October 9, 2013 - Six of the top dozen home purchase mortgage lenders are independent mortgage companies according to a recent analysis of 2012 Home Mortgage Disclosure Act data by MAHA board member Jim Campen.
Wells Fargo Bank topped the list with 3,365 home purchase loans last year but Walpole-based Mortgage Master, Guaranteed Rate from Chicago, and NE Moves occupied the next three spots. RBS Citizens was fifth followed by Residential Mortgage Services from Maine, Salem Five, Leader Bank, California-based Prospect Mortgage and Sovereign Bank rounding out the top ten. Bank of America and Danvers-based Mortgage Network were eleventh and twelfth respectively.
All twelve lenders made more than 1,000 home purchase loans in Massachusetts in 2012.
15 Lenders Commit to ONE Mortgage Program - Citizens, Santander, Eastern and Blue Hills Bank Lead the Way
BOSTON, Sept. 24, 2013 --- Two months after it was announced that the SoftSecond Loan Program would be transitioning from a two-loan structure to one mortgage, 15 lenders have committed to the new ONE Mortgage Program, nine are originating loans and the first ONE Mortgage loan has been made.
"The response to the new program has been fantastic," said MHP Homeownership Director Gina Govoni. "Lenders are telling us that the new program is simpler to explain and administer while remaining the most affordable mortgage they can offer their customers."
Nine lenders have been trained on the new program's guidelines and systems, and are originating loans. These lenders are Bay State Savings, Chelsea Bank, Clinton Savings Bank, Dedham Savings Bank, Eastern Bank, Enterprise Bank, Mechanics Cooperative Bank, The Savings Bank and Winchester Coop. The first ONE Mortgage, made by Winchester Coop, closed on Aug. 27. A tenth lender, Blue Hills Bank, plans to begin originating loans on Oct. 1.
Five lenders have committed to the program and are expected to be originating loans by the start of next year. They are Boston Private Bank and Trust, First Citizens Federal Credit Union, Rockland Trust, Santander, and RBS Citizens.
MAHAMassachusetts Affordable Housing Alliance
1803 Dorchester Avenue
Dorchester, MA 02124
By email: email@example.com
By phone: 617-822-9100
By fax: 617-265-7503