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