Santander to Exit U.S. Home Lending


Santander Bank’s parent company plans to discontinue U.S. home lending and review some of its commercial and industrial lending segments as part of a strategy to accelerate profitable growth. 

Banco Santander, which is based in Spain and has U.S. headquarters in Boston, said in an investor presentation that the bank is simplifying its U.S. businesses with an approach based on disciplined expense management and capital allocation. 

The bank plans to refocus its U.S. business around other products, including consumer lending. 

“Santander US is positioned to maintain profitability above cost of capital across core businesses,” Santander said in the investor presentation. “We are refocusing our operations in the US around our consumer franchise and fee-based businesses that benefit from the Group’s connectivity or have a distinct competitive advantage.” 

Santander had less than 1 percent of the residential mortgage market share in New Hampshire in 2021, according to data from The Warren Group, publisher of The Registry Review. Santander had $44.77 million in total residential volume last year, including $9.3 million in purchase activity. Santander did 163 residential mortgages of all types.  

Rocket Mortgage, which did $1.77 billion in residential lending in New Hampshire in 2021, had the largest total market share with 8.95 percent of all statewide mortgage volume.