New Hampshire real estate loan originators managed to squeeze out a surprisingly solid year of business in 2024, despite an ongoing decline in homes sales across the state.

Deal volumes were generally off last year for many top residential loan originators in the region, according to data compiled by real estate analytics company The Warren Group, publisher of The Registry Review.

The total loan volume for the top bank loan originator in the state, for instance, was $27.8 million last year, down from $39.9 million in 2023.

Meanwhile, the total loan volume for the top credit union loan originator was $18.3 million in 2024, down from $20.2 million in 2023.

Most residential lenders attribute those and other volume declines to the nearly 5 percent fall last year in single-family home sales and a 5.4 percent tumble in condominium sales in 2024.

Nonetheless, top lenders say they managed to stay close to their own personal loan-volume goals in 2024, thanks to rising home prices in general and a boost in business activity via other loan products, such as residential construction loans and Home Equity Lines of Credit (HELOCs).

All over the state, loan originators have worked hard in the face of increased demand and increased regulatory burden; they are to be commended for their well-deserved success and their contributions to helping families achieve their dreams of homeownership. See all of 2024’s Top Loan Originators.

“My volume was fairly similar to what it was in 2023,” said Ryan Conroy, a real estate lending specialist with Service Credit Union.

Conroy ranked second in total volume among credit union loan originators last year, with $15.8 million in residential loan activity in 2024. One of the reasons for Conroy’s high ranking among his peers: residential construction loans.

Because of the lack of homes for sale in New Hampshire, many frustrated would-be homebuyers are deciding to build their own abodes instead, after purchasing land and taking out construction loans that are later turned into regular mortgage products.

“It’s become very popular,” Conroy said of those pursuing construction-loan options. “There’s simply not enough inventory out there to meet the demand for homes. So there’s a ton of interest in (residential construction loans).”

Invest in the Home You Have

Then there are HELOCs.

Keri Hankus, an assistant vice president and loan officer at Salem Cooperative Bank, ranked sixth in volume last year among bank loan originators, with $17 million in loan activity in 2024.

One of the reasons for her strong showing last year: HELOCs.

“They’re more than half of my pipeline now,” she said. “We’re definitely seeing more of them.”

Many homeowners with a lot of equity in their houses are opting to secure lines of credit to pay for basic home improvements, from adding new decks to building new additions, Hankus said.

Some homeowners are even taking out lines of credit for debt-consolidation reasons, such as to pay off high-interest credit card balances, she said.

Sherry Noyes, a vice president and mortgage loan officer at Mascoma Bank, has seen another reason for the surge in HELOC business: to raise cash to buy new homes.

Noyes, who last year ranked third in total loan volume in the Hanover region of the state, said cash is definitely king among many home sellers who prefer all-cash offers from would-be buyers.

Knowing the advantage of making all-cash offers, people looking to buy new homes will first secure HELOCs on their existing houses, allowing them to quickly raise cash if their all-cash bids are accepted by sellers, she said.

They then pay off the line-of-credit balances after they sell their old homes.

“The cash (raised via lines of credit) make them stronger bidders,” Noyes said. “A HELOC is a great tool if you only use it for a short period of time.”

In all, Noyes and other loan originators say they were kept busy last year because of HELOCs and other residential loan products.

Mired in Paperwork

Unfortunately, they were also kept busy rewriting pre-qualification letters as buyers lost out on deals.

“Even with (pre-qualification) letters, many people are still losing bids,” Noyes said. “It’s all about lack of inventory. It’s so competitive out there.”

Jody Ronayne, vice president and mortgage loan officer in Pentucket Bank’s Salem office, said the high demand for HELOCs is definitely tied to the extremely tight housing market in New Hampshire.

The reason why: many potential home sellers are opting to stay put in their current houses, rather than going through the frustrating hassles of scrambling to find and bid on the few available homes for sale in today’s highly competitive housing market.

“They’re using (HELOCs) to make new additions and renovations,” said Ronayne, who ranked eighth among bank originators in total loan-volume activity last year in New Hampshire. “They’re turning their current houses into the way they really want them if they have to stay.”

For the record, the top bank loan originator last year in New Hampshire was Meredith Village Savings Bank’s Lori Borrin, with $28.8 million in loan volume in 2024, according to Warren Group data.

The top credit union loan originator last year was St. Mary’s Bank’s Sunshine Voisine, who handled $18.3 million in loan volume in 2024, according to data.

As for real estate loan activity so far in 2025, originators say they’re encourage by the year-to-date 9.9 percent increase in new listings for single-family homes, based on May data from the New Hampshire Association of Realtors.

“The market seems to be loosening up a bit,” said Mascoma Bank’s Noyes. “There seems to be more (inventory) out there. I’ve even seen some sellers having to lower their asking prices due to lack of bids.”

Service Credit Union’s Conroy is also seeing a slight uptick in mortgage loan activity this spring.

“But will it last? I don’t know. Either way, I don’t see a ton of new inventory coming on the market this year.”