Top Lenders
CT’s Top Lenders Grabbed Market Share in Tough Year
Focus on Service, Relationships Powered Winners
By Diane McLaughlin
Commercial Record Staff
As mortgage rates drove down refinance activity last year, some of the state’s top lenders saw their long-term strategies bear fruit as they competed for a limited number of homebuyers still in the market.
“In this business, you have to be eternally optimistic and that’s the outlook of this organization,” said Bill Schettler, chief production officer at Total Mortgage Services. “We’re trying to provide a quality service to the public that is sustainable, and that’s what we’re about from are very core.”
Every year, The Warren Group, publisher of The Commercial Record, compiles 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. All loans were originated in 2022.
Even with borrowers turning to home equity loans and lines of credit in 2022, nonpurchase mortgages fell year-over-year by 46 percent. Lenders had about 54,000 residential nonpurchase mortgages in 2022 compared to more than 100,000 in 2021. Volumes declined by 54 percent in 2022 to $12.88 billion from about $28.27 billion in 2021.
Purchase mortgages also fell in 2022. Lenders had about 26,900 single-family purchase mortgages in Connecticut in 2022, a 21 percent decline from 2021. The volume of single-family mortgages declined 18 percent year-over-year, from $11 billion in 2021 to $13.5 billion in 2022. Condominium purchase mortgages fell year-over-year by 21 percent to about 6,000 loans in 2022. The volume of condominium mortgages fell by 16 percent to about $1.4 billion.
Opportunity in Purchase Market
Milford-based Total Mortgage Services originated 1,266 single-family purchase mortgages for $428.73 million in volume, the most in-state. The company also had 726 condominium purchase mortgages, the most among lenders in the state last year. Rocket Mortgage had the highest condominium volume in Connecticut last year with about $60.5 million.
Navy Federal Credit Union led credit unions with $73.2 million in single-family purchase mortgages and 203 loans. Navy Federal Credit Union also had 38 condominium loans for $7.69 million, the most among credit unions.
U.S. Bank had the most single-family purchase activity among bank lenders with about 1,700 in loans and $1.1 billion in volume. Leader Bank had the most condominium loans among banks, with about 1,040 loans, while First Republic Bank had the highest volume with $628.5 million in volume.
The top Connecticut-based bank lender for single-family purchase mortgages in 2022 was Middletown-based Liberty Bank with 354 loans for $168.1 million. Liberty Bank topped all bank lenders with 52 small multifamily loans.
Liberty Bank’s long-time focus on purchase mortgages, even while managing activity during the 2020 and 2021 refinance boom, gave the bank an advantage in 2022, said Kurt Johnson, the bank’s retail lending sales manager.
While 2022 started out similar to the previous two years, Johnson said, the rapid rise in mortgage interest rates meant lenders had to adjust to the changing economic conditions.
“When things shifted somewhat dramatically across the board, some of the refinancing went away,” Johnson said. “But we had always been focused on the purchase market, and we just continued to do what we had always been doing.”
Relationships Key to Success
Maintaining referral sources and delivering on commitments have helped the mortgage team build relationships throughout its footprint, Johnson said. As the industry shifted in 2022, Johnson said, the bank continued to use these relationships to bring in new business. Last year also saw more opportunities for in-person meetings and events compared to the first two years of the pandemic, Johnson said, helping loan officers to reinforce those relationships.
Johnson added that having a range of residential lending products aimed at various segments of the market – including loans for first-time homebuyers, jumbo mortgages, multifamily products and constructions loans – let the bank meet borrowers’ need throughout the different areas of the $6.9 billion-asset-bank’s footprint.
While the mortgage sales team and loan officers are busy right now, low housing inventory and borrowers’ concerns about rates have meant that the activity does not always lead to loans, Johnson said. But he expects the work the team is doing now will position the bank well should inventory increase and rates stabilize later in the year.
“Being a local bank – one that has been here for a few hundred years – people trust us, and I think that also gets us a foot in the door perhaps in a few places where others might not,” Johnson said. “It puts us in a great spot here in the local market.”
Integral in Community
Despite growing nationally as an online lender after launching in 1997, Total Mortgage Services also focuses on community relationships to bring in business. The mortgage company started to build its branch network in Connecticut about eight years ago, hiring veteran mortgage professionals and developing its own loan officers, said Schettler, the chief production officer who has been with Total Mortgage Services since 2001.
“One of the keys to our success is having people that we hire and that we grow buy into our philosophy – and that really is community based,” Schettler said. “We want our loan officers to be an integral part of the communities in which they reside.”
Having community-based branches has let loan officers become involved with all aspects of their local real estate markets, Schettler said, and the network of referral partners they have built helps bring in business during challenging market environments.
While the industry faced new and unforeseen challenges in 2022, Schettler said Total Mortgage Services continued to focus on service and commitments to distinguish itself in the market.
“The market is certainly beyond our control, and we have to we have to figure out a way to fight that fight, regardless of rate environment,” Schettler said. “Largely, we’ve done that through maintaining our service level.”
Every loan gets the same amount of attention, Schettler said, adding that borrowers’ experiences with Total Mortgage Services have led to a significant amount of repeat business.
Schettler also pointed to staff throughout the organization and their ideas for improving the company as keys to Total Mortgage’s success.
“If they see something that we could be doing different, we almost require that you raise your hand, and there’s real power in that from a management perspective,” Schettler said. “Certainly you’re empowering your employees, and people like to work here for that
2022 Top Lenders
For more than 150 years, The Warren Group has been the most trusted and reliable source in New England for real estate property data. The company maintains the most comprehensive property database today due to its long-standing relationships with town assessors, clerks and county registries as well as its extensive daily collection of transaction records in the field. Transactional data is collected daily, verified, matched to the appropriate property record and posted weekly; it includes sales transfers, mortgages and refinances.
The data in this report represents purchase and non-purchase loans made by banks, credit unions and mortgage companies in Connecticut in 2022. Category breakdowns include purchase mortgages for single-family, multifamily (two-family and three-family combined), condominium and commercial properties, as well as non-purchase residential loans (includes refinances and HELOCs). Residential and commercial data are not combined in any reports. The commercial data in these reports caps all loans at $1 billion. Each category ranks the top 10 lenders by both dollar volume and number of loans.
For more information, please contact The Warren Group’s customer service department at customerservice@thewarrengroup.com or 617-896-5367.
Single-Family Mortgages
Banks
Volume of Loans
Rank | Lender Name | Volume |
1 | US Bank NA | $411,554,602 |
2 | JP Morgan Chase Bank | $349,044,863 |
3 | Wells Fargo Bank NA | $311,307,290 |
4 | Bank of America NA | $310,535,784 |
5 | Citizens Financial Group | $300,126,855 |
6 | Citicorp Mortgage Inc | $255,292,207 |
7 | First Republic Bank | $249,127,403 |
8 | Liberty Bank | $168,138,849 |
9 | Newtown Savings Bank | $113,655,374 |
10 | Key Bank N.A. | $89,772,004 |
Number of Loans
Rank | Lender Name | Number |
1 | Citizens Financial Group | 580 |
2 | JP Morgan Chase Bank | 489 |
3 | US Bank NA | 472 |
4 | Bank of America NA | 449 |
5 | Wells Fargo Bank NA | 404 |
6 | Liberty Bank | 354 |
7 | Newtown Savings Bank | 284 |
8 | Webster Bank | 186 |
9 | Key Bank N.A. | 183 |
10 | Citicorp Mortgage Inc | 174 |
Credit Unions
Number of Loans
Rank | Lender Name | Number |
1 | Navy Federal Credit Union | 203 |
2 | American Eagle Financial Credit Union | 149 |
3 | Charter Oak Federal Credit Union | 103 |
4 | Sikorsky Financial Credit Union Inc | 90 |
5 | Mutual Security Credit Union | 40 |
6 | USA Alliance Federal Credit Union | 22 |
7 | Pentagon Federal Credit Union | 21 |
8 | Nutmeg State Financial Credit Union | 17 |
9 | Bethpage Federal Credit Union | 16 |
10 | Coreplus FCU | 14 |
Loan Volume
Rank | Lender Name | Volume |
1 | Navy Federal Credit Union | $73,212,073 |
2 | American Eagle Financial Credit Union | $48,421,834 |
3 | Sikorsky Financial Credit Union Inc | $32,706,651 |
4 | Charter Oak Federal Credit Union | $31,272,002 |
5 | USA Alliance Federal Credit Union | $19,409,125 |
6 | Bethpage Federal Credit Union | $14,779,825 |
7 | Mutual Security Credit Union | $13,460,100 |
8 | Pentagon Federal Credit Union | $8,647,745 |
9 | Nutmeg State Financial Credit Union | $6,987,560 |
10 | Digital Federal Credit Union | $4,562,950 |
Mortgage Companies
Number of Loans
Rank | Lender Name | Number |
1 | Total Mortgage Services | 1,266 |
2 | United Wholesale Mortgage | 1,128 |
3 | Rocket Mortgage | 997 |
4 | First World Mortgage | 882 |
5 | Fairway Independent Mortgage | 863 |
6 | Guaranteed Rate Inc | 847 |
7 | Guaranteed Rate Affinity LLC | 701 |
8 | LoanDepot.Com LLC | 675 |
9 | Cross Country Mortgage Inc | 653 |
10 | Movement Mortgage LLC | 631 |
Loan Volume
Rank | Lender Name | Volume |
1 | Total Mortgage Services | $428,733,475 |
2 | United Wholesale Mortgage | $352,607,168 |
3 | Rocket Mortgage | $350,451,291 |
4 | Guaranteed Rate Inc | $307,058,552 |
5 | Fairway Independent Mortgage | $296,654,191 |
6 | Cross Country Mortgage Inc | $278,574,112 |
7 | Guaranteed Rate Affinity LLC | $277,098,362 |
8 | LoanDepot.Com LLC | $257,875,344 |
9 | First World Mortgage | $234,107,135 |
10 | William Raveis Mortgage Co | $209,887,497 |
Condominium Mortgages
Banks
Number of Loans
Rank | Lender Name | Number |
1 | Citizens Financial Group | 136 |
2 | Bank of America NA | 122 |
3 | JP Morgan Chase Bank | 110 |
4 | Newtown Savings Bank | 105 |
5 | Liberty Bank | 103 |
6 | Wells Fargo Bank NA | 96 |
7 | US Bank NA | 92 |
8T | Savings Bank of Danbury | 69 |
8T | Chelsea Groton Bank | 69 |
10 | Webster Bank | 63 |
Loan Volume
Rank | Lender Name | Volume |
1 | Citizens Financial Group | $36,027,605 |
2 | Bank of America NA | $32,871,199 |
3 | JP Morgan Chase Bank | $30,892,409 |
4 | US Bank NA | $27,220,705 |
5 | Wells Fargo Bank NA | $26,183,144 |
6 | Newtown Savings Bank | $23,702,775 |
7 | Liberty Bank | $21,713,340 |
8 | Savings Bank of Danbury | $18,747,830 |
9 | Customers Bank | $16,350,000 |
10 | Chelsea Groton Bank | $15,730,150 |
Credit Unions
Number of Loans
Rank | Lender Name | Number |
1 | Navy Federal Credit Union | 38 |
2 | Charter Oak Federal Credit Union | 31 |
3 | American Eagle Financial Credit Union | 29 |
4 | Sikorsky Financial Credit Union Inc | 23 |
5 | Digital Federal Credit Union | 18 |
6 | Mutual Security Credit Union | 14 |
7 | Bethpage Federal Credit Union | 9 |
8T | Pentagon Federal Credit Union | 6 |
8T | Coreplus FCU | 6 |
10T | Suma Yonkers FCU | 5 |
10T | Nutmeg State Financial Credit Union | 5 |
Loan Volume
Rank | Lender Name | Volume |
1 | Navy Federal Credit Union | $7,690,024 |
2 | Charter Oak Federal Credit Union | $6,794,793 |
3 | American Eagle Financial Credit Union | $5,871,400 |
4 | Bethpage Federal Credit Union | $5,638,410 |
5 | Sikorsky Financial Credit Union Inc | $5,023,020 |
6 | Digital Federal Credit Union | $4,164,639 |
7 | Mutual Security Credit Union | $3,310,900 |
8 | USA Alliance Federal Credit Union | $1,600,000 |
9 | Suma Yonkers FCU | $1,554,900 |
10 | Pentagon Federal Credit Union | $1,345,875 |
Mortgage Companies
Number of Loans
Rank | Lender Name | Number |
1 | Total Mortgage Services | 276 |
2 | Rocket Mortgage | 271 |
3 | United Wholesale Mortgage | 262 |
4 | Guaranteed Rate Inc | 206 |
5 | Guaranteed Rate Affinity LLC | 196 |
6 | Fairway Independent Mortgage | 182 |
7 | Cross Country Mortgage Inc | 180 |
8 | LoanDepot.Com LLC | 167 |
9 | First World Mortgage | 157 |
10 | Prosperity Home Mortgage LLC | 148 |
Loan Volume
Rank | Lender Name | Volume |
1 | Rocket Mortgage | $60,497,933 |
2 | Total Mortgage Services | $57,548,556 |
3 | United Wholesale Mortgage | $51,841,885 |
4 | Cross Country Mortgage Inc | $48,819,209 |
5 | Guaranteed Rate Inc | $45,433,442 |
6 | LoanDepot.Com LLC | $43,920,223 |
7 | Guaranteed Rate Affinity LLC | $43,770,375 |
8 | Fairway Independent Mortgage | $37,035,866 |
9 | Prosperity Home Mortgage LLC | $32,291,662 |
10 | Movement Mortgage LLC | $27,120,499 |
Residential Nonpurchase Loans
Banks
Number of Loans
Rank | Lender Name | Number |
1 | Citizens Financial Group | 3,383 |
2 | Webster Bank | 3,189 |
3 | Bank of America NA | 2,008 |
4 | Liberty Bank | 1,878 |
5 | Peoples United Bank | 1,345 |
6 | Wells Fargo Bank NA | 1,176 |
7 | TD Bank NA | 1,032 |
8 | Key Bank N.A. | 1,010 |
9 | M&T Bank NA | 801 |
10 | JP Morgan Chase Bank | 766 |
Loan Volume
Rank | Lender Name | Volume |
1 | Bank of America NA | $817,225,121 |
2 | Citizens Financial Group | $725,646,745 |
3 | JP Morgan Chase Bank | $635,263,516 |
4 | Webster Bank | $586,646,957 |
5 | Wells Fargo Bank NA | $578,634,819 |
6 | Liberty Bank | $363,399,509 |
7 | Peoples United Bank | $330,955,077 |
8 | First Republic Bank | $328,219,089 |
9 | US Bank NA | $313,842,920 |
10 | TD Bank NA | $260,090,828 |
Credit Unions
Number of Loans
Rank | Lender Name | Number |
1 | American Eagle Financial Credit Union | 1,555 |
2 | Charter Oak Federal Credit Union | 1,088 |
3 | Sikorsky Financial Credit Union Inc | 1,054 |
4 | Nutmeg State Financial Credit Union | 605 |
5 | Connex Credit Union | 455 |
6 | Waterbury Teachers Federal Credit Union | 453 |
7 | Navy Federal Credit Union | 433 |
8 | Connecticut State Employees Federal Credit Union | 373 |
9 | Dutch Point Credit Union | 303 |
10 | Coreplus FCU | 234 |
Loan Volume
Rank | Lender Name | Volume |
1 | American Eagle Financial Credit Union | $170,277,518 |
2 | Charter Oak Federal Credit Union | $139,194,759 |
3 | Sikorsky Financial Credit Union Inc | $132,569,703 |
4 | Navy Federal Credit Union | $81,839,655 |
5 | Nutmeg State Financial Credit Union | $64,198,352 |
6 | Connecticut State Employees Federal Credit Union | $51,174,213 |
7 | Waterbury Teachers Federal Credit Union | $44,069,323 |
8 | Connex Credit Union | $36,102,554 |
9 | USA Alliance Federal Credit Union | $32,272,432 |
10 | Pentagon Federal Credit Union | $26,849,616 |
Mortgage Companies
Number of Loans
Rank | Lender Name | Volume |
1 | Rocket Mortgage | $877,211,544 |
2 | LoanDepot.Com LLC | $350,190,456 |
3 | Corevest American Finance | $284,565,250 |
4 | Morgan Stanley | $239,013,970 |
5 | United Shore Financial Services LLC | $221,459,835 |
6 | Total Mortgage Services | $161,262,685 |
7 | Nationstar Mortgage | $149,832,956 |
8 | Fairway Independent Mortgage | $134,723,411 |
9 | Guaranteed Rate Inc | $132,961,771 |
10 | Freedom Mortgage Corp | $125,039,450 |
Loan Volume
Rank | Lender Name | Number |
1 | Rocket Mortgage | 3,510 |
2 | LoanDepot.Com LLC | 1,245 |
3 | United Shore Financial Services LLC | 847 |
4 | Nationstar Mortgage | 665 |
5 | Total Mortgage Services | 561 |
6 | Newrez LLC | 539 |
7 | Freedom Mortgage Corp | 533 |
8 | Amerisave Mortgage Corporation | 470 |
9 | Guaranteed Rate Inc | 467 |
10 | Fairway Independent Mortgage | 435 |
Commercial Purchase Mortgages
Banks
Number of Loans
Rank | Lender Name | Number |
1 | Webster Bank | 60 |
2 | Liberty Bank | 30 |
3 | Thomaston Savings Bank | 25 |
4T | First County Bank | 22 |
4T | Dime Bank | 22 |
6 | Fairfield County Bank Corp | 21 |
7 | M&T Bank NA | 20 |
8 | Northwest Community Bank | 19 |
9 | Savings Bank of Danbury | 18 |
10 | Chelsea Groton Bank | 17 |
Loan Volume
Rank | Lender Name | Volume |
1 | Deutsche Bank | $135,400,000 |
2 | Cadence Bank NA | $120,000,000 |
3 | Huntington National Bank | $70,498,000 |
4 | BayCoast Bank | $66,355,736 |
5 | Webster Bank | $43,538,567 |
6 | Associated Bank NA | $41,782,000 |
7 | Bankwell Bank | $37,485,037 |
8 | Washington Trust Co | $31,986,750 |
9 | Fairfield County Bank Corp | $23,517,345 |
10 | The Bancorp Bank | $21,615,125 |
Credit Unions
Number of Loans
Rank | Lender Name | Number |
1 | Nutmeg State Financial Credit Union | 16 |
2 | Charter Oak Federal Credit Union | 7 |
3 | Sikorsky Financial Credit Union Inc | 5 |
4 | Polish National Credit Union | 4 |
5T | Workers Credit Union | 2 |
5T | American Eagle Financial Credit Union | 2 |
5T | Navy Federal Credit Union | 2 |
Loan Volume
Rank | Lender Name | Number |
1 | Nutmeg State Financial Credit Union | $13,382,551 |
2 | Charter Oak Federal Credit Union | $4,704,002 |
3 | Workers Credit Union | $4,612,500 |
4 | United Nations Federal Credit Union | $2,730,000 |
5 | Sikorsky Financial Credit Union Inc | $2,072,000 |
6 | Suma Yonkers FCU | $1,800,000 |
7 | Polish National Credit Union | $1,318,750 |
8 | American Eagle Financial Credit Union | $1,132,800 |
9 | Webster First Federal Credit Union | $960,000 |
10 | Credit Union One | $845,000 |
Mortgage Companies
Number of Loans
Rank | Lender Name | Number |
1 | Loan Funder LLC | 42 |
2 | Velocity Commercial Capital LLC | 17 |
3 | Sachem Capital Corp | 16 |
4 | United Wholesale Mortgage | 15 |
5 | Finance America LLC | 14 |
6 | First World Mortgage | 11 |
7 | Caliber Home Loans | 10 |
8 | Fairway Independent Mortgage | 10 |
9 | Total Mortgage Services | 9 |
10T | LoanDepot.Com LLC | 8 |
10T | Rocket Mortgage | 8 |
10T | RCN Capital LLC | 8 |
Loan Volume
Rank | Lender Name | Volume |
1 | Loan Funder LLC | $39,950,596 |
2 | Walker & Dunlop LLC | $23,880,000 |
3 | Sachem Capital Corp | $20,958,000 |
4 | Corevest American Finance | $19,792,800 |
5 | Greystone Servicing Corp | $18,383,000 |
6 | UBS BANK USA | $15,750,000 |
7 | Finance America LLC | $5,649,404 |
8 | Caliber Home Loans | $4,256,622 |
9 | Newtek Small Business Finance Inc | $4,212,500 |
10 | United Shore Financial Services LLC | $4,119,294 |
Multifamily Purchase Mortgages
Banks
Number of Loans
Rank | Lender Name | Number |
1 | Liberty Bank | 52 |
2 | Citizens Financial Group | 48 |
3 | Bank of America NA | 29 |
4 | Thomaston Savings Bank | 27 |
5 | Flagstar Bank FSB | 26 |
6 | JP Morgan Chase Bank | 26 |
7 | Wells Fargo Bank NA | 23 |
8 | First National Bank | 17 |
9 | Chelsea Groton Bank | 16 |
10 | First County Bank | 15 |
Loan Volume
Rank | Lender Name | Number |
1 | Citizens Financial Group | $17,635,996 |
2 | Liberty Bank | $14,511,414 |
3 | Wells Fargo Bank NA | $12,210,897 |
4 | JP Morgan Chase Bank | $11,767,149 |
5 | Bank of America NA | $9,856,788 |
6 | First County Bank | $8,952,625 |
7 | Dime Bank | $7,322,910 |
8 | Flagstar Bank FSB | $6,310,631 |
9 | Chelsea Groton Bank | $5,830,242 |
10 | Thomaston Savings Bank | $5,763,900 |
Credit Unions
Number of Loans
Rank | Lender Name | Number |
1 | Charter Oak Federal Credit Union | 12 |
2T | American Eagle Financial Credit Union | 7 |
2T | Nutmeg State Financial Credit Union | 7 |
4 | Navy Federal Credit Union | 5 |
5 | Mutual Security Credit Union | 4 |
6T | Connecticut State Employees Federal Credit Union | 2 |
6T | Sikorsky Financial Credit Union Inc | 2 |
Loan Volume
Rank | Lender Name | Volume |
1 | Charter Oak Federal Credit Union | $2,468,092 |
2 | Nutmeg State Financial Credit Union | $2,279,750 |
3 | American Eagle Financial Credit Union | $1,885,750 |
4 | Mutual Security Credit Union | $1,664,000 |
5 | Navy Federal Credit Union | $1,655,355 |
6 | Sikorsky Financial Credit Union Inc | $1,108,000 |
7 | General Electric Credit Union | $647,200 |
8 | Suma Yonkers FCU | $600,000 |
9 | Mayo Employees Federal Credit Union | $589,500 |
10 | Baxter Credit Union | $349,000 |
Mortgage Companies
Number of Loans
Rank | Lender Name | Number |
1 | United Wholesale Mortgage | 146 |
2 | First World Mortgage | 144 |
3 | Total Mortgage Services | 139 |
4 | Fairway Independent Mortgage | 131 |
5 | LoanDepot.Com LLC | 96 |
6 | Caliber Home Loans | 94 |
7T | Cross Country Mortgage Inc | 93 |
7T | Rocket Mortgage | 93 |
9 | Movement Mortgage LLC | 82 |
10 | Guaranteed Rate Inc | 80 |
Loan Volume
Rank | Lender Name | Volume |
1 | United Wholesale Mortgage | $42,019,684 |
2 | Total Mortgage Services | $39,714,497 |
3 | First World Mortgage | $38,360,940 |
4 | Fairway Independent Mortgage | $36,570,495 |
5 | LoanDepot.Com LLC | $31,729,628 |
6 | Caliber Home Loans | $31,612,580 |
7 | Cross Country Mortgage Inc | $30,701,308 |
8 | Loan Funder LLC | $29,984,079 |
9 | Greystone Servicing Corp | $25,449,000 |
10 | Guaranteed Rate Inc | $24,866,066 |