Lenders statewide made 14,246 purchase loans for single-family homes totaling more than $4 billion in volume. Among banks, Bank of New Hampshire lost the top spot by volume to Bank of America.
The top mortgage lenders in New Hampshire slipped from their 2018 numbers while newcomers surged onto the field in 2019, according to analysis of mortgage data by The Warren Group, publisher of The Registry Review.
Many of the top banks, credit unions and mortgage companies, while still maintaining position in the state’s Top Lenders, closed fewer loans for single-family purchases while mortgage companies gained ground as compared to their 2018 numbers.
A total of 14,246 single-family purchase loans were made in 2019, an increase of 295 loans, or about 2 percent, over 2018. By volume, lenders made $3.64 billion in single-family purchase loans in 2018 and just over $4 billion in 2019, an increase of 10 percent.
Last year was a challenging one for some segments of the buying market. As The Registry Review previously reported, Baby Boomers with deep pockets beat out first-time Millennial homebuyers looking for a deal. The median purchase price for a single-family home in New Hampshire in 2019 was $285,000, while the condo median sale price climbed above $200,000 for the first time and closed out the year at a median sale price of $210,000.
Lenders statewide made 14,246 purchase loans for single-family homes totaling more than $4 billion in volume; Residential Mortgage Services made the most of them with an 8 percent market share by volume and number. The mortgage company, headquartered in South Portland, Maine, was also first in loans and volume for condominium purchases with a 10 percent market share in both categories.
Among banks, Bank of New Hampshire lost the top spot by volume to Bank of America, but maintained its top spot by number of loans as compared to 2018.
Who were the most prolific lenders statewide in 2019? Check our full rankings.
St. Mary’s Bank crushed all comers in all categories, taking the top spot among credit unions statewide (other than the multifamily category, where individual credit unions did not make enough loans to qualify for this year’s Top Lenders).
After announcing its plans to focus on growing its Northeast portfolio in early 2019, California-based CMG Mortgage surged into the top 10 in all loan categories for mortgage companies.
For residential nonpurchase loans, including refinances and HELOCs, Citizens Bank took the top spot statewide with a 9 percent market share of the total 30,787 loans made. Quicken Loans was first by volume with a 7 percent market share of the $6.23 billion volume.
While not the booming segment it once was, refinances and home equity lines of credit remain an integral part of the lending landscape. The recent rate drop to a 30-year low prompted the Mortgage Banks Association to double its estimate for refis nationwide this year to around $1.38 trillion. Citizens Bank, TD Bank and Bank of America held the top three for residential refinances in the state last year, with Bank of New Hampshire nipping at their heels in fourth.
Approaching the 2020 market, several influences are coming together signaling a strong season, including the recent Fed rate cut, continued challenges in homebuilding that keeps supply low, and Massachusetts’ continued voracious need for housing that has spilled into Southern New Hampshire and the Seacoast particularly.
