| Commercial RE Lending Takes Off
Community Banks Well Represented Amidst Larger Firms
By Laura Alix
Banker & Tradesman Staff
The Fast 50, compiled from data collected by The Warren Group, publisher of Banker & Tradesman, reveals the 50 fastest growing lenders for the first six months of the year, compared with the year-ago period.
While the percentage increases in number of loans are impressive, it’s the volume that stands out this year as the commercial real estate market takes off in Greater Boston and beyond. Santander Bank tops the purchase charts with a staggering 4328 percent increase in volume compared to last year, a jump from just under $9 million to nearly $398 million. Morgan Stanley saw the biggest percentage increase of them all, with a 11255 percent increase in volume of refinances.
It’s not all big names on the list, though; a number of credit unions and community banks have had great success in the commercial markets this year. North Shore-based Beverly Bank took the top spot in number of refis while Worcester County-based Webster Five Cents Savings Bank came in a solid second.
Bridgeport, Connecticut-based Peoples United Bank topped the list by number of loans and came in second volume. The bank wrote 28 commercial loans totaling $560.9 million during the first half of the year, representing four-digit growth by volume over the four loans worth $19 million that it wrote in Massachusetts last year.
Pat Sullivan, Peoples United’s Massachusetts president, said that over the last year, the bank had connected with organizations like the Small Business Association of New England and the Massachusetts Restaurant Association, and his commercial team has worked on developing expertise in various niches, like seafood, higher education and health care.
“By connecting to all those audiences, we’ve seen really a lot of good applications in both small business and middle market lending and we’re seeing some pretty good business through the first six months,” said Sullivan, who added that he expects to see healthy loan volume in the bank’s commercial business through the rest of the year.
Meanwhile, smaller community banks boosted their commercial volume by scooping up a piece of the growing multifamily market, largely driven by increasing demand for rentals in the Greater Boston area and beyond. South Shore Savings Bank, for instance, made six commercial loans totaling $5.3 million during the first half of 2015, compared with four totaling $4.2 million last year. That represents growth of 27 percent by volume. It’s not the triple-digit increases some banks are seeing this year, but it’s enough to keep President and CEO James Dunphy happy.
“We’ve written a lot of loans this year, but we’ve also passed on probably an equal number. Over the long haul, I do believe the market will stay strong, but there could be some minor corrections along the way,” he told Banker & Tradesman. “You just don’t know if the demand will continue to meet the supply or the supply will get a little ahead of itself. We want to be very cautious in that.”
Email: lalix@thewarrengroup.com
Residential: Number of Purchase Mortgages
Firstrust Bank
2014: 28 2015: 76 % Increase: 171%
Mortgage Equity Partners LLC
2014: 50 2015: 100 % Increase: 100%
Embrace Home Loans
2014: 38 2015: 73 % Increase: 92%
Inland Bank & Trust
2014: 36 2015: 65 % Increase: 81%
Holyoke Credit Union
2014: 28 2015: 49 % Increase: 75%
Mortgage Corp. East III
2014: 31 2015: 54 % Increase: 74%
Lee Bank
2014: 42 2015: 71 % Increase: 69%
Blue Hills Bank
2014: 60 2015: 96 % Increase: 60%
Harvard University Credit Union
2014: 49 2015: 78 % Increase: 59%
Bridgewater Savings Bank
2014: 39 2015: 61 % Increase: 56%
Jeanne D’Arc Credit Union
2014: 105 2015: 161 % Increase: 53%
Bank of New York Mellon
2014: 27 2015: 41 % Increase: 52%
US Bank NA
2014: 30 2015: 44 % Increase: 47%
United Bank
2014: 65 2015: 94 % Increase: 45%
First Home Mortgage
2014: 81 2015: 117 % Increase: 44%
Fairway Independent Mortgage
2014: 456 2015: 653 % Increase: 43%
Citicorp Mortgage Inc.
2014: 215 2015: 305 % Increase: 42%
Central One Federal Credit Union
2014: 27 2015: 38 % Increase: 41%
Country Bank for Savings
2014: 46 2015: 64 % Increase: 39%
Village Mortgage Co.
2014: 127 2015: 173 % Increase: 36%
Freedom Credit Union
2014: 50 2015: 68 % Increase: 36%
First Citizens Federal Credit Union
2014: 28 2015: 38 % Increase: 36%
First Niagara Bank
2014: 79 2015: 106 % Increase: 34%
Watertown Savings Bank
2014: 30 2015: 40 % Increase: 33%
Plaza Home Mortgage Inc.
2014: 164 2015: 212 % Increase: 29%
Residential: Volume of Purchase Loans
Martha’s Vineyard Saving Bank
2014: $8,884,539 2015: $27,740,742 % Increase: 212%
Cooperative Bank
2014: $5,304,350 2015: $15,646,250 % Increase: 195%
Integrity First Financial Group Inc.
2014: $5,131,498 2015: $14,673,500 % Increase: 186%
Firstrust Bank
2014: $9,411,639 2015: $21,667,317 % Increase: 130%
Mortgage Equity Partners LLC
2014: $15,849,336 2015: $35,044,352 % Increase: 121%
BankGloucester (Gloucester Coop Bank)
2014: $5,397,600 2015:$11,473,210 % Increase: 113%
Belmont Savings Bank
2014: $12,705,975 2015:$25,813,850 % Increase: 103%
Raymond C. Green & Co. Inc.
2014: $17,085,000 2015: $34,557,000 % Increase: 102%
Inland Bank &Trust
2014: $6,295,322 2015: $12,672,971 % Increase: 101%
Embrace Home Loans
2014: $9,485,089 2015: $19,049,182 % Increase: 101%
Direct Federal Credit Union
2014: $5,260,025 2015: $10,069,950 % Increase: 91%
Mortgage Corp. East III
2014: $9,364,440 2015: $17,704,413 % Increase: 89%
Harvard University Credit Union
2014: $16,784,390 2015: $30,443,299 % Increase: 81%
Country Bank for Savings
2014: $8,674,716 2015: $14,886,601 % Increase: 72%
Reading Cooperative Bank
2014: $13,290,520 2015: $22,758,849 % Increase: 71%
UniBank for Savings
2014: $17,994,760 2015: $29,947,495 % Increase: 66%
TBI Mortgage Co.
2014: $9,448,158 2015: $15,346,851 % Increase: 62%
Bridgewater Savings Bank
2014: $12,763,306 2015: $20,043,186 % Increase: 57%
Eagle Bank
2014: $7,249,700 2015: $11,266,968 % Increase: 55%
First Niagara Bank
2014: $23,419,691 2015: $35,946,817 % Increase: 53%
Cendant Mortgage Group
2014: $5,126,363 2015: $7,796,879 % Increase: 52%
United Bank
2014: $17,309,441 2015: $26,186,672 % Increase: 51%
Lee Bank
2014: $10,079,317 2015: $15,235,155 % Increase: 51%
Village Mortgage Co.
2014: $29,504,092 2015: $43,816,237 % Increase: 49%
Monson Savings Bank
2014: $6,006,107 2015: $8,911,310 % Increase: 48%
Residential: Number of Refinance Mortgages
LoanDepot.Com LLC
2014: 322 2015: 3,078 % Increase: 856%
Monument Mortgage Co. Inc.
2014: 39 2015: 213 % Increase: 446%
Fairway Independent Mortgage
2014: 140 2015: 702 % Increase: 401%
Freedom Mortgage Corp.
2014: 93 2015: 429 % Increase: 361%
Mortgage Financial Services Inc.
2014: 91 2015: 419 % Increase: 360%
Prospect Mortgage LLC
2014: 140 2015: 632 % Increase: 351%
NE Moves Mortgage Co.
2014: 74 2015: 309 % Increase: 318%
Shamrock Financial Corp.
2014: 26 2015: 103 % Increase: 296%
Bank of New York Mortgage Co. Inc.
2014: 40 2015: 158 % Increase: 295%
Mortgage Equity Partners LLC
2014: 38 2015: 144 % Increase: 279%
New Fed Mortgage Corp.
2014: 77 2015: 288 % Increase: 274%
MSA Mortgage LLC
2014: 137 2015: 482 % Increase: 252%
Guaranteed Rate Inc.
2014: 463 2015: 1,571 % Increase: 239%
Mortgage Network Inc.
2014: 250 2015: 847 % Increase: 239%
Radius Financial Group
2014: 118 2015: 395 % Increase: 235%
Merrimack Mortgage Co. Inc.
2014: 127 2015: 423 % Increase: 233%
Residential Mortgage Services Inc.
2014: 309 2015: 1,019 % Increase: 230%
Members Mortgage Co. Inc.
2014: 38 2015: 125 % Increase: 229%
Members Advantage Mortgage
2014: 25 2015: 79 % Increase: 216%
Leader Mortgage Co. Inc.
2014: 125 2015: 370 % Increase: 196%
First Home Mortgage
2014: 33 2015: 96 % Increase: 191%
PMAC Lending Services
2014: 159 2015: 461 % Increase: 190%
GMH Mortgage Services LLC
2014: 31 2015: 89 % Increase: 187%
First Federal Savings Bank of Boston
2014: 146 2015: 419 % Increase: 187%
Mass Bay Credit Union
2014: 30 2015: 85 % Increase: 183%
Residential: Volume of Refinance Mortgages
LoanDepot.Com LLC
2014: $75,155,349 2015: $1,079,794,722 % Increase: 1337%
William Raveis Mortgage Co.
2014: $5,841,712 2015: $69,776,217 % Increase: 1094%
Monument Mortgage Co. Inc.
2014: $11,701,800 2015: $68,373,000 % Increase: 484%
Fairway Independent Mortgage
2014: $45,263,580 2015: $260,376,820 % Increase: 475%
Urban Financial of America
2014: $6,901,500 2015: $34,885,500 % Increase: 405%
Mortgage Financial Services Inc.
2014: $28,963,223 2015: $142,286,309 % Increase: 391%
Bank of New York Mortgage Co. Inc.
2014: $10,765,391 2015: $50,226,587 % Increase: 367%
Prospect Mortgage LLC
2014: $42,911,035 2015: $196,216,987 % Increase: 357%
Freedom Mortgage Corp.
2014: $23,242,654 2015: $104,465,344 % Increase: 349%
Shamrock Financial Corp.
2014: $5,825,618 2015: $25,667,615 % Increase: 341%
New Fed Mortgage Corp.
2014: $21,596,405 2015: $94,885,302 % Increase: 339%
Jeanne D’Arc Credit Union
2014: $21,101,779 2015: $90,617,052 % Increase: 329%
Leader Mortgage Co. Inc.
2014: $30,066,865 2015: $121,096,628 % Increase: 303%
NE Moves Mortgage Co.
2014: $27,773,027 2015: $110,382,813 % Increase: 297%
Northpoint Mortgage
2014: $5,647,163 2015: $22,396,885 % Increase: 297%
Merrimack Mortgage Co. Inc.
2014: $34,563,112 2015: $133,074,757 % Increase: 285%
Radius Financial Group
2014: $31,077,097 2015: $119,541,639 % Increase: 285%
MSA Mortgage LLC
2014: $42,843,312 2015: $161,110,994 % Increase: 276%
Guaranteed Rate Inc.
2014: $152,819,032 2015: $555,834,432 % Increase: 264%
Mortgage Network Inc.
2014: $81,993,018 2015: $296,592,844 % Increase: 262%
Residential Mortgage Services Inc.
2014: $88,283,149 2015: $314,267,816 % Increase: 256%
Navy Federal Credit Union
2014: $5,557,472 2015: $19,240,469 % Increase: 246%
Leader Bank NA
2014: $185,828,477 2015: $638,085,194 % Increase: 243%
Members Mortgage Co. Inc.
2014: $10,461,225 2015: $35,493,377 % Increase: 239%
PMAC Lending Services
2014: $42,679,802 2015: $144,667,988 % Increase: 239%
Commercial: Number of Purchase Mortgages
Peoples United Bank
2014: 8 2015: 28 % Increase: 250%
Mortgage Network Inc.
2014: 3 2015: 8 % Increase: 167%
Walpole Cooperative Bank
2014: 3 2015: 8 % Increase: 167%
Santander Bank NA
2014: 10 2015: 22 % Increase: 120%
Belmont Savings Bank
2014: 3 2015: 6 % Increase: 100%
JP Morgan Chase Bank
2014: 3 2015: 6 % Increase: 100%
Reading Cooperative Bank
2014: 3 2015: 6 % Increase: 100%
Westfield Bank
2014: 3 2015: 6 % Increase: 100%
Country Bank for Savings
2014: 4 2015: 8 % Increase: 100%
First Ipswich Bank
2014: 4 2015: 8 % Increase: 100%
East Cambridge Savings Bank
2014: 5 2015: 10 % Increase: 100%
Wells Fargo Bank NA
2014: 7 2015: 13 % Increase: 86%
Cape Ann Savings Bank
2014: 4 2015: 7 % Increase: 75%
Newburyport Five Cents Savings Bank
2014: 4 2015: 7 % Increase: 75%
Bank of Cape Cod
2014: 7 2015: 12 % Increase: 71%
Scituate Federal Savings & Loan
2014: 3 2015: 5 % Increase: 67%
Stoneham Cooperative Bank
2014: 3 2015: 5 % Increase: 67%
Digital Federal Credit Union
2014: 9 2015: 15 % Increase: 67%
Residential Mortgage Services Inc.
2014: 9 2015: 15 % Increase: 67%
Citicorp Mortgage Inc.
2014: 5 2015: 8 % Increase: 60%
South Shore Bank
2014: 4 2015: 6 % Increase: 50%
Commerce Bank & Trust Co.
2014: 6 2015: 9 % Increase: 50%
Beverly Bank
2014: 9 2015: 13 % Increase: 44%
Lowell Five Cents Savings Bank
2014: 9 2015: 13 % Increase: 44%
Cambridge Trust Co.
2014: 5 2015: 7 % Increase: 40%
Commercial: Number of Refinance Mortgages
Peoples United Bank
2014: 4 2015: 24 % Increase: 500%
Webster Five Cents Savings Bank
2014: 9 2015: 42 % Increase: 367%
Provident Bank
2014: 5 2015: 21 % Increase: 320%
Adams Community Bank
2014: 3 2015: 12 % Increase: 300%
Morgan Stanley
2014: 3 2015: 12 % Increase: 300%
New England Certified Development Corp.
2014: 7 2015: 23 % Increase: 229%
South Shore Savings Bank
2014: 7 2015: 23 % Increase: 229%
North Brookfield Savings Bank
2014: 4 2015: 11 % Increase: 175%
Guaranteed Rate Inc.
2014: 3 2015: 8 % Increase: 167%
Monson Savings Bank
2014: 5 2015: 12 % Increase: 140%
Metro Credit Union
2014: 3 2015: 7 % Increase: 133%
North Easton Savings Bank
2014: 3 2015: 7 % Increase: 133%
Bank of Canton
2014: 12 2015: 26 % Increase: 117%
LoanDepot.Com LLC
2014: 3 2015: 6 % Increase: 100%
Greenfield Savings Bank
2014: 7 2015: 14 % Increase: 100%
Southbridge Savings Bank
2014: 8 2015: 14 % Increase: 75%
Blue Hills Bank
2014: 11 2015: 19 % Increase: 73%
BankGloucester (Gloucester Coop Bank)
2014: 7 2015: 12 % Increase: 71%
Martha Vineyard Saving Bank
2014: 10 2015: 17 % Increase: 70%
Bank of America FSB
2014: 48 2015: 81 % Increase: 69%
Commonwealth of Massachusetts
2014: 3 2015: 5 % Increase: 67%
Salem Cooperative Bank
2014: 3 2015: 5 % Increase: 67%
Reading Cooperative Bank
2014: 6 2015: 10 % Increase: 67%
Florence Savings Bank
2014: 14 2015: 23 % Increase: 64%
Lee Bank
2014: 5 2015: 8 % Increase: 60%
Commercial: Volume of Purchase Loans
Santander Bank NA
2014: $8,978,550 2015: $397,598,960 % Increase: 4328%
Peoples United Bank
2014: $19,007,696 2015: $560,888,920 % Increase: 2851%
HarborOne Bank
2014: $2,779,800 2015: $28,350,500 % Increase: 920%
Wells Fargo Bank NA
2014: $11,392,817 2015: $106,925,828 % Increase: 839%
JP Morgan Chase Bank
2014: $24,608,696 2015: $148,230,002 % Increase: 502%
Reading Cooperative Bank
2014: $2,450,500 2015: $13,474,750 % Increase: 450%
Commerce Bank & Trust Co.
2014: $11,760,000 2015: $55,032,500 % Increase: 368%
Cambridge Trust Co.
2014: $2,593,500 2015: $11,740,000 % Increase: 353%
Salem Five Cents Mortgage Corp.
2014: $5,070,250 2015: $22,895,275 % Increase: 352%
Chicopee Savings Bank
2014: $3,955,550 2015: $15,941,000 % Increase: 303%
East Cambridge Savings Bank
2014: $3,458,250 2015: $13,910,260 % Increase: 302%
Middlesex Savings Bank
2014: $23,012,200 2015: $89,840,110 % Increase: 290%
Walpole Cooperative Bank
2014: $2,560,000 2015: $9,130,625 % Increase: 257%
Beverly Bank
2014: $5,798,250 2015: $14,625,475 % Increase: 152%
Easthampton Savings Bank
2014: $4,808,200 2015: $11,519,073 % Increase: 140%
Norwood Cooperative Bank
2014: $3,373,500 2015: $6,900,000 % Increase: 105%
Residential Mortgage Services Inc.
2014: $2,155,854 2015: $4,345,011 % Increase: 102%
Cooperative Bank
2014: $5,970,200 2015: $11,876,750 % Increase: 99%
Bank of Cape Cod
2014: $4,041,750 2015: $8,032,250 % Increase: 99%
Belmont Savings Bank
2014: $11,040,000 2015: $20,676,250 % Increase: 87%
Hometown Bank Coop Bank
2014: $2,076,750 2015: $3,789,000 % Increase: 82%
East Boston Savings Bank
2014: $37,570,850 2015: $64,590,925 % Increase: 72%
Citicorp Mortgage Inc.
2014: $12,517,343 2015: $17,546,950 % Increase: 40%
Guaranteed Rate Inc.
2014: $2,005,335 2015: $2,637,502 % Increase: 32%
Guaranteed Rate Inc.
2014: $2,005,335 2015: $2,637,502 % Increase: 32%
Massachusetts Housing Finance Agency
2014: $14,000,000 2015: $18,330,000 % Increase: 31%
Volume of Refinance Mortgages
Morgan Stanley
2014: $18,792,066 2015: $2,133,850,000 % Increase: 11255%
New York Life Insurance Co.
2014: $26,100,000 2015: $633,000,001 % Increase: 2325%
Arbor Commercial Mortgage
2014: $2,100,000 2015: $32,950,000 % Increase: 1469%
PeoplesBank (Holyoke MA)
2014: $2,712,863 2015: $23,760,000 % Increase: 776%
Provident Bank
2014: $4,264,661 2015: $36,082,500 % Increase: 746%
Greenfield Savings Bank
2014: $2,370,100 2015: $13,455,215 % Increase: 468%
Watertown Savings Bank
2014: $2,404,500 2015: $13,455,215 % Increase: 461%
Florence Savings Bank
2014: $8,251,852 2015: $46,005,882 % Increase: 458%
RBS Citizens Bank NA
2014: $262,439,915 2015: $1,306,258,890 % Increase: 398%
Salem Five Cents Mortgage Corp.
2014: $18,554,134 2015: $81,212,301 % Increase: 338%
Blue Hills Bank
2014: $11,537,251 2015: $45,552,300 % Increase: 295%
HSBC Bank USA
2014: $19,700,000 2015: $74,600,000 % Increase: 279%
Monson Savings Bank
2014: $2,290,000 2015: $8,009,077 % Increase: 250%
Commonwealth of Massachusetts
2014: $2,250,000 2015: $7,605,720 % Increase: 238%
New England Certified Development Corp.
2014: $8,317,000 2015: $25,796,000 % Increase: 210%
Berkaida Commercial Mortgage LLC
2014: $16,241,000 2015: $49,665,000 % Increase: 206%
Santander Bank NA
2014: $34,706,682 2015: $93,034,490 % Increase: 168%
Webster Five Cents Savings Bank
2014: $9,735,392 2015: $25,962,725 % Increase: 167%
Oppenheimer Multifamily Housing & Healthcare Finance
2014: $7,086,700 2015: $18,768,000 % Increase: 165%
Patriot Community Bank
2014: $4,550,000 2015: $11,870,000 % Increase: 161%
Beverly Bank
2014: $5,438,108 2015: $14,077,724 % Increase: 159%
Digital Federal Credit Union
2014: $38,762,952 2015: $99,846,250 % Increase: 158%
First Republic Bank
2014: $26,682,650 2015: $67,240,000 % Increase: 152%
Country Bank for Savings
2014: $19,458,950 2015: $47,263,000 % Increase: 143%
Enterprise Bank & Trust Co.
2014: $33,164,601 2015: $77,068,974 % Increase: 132%
