increase in its condo purchase business and a small decline (1.4 percent) in single-family purchases.
In an email to Banker & Tradesman, Allan Costello, senior vice president and head of residential lending at Berkshire Bank, attributed the bank’s sustained residential loan production in part to the continued low interest rate environment, which also spurred a sustained interest in refinancing.

Bankers who fear a “credit union creep” might also look at credit union their counterparts. Digital Federal Credit Union made $81.5 million in single-family mortgage loan business last year, representing an increase of nearly 54 percent from 2014. And Jeanne D’Arc Credit Union did $68.9 million in mortgage loan volume last year, more than doubling its business from 2014.

Meanwhile, non-depository mortgage lenders beat out banks where both volume and numbers were concerned. Guaranteed Rate, which was virtually absent from the Massachusetts mortgage market as recently as five years ago, nabbed the top spot in its category for single-family purchases by volume, posting nearly $732 million worth of mortgage loans. That represented about a 32 percent increase from its prior year purchase volume. Guaranteed Rate also topped out its lender category in condo purchases, ending 2015 with $347.9 million worth of new condo purchase business.

Sleeping Well At Night

Where commercial mortgages are concerned, perhaps it’s unsurprising that the lion’s share of 2015’s Top Lenders were concentrated in and around Eastern Massachusetts. Eastern Bank claimed the lead with $278.2 million in commercial mortgages last year, nearly double its production from the prior year, and East Boston Savings Bank more than doubled its commercial mortgage production on a year-over-year basis to $226.4 million for 2015.
Middlesex Savings Bank and Cambridge Savings Bank, neither of which qualified as a Top Lender in 2014, muscled their way onto the list this year, with $132 million and $130 million, respectively, in commercial mortgage volume for 2015.

Thomas Farley, chief commercial banking officer at Middlesex Savings Bank, said the bank was particularly active in financing investment properties and owner-occupied real estate last year. He added that the bank also financed some hotels, attributing demand in that particular sector to high occupancy rates and hoteliers beefing up their business with more and newer rooms.

Richard Muraida, Rockland Trust’s lending center manager for its commercial banking division, particularly emphasized the larger transactions his bank did around Class B office space in the city of Boston.
And Doug Faithfull, chief lending officer at Cambridge Savings Bank, said CSB had benefited from many of its preexisting customer relationships over the past few years.

But all that increasing commercial real estate activity – the luxury condos popping up all over town and the cranes increasingly dotting skylines in Southie and the Seaport District –  has naturally also prompted worries that the market may be overheating. It’s no great secret, either: Listen in on any earnings conference call these days, and inevitably an investor will ask about the commercial real estate scene – particularly in Boston.

Muraida and Faithfull both spoke of competition in the marketplace – and in particular, of cash buyouts and refinances spurring some of their own borrowers to pay off loans ahead of schedule. John Migliozzi, executive vice president at East Boston Savings, spoke of non-recourse loans and high loan-to-value ratios, which he said his bank won’t touch.

On the whole, many of the Top Lenders shared a similar philosophy on lending, characterized by a willingness to work with borrowers, but not at the cost of credit quality.

“We tend to be fairly conservative about how we structure loans,” Faithfull said. “You lose opportunities during the hot times, but you can sleep at night and then you’re well positioned when things slow down to weather the storm.” 

Single-Family Mortgages

Bank # Purchased Money Loans


Leader Bank NA    1,514


Wells Fargo Bank    1,189


Bank of America NA    867


Santander Bank NA    794


Cape Cod Five Cent Bank    744


RBS Citizens NA    619


Sage Bank    607


Berkshire Bank    570


Bank of Canton    553


Citicorp Mortgage Inc.    479

 

Bank Vol. Purchased Money Loans


Leader Bank NA    $666,032,303


Wells Fargo Bank    $590,986,881


Bank of America NA    $431,053,454


Santander Bank NA    $284,436,387


Cape Cod Five Cent Bank    $274,475,420


Citicorp Mortgage Inc.    $253,945,453


RBS Citizens NA    $237,421,303


First Republic Bank    $230,576,117


Berkshire Bank    $223,892,040


Needham Bank    $223,377,064


Credit Union # Purchased Money Loans


Digital Federal Credit Union    261


Greylock Federal Credit Union    243


Jeanne D’Arc Credit Union    213


Workers Credit Union    194


Metro Credit Union    165


Navy Federal Credit Union    164


Freedom Credit Union    136


St. Mary’s Credit Union    92


St. Anne’s Credit Union    81


Holyoke Credit Union    77

Credit Union Vol. Purchased Money Loans


Digital Federal Credit Union    $81,535,325


Jeanne D’Arc Credit Union    $68,936,574


Metro Credit Union    $58,803,680


Navy Federal Credit Union    $56,081,638


Workers Credit Union    $46,309,535


Greylock Federal Credit Union$39,424,679


Harvard University Credit Union    $29,533,505


Rockland Federal Credit Union    $24,838,094


St. Mary’s Credit Union    $24,539,876


Baxter Credit Union    $22,599,292

 

Mortgage Co. # Purchased Money Loans


Residential Mortgage Services    1,943


Guaranteed Rate Inc.    1,922


LoanDepot.Com    1,742


Mortgage Networks Inc.    1,314


Fairway Independent Mortgage    1,144


Prospect Mortgage LLC    888


Salem Five Mortgage Co.    859


NE Moves Mortgage Co.    730


Quicken Loan Inc.    713


Radius Financial Group    630

 

Mortgage Co. Vol. Purchased Money Loans


Guaranteed Rate Inc.    $731,965,735


LoanDepot.Com    $651,683,405


Residential Mortgage Services    $547,766,139


Mortgage Networks Inc.    $472,525,552


Fairway Independent Mortgage    $395,868,874


Salem Five Mortgage Co.    $303,123,345


Prospect Mortgage LLC    $297,887,560


NE Moves Mortgage Co.    $277,757,826


Quicken Loan Inc.    $220,968,991


Radius Financial Group    $193,956,068

Condo Mortgages

 

Bank # Purchased Money Loans


Leader Bank NA    760


Wells Fargo Bank    451


Santander Bank NA    339


Bank of America NA    315


RBS Citizens NA    249


Bank of Canton    227


First Republic Bank    226


Berkshire Bank    208


Cape Cod Five Cent Bank    186


Eastern Bank    171

Bank Vol. Purchased Money Loans


Leader Bank NA    $260,007,993


Wells Fargo Bank    $217,784,135


First Republic Bank    $168,594,041


Bank of America NA    $135,887,640


Santander Bank NA    $91,160,643


Citicorp Mortgage Inc.    $76,941,984


RBS Citizens NA $74,510,366


Boston Private Bank $70,982,277


Bank of Canton    $67,683,691


Berkshire Bank    $64,719,674

 

Credit Union # Purchased Money Loans


Jeanne D’Arc Credit Union    114


Digital Federal Credit Union    111


Harvard University Credit Union    97


Metro Credit Union    70


Workers Credit Union    47


RTN Federal Credit Union    34


Align Credit Union    26


Navy Federal Credit Union    24


Rockland Fed Credit Union    23


Quincy Credit Union    19

Credit Union Vol. Purchased Money Loans


Harvard University Credit Union    $34,754,608


Digital Federal Credit Union    $25,362,804


Jeanne D’Arc Credit Union    $24,674,018


Metro Credit Union    $19,664,013


RTN Federal Credit Union    $12,037,835


Workers Credit Union    $8,489,823


Baxter Credit Union    $6,951,496


USA Alliance Federal Credit Union    $6,219,075


Navy Federal Credit Union    $5,475,551


Align Credit Union    $5,088,750

Mortgage Co. # Purchased Money Loans


Guaranteed Rate Inc.    1,067


LoanDepot.Com    660


Mortgage Networks Inc.    550


Fairway Independent Mortgage    440


Residential Mortgage Services    435


Prospect Mortgage LLC    381


Salem Five Mortgage Co.    323


NE Moves Mortgage Co.    259


Washington Trust Mortgage    200


MSA Mortgage LLC    174

 

Mortgage Co. Vol. Purchased Money Loans


Guaranteed Rate Inc.    $347,927,500


LoanDepot.Com    $214,793,244


Mortgage Networks Inc.    $175,683,604


Fairway Independent Mortgage    $139,326,677


Prospect Mortgage LLC    $112,176,635


Residential Mortgage Services    $109,161,756


Salem Five Mortgage Co.    $79,230,098


NE Moves Mortgage Co.    $71,737,469


Washington Trust Mortgage    $65,806,654


MSA Mortgage LLC    $54,570,610

Residential Refinance/Second/Equity/HELOC Mortgage

 

Bank # Refinance Loans


Bank of America NA    6,277


Wells Fargo Bank    3,168


Santander Bank NA    2,955


Rockland Trust Co.    2,601


Leader Bank NA    2,402


RBS Citizens NA    1,835


Cape Cod Five Cent Bank    1,324


JPMorgan Chase Bank    1,175


Berkshire Bank    964


Citicorp Mortgage Inc.    894

Bank Vol. Refinance Loans


Bank of America NA    $1,574,742,127


Leader Bank NA    $927,797,228


Wells Fargo Bank    $900,618,183


Santander Bank NA    $732,757,210


RBS Citizens NA   $545,697,062


Rockland Trust Co.    $507,913,529


Cape Cod Five Cent Bank   $392,385,166


First Republic Bank   $372,247,632


JPMorgan Chase Bank    $366,320,431


Berkshire Bank   $335,873,150

 

Credit Union # Refinance Loans


Hanscom Federal Credit Union    1,297


Digital Federal Credit Union    1,293


Workers Credit Union    945


Jeanne D’Arc Credit Union    811


Direct Credit Union    763


St. Anne’s Credit Union    707


Rockland Federal Credit Union    634


Metro Credit Union    586


RTN Federal Credit Union    424


Quincy Credit Union    413

Credit Union Vol. Refinance Loans


Digital Federal Credit Union    $213,742,983


Hanscom Federal Credit Union    $170,381,854


Metro Credit Union   $163,026,318


Jeanne D’Arc Credit Union    $150,281,105


Direct Credit Union    $146,585,226


Workers Credit Union    $96,465,973


Rockland Federal Credit Union    $84,003,966


St. Anne’s Credit Union    $76,775,660


Align Credit Union $75,487,250


Quincy Credit Union   $59,158,763

Mortgage Co. # Refinance Loans


Quicken Loan Inc.    6,094


LoanDepot.Com    5,007


Guaranteed Rate Inc.    2,462


Salem Five Mortgage Co.    1,694


Residential Mortgage Services    1,530


Mortgage Networks Inc.    1,316


Fairway Independent Mortgage    1,188


Prospect Mortgage LLC    889


Green Tree Financial Services    814


Nationstar Mortgage    804

Mortgage Co. Vol. Refinance Loans


LoanDepot.Com   $1,718,815,692


Quicken Loan Inc.    $1,560,369,938


Guaranteed Rate Inc.   $853,073,208


Salem Five Mortgage Co.   $560,121,290


Residential Mortgage Services    $459,549,170


Mortgage Networks Inc.   $445,065,104


Fairway Independent Mortgage    $431,721,938


Prospect Mortgage LLC   $272,418,239


MSA Mortgage LLC   $219,976,809


Commonwealth Mortgage   $215,917,936

Commercial/Retail Mortgages

 

Bank # Purchased Money Loans


Rockland Trust Co.    204


Eastern Bank    200


Enterprise Bank & Trust Co.    148


Bank of America NA    134


TD Bank NA    132


East Boston Savings Bank    106


Avidia Bank    81


RBS Citizens NA    80


Middlesex Savings Bank    79


Cape Cod Five Cent Bank    77

Bank Vol. Purchased Money Loans


Eastern Bank    $278,194,832


East Boston Savings Bank    $226,442,290


Rockland Trust Co $188,261,612


TD Bank NA    $164,745,801


Brookline Bank    $134,083,586


Enterprise Bank & Trust Co.   $134,020,081


Middlesex Savings Bank    $132,078,336


Cambridge Savings Bank   $130,945,913


RBS Citizens NA    $123,072,770


Bank of America NA   $121,104,002

Credit Union # Purchased Money Loans


Digital Federal Credit Union    40


Jeanne D’Arc Credit Union    19


St. Anne’s Credit Union    15


Central One Federal Credit Union    14


Rockland Federal Credit Union    14


Workers Credit Union    13


Greylock Federal Credit Union    10


St. Mary’s Credit Union    10


Webster First Federal Credit Union    10


First Citizens Credit Union    9

 

Credit Union Vol. Purchased Money Loans


Digital Federal Credit Union    $94,256,601


Workers Credit Union    $22,357,500


Jeanne D’Arc Credit Union   $16,829,350


Metro Credit Union    $12,985,000


Rockland Federal Credit Union    $12,396,500


St. Mary’s Credit Union   $7,403,000


Navigant Credit Union    $5,779,250


Freedom Credit Union    $5,616,700


Greylock Federal Credit Union    $5,558,064


Central One Federal Credit Union    $5,350,500

Mortgage Co. # Purchased Money Loans


Salem Five Mortgage Co.    91


New England Cert. Dev.    44


Ladder Capital    14


Mass Growth Capital Corp.    10


Morgan Stanley    9


Cape Islands Community Development 7


Endeavor Capital LLC    5


Farm Credit East ACA    5


First Boston Assoc.    4


Guaranteed Rate Inc.    4

 

Mortgage Co. Vol. Purchased Money Loans


Salem Five Mortgage Co.    $140,676,129


New England Cert. Dev.    $41,235,000


Toyota Motor Credit   $13,640,471


Nationwide Life Insurance Co.   $12,000,000


Morgan Stanley   $9,800,002


Walker & Dunlop LLC    $9,121,000


German American Capital   $9,000,001


Inlanta Mortgage Inc.   $8,768,000


Red Mortgage Capital LLC   $7,374,000


Cantor Commercial RE    $7,000,001

Multifamily Mortgages

 

Bank # Purchased Money Loans


Leader Bank NA    194


Santander Bank NA    169


Rockland Trust Co.    146


Wells Fargo Bank    101


Sage Bank    100


First Federal Savings Boston    90


Bank of Canton    81


Citicorp Mortgage Inc.    76


RBS Citizens NA    71


Hingham Institute for Savings    67

 

Bank Vol. Purchased Money Loans


Leader Bank NA    $88,036,516


Rockland Trust Co.   $62,572,730


Santander Bank NA   $54,995,890


Wells Fargo Bank    $47,400,151


Needham Bank   $44,198,675


East Boston Savings Bank   $39,560,223


Bank of Canton   $35,444,950


Dedham Institute for Savings    $33,520,975


Citicorp Mortgage Inc.   $33,513,961


First Republic Bank    $33,171,614

 

Credit Union # Purchased Money Loans


Jeanne D’Arc Credit Union    44


Metro Credit Union    28


St. Anne’s Credit Union    21


Greylock Federal Credit Union    15


Workers Credit Union    14


Navy Federal Credit Union    13


Freedom Credit Union    11


Digital Federal Credit Union    8


Community Credit Union    7


First Citizens Credit Union    7

 

Credit Union Vol. Purchased Money Loans


Jeanne D’Arc Credit Union   $17,139,490


Metro Credit Union    $13,422,225


Rockland Federal Credit Union    $4,607,911


Navy Federal Credit Union    $4,539,072


St. Anne’s Credit Union    $3,416,700


Harvard University Credit Union   $2,873,600


Liberty Bay Credit Union    $2,836,650


RTN Federal Credit Union    $2,337,000


Workers Credit Union    $2,300,780


River Works Credit Union    $2,069,450

Mortgage Co. # Purchased Money Loans


Residential Mortgage Services    323


Guaranteed Rate Inc.    262


LoanDepot.Com    149


Fairway Independent Mortgage    142


Prospect Mortgage LLC    126


Mortgage Networks Inc.    121


Salem Five Mortgage Co.    100


Radius Financial Group    76


Stearns Lending    75


MSA Mortgage LLC    74

 

Mortgage Co. Vol. Purchased Money Loans


Guaranteed Rate Inc.    $106,690,721


Residential Mortgage Services   $94,901,817


LoanDepot.Com $58,841,623


Fairway Independent Mortgage $46,348,136


Prospect Mortgage LLC    $43,537,072


Mortgage Networks Inc.    $41,136,854


Salem Five Mortgage Co.   $34,085,504


MSA Mortgage LLC    $29,877,839


Stearns Lending   $26,242,657


Radius Financial Group    $22,941,255

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