Talent Crucial for High-Performing Mass. Resi Lenders
Having the right talent, meeting customers’ needs and institutional investment proved crucial for Massachusetts’ fastest-growing mortgage lenders this spring.
Having the right talent, meeting customers’ needs and institutional investment proved crucial for Massachusetts’ fastest-growing mortgage lenders this spring.
While the state’s regional banks face liquidity pressures and have tightened their credit standards so far this year, Massachusetts’ smaller credit unions and mutual banks saw skyrocketing growth in commercial loan volumes in the first six months of the year.
Last year may have started off with a bang for many Massachusetts loan originators, but the sprint rapidly slowed to a jog, and then a slog, as rising interest rates upended the residential mortgage market.
Local lenders have emerged as big winners from the 65 percent year-over-year- growth in commercial mortgage volumes statewide this year. But the risk of a recession is causing some to grow more cautious.
Last year was one of the busiest on record for the state’s loan originators. So, who came out ahead in the $127.2 billion market? Banker & Tradesman has analyzed the results and identified the top loan originators in Massachusetts.
As interest rates held steady at historic lows throughout the pandemic, lenders in 2021 saw a second straight year of mortgage volumes at or near record levels.
After years of planning, USQ broke ground on our first site at the $2 billion Union Square redevelopment in July. Next year, transformative transit investments will arrive, and plans for new buildings in the neighborhood will be revealed.
It’s Banker & Tradesman’s annual Fast 50, where we rank the fastest-growing commercial and residential mortgage lenders in Massachusetts. Who’s on top? How’d they do it?
The pandemic challenged loan originators to find ways to meet the rapidly changing needs of consumers and the real estate industry. And a select few rode this wave to the top of their industry.
When the economy began to close down a year ago, the mortgage industry faced questions about how the pandemic would affect lending. But as interest rates continued to drop in 2020, lenders soon found that consumers looking to refinance their homes would keep the industry busy.
While some of the names on this year’s list of Fast 50 lenders may be relatively new in the Massachusetts market, many of the faces behind those lenders carry years of experience in the state’s mortgage industry.
With Massachusetts still lacking the inventory needed to meet buyer demand, loan originators have had to get creative in how they work with prospective homeowners.
So many are consumed by the day-to-day in the world we currently live. They just need a reminder that we can help with some of the financial burden if they just take five minutes to call so that I can evaluate their finances.
Several mortgage companies off to a fast start in 2019 are finding success with similar strategies: they empower their brokers and loan officers with good processing technology and a positive office culture, allowing them to focus solely on customer service.
There are many different ways to succeeding in the mortgage business, but Luisa Bedoya of MSA Mortgage has built her career on focusing on Latino homebuyers. Her strategy is beginning to pay dividends, helping her originate close to $90 million in total loan volume in 2018.
Although the real estate market is deep into the current cycle, commercial lending did not falter in 2018 and banks were able to achieve strong results by staying in their lanes and sticking to the individualized strategies they have spent years building.
The Banking Choice Awards recognize banks that receive high marks from their customers in four categories: Customer Service, Technology, Contribution to the Community and Overall Quality. Winners were determined by detailed analysis of a comprehensive, independent survey administered by Customer Experience Solutions Inc., a recognized leader in tracking and measuring customer experience.
As 2017 wraps up, Banker & Tradesman is pleased and proud to acknowledge some of the fine work done by volunteers in industries and communities across the commonwealth.
The Fast 50, compiled from data collected by The Warren Group, publisher of Banker & Tradesman, reveals the 50 fastest-growing lenders in Massachusetts for the first six months of the year, compared to the same time period a year ago.
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.