With interest rates still at historic lows and consumer confidence on the mend, 2015 was a decent year for Connecticut’s lenders, but banks, credit unions and mortgage companies are increasingly fighting tooth and nail for the very best credits the marketplace has to offer.
The Commercial Record’s Top Lenders of 2015, compiled with data gathered by The Warren Group, contained few surprises from the prior year.
Wells Fargo maintained its No. 1 status among banks making single-family mortgages, closing out 2015 with 901 mortgages totaling $431 million, but that represents only the barest increase in volume (up less than 1 percent from 2014). Meanwhile, Connecticut-based banks like Waterbury-based Webster Bank and United Bank in Glastonbury saw healthier gains in their single-family mortgage business (increasing volumes 15 percent and 39 percent year-over-year, respectively).
Credit unions saw even heartier gains in single-family mortgages. Consider, for instance, Navy Federal Credit Union, which posted 245 mortgages worth $66.4 million, up from 159 mortgages totaling $41.7 million in the prior year. Or take Charter Oak Federal Credit Union, which increased its single-family mortgage volume nearly 30 percent year-over-year to close out 2015 with $26.4 million on its books.
That may hint at something else that’s going on in the Connecticut mortgage market. David Zamary, president of the Connecticut Mortgage Bankers Association and head of residential lending at First County Bank, said that 2015 was a good year for first-time homebuyers, but he added that many of those first-time homebuyers are flocking to community banks that may not necessarily rank among the Top Lenders.
Simon Tahan, Webster Bank’s director of mortgage banking, spoke of an increased focus on both first-time homebuyers and the mass affluent market as boosting his bank’s mortgage portfolio.
With rents on a steady increase and the Fed making minimal movement on interest rates, he said, would-be homebuyers who may have been on the fence are starting to get more serious about buying.
“Rates are still very, very good. There are very attractive rates out there for 30-year fixed conventional loans. It’s become really about educating [homebuyers],” Tahan said.
Commercial Hits The Sweet Spot
But the Millennial generation’s stubborn insistence on renting has also boosted commercial lending efforts, particularly with respect to apartment buildings.
People’s United Bank in Bridgeport held onto its spot as a Top Lender in commercial mortgages, booking loans totaling $189 million in 2015.
Marjan Murray, executive vice president for People’s United in Connecticut, said that much of the bank’s commercial activity was driven by multifamily construction and conversion of office properties into apartment buildings. She said that trend has been driven by the increasing tendency of Millennials to rent, rather than buy a home by the timelines set by prior generations.
Michael LaBella, TD Bank’s market president for Connecticut, echoed that sentiment. He also said TD Bank had financed some industrial properties and that the bank has seen continued strength in the medical office space. TD Bank booked about $71.8 million in commercial mortgages last year, up about 37 percent from last year.
But the prolonged low interest rate environment has intensified competition for the highest quality credits, and both Murray and LaBella commented that the market could be overheating in some areas.
He remarked, “I don’t know if we’ll see the volumes we’ve seen for the past couple of years, but I think [the credits are] out there. It’s just a matter of who’s going to be really aggressive on it.”
Single-Family Purchases Loans
Bank Number of Loans
Wells Fargo Bank: 901
Webster Bank: 659
United Bank: 587
Bank of America NA: 535
Peoples United Bank: 535
Citicorp Mortgage Inc.: 403
JPMorgan Chase Bank: 356
Liberty Bank: 341
Farmington Bank: 285
First Niagara Bank: 285
Bank by Loan Volume
Wells Fargo Bank: $431,342,846
Bank of America NA: $272,588,007
Citicorp Mortgage Inc.: $260,463,171
JPMorgan Chase Bank: $258,039,782
Peoples United Bank: $198,486,518
United Bank: $187,977,367
Webster Bank: $173,630,040
First Niagara Bank: $154,064,484
Fairfield County Bank: $116,072,185
Liberty Bank: $93,363,926
Credit Union Number of Loans
American Eagle Federal CU: 272
Navy Federal CU: 245
Charter Oak Federal CU: 136
Sikorsky Financial CU Inc.: 45
360 Federal CU: 20
Seasons Federal CU: 14
Pentagon Federal CU: 12
Suma Yonkers Federal CU: 12
Coreplus Federal CU: 9
Digital Federal CU: 9
Credit Union by Loan Volume
Navy Federal CU: $66,394,257
American Eagle Federal CU: $62,286,966
Charter Oak Federal CU: $26,381,214
Sikorsky Financial CU Inc.: $9,607,600
United Nations Federal CU: $4,265,400
Suma Yonkers Federal CU: $3,875,950
360 Federal CU: $3,452,120
Digital Federal CU: $3,426,469
Seasons Federal CU: $3,283,420
Bethpage Federal CU: $2,939,800
Mortgage Company Number of Loans
Norcom Mortgage: 789
Village Mortgage Co.: 683
First World Mortgage: 622
William Raveis Mortgage Co.: 617
NE Moves Mortgage Co.: 545
Prime Lending Inc.: 522
LoanDepot.Com: 495
Quicken Loan Inc.: 471
Plaza Home Mortgage: 466
Guaranteed Rate Inc.: 445
Mortgage Company by Loan Volume
William Raveis Mortgage Co.: $212,384,218
LoanDepot.Com: $178,731,689
Norcom Mortgage: $168,267,951
NE Moves Mortgage Co.: $149,652,635
Village Mortgage Co.: $148,091,922
Prime Lending Inc.: $137,804,849
Quicken Loan Inc.: $125,782,509
First World Mortgage: $117,790,941
Guaranteed Rate Inc.: $117,597,462
Total Mortgage Services: $116,144,124
Condominium Purchase Loans
Bank Number of Loans
Wells Fargo Bank: 181
Webster Bank: 156
Peoples United Bank: 125
United Bank: 124
Bank of America NA: 118
Savings Bank of Danbury: 103
Newtown Savings Bank: 86
Liberty Bank: 83
JPMorgan Chase Bank: 73
Farmington Bank: 67
Bank Number of Loans
Wells Fargo Bank: $51,129,992
United Bank: $30,760,779
Bank of America NA: $26,821,349
Webster Bank: $23,992,469
Peoples United Bank: $21,960,688
JPMorgan Chase Bank: $21,579,911
Savings Bank of Danbury: $18,547,355
Fairfield County Bank: $15,763,757
Liberty Bank: $15,375,370
Newtown Savings Bank: $14,458,750
Credit Union Number of Loans
American Eagle Federal CU: 81
Navy Federal CU: 31
Charter Oak Federal CU: 26
Suma Yonkers Federal CU: 12
Digital Federal CU: 9
Sikorsky Financial CU Inc.: 9
360 Federal CU: 6
Pentagon Federal CU: 6
Massmutual Federal CU: 4
Mutual Security CU: 4
Credit Union by Loan Volume
American Eagle Federal CU: $11,820,900
Navy Federal CU: $4,152,679
Charter Oak Federal CU: $3,477,822
Digital Federal CU: $1,804,420
Suma Yonkers Federal CU: $1,525,650
Sikorsky Financial CU Inc.: $1,271,650
Pentagon Federal CU: $1,097,400
Mutual Security CU: $984,000
360 Federal CU: $855,640
Hudson Valley CU: $626,980
Mortgage Company Number of Loans
William Raveis Mortgage Co.: 138
Prime Lending Inc.: 124
Norcom Mortgage : 122
LoanDepot.Com: 111
Village Mortgage Co.: 105
NE Moves Mortgage Co.: 101
Total Mortgage Services: 95
First World Mortgage: 90
Guaranteed Rate Inc.: 72
Quicken Loan Inc.: 68
Mortgage Company by Loan Volume
William Raveis Mortgage Co.: $24,773,511
LoanDepot.Com: $22,905,522
Prime Lending Inc.: $19,526,732
NE Moves Mortgage Co.: $18,741,415
Norcom Mortgage: $17,136,872
Total Mortgage Services: $17,110,952
Village Mortgage Co.: $16,032,470
First World Mortgage: $12,236,840
Guaranteed Rate Inc.: $11,093,712
Quicken Loan Inc.: $10,823,406
Residential Refinance Loans
Bank Number of Loans
Wells Fargo Bank: 3,118
Webster Bank: 2,740
Peoples United Bank: 2,549
Bank of America NA: 2,326
JPMorgan Chase Bank: 1,661
First Niagara Bank: 1,295
Citicorp Mortgage Inc.: 23
United Bank: 795
Liberty Bank: 763
Newtown Savings Bank: 597
Bank by Loan Volume
Wells Fargo Bank: $887,691,978
Peoples United Bank: $721,453,276
Bank of America NA: $718,061,338
JPMorgan Chase Bank: $706,409,281
Webster Bank: $541,094,641
Citicorp Mortgage Inc.: $421,546,894
First Niagara Bank: $305,887,813
United Bank: $269,685,569
Liberty Bank: $193,861,024
RBS Citizens NA: $156,861,804
Credit Union Number of Loans
American Eagle Federal CU: 1,495
Charter Oak Federal CU: 914
CT State Employee Federal CU: 535
Sikorsky Financial CU Inc: 428
Connex CU: 332
Navy Federal CU: 231
Dutch Point CU: 204
Coreplus Federal CU: 169
Achieve Financial CU: 154
Nutmeg State Federal CU: 141
Credit Union by Loan Volume
American Eagle Federal CU: $158,731,056
Charter Oak Federal CU: $107,706,032
Sikorsky Financial CU Inc.: $59,102,733
CT State Employee Federal CU: $58,850,428
Navy Federal CU: $45,916,931
Connex CU: $24,854,490
Pentagon Federal CU: $15,948,269
Seasons Federal CU: $14,149,391
Bethpage Federal CU: $14,118,400
Coreplus Federal CU: $4,020,434
Mortgage Company Number of Loans
Quicken Loan Inc.: 3,180
LoanDepot.Com: 1,362
Nationstar Mortgage: 693
Freedom Mortgage Corp.: 496
Norcom Mortgage: 461
Village Mortgage Co.: 446
Green Tree Financial Services: 439
Total Mortgage Services: 390
Guaranteed Rate Inc.: 340
Franklin American Mortgage: 311
Mortgage Company by Loan Volume
Quicken Loan Inc.: $744,084,962
LoanDepot.Com: $437,764,059
Morgan Stanley: $155,800,642
Nationstar Mortgage: $135,701,162
William Raveis Mortgage Co.: $114,189,189
Total Mortgage Services: $109,423,257
Freedom Mortgage Corp.: $106,125,722
Village Mortgage Co.: $102,892,468
Norcom Mortgage: $101,190,085
Guaranteed Rate Inc.: $99,978,275
Commercial Purchase Loans
Bank Number of Loans
Webster Bank: 174
Peoples United Bank: 102
Bank of America NA: 82
Farmington Bank: 82
Thomaston Savings Bank: 82
United Bank: 79
TD Bank NA: 64
Fairfield County Bank: 62
Wells Fargo Bank: 58
Union Savings Bank: 47
Bank by Loan Volume
Peoples United Bank: $189,140,248
Webster Bank: $145,864,278
Bank of America NA: $115,939,009
United Bank: $111,211,848
Bankwell Bank: $87,351,061
Wells Fargo Bank: $82,207,347
Farmington Bank: $77,539,809
Union Savings Bank: $76,449,839
TD Bank NA: $71,767,596
Fairfield County Bank: $63,255,599
Credit Union by Loan Volume
Charter Oak Federal CU: $11,759,720
Digital Federal CU: $2,756,250
Connecticut Community CU: $2,700,000
Freedom CU: $1,106,000
Nutmeg State Federal CU: $536,000
Hudson Valley CU: $525,000
Navy Federal CU: $382,750
Westerly Community CU: $300,000
360 Federal CU: $140,000
Northeast Family Federal CU: $120,000
Mortgage Company Number of Loans
Community Investmen: 21
Sachem Capital Partners LLC: 11
Ladder Capital Financial LLC : 9
HEDCO Inc.: 8
Homeowners Finance Co.: 8
New England Cert. Dev.: 7
Newtek Small Business Financial: 7
Farm Credit East ACA: 4
MMP Holdings LLC: 4
RCN Capital LLC: 4
Mortgage Company by Loan Volume
Community Investment: $16,643,000
Rialto Mortgage Finance LLC: $10,085,000
Ladder Capital Finance LLC: $9,600,007
Toyota Motor Credit: $6,300,000
BMW Financial Services NA LLC: $5,690,000
Newtek Small Business Finance: $4,386,300
UBS Real Estate Security: $4,350,000
Farm Credit East ACA: $4,292,000
Morgan Stanley: $3,920,001
M&T Realty Capital Corp.: $3,848,600
Residential Refinance Loans
Bank Number of Loans
Wells Fargo Bank: 3,118
Webster Bank: 2,740
Peoples United Bank: 2,549
Bank of America NA: 2,326
JPMorgan Chase Bank: 1,661
First Niagara Bank: 1,295
Citicorp Mortgage Inc.: 823
United Bank: 795
Liberty Bank: 763
Newtown Savings Bank: 597
Bank by Loan Volume
Wells Fargo Bank: $887,691,978
Peoples United Bank: $721,453,276
Bank of America NA: $718,061,338
JPMorgan Chase Bank: $706,409,281
Webster Bank: $541,094,641
Citicorp Mortgage Inc.: $421,546,894
First Niagara Bank: $305,887,813
United Bank: $269,685,569
Liberty Bank: $193,861,024
RBS Citizens NA: $156,861,804
Credit Union Number of Loans
American Eagle Federal CU: 1,495
Charter Oak Federal CU: 914
CT State Employee Federal CU: 535
Sikorsky Financial CU Inc.: 428
Connex CU: 332
Navy Federal CU: 231
Dutch Point CU: 204
Coreplus Federal CU: 169
Achieve Financial CU: 154
Nutmeg State Federal CU: 141
Credit Union by Loan Volume
American Eagle Federal CU: $158,731,056
Charter Oak Federal CU: $107,706,032
Sikorsky Financial CU Inc.: $59,102,733
CT State Employee Federal CU: $58,850,428
Navy Federal CU: $45,916,931
Connex CU: $24,854,490
Pentagon Federal CU: $15,948,269
Seasons Federal CU: $14,149,391
Bethpage Federal CU: $14,118,400
Coreplus Federal CU: $4,020,434
Mortgage Company Number of Loans
Quicken Loan Inc.: 3,180
LoanDepot.Com: 1,362
Nationstar Mortgage: 693
Freedom Mortgage Corp.: 496
Norcom Mortgage: 461
Village Mortgage Co.: 446
Green Tree Financial Services: 439
Total Mortgage Services: 390
Guaranteed Rate Inc.: 340
Franklin American Mortgage: 311
Mortgage Company by Loan Volume
Quicken Loan Inc.: $744,084,962
LoanDepot.Com: $437,764,059
Morgan Stanley: $155,800,642
Nationstar Mortgage: $135,701,162
William Raveis Mortgage Co.: $114,189,189
Total Mortgage Services: $109,423,257
Freedom Mortgage Corp.: $106,125,722
Village Mortgage Co.: $102,892,468
Norcom Mortgage: $101,190,085
Guaranteed Rate Inc.: $99,978,275
Multifamily Purchase Loans
Bank Number of Loans
Webster Bank: 55
Peoples United Bank: 49
Wells Fargo Bank: 46
United Bank: 28
Bank of America NA: 26
Citicorp Mortgage Inc.: 22
Farmington Bank: 22
Bank of England Mortgage: 21
Liberty Bank: 20
First Niagara Bank: 15
Bank by Loan Volume
Wells Fargo Bank: $12,310,322
Peoples United Bank: $11,880,404
Webster Bank: $8,927,086
Citicorp Mortgage Inc.: $8,427,536
United Bank: $7,049,991
Bank of America NA: $5,858,291
Liberty Bank: $5,157,414
Fairfield County Bank: $4,618,398
Bank of England Mortgage: $4,145,532
Savings Bank of Danbury: $3,621,436
Credit Union by Loan Volume
Tri Town Teach Federal CU: $1,400,000
Navy Federal CU: $1,087,900
Charter Oak Federal CU: $968,834
Suma Yonkers Federal CU: $606,000
American Eagle Federal CU: $497,000
360 Federal CU: $316,625
United Nations Federal CU: $310,000
USA Federal CU: $276,000
Western CT Federal CU: $150,000
Sikorsky Financial CU Inc.: $100,000
Mortgage Company Number of Loans
First World Mortgage: 80
Norcom Mortgage: 61
Plaza Home Mortgage: 45
Guaranteed Rate Inc.: 44
Village Mortgage Co.: 44
LoanDepot.Com: 42
Residential Mortgage Services: 40
Total Mortgage Services: 39
Prysma Lending Group: 33
Prime Lending Inc.: 32
Mortgage Company by Loan Volume
First World Mortgage: $15,251,590
CAF Lending LLC : $12,000,000
Norcom Mortgage : $11,121,591
LoanDepot.Com: $10,597,434
Total Mortgage Services: $10,296,272
Plaza Home Mortgage: $8,375,327
Guaranteed Rate Inc.: $8,330,967
Village Mortgage Co.: $8,264,122
William Raveis Mortgage Co.: $7,456,317
Prime Lending Inc.: $7,381,877
