The Warren Group, publisher of The Commercial Record, has compiled from its proprietary loan originators module the top loan originators of calendar year 2022.
Even as 2022’s mortgage activity fell from the record levels of the pandemic’s first two years, some of Connecticut’s top loan originators still maintained a demanding pace last year as homebuyers faced rising mortgage rates, economic uncertainties and a limited supply of houses for sale.
“Between the rates moving up rapidly and housing supply – at least in our marketplaces – dwindling, many homebuyers really had to reassess their home buying goals and options,” said Tim Martin, a senior vice president of mortgage lending with Guaranteed Rate Affinity. “Our engagement level with clients – and their ability to pivot and react to the changes – was just faster; everything just felt a lot faster than it had in years past.”
The Warren Group, publisher of The Commercial Record, has compiled from its proprietary loan originators module the top loan originators of calendar year 2022. The originators are ranked by number of loans and loan volume statewide and by the institution with which they are most closely affiliated.
Loan originators processed $25.8 billion in residential mortgages across the state in 2022, according to The Warren Group, down from $46.3 billion in 2021. Purchase activity statewide for loan originators was $14.19 billion last year, down 20 percent from $17.77 billion in 2021.
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Loan originators in 2022 also handled about 39,400 residential refinances, including home equity loans and lines of credit, in Connecticut, down 59 percent from 2021.
Fairfield County saw loan originators handle 10,750 purchase loans for $6.01 billion compared to about 14,300 loans for $8.13 billion in 2021.
Loan originators in Hartford County did about 11,260 purchase loans for $2.82 billion compared to about 13,500 for $3.34 billion in 2021.
First Taste of Rising Rates for Some
Hartford County’s top loan originator among mortgage companies was Movement Mortgage’s James Allen. For Allen, who is based out of Simsbury, last year gave him his first exposure to an extended period of rising rates since joining the mortgage industry in 2016.
The combination of rapidly rising rates and Connecticut’s low housing inventory meant loan originators needed to find solutions for prospective borrowers, Allen said.
“If you’re a person who’s just kind of sitting back waiting for the business to come to you … you’re not really meeting the needs of the marketplace right now,” Allen said. “The need the marketplace has right now is: Who can help solve real problems to get transactions done?”
Allen said he found himself having to shift strategies throughout the year. For instance, after working with customers to reduce mortgage payments by buying points, Allen said, this strategy no longer worked later in the year as high rates meant borrowers might benefit more by refinancing in the future instead of buying points now.
Rather than waiting to see how different strategies worked in the industry, Allen said he tried to anticipate the types of solutions that would help borrowers.
“If you want to do a lot of loans, especially in a rapidly changing environment, you kind of have to be a trendsetter and do your best to anticipate what some of those things are a little sooner,” Allen said.
As he continues to develop in the industry, Allen said he seeks out relationships with other loan originators to learn from them. He recommends that newer loan originators, particularly if they have some downtime, take advantage of 2023 to sharpen their skills to prepare for the years ahead.
“What has really given me access to strategic advancement is really being connected with originators across multiple companies, sharing ideas and best practices and then developing upon those together,” Allen said.
Part of a Team
Guaranteed Rate Affinity’s Tim Martin, who has spent 21 years in the industry, has seen his role as a loan originator change as prospective homebuyers face higher mortgage rates, an uncertain economy and Connecticut’s low housing inventory.
“I’m finding myself a lot more involved with helping buyers win in these competitive situations,” Martin said. “The business has gotten a lot faster; speed is the name of the game.”
The top loan originator by volume for mortgage companies across Connecticut and in Fairfield County, Martin said he also sees his role as part of a team with the real estate agent and the attorney to help prospective homebuyers compete for a home.
“We have far more qualified, willing and able prospective buyers than we have homes available on the market,” Martin said. “That’s continuing to fuel that competitive bid situation.”
Martin said he worked closely with clients and real estate agents to put together aggressive offers without creating a situation where the risk exceeded a borrower’s comfort level. He added that he has used this approach across all markets and price points, from buyers of luxury homes to first-time homebuyers.
Martin sees the shift in his role as a positive, noting that some favorite parts of his job include educating homebuyers, helping them accomplish their goals and working with real estate agents to strengthen offers.
“Being local, being nimble and tapped into our local market, I think we were able to add value beyond just getting somebody pre-approved,” Martin said. “I think there were some opportunities that came out of some of the challenges, and we reacted well to it, and I still think that is overflowing into 2023 also.”
