The strength of demand for homes in the Hartford area helped push one local loan originator into the top ranks of his colleagues statewide.
The Warren Group, publisher of The Commercial Record, has compiled from its proprietary loan originators module the top loan originators of calendar year 2018. The originators are ranked by number of loans, loan volume statewide, by region and by the institution with which they are most closely affiliated.
Marc Nathan of Village Mortgage Co. was one of the top lenders in Connecticut, with roughly $39.2 million in total volume in 2018.
Despite the tough talk about the Nutmeg State’s economy, Nathan said his volume last year was up a little from recent years. West Hartford, where he did the majority of his 2018 business along with the Farmington Valley, saw many first-time buyers last year.
“I’m only one guy, but I’m talking to people moving in, so I love it. People are excited to move here,” he said. “People tend to have a little sticker shock, especially if they are coming from New York City or Boston. Comparatively, it’s pretty darn low to live here. I love working with people coming into Connecticut.”
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Marc Nathan
Home prices in Nathan’s area of focus held steady or increased slightly between 2017 and 2018, according to The Warren Group, with the largest increases in Glastonbury – 7.99 percent, to $365,000 – and Canton – 3.71 percent to $321,500.
Most of the customers Nathan does business with are taking a new job, have just received a promotion or might be coming to Connecticut to go to medical school or do their residency, he said.
Remote work was another reason some of his customers relocated to Connecticut from other major markets. Many of these buyers were following spouses who were changing jobs, but because they were able to work remotely, they were able to relocate with more ease.
Interest Rates Hurt, Helped Market
Interest rates were another factor that impacted the real estate market in 2018.
A large share of his customers last year were area residents trading up for a bigger home. While rising interest rates may have hurt portions of the residential real estate industry, Nathan said they might have actually helped his business by pushing buyers pull the trigger on an upgrade.
One of those people hurt by rising interest rates was William Hurt, vice president of mortgage banking at Newtown Savings Bank. Hurt led all loan originators in the state with more than $70 million in total volume in 2018, according to The Warren Group.
Bill Hart
“Higher interest rates had a big impact on the slowdown in applications at the end of the year,” he said. “I was glad the Fed cut back on their commitment to raise rates. Higher rates are never a good thing for homebuyers or home sellers.”
Hurt also credits his success to the training he has had over the years from his longtime friend and former boss Peg Powers. Powers was the chief lending officer at Newtown Savings Bank until she recently retired after working at the bank for 37 years.
“No one knows more about banking and lending than Peg. She taught me how to be a banker, the importance of the job, how to treat customers and encouraged me to be the best version of myself,” Hurt said. “She was a single mom who raised two kids on her own, she beat cancer twice and always handled herself in a professional manner. She stands alone as my greatest professional influence.”
