Top Lenders

2023’s Top Lenders Were Winners in a Bad Year

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HELOCs Offered Bright Spot for Massachusetts’ Top Lenders

By Jay Ftizgerald
Special to Banker & Tradesman

Massachusetts banks, credit unions and mortgage companies all took major hits in residential lending in 2023 due to higher interest rates and the historically low number of homes for sale across the state.

But there were a few lending bright spots last year, such as a rise in home equity lines of credit, and early signs of overall lending improvements in 2024, according to local bankers.

There’s no mistaking last year was a tough one for residential lending in Massachusetts and across the nation, as residential loan volume fell in most categories, sometimes by as much as 50 percent or more according to data from The Warren Group, publisher of Banker & Tradesman.

“It was a challenging year on a number of fronts,” said Mike Sinclair, executive vice president of residential and consumer lending at Needham Bank. “It was a very difficult environment for everyone.”

A Year of Downward Trends

In the single-family mortgage category, Arlington-based Leader Bank was again ranked at the top among banks in Massachusetts, with $818.1 million in mortgage loans. But that was down by 25.6 percent, from $1.1 billion in single-family lending volume, in 2022, according to data from The Warren Group.

Hyannis-based Cape Cod Five ranked No. 2 in single-family mortgage lending, with $365 million in loans last year, but that was down by 30 percent, from $526.1 million in 2022. Among banks, Hanover-based Rockland Trust came in third with $316.9 million in single-family loans, down 20 percent from 2022.

For credit unions, top-ranked, Marlborough-based DCU posted $96.3 million in single-family mortgages in 2023, down 12.5 percent compared to 2022, according to The Warren Group’s data. For mortgage companies, top-ranked Guaranted Rate generated $1 billion in single-family mortgages, down a 27.8 percent compared to 2022.

Similar lending trends dominated condominium lending across the state last year.

Even non-purchase residential loan products – typically, refinances, home equity loans and home equity lines of credit – saw combined downward trendlines in 2023.

At $1.8 billion in non-purchase lending, Citizens ranked first among banks in Massachusetts in 2023, but that was down 35.7 percent compared to 2022.

Among locally based banks, Boston’s Eastern Bank ranked fourth in non-purchase loans in 2023, at $614 million, but that was down by 37.6 percent compared to 2022.

For credit unions, DCU ranked No. 1 with $205.4 million in non-purchase landing in 2023, down 54 percent from 2022.

For mortgage companies, Rocket Mortgage ranked first with $650 million, down a whopping 61.7 percent in 2022, according to data.

Few Eager Sellers

The culprits for the declines in all general lending categories: higher interest rates and super-low inventories of homes for sale in Massachusetts, banker say.

The higher rates, which hovered around 7 percent on average last year, made home purchases more expensive and knocked a few potential buyers out of the market, though overall demand remained strong.

But what really hurt the market was potential sellers growing highly reluctant to sell if it meant giving up their historically low mortgage rates on their current homes for higher rates on newly purchased homes.

The net result: a plunge in the number of homes for sale to record lows in 2023.

“People with a rate of 3 percent are not looking to buy at higher rates. It’s that simple,” said Bert Talerman, president of Cape Cod Five, which saw its mortgage volume fall by “just under half” compared to 2022. “Our mortgage volume was down significantly.”

Patrick Sylvester, senior vice president of capital markets at Leader Bank, agreed that lack of homes for sale was the lending killjoy of 2023.

“Inventory was the real challenge in 2023,” he said. “We continued to see strong demand from buyers. Our pre-approvals are up. But [potential sellers] are sitting on their super-low rates. There’s a hell of a lot of people on the sidelines.”

Meanwhile, the refinancing market has all but dried up for most banks. Those with low rates from a few years ago have little to no incentive to refinance.

HELOCs a Bright Spot

But home equity lines of credit (HELOCs), which allow homeowners to tap into the equity of their homes without giving up their lower mortgage rates, offered a bright spot for local lenders. HELOC rates are mostly running at prime minus a half point, or about 8 percent as February came to a close.

At Cape Cod Five, HELOC business was up about 27 percent last year, said Talerman. At Leader Bank, HELOC business has risen about 20 to 30 percent over the past year, said Sylvester.

“It’s been solid,” said Talerman of HELOC activity at Cape Cod Five. “People can keep their old rates but still access their [home] equity.”

“It’s really been booming,” Sylvester said of HELOC activity. “It’s a good way to fund renovations or pay down other debts.”

Both Talerman and Sylvester said their lines-of-credit business have expanded without heavy marketing.

“It’s a product you don’t really need to market because people already know about it,” said Talerman.

“No formal ad campaigns, just word of mouth,” Sylvester said.

Joe Riley, executive vice president of retail banking at Salem Five Bank, said HELOC activity became “explosive” about a year ago, as rates started their relentless rise.

Applications for HELOC products have roughly doubled and actual use of the product has increased about 10 percent, he said. 

“At 8 percent [interest rate], it’s a lot better than rates for other forms of debt,” he said of lines of credit.

Needham Bank’s Sinclair said HELOC business is going OK at his institution, taking up a larger share of the bank’s overall residential lending portfolio.

But Needham Bank’s most popular residential lending product is a 40-year mortgage with adjustable rates every five years.

“You get lower rates with this,” he said. “There’s quite a lot of appeal for this product.”

As for 2024, most local bankers interviewed for this story are cautiously optimistic that overall lending will pick up, especially if the Fed lowers interest rates later this year.

“We’re looking for rates coming down in the second half of 2024,” said Sinclair. “That might spur more mortgage activity.”

Leader Bank’s Sylvester said the Fed may have delayed lowering short-term rates due to higher-than-expected inflation so far this year. But he said the market has already priced in probable rates cuts, easing mortgage prices a bit heading into the post-winter home-selling season.


For over 150 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; it includes sales transfers, mortgages and refinances.  

The data in this report represents purchase and non-purchase loans made by banks, credit unions and mortgage companies in Massachusetts in 2023. Category breakdowns include purchase mortgages for single-family, multifamily (two-family and three-family combined), condominium and commercial properties, as well as non-purchase residential loans (includes refinances and HELOCs). 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 617-896-5367. 

Single-Family Mortgages

Bank Volume of Loans

Rank Lender Name Volume
1 Leader Bank, N.A. $818,161,205
2 Cape Cod Five Cents Savings Bank $365,069,357
3 Rockland Trust Co. $316,926,396
4 Salem Five Bank $298,353,968
5 Bank of America, N.A. $292,462,738
6 Berkshire Bank $280,757,305
7 US Bank, N.A. $271,592,318
8 JPMorgan Chase Bank $267,720,070
9 Washington Trust Co. $257,489,958
10 TD Bank, N.A. $241,569,575

Bank Number of Loans

Rank Lender Name Number
1 Leader Bank, N.A. 1,350
2 Cape Cod Five Cents Savings Bank 669
3 Rockland Trust Co. 560
4 Salem Five Bank 544
5 Citizens Financial Group 394
6 HarborOne Bank 378
7 Washington Trust Co. 346
8 Berkshire Bank 336
9 BankESB 315
10 Bank of America, N.A. 306

Credit Union Volume of Loans

Rank Lender Name Volume
1 Digital Federal Credit Union $96,388,659
2 Navy Federal Credit Union $95,632,625
3 Greylock Federal Credit Union $69,029,110
4 Rockland Credit Union $65,127,579
5 Metro Credit Union $56,205,047
6 Harvard University Credit Union $51,240,699
7 Jeanne D’Arc Credit Union $44,022,185
8 St. Anne’s Credit Union $32,872,954
9 Merrimack Valley Credit Union $31,617,990
10 MIT Federal Credit Union $25,664,100

Credit Union Number of Loans

Rank Lender Name Number
1 Greylock Federal Credit Union 253
2 Digital Federal Credit Union 200
3 Navy Federal Credit Union 188
4 Rockland Credit Union 107
5 Jeanne D’Arc Credit Union 88
6 Metro Credit Union 87
7 Freedom Credit Union 82
8 St. Anne’s Credit Union 74
9 Harvard University Credit Union 70
10 Merrimack Valley Credit Union 57

Mortgage Company Volume of Loans

Rank Lender Name Volume
1 Guaranteed Rate Inc. $1,019,557,873
2 Cross Country Mortgage Inc. $820,634,561
3 United Shore Financial Services LLC $654,149,364
4 Fairway Independent Mortgage $607,206,203
5 Movement Mortgage LLC $541,594,770
6 Rocket Mortgage $455,377,390
7 Guild Mortgage Co. $367,099,194
8 CMG Mortgage Inc. $192,157,258
9 Total Mortgage Services $189,668,381
10 Guaranteed Rate Affinity LLC $175,113,162

Mortgage Company Number of Loans

Rank Lender Name Number
1 Guaranteed Rate Inc. 1,831
2 Cross Country Mortgage Inc. 1,504
3 United Shore Financial Services LLC 1,441
4 Fairway Independent Mortgage 1,308
5 Movement Mortgage LLC 1,187
6 Rocket Mortgage 965
7 Guild Mortgage Co. 820
8 Total Mortgage Services 482
9 CMG Mortgage Inc. 427
10 Guaranteed Rate Affinity LLC 343
Condominium Mortgages

Banks by Volume of Loans

Rank Lender Name Volume
1 Leader Bank, N.A. $406,076,030
2 Washington Trust Co. $215,999,021
3 Bank of America, N.A. $155,994,634
4 First Republic Bank $152,071,650
5 JPMorgan Chase Bank $123,926,072
6 Rockland Trust Co. $118,953,008
7 Berkshire Bank $115,435,505
8 Cambridge Savings Bank $112,433,332
9 TD Bank, N.A. $101,827,817
10 US Bank, N.A. $94,417,973

Banks by Number of Loans

Rank Lender Name Number
1 Leader Bank, N.A. 867
2 Washington Trust Co. 261
3 Rockland Trust Co. 260
4 Salem Five Bank 235
5 Cambridge Savings Bank 216
6 Citizens Financial Group 200
7 Cape Cod Five Cents Savings Bank 194
8 First Republic Bank 191
9 Bank of America, N.A. 184
10 Berkshire Bank 163

Credit Unions by Volume of Loans

Rank Lender Name Volume
1 Harvard University Credit Union $35,983,645
2 Digital Federal Credit Union $33,281,214
3 Rockland Credit Union $27,945,110
4 Jeanne D’Arc Credit Union $26,638,815
5 MIT Federal Credit Union $25,990,896
6 Navy Federal Credit Union $23,235,637
7 Merrimack Valley Credit Union $19,503,393
8 Metro Credit Union $19,009,244
9 Liberty Bay Credit Union $8,666,575
10 United Nations Federal Credit Union $8,395,400

Credit Unions by Number of Loans

Rank Lender Name Number
1 Digital Federal Credit Union 78
2 Jeanne D’Arc Credit Union 65
3 Harvard University Credit Union 62
4 Rockland Credit Union 56
5 Metro Credit Union 50
6 Navy Federal Credit Union 48
7 MIT Federal Credit Union 40
8 Merrimack Valley Credit Union 32
9 Liberty Bay Credit Union 22
10 Hanscom Fed Credit Union 17

Mortgage Companies by Volume of Loans

Rank Lender Name Volume
1 Guaranteed Rate Inc. $350,251,557
2 Cross Country Mortgage Inc. $328,422,449
3 Fairway Independent Mortgage $165,879,511
4 Rocket Mortgage $155,253,265
5 Movement Mortgage LLC $147,679,386
6 United Shore Financial Services LLC $108,354,415
7 Guild Mortgage Company $89,719,632
8 Guaranteed Rate Affinity LLC $71,063,239
9 CMG Mortgage Inc. $58,698,699
10 Morgan Stanley $53,555,966

Mortgage Companies by Number of Loans

Rank Lender Name Number
1 Guaranteed Rate Inc. 767
2 Cross Country Mortgage Inc. 737
3 Fairway Independent Mortgage 428
4 Movement Mortgage LLC 395
5 Rocket Mortgage 393
6 United Shore Financial Services LLC 308
7 Guild Mortgage Company 249
8 Guaranteed Rate Affinity LLC 170
9 CMG Mortgage Inc. 150
10 Total Mortgage Services 131
Residential Nonpurchase Loans

Banks by Volume of Loans

Rank Lender Name Volume
1 Citizens Financial Group $1,805,626,138
2 M&T Bank NA $1,263,175,687
3 Bank of America, N.A. $937,997,713
4 Eastern Bank $614,388,782
5 Rockland Trust Co. $529,113,367
6 TD Bank, N.A. $381,974,877
7 JPMorgan Chase Bank $357,085,888
8 Needham Bank $307,792,680
9 Cape Cod Five Cents Savings Bank $305,445,454
10 Leader Bank, N.A. $264,559,915

Banks by Number of Loans

Rank Lender Name Number
1 Citizens Financial Group 7,706
2 Bank of America, N.A. 3,039
3 Eastern Bank 2,448
4 Rockland Trust Co. 1,998
5 TD Bank, N.A. 1,643
6 Cape Cod Five Cents Savings Bank 1,319
7 Salem Five Bank 864
8 Leader Bank, N.A. 757
9 BankESB 660
10 Middlesex Savings Bank 581

Credit Unions by Volume of Loans

Rank Lender Name Volume
1 Digital Federal Credit Union $205,450,294
2 Hanscom Fed Credit Union $147,350,244
3 Rockland Credit Union $135,930,829
4 Central One Federal Credit Union $66,655,682
5 Metro Credit Union $65,967,433
6 Leominster Credit Union $64,315,385
7 Merrimack Valley Credit Union $63,381,902
8 Workers Credit Union $61,646,632
9 Jeanne D’Arc Credit Union $58,699,403
10 Sharon And Crescent United Credit Union $57,156,497

Credit Unions by Number of Loans

Rank Lender Name Number
1 Digital Federal Credit Union 1,541
2 Rockland Credit Union 1,119
3 Hanscom Fed Credit Union 848
4 Greylock Federal Credit Union 614
5 Workers Credit Union 564
6 Leominster Credit Union 554
7 Sharon And Crescent United Credit Union 552
8 Metro Credit Union 538
9 Freedom Credit Union 451
10 Jeanne D’Arc Credit Union 441

Mortgage Companies by Volume of Loans

Rank Lender Name Volume
1 Rocket Mortgage $650,095,891
2 Mutual of Omaha Mortgage $150,112,127
3 Cross Country Mortgage Inc. $149,779,700
4 LoanDepot.Com LLC $148,852,339
5 Guaranteed Rate Inc. $124,587,636
6 Morgan Stanley $120,569,752
7 United Shore Financial Services LLC $104,857,467
8 Nationstar Mortgage $99,463,580
9 Cendant Mortgage Group $89,763,387
10 Fairway Independent Mortgage $89,279,456

Mortgage Companies by Number of Loans

Rank Lender Name Number
1 Rocket Mortgage 2,615
2 Guaranteed Rate Inc. 476
3 LoanDepot.Com LLC 444
4 Cross Country Mortgage Inc. 417
5 Nationstar Mortgage 389
6 United Shore Financial Services LLC 305
7 Pennymac Loan Services LLC 278
8 Fairway Independent Mortgage 269
9 Movement Mortgage LLC 265
10 Mutual of Omaha Mortgage 235
Commercial Purchase Loans

Banks by Volume of Loans

Rank Lender Name Volume
1 Citizens Financial Group $341,227,090
2 Israel Discount Bank $270,000,000
3 Goldman Sachs Bank USA $250,000,000
4 Brookline Bank $218,271,500
5 Wells Fargo Bank, N.A. $188,000,000
6 Rockland Trust Co. $172,226,898
7 Enterprise Bank & Trust Co. $170,888,299
8 Cambridge Savings Bank $166,895,153
9 Needham Bank $128,345,978
10 Eastern Bank $119,380,397

Banks by Number of Loans

Rank Lender Name Number
1 Rockland Trust Co. 139
2 Enterprise Bank & Trust Co. 63
3 Eastern Bank 61
4 Salem Five Bank 50
5 Cape Cod Five Cents Savings Bank 44
6 Greenfield Savings Bank 39
7 Leader Bank, N.A. 34
8 TD Bank, N.A. 33
9 (tie) Needham Bank 28
9 (tie) Bank of America, N.A. 28
10 Avidia Bank 26

Credit Unions by Volume of Loans

Rank Lender Name Volume
1 Digital Federal Credit Union $38,127,400
2 Webster First Federal Credit Union $33,220,750
3 Liberty Bay Credit Union $20,206,800
4 Taunton Federal Credit Union $13,387,650
5 Jeanne D’Arc Credit Union $12,235,087
6 Freedom Credit Union $12,002,250
7 Align Credit Union $9,169,500
8 GFA Federal Credit Union $7,245,750
9 Sharon And Crescent United Credit Union $7,230,347
10 Merrimack Valley Credit Union $6,101,250

Credit Unions by Number of Loans

Rank Lender Name Number
1 Taunton Federal Credit Union 23
2 (tie) Jeanne D’Arc Credit Union 17
2 (tie) Greylock Federal Credit Union 17
3 Webster First Federal Credit Union 16
4 Align Credit Union 14
5 Digital Federal Credit Union 13
6 Liberty Bay Credit Union 12
7 (tie) Freedom Credit Union 9
7 (tie) Sharon And Crescent United Credit Union 9
8 Merrimack Valley Credit Union 8
9 (tie) GFA Federal Credit Union 7
9 (tie) Direct Federal Credit Union 7
9 (tie) Naveo Credit Union 7
9 (tie) Rockland Credit Union 7
9 (tie) Workers Credit Union 7
10 (tie) St. Mary’s Credit Union 5
10 (tie) Central One Federal Credit Union 5
10 (tie) Millbury Credit Union 5

Mortgage Companies by Volume of Loans

Rank Lender Name Volume
1 Morgan Stanley $311,032,500
2 Walker & Dunlop LLC $132,594,000
3 Northwestern Mutual Life Insurance Co. $122,895,127
4 Symetra Life Insurance Co. $62,630,000
5 CBRE Capital Markets Inc. $41,037,000
6 Greystone Servicing Corp. $24,839,000
7 Farm Credit East ACA $22,057,750
8 Boston Trust Corp. $9,957,500
9 Guild Mortgage Co. $9,919,408
10 Tailor Ridge Capital Management LLC $8,780,812

Mortgage Companies by Number of Loans

Rank Lender Name Number
1 Guild Mortgage Co. 17
2 Guaranteed Rate Inc. 15
3 Cross Country Mortgage Inc. 13
4 (tie) Tailor Ridge Capital Management LLC 12
4 (tie) United Shore Financial Services LLC 12
4 (tie) Movement Mortgage LLC 12
5 Fairway Independent Mortgage 9
6 (tie) Farm Credit East ACA 8
6 (tie) Boston Trust Corp. 8
7 (tie) Guaranteed Rate Affinity LLC 7
7 (tie) Pulte Mortgage Corp. 7
8 (tie) Loan Funder LLC 6
8 (tie) Total Mortgage Services 6
8 (tie) LoanDepot.Com LLC 6
9 CMG Mortgage Inc 5
10 (tie) Newrez LLC 4
10 (tie) Rocket Mortgage 4
10 (tie) Signature Lending LLC 4
10 (tie) Silva Bros. Invst Inc. 4
Multifamily Purchase Loans

Banks by Volume of Loans

Rank Lender Name Volume
1 Rockland Trust Co. $87,839,017
2 Leader Bank, N.A. $77,763,611
3 Citizens Financial Group $61,111,583
4 Needham Bank $54,571,055
5 TD Bank, N.A. $39,443,421
6 Enterprise Bank & Trust Co. $31,870,873
7 Cambridge Savings Bank $30,802,800
8 Washington Trust Co. $27,824,376
9 Salem Five Bank $24,760,015
10 Dedham Savings $24,461,150

Banks by Number of Loans

Rank Lender Name Number
1 Citizens Financial Group 134
2 Rockland Trust Co. 123
3 Leader Bank, N.A. 117
4 TD Bank, N.A. 47
5 BankESB 43
6 (tie) Washington Trust Co. 42
6 (tie) Salem Five Bank 42
6 (tie) Bank Five 42
7 Cambridge Savings Bank 41
8 Berkshire Bank 33
9 (tie) Enterprise Bank & Trust Co. 29
9 (tie) HarborOne Bank 29
10 Cape Cod Five Cents Savings Bank 27

Credit Unions by Volume of Loans

Rank Lender Name Number
1 Jeanne D’Arc Credit Union 58
2 Greylock Federal Credit Union 45
3 (tie) Digital Federal Credit Union 14
3 (tie) Metro Credit Union 14
4 Merrimack Valley Credit Union 11
5 (tie) Freedom Credit Union 10
5 (tie) Navy Federal Credit Union 10
5 (tie) Webster First Federal Credit Union 10
6 Taunton Federal Credit Union 9
7 United Nations Federal Credit Union 7
8 (tie) Alltrust Credit Union 6
8 (tie) Direct Federal Credit Union 6
9 (tie) Holyoke Credit Union 5
9 (tie) Leominster Credit Union 5
9 (tie) Liberty Bay Credit Union 5
9 (tie) Workers Credit Union 5
10 (tie) Central One Federal Credit Union 4
10 (tie) Fall River Municipal Empls Credit Union 4
10 (tie) Hanscom Fed Credit Union 4
10 (tie) Rockland Credit Union 4
10 (tie) St. Mary’s Credit Union 4

Credit Unions by Number of Loans

Rank Lender Name Number
1 Jeanne D’Arc Credit Union 58
2 Greylock Federal Credit Union 45
3 (tie) Digital Federal Credit Union 14
3 (tie) Metro Credit Union 14
4 Merrimack Valley Credit Union 11
5 (tie) Freedom Credit Union 10
5 (tie) Navy Federal Credit Union 10
5 (tie) Webster First Federal Credit Union 10
6 Taunton Federal Credit Union 9
7 United Nations Federal Credit Union 7
8 (tie) Alltrust Credit Union 6
8 (tie) Direct Federal Credit Union 6
9 (tie) Holyoke Credit Union 5
9 (tie) Leominster Credit Union 5
9 (tie) Liberty Bay Credit Union 5
9 (tie) Workers Credit Union 5
10 (tie) Central One Federal Credit Union 4
10 (tie) Fall River Municipal Empls Credit Union 4
10 (tie) Hanscom Fed Credit Union 4
10 (tie) Rockland Credit Union 4
10 (tie) St. Mary’s Credit Union 4

Mortgage Companies by Volume of Loans

Rank Lender Name Volume
1 United Shore Financial Services LLC $187,889,389
2 Guaranteed Rate Inc. $150,454,618
3 Cross Country Mortgage Inc. $123,030,824
4 Guild Mortgage Co. $84,821,509
5 Movement Mortgage LLC $69,338,115
6 MSA Mortgage LLC $65,883,617
7 Fairway Independent Mortgage $59,067,863
8 Total Mortgage Services $50,193,753
9 Rocket Mortgage $48,981,113
10 New Fed Mortgage Corp. $31,055,039

Mortgage Companies by Number of Loans

Rank Lender Name Number
1 United Shore Financial Services LLC 360
2 Guaranteed Rate Inc. 243
3 Cross Country Mortgage Inc. 223
4 Guild Mortgage Company 167
5 Movement Mortgage LLC 152
6 Fairway Independent Mortgage 128
7 MSA Mortgage LLC 104
8 Total Mortgage Services 102
9 Rocket Mortgage 99
10 CMG Mortgage Inc. 59

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