Lenders saw refinance activity in Connecticut double in 2020 compared to 2019, with more than $26.25 billion in residential refinancing, according to The Warren Group, publisher of The Commercial Record. The number of loans originated in the state rose by 74 percent compared to 2019 to more than 89,000 loans.
Once mortgage rates dropped by more than 50 points over May and June last year, whatever lenders had forecast at the beginning of the year, they soon pivoted, leading to one of the biggest surges in refi activity since the Great Recession.
We’ve compiled the top 10 mortgage lenders among Connecticut’s credit unions, banks and mortgage companies, ranked by number of loans and loan volume in several origination categories. Was your bank, credit union or mortgage company a Top Lender in 2018?
While economic conditions in the state of Connecticut are certainly not ideal, lenders are finding success in the residential and commercial sectors by taking community-driven approaches and following through on strategies they put into motion in previous years.
Connecticut lenders benefited from demand for rental housing last year, while the residential market remained largely flat, save for a few of the very biggest players in last year’s Top Lenders.
If every cloud has a silver lining, then at least last year’s prolonged low interest rate environment boosted residential purchases and buoyed refinance business at Connecticut’s banks.
A review of the top lenders of 2012 in Connecticut.