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.
The Commercial Record’s Top Lenders of 2016, compiled with data gathered by The Warren Group, highlights the top residential and commercial mortgage lenders in the state by both volume and number of loans.
Banks dominated as the lender of choice for single-family and condominium purchases, according to the data. Wells Fargo made 961 loans totaling $449.3 million, and Bank of America made 591 loans worth $300.4 million in Connecticut last year. Larger regional banks like Webster Bank and United Bank held residential lending more or less steady from 2015, in spite of lackluster home prices at all but the top end of the market.
Simon Tahan, Webster’s director of mortgage banking, attributed the bank’s loan business last year to “having regular communications centered on providing education to our customers through homebuyer events, especially with first-time homebuyers, and working with Realtors and development teams, as well as leveraging our specialties in areas such as professional practice, investment real estate and SBA.”
Commercial lending took a tumble across all lender categories, potentially the result of increased regulatory scrutiny of commercial real estate loans driving bankers to look ever more carefully at each deal. People’s United Bank made 36 commercial mortgages worth about $24.2 million in Connecticut last year, and Webster Bank made 70 commercial mortgages worth just under $29 million. While those figures put them among the top commercial lenders in Connecticut, they still represent overall declines in production from 2015.
That’s not to say the deals aren’t out there, though. Certain demographic factors are also driving demand for rental housing, which in turn, has driven up demand for financing for multifamily and apartment buildings, and that’s meant opportunities for banks, big and small, to profit.
Reyno Giallongo, chairman and CEO of First County Bank in Stamford, said he was surprised to see the $1.5 billion bank on this year’s Top Lenders list with $9.8 million in multifamily mortgages. He attributed the bank’s volume last year to about half a dozen transactions for clients who bought and renovated workforce housing. He described that stock as moderately-priced apartments largely in downtowns and near train stations.
“They were good transactions for us, and I think they were great transactions for the communities where these apartment buildings were located,” he said. “It kept good quality stock in those towns with good quality sponsors.”
On the flip side, however, the suburban office market has suffered as companies have followed younger workers to cities like New York, said Marjan Murray, executive vice president at People’s United Bank. Those office properties near downtown areas and train stations have fared best, she said.
Still, People’s has benefitted from the demand for multifamily and apartment housing, as well as other commercial properties like grocery-anchored retail. The Bridgeport-based bank did $9.3 million in multifamily mortgages last year. But real estate is cyclical, Murray said, and the bank is looking carefully at each deal these days and is planning on no major political or economic impacts on business in 2017.
“I have to say that over the past couple years, multifamily has been the most active for us,” Murray said. “All our projects are through big sponsors we know and feel comfortable with, but we’re taking a good look at the market because we’re concerned about the supply side.”
2016 Top Lenders
Single-Family Purchases Loans
Bank Number of Loans
Wells Fargo Bank NA: 961
Bank of America NA: 591
Webster Bank: 549
Peoples United Bank: 537
United Bank: 523
JP Morgan Chase Bank: 405
Farmington Bank: 353
Liberty Bank: 350
Citicorp Mortgage Inc.: 326
Newtown Savings Bank: 321
Bank by Loan Volume
Wells Fargo Bank NA: $449,333,916
Bank of America NA: $300,370,647
JP Morgan Chase Bank:$288,631,829
Peoples United Bank: $183,609,202
Citicorp Mortgage Inc.: $177,992,353
United Bank: $174,249,948
Webster Bank: $144,813,142
First Niagara Bank: $135,829,940
RBS Citizens Bank NA: $103,664,932
Newtown Savings Bank: $100,664,249
Credit Union Number of Loans
American Eagle Financial CU: 302
Navy Federal CU: 255
Charter Oak Federal CU: 159
Sikorsky Financial CU Inc.: 72
360 Federal CU: 19
Mutual Security CU: 16
Seasons Federal CU: 14
Suma Yonkers Federal CU: 12
Coreplus Federal CU: 12
Digital Federal CU: 11
Credit Union by Loan Volume
American Eagle Financial CU: $71,176,737
Navy Federal CU: $69,897,684
Charter Oak Federal CU: $33,446,235
Sikorsky Financial CU Inc.: $17,441,805
Bethpage Federal CU: $6,199,450
USA Alliance Federal CU: $5,867,075
Mutual Security CU: $5,433,950
Advancial Federal CU: $4,525,000
360 Federal CU: $4,018,975
Mortgage Company Number of Loans
William Raveis Mortgage Co.: 808
Norcom Mortgage: 808
First World Mortgage: 775
LoanDepot.Com LLC: 717
Village Mortgage Co.: 690
Guaranteed Rate Inc.: 626
Total Mortgage Services: 613
Quicken Loan Inc.: 613
Prime Lending Inc.: 581
Residential Mortgage Services Inc.: 572
Mortgage Company by Loan Volume
William Raveis Mortgage Co.: $253,644,076
LoanDepot.Com LLC: $230,611,043
Total Mortgage Services: $179,386,497
Norcom Mortgage: $168,976,249
Guaranteed Rate Inc.: $167,696,770
Village Mortgage Co.: $157,844,252
Quicken Loan Inc.: $155,466,452
Prime Lending Inc.: $153,039,374
First World Mortgage: $150,018,094
Condo Purchase Mortgages
Bank Number of Loans
Wells Fargo Bank NA: 192
Webster Bank: 161
United Bank: 130
Peoples United Bank: 120
Newtown Savings Bank: 110
Bank of America NA: 104
Savings Bank of Danbury: 99
Liberty Bank: 90
Farmington Bank: 86
JP Morgan Chase Bank: 68
Bank Number of Loans
Wells Fargo Bank NA: $50,594,833
Bank of America NA: $26,359,883
Webster Bank: $24,464,363
Savings Bank of Danbury: $23,540,623
Peoples United Bank: $23,382,577
United Bank: $22,590,526
Newtown Savings Bank: $18,001,594
JP Morgan Chase Bank: $17,863,546
Citicorp Mortgage Inc.: $15,700,498
Liberty Bank: $13,957,640
Credit Union Number of Loans
American Eagle Financial CU: 87
Navy Federal CU: 28
Charter Oak Federal CU: 27
Sikorsky Financial CU Inc.: 19
Suma Yonkers Federal CU: 13
USA Alliance Federal CU: 4
Mutual Security CU: 4
Digital Federal CU: 4
United Nations Federal CU: 3
Seasons Federal CU: 3
Credit Union by Loan Volume
American Eagle Financial CU: $14,762,700
Navy Federal CU: $4,353,565
Sikorsky Financial CU Inc.: $3,240,925
Charter Oak Federal CU: $3,009,291
Suma Yonkers Federal CU: $1,755,000
USA Alliance Federal CU: $1,030,150
Mutual Security CU: $946,300
Digital Federal CU: $769,370
United Nations Federal CU: $695,000
Seasons Federal CU: $536,000
Mortgage Company Number of Loans
Parkside Lending LLC: 25
Members Mortgage Co. Inc.: 28
IServe Residential Lending: 29
Atlantic Home Loans Inc.: 32
Homebridge Financial Services Inc.: 35
Freedom Mortgage Corp.: 40
Caliber Home Loans: 44
McCue Mortgage Co.: 49
Plaza Home Mortgage Inc.: 54
Franklin American Mortgage: 55
Mortgage Company Loans Volume
William Raveis Mortgage Co.: $33,771,086
LoanDepot.Com LLC: $31,377,219
Total Mortgage Services: $24,509,102
CTHM LLC: $19,318,655
Quicken Loan Inc.: $19,003,744
Prime Lending Inc.: $17,590,628
Village Mortgage Co.: $16,200,426
Guaranteed Rate Inc.: $15,387,669
PHH Home Loans LLC: $14,160,919
Norcom Mortgage: $13,876,319
Residential Refinance Loans
Bank Number of Loans
Wells Fargo Bank NA: 2,870
Webster Bank: 2,423
Bank of America NA: 1,934
JP Morgan Chase Bank: 1,809
Peoples United Bank: 1,582
Citicorp Mortgage Inc.: 727
First Niagara Bank: 724
United Bank: 701
Liberty Bank: 618
TD Bank NA: 575
Bank by Loan Volume
Wells Fargo Bank NA: $937,342,386
JP Morgan Chase Bank : $921,630,205
Bank of America NA: $854,076,546
Peoples United Bank: $572,061,108
Webster Bank: $567,808,904
Citicorp Mortgage Inc.: $392,099,466
United Bank: $261,431,223
First Niagara Bank: $225,021,876
TD Bank NA: $211,090,690
RBS Citizens Bank NA: $202,358,268
Credit Union Number of Loans
American Eagle Financial CU: 1,766
Charter Oak Federal CU: 1,032
CT State Employees Federal CU: 584
Sikorsky Financial CU Inc.: 472
Connex CU: 270
Navy Federal CU: 256
Achieve Financial CU: 183
Waterbury Teachers Federal CU: 173
Nutmeg State Federal CU: 172
Dutch Point CU: 161
Credit Union by Loan Volume
American Eagle Financial CU: $179,910,385
Charter Oak Federal CU: $130,259,852
Sikorsky Financial CU Inc.: $71,349,741
CT State Employees Federal CU: $67,838,733
Navy Federal CU: $49,755,865
Bethpage Federal CU: $33,274,900
Mutual Security CU: $23,628,098
Connex CU: $19,246,418
Mortgage Company Number of Loans
Quicken Loan Inc.: 3,211
LoanDepot.Com LLC: 1,468
Nationstar Mortgage: 688
Freedom Mortgage Corp.: 595
Total Mortgage Services: 511
Ditech Financial LLC: 491
Guaranteed Rate Inc.: 474
United Shore Financial Services LLC: 463
Provident Funding Associates: 435
Village Mortgage Co.: 366
Mortgage Company by Loan Volume
Quicken Loan Inc.: $738,283,126
LoanDepot.Com LLC: $478,035,962
Morgan Stanley: $219,422,871
Total Mortgage Services: $148,427,292
Guaranteed Rate Inc.: $143,327,903
Nationstar Mortgage: $135,716,884
United Shore Financial Services: $131,059,457
William Raveis Mortgage Co.: $124,447,042
Freedom Mortgage Corp: $121,881,174
Provident Funding Assoc.: $109,530,150
Commercial Purchase Mortgages
Bank Number of Loans
Webster Bank: 70
Peoples United Bank: 36
Thomaston Savings Bank: 29
Wells Fargo Bank NA: 27
Savings Bank of Danbury: 24
Fairfield County Bank Corp.: 23
Farmington Bank: 22
TD Bank NA: 22
United Bank: 21
Newtown Savings Bank: 20
Bank by Loan Volume
Capital One Multifamily Finance: $66,047,000
Wells Fargo Bank NA: $59,558,363
Farmington Bank: $36,700,060
Webster Bank: $28,979,341
Fairfield County Bank Corp.: $26,769,500
Peoples United Bank: $24,199,366
United Bank: $18,412,140
Bank of America NA: $18,163,950
Dime Bank: $13,951,320
Ion Bank: $11,490,425
Mortgage Company Number of Loans
TBI Mortgage Co.: 9
Sachem Capital Partners LLC: 8
Norcom Mortgage: 8
Guaranteed Rate Inc.: 7
CBRE Capital Marktes Inc.: 6
Total Mortgage Services: 6
First World Mortgage: 6
Village Mortgage Co.: 6
Residential Mortgage Services Inc.: 5
United Shore Financial Services LLC: 5
Mortgage Company by Loan Volume
CBRE Capital Markets Inc.: $7,702,000
Ford Motor Credit: $7,600,000
Greystone Servicing Corp.: $4,548,800
TBI Mortgage Co.: $4,437,017
Arbor Commercial Mortgage: $3,995,000
Farm Credit East ACA: $2,080,000
Guaranteed Rate Inc.: $2,057,290
Sachem Capital Partners LLC: $1,986,500
Newtek Small Business Finance Inc.: $1,870,000
Total Mortgage Services: $1,576,995
Multifamily Purchase Mortgages
Bank Number of Loans
Webster Bank: 55
Wells Fargo Bank NA: 51
Farmington Bank: 44
Peoples United Bank: 43
United Bank: 43
First Niagara Bank: 38
Citicorp Mortgage Inc.: 21
ENG Lending: 21
Liberty Bank: 18
MB Financial Bank NA: 17
Bank by Loan Volume
Wells Fargo Bank NA: $14,588,033
Webster Bank: $11,122,616
First County Bank: $9,858,500
Peoples United Bank: $9,358,219
United Bank: $8,602,691
First Niagara Bank: $8,104,918
Farmington Bank: $7,277,995
Citicorp Mortgage Inc.: $6,504,707
ENG Lending: $4,121,531
MB Financial Bank NA: $4,007,888
Credit Union Number of Loans
Charter Oak Federal CU: 11
American Eagle Financial CU: 5
Navy Federal CU: 4
Suma Yonkers Federal CU: 2
Tri Town Teachers Federal CU: 1
CU Members Mortgage: 1
Freedom CU: 1
Corporate America Family CU: 1
FDC Federal CU: 1
Mutual Security CU: 1
Credit Union by Loan Volume
Charter Oak Federal CU: $1,689,754
Navy Federal CU: $1,112,192
American Eagle Financial CU: $1,101,100
Tri Town Teachers Federal CU: $714,000
Suma Yonkers Federal CU: $292,000
CU Members Mortgage: $196,377
Freedom CU: $182,250
Corporate America Family CU: $161,000
FDC Federal CU: $135,000
Mutual Security CU: $127,400
Mortgage Company Number of Loans
First World Mortgage: 87
Guaranteed Rate Inc.: 60
Total Mortgage Services: 55
Residential Mortgage Services Inc.: 55
Norcom Mortgage: 51
LoanDepot.Com LLC: 47
Village Mortgage Co.: 45
Plaza Home Mortgage Inc.: 45
Homestead Funding Corp.: 35
Homebridge Financial Services Inc.: 33
Mortgage Company by Loan Volume
Colony American Finance Lender: $30,000,000
First World Mortgage: $15,259,705
Homestead Funding Corp.: $12,821,360
Guaranteed Rate Inc.: $12,500,064
Total Mortgage Services: $12,331,531
Residential Mortgage Services.: $9,734,264
LoanDepot.Com LLC: $9,727,748
Norcom Mortgage: $9,555,292
Village Mortgage Co.: $9,266,180
Plaza Home Mortgage Inc.: $8,489,877
