Fast 50

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Lenders Increase Portfolios Despite Low Rates, Falling Prices

Competition Heats Up For Commercial Loans Statewide

By Laura Alix  |  Commercial Record Staff

In an ultra-prolonged, ultra-low rate environment, Connecticut lenders are still managing to beef up their portfolios – at least, if this year’s Fast 50 is any indication.

The Fast 50, compiled from data collected by The Warren Group, publisher of The Commercial Record, reveals the 50 fastest growing lenders in Connecticut for the first six months of the year, compared with the year-ago period.
Connecticut’s residential market saw prices decline while transactions ticked up, and lenders like Envoy Mortgage and Nutmeg State Financial Credit Union ranked among the 50 fastest growing residential lenders.

The Buffalo, New York-based M&T Bank also showed up on the Fast 50’s residential list. M&T ranked No. 7 by volume and No. 9 by number of loans, having made 125 loans totaling $43.3 million this year, compared with 65 loans worth $18 million last year.

Its appearance in this year’s Fast 50 is almost certainly due to its recent acquisition of Hudson City Savings Bank. That deal gave M&T nine branches in Connecticut and helped to fill out its footprint across the tri-state and Mid-Atlantic region.

Commercial Ticks Up

Even as the state has struggled with the perception that it’s unfriendly to business, Connecticut’s community financial institutions have been more than happy to supply the capital small to mid-sized businesses needed this year for commercial properties.

For example, Ion Bank claimed the No. 2 spot on the Fast 50 for commercial loans by volume. (It was ranked No. 7 by number of loans.) The Naugatuck-based bank made 38 commercial real estate loans worth $41.7 million in the first half of 2016, compared with 27 loans totaling $9.9 million in the year-ago period. That represents an increase in volume of nearly 323 percent.

Jayne Kelly, senior vice president of commercial lending at Ion Bank, said that the bank has in recent years added front line and back end staff in its loan administration area with the aim of better handling a greater volume of loans. The basic idea is to free up commercial lenders’ workloads so they can spend more time pounding the pavement and bringing deals back to Ion Bank.

As to what many of those deals entailed, Kelly said, “We’re seeing multifamily construction. We’re doing a fair number of development projects and new residential developments. We’ve also done some owner-occupied commercial real estate, and we’ve been working a lot with service industries.”

Chelsea Groton Bank, meanwhile, topped the Fast 50’s commercial list by number of loans and took the 17th spot by volume. The bank made 35 loans totaling about $29.6 million in the first half of this year, compared with 18 loans totaling $18.5 million last year, representing a 94.4 percent increase in volume and a 60.3 percent increase by number of loans.

Some of that comes down to timing, said Tony Joyce, commercial lending manager. Throughout 2014 and 2015, many of the deals in Chelsea Groton’s pipeline closed in the second half of the year, whereas the Fast 50 measures deals closed in the first half of the year.

But Chelsea Groton Bank also recently moved beyond its traditional footprint in New London County when it a loan production center in Glastonbury last fall.
Joyce said that Chelsea Groton has financed properties ranging from apartment buildings to retail to a golf course, and he said that competition for the good credits has been fierce.

“Pricing is very intense from a competition standpoint, but we’re sticking to our underwriting philosophies,” he said. “We’re not compromising on underwriting. We’ve had to get a little sharper pencil from a pricing standpoint and for the right credits, we understand that we have to do that.”

Email: lalix@thewarrengroup.com


 

The Fast 50 ranks the 50 fastest-growing loan providers in the state, including mortgage and financial companies, banks, credit unions and other financial institutions. Rankings compare the number of loans through June 2015 to the number of loans made through June 2016, and the volume of loans through June 2015 to the volume of loans through June 2016. Rankings include purchase and non-purchase loans. Commercial rankings had a minimum of five loans in 2015 and a minimum of $3 million in loan volume in 2016. Due to these requirements, the number of qualifying lending institutions was reduced to 20 in each category. Residential rankings had a minimum of 25 loans and a minimum of $2 million in volume in 2015. Residential includes one- to four-families and condominiums. All rankings are statewide. All data is sourced by The Warren Group from public records, which may contain errors. For more information please contact Data Solutions at 617-896-5365.

 

Residential by Number of Loans

1.    Envoy Mortgage LTD   2015: 58     2016: 216    Percent Change: 272%


2.    First Alliance Lending LLC    2015: 25     2016: 74    Percent Change: 196%


3.    American Financial Resources    2015: 46     2016: 126   Percent Change:  174%


4.    Carrington Mortgage Services LLC    2015: 83     2016: 221    Percent Change: 166%


5.    Nutmeg State Federal Credit Union   2015: 62     2016: 163    Percent Change: 163%


6.    Mutual Security Credit Union    2015: 51     2016: 128    Percent Change: 151%


7.    Amerisave Mortgage Corp.    2015: 37     2016: 77   Percent Change:  108%


8.    Cendant Mortgage Group    2015: 47     2016: 92    Percent Change: 96%


9.    M&T Bank NA    2015: 65     2016: 125    Percent Change: 92%


10.    Housing Development Fund Inc.    2015: 85     2016: 157    Percent Change: 85%


11.    Pacific Union Financial LLC    2015: 73     2016: 131    Percent Change: 80%


12.    Parkside Lending LLC    2015: 46     2016: 82    Percent Change: 78%


13.    Quorum Federal Credit Union    2015: 26   2016: 45    Percent Change: 73%


14.    Pennymac Loan Services LLC    2015: 46     2016: 78    Percent Change: 70%


15.    Washington Trust Mortgage Co.    2015: 45     2016: 75    Percent Change: 67%


16.    Federal Savings Bank    2015: 27     2016: 44    Percent Change: 63%


17.    Fairway Independent Mortgage    2015: 47     2016: 74   Percent Change: 57%


18.    United Shore Financial Services LLC    2015: 215     2016: 338    Percent Change: 57%


19.    IServe Residential Lending    2015: 39     2016: 61    Percent Change: 56%


20.    Connecticut State Employees Federal Credit Union    2015: 194     2016: 303    Percent Change: 56%


21    Homeowners Finance Co.    2015: 29     2016: 43    Percent Change: 48%


22.    Inland Bank & Trust    2015: 34     2016: 50    Percent Change: 47%


23.    Residential Home Mortgage Corp.    2015: 30   2016:  44    Percent Change: 47%


24.    Reliance First Capital LLC    2015: 26     2016: 38    Percent Change: 46%


25.    Mortgage Research Center    2015: 119     2016: 170    Percent Change: 43%


26.    Ocwen Financial Service Inc.    2015: 64     2016: 91    Percent Change: 42%


27.    Sanborn Mortgage Corp.    2015: 35   2016:  49    Percent Change: 40%


28.    Provident Funding Assoc.     2015: 161   2016:  225    Percent Change: 40%


29.    Cardinal Financial Co. LP     2015: 45   2016:  62    Percent Change: 38%


30.    Contour Mortgage Corp.     2015: 37     2016: 50    Percent Change: 35%


31.    RBS Citizens Bank NA     2015: 673     2016: 901    Percent Change: 34%


32.    Northpoint Mortgage     2015: 118     2016: 157    Percent Change: 33%


33.    Achieve Financial Credit Union     2015: 91     2016: 119    Percent Change: 31%


34.    TD Bank NA     2015: 501   2016:  655    Percent Change: 31%


35.    CTHM LLC     2015: 220     2016: 286    Percent Change: 30%


36.    Eastern Savings Bank FSB     2015: 61     2016: 78    Percent Change: 28%


37.    New Penn Financial LLC     2015: 112     2016: 140    Percent Change: 25%


38.    Windsor Federal Savings and Loan Association     2015: 109     2016: 136    Percent Change: 25%


39.    Nationstar Mortgage     2015: 296     2016: 368    Percent Change: 24%


40.    Guaranteed Rate Inc.     2015: 445     2016: 551    Percent Change: 24%


41.    Freedom Mortgage Corp.     2015: 331     2016: 409    Percent Change: 24%


42.    Warshaw Capital LLC     2015: 30     2016: 36    Percent Change: 20%


43.    Sikorsky Financial Credit Union Inc.     2015: 318     2016: 381    Percent Change: 20%


44.    Residential Mortgage Services Inc.     2015: 349     2016: 415    Percent Change: 19%


45.    Putnam Bank     2015: 128     2016: 152    Percent Change: 19%


46.    Charter Oak Federal Credit Union     2015: 537     2016: 636    Percent Change: 18%


47.    Savings Institute   2015:  278    325    Percent Change: 17%


48.    American Neighborhood Mortgage Acceptance     2015: 78     2016: 91    Percent Change: 17%


49.    Homebridge Financial Services Inc.     2015: 211     2016: 246    Percent Change: 17%


50.    Chelsea Groton Bank     2015: 348     2016: 404    Percent Change: 16%

Residential by Volume of Loans

1.    Envoy Mortgage LTD    2015: $13,713,206     2016: $49,495,695    Percent Change: 261%


2.    Nutmeg State Federal Credit Union    2015: $4,616,942     2016: $15,644,598    Percent Change: 239%


3.    First Alliance Lending LLC    2015: $4,471,970     2016: $14,585,532    Percent Change: 226%


4.    Mutual Security Credit Union    2015: $6,661,850     2016: $19,094,884    Percent Change: 187%


5.    American Financial Resources    2015: $10,318,921     2016: $25,488,710    Percent Change: 147%


6.    Carrington Mortgage Services LLC    2015: $16,779,518     2016: $40,452,096    Percent Change: 141%


7.    M&T Bank NA     2015: $18,015,168   2016: $43,273,214    Percent Change: 140%


8.    Parkside Lending LLC    2015: $10,489,347     2016: $22,472,396    Percent Change: Percent Change: 114%


9.    Federal Savings Bank    2015: $7,228,633     2016: $14,269,072    Percent Change: 97%


10.    Amerisave Mortgage Corp.    2015: $10,088,100     2016: $19,130,024    Percent Change: 90%


11.    Fairway Independent Mortgage    2015: $9,434,411     2016: $17,447,364    Percent Change: 85%


12.    Northwest Community Bank    2015: $8,538,766     2016: $15,409,475    Percent Change: 81%


13.    Washington Trust Mortgage Co.    2015: $11,046,345     2016: $19,403,280    Percent Change: 76%


14.    Cendant Mortgage Group    2015: $12,219,933     2016: $20,685,517    Percent Change: 69%


15.    First Bank of Greenwich    2015: $8,188,218     2016: $13,708,776    Percent Change: 67%


16.    Citizens National Bank    2015: $2,255,808     2016: $3,748,725    Percent Change: 66%


17.    Inland Bank &Trust    2015: $7,112,558     2016: $11,662,793    Percent Change: 64%


18.    IServe Residential Lending    2015: $9,028,413     2016: $14,728,061    Percent Change: 63%


19.    Pennymac Loan Services LLC    2015: $11,841,582     2016: $19,270,867    Percent Change: 63%


20.    USA Alliance Federal Credit Union    2015: $5,562,462     2016: $8,945,729    Percent Change: 61%


21    Pacific Union Financial LLC   2015:  $17,047,880     2016: $27,189,858    Percent Change: 60%


22.    Connecticut State Employees Federal Credit Union    2015: $21,754,604     2016: $34,362,125    Percent Change: 58%


23.    TD Bank NA     2015: $107,244,609     2016: $163,364,236    Percent Change: 52%


24.    Cardinal Financial Co. LP    2015: $12,050,579     2016: $18,296,531    Percent Change: 52%


25.    United Shore Financial Services LLC    2015: $57,686,792     2016: $87,226,904   Percent Change:  51%


26.    Ocwen Financial Service Inc.    2015: $11,727,343     2016: $17,465,727    Percent Change: 49%


27.    Housing Development Fund Inc.    2015: $2,859,864     2016: $4,215,710    Percent Change: 47%


28.    Chelsea Groton Bank    2015: $48,310,880     2016: $70,407,022    Percent Change: 46%


29.    RBS Citizens Bank NA    2015: $152,857,303     2016: $220,494,460    Percent Change: 44%


30.    Windsor Federal Savings and Loan Association    2015: $12,026,887     2016: $16,772,311    Percent Change: 40%


31.    Mortgage Research Center    2015: $28,928,865     2016: $39,704,519    Percent Change: 37%


32.    Simsbury Bank and Trust Co.    2015: $51,904,538     2016: $70,853,063    Percent Change: 37%


33.    Provident Funding Assoc.    2015: $43,060,693     2016: $58,284,600    Percent Change: 35%


34.    Reliance First Capital LLC   2015: $6,098,420     2016: $8,187,602    Percent Change: 34%


35.    Putnam Bank    2015: $16,098,805     2016: $21,531,409    Percent Change: 34%


36.    Northpoint Mortgage    2015: $23,894,593     2016: 2016: $31,715,138    Percent Change: 33%


37.    Contour Mortgage Corp.    2015: $9,789,333     2016: $12,846,910    Percent Change: 31%


38.    New Penn Financial LLC  2015: $26,419,349     2016: $34,638,295    Percent Change: 31%


39.    CTHM LLC     2015: $58,842,300   2016: $76,377,935    Percent Change: 30%


40.    USAA Federal Savings Bank    2015: $37,978,942     2016: $48,841,061    Percent Change: 29%


41.    Sikorsky Financial Credit Union Inc.    2015: $41,603,900     2016: $53,336,509    Percent Change: 28%


42.    First Republic Bank    2015: $95,768,215     2016: $118,163,885    Percent Change: 23%


43.    Nationstar Mortgage    2015: $56,150,523     2016: $68,990,580    Percent Change: 23%


44.    Third Federal Saving & Loan Association    2015: $10,186,295     2016: $12,449,800    Percent Change: 22%


45.    Guaranteed Rate Inc.    2015: $118,941,104   2016: $145,388,254    Percent Change: 22%


46.    Freedom Mortgage Corp.    2015: $71,653,459     2016: $86,677,563    Percent Change: 21%


47.    Homebridge Financial Services Inc.    2015: $46,045,434     2016: $55,031,800    Percent Change: 20%


48.    Warshaw Capital LLC   2015:  $9,940,203     2016: $11,841,550    Percent Change: 19%


49.    Charter Oak Federal Credit Union    2015: $69,763,026     2016: $81,788,871   Percent Change: 17%


50.    Eastern Savings Bank FSB    2015: $10,152,350    2016: $11,705,266    Percent Change: 15%


 

Commercial by Number of Loans

Commercial rankings had a minimum of five loans in 2015 and a minimum of $3 million in loan volume in 2016. Due to these requirements, the number of qualifying lending institutions was reduced to 20 in each category.


1.    Chelsea Groton Bank    2015: 18    2016: 35    Percent Change:  94%


2.    Community Investment Corp.    2015: 7    2016: 12    Percent Change:  71%


3.    Essex Savings Bank    2015: 10    2016: 15    Percent Change:  50%


4.    Farmington Bank    2015: 41    2016: 60    Percent Change:  46%


5.    M&T Bank NA    2015: 9    2016: 13    Percent Change:  44%


6.    First National Bank of Suffield    2015: 9    2016: 13    Percent Change:  44%


7.    Ion Bank    2015: 27    2016: 38    Percent Change:  41%


8.    Connecticut Community Bank    2015: 10    2016: 14    Percent Change:  40%


9.    Torrington Savings Bank    2015: 8    2016: 11    Percent Change:  38%


10.    Salisbury Bank & Trust    2015: 11    2016: 15    Percent Change:  36%


11.    Liberty Bank    2015: 22    2016: 29    Percent Change:  32%


12.    Milford Bank    2015: 10    2016: 13    Percent Change:  30%


13.    Santander Bank NA    2015: 12    2016: 15    Percent Change:  25%


14.    RBS Citizens Bank NA    2015: 17    2016: 21    Percent Change:  24%


15.    Farm Credit East ACA    2015: 12    2016: 14    Percent Change:  17%


16.    Collinsville Savings Society    2015: 6    2016: 7    Percent Change:  17%


17.    TD Bank NA    2015: 42    2016: 48    Percent Change:  14%


18.    Thomaston Savings Bank    2015: 44    2016: 50    Percent Change:  14%


19.    Webster Bank   2015:  114    2016: 127    Percent Change:  11%


20.    Fairfield County Bank Corp.    2015: 37    2016: 40    Percent Change:  8%

 

Commerical by Volume of Loans

Commercial rankings had a minimum of five loans in 2015 and a minimum of $3 million in loan volume in 2016. Due to these requirements, the number of qualifying lending institutions was reduced to 20 in each category.


1.    Salisbury Bank & Trust    2015: $1,593,547    2016: $11,475,695    Percent Change: 620%


2.    Ion Bank    2015: $9,871,254    2016: $41,746,198    Percent Change: 323%


3.    Collinsville Savings Society    2015: $1,130,000    2016: $4,473,000    Percent Change: 296%


4.    Milford Bank    2015: $3,633,567    2016: $11,395,000    Percent Change: 214%


5.    Savings Institute    2015: $4,141,331    2016: $10,091,700    Percent Change: 144%


6.    Farmington Bank    2015: $35,156,159    2016: $84,867,618    Percent Change: 141%


7.    Sachem Capital Partners LLC    2015: $1,849,000    2016: $4,221,000    Percent Change: 128%


8.    Torrington Savings Bank    2015: $1,702,050    2016: $3,694,800    Percent Change: 117%


9.    Jewett City Savings Bank    2015: $3,490,010    2016: $7,510,750    Percent Change: 115%


10.    Essex Savings Bank    2015: $7,784,760    2016: $16,673,250    Percent Change: 114%


11.    Eastern Savings Bank FSB    2015: $2,007,150    2016: $3,885,000    Percent Change: 94%


12.    Simsbury Bank and Trust Co.   2015: $5,016,157    2016: $9,485,616    Percent Change: 89%


13.    Fairfield County Bank Corp.    2015: $35,652,799    2016: $65,596,805   Percent Change:  84%


14.    First Niagara Bank    2015: $39,946,684    2016: $69,064,422   Percent Change:  73%


15.    First National Bank of Suffield    2015: $5,956,500    2016: $10,220,750    Percent Change: 72%


16.    Community Investment Corp.   2015:  $3,868,000    2016: $6,579,000    Percent Change: 70%


17.    Chelsea Groton Bank    2015: $18,474,607    2016: $29,609,518   Percent Change: 60%


18.    Liberty Bank    2015: $13,820,661    2016: $20,264,199    Percent Change: 47%


19.    Webster Bank    2015: $62,693,404    2016: $90,775,351    Percent Change: 45%


20.    RBS Citizens Bank NA    2015: $19,512,500    2016: $25,714,385   Percent Change:  32%