Top Lenders

Banks Dominate As Lenders Of Choice For Home Purchases

Residential Holds Steady As Banks Scrutinize Multifamily, Apartment Deals

By Laura Alix

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.” 

Email: lalix@thewarrengroup.com


2016 Top Lenders

For nearly 145 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 and includes sales transfers, mortgages and refinances.

The data in this report represents all purchase and non-purchase loans made by banks, credit unions and mortgage companies in Connecticut in 2016. Category breakdowns include single-family, multifamily (two-family and three-family combined), condominium, commercial and residential refinance (non-purchase). Residential and commercial data are not combined in any reports. Each category ranks the top 10 lenders by both dollar volume and number of loans (minimum of 10 loans).

For more information, please contact The Warren Group’s customer service department at customerservice@         thewarrengroup.com or 617-896-5388.

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