Fast50 Administrator in the Loan Servicing Department

AUGUST 20, 2012 BANKER & TRADESMAN 13

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Dedham Institution for Savings has named Abigail King assistant vice president, commercial lending officer. King began her career at Dedham Savings in October 2003 as the post closing fast50 administrator in the loan servicing department. Prior to coming Dear Readers, to Dedham, she worked at several other Massachusetts bank- Year-in and year-out, dozens of mortgage lenders set themselves ings, including Medford Bank, Institution for Savings in New- up for phenomenal year-over-year growth. And we think those buryport and Seamen’s Bank in Provincetown. ABIGAIL KING companies deserve to be spotlighted.

That’s why we compile and publish our annual Fast 50 lists of the Boston’s Eastern Bank has named Alexander W. Schmidt a vice fastest growing mortgage lenders in the first half of this year president and relationship manager in the bank’s commercial compared to the same time last year, drawn from data obtained real estate division. Prior to joining Eastern, Schmidt was a from The Warren Group, publisher of Banker & Tradesman. managing partner at Vector Capital/Parkview Partners LLC, a boutique real estate finance firm located in Guilford, Conn. We’re in the business of telling stories, and there’s no better Schmidt also worked for GE Capital Real Estate and the Insig- or more fundamental story to tell than that of eye-popping nia/Edward S. Gordon Co., all in New York, N.Y. growth. In looking at the lists on the pages that follow, what ALEXANDER W. SCHMIDT is perhaps most heartening is the fact that there were no cheap victories, no instances of an institution barely making the list for lack of competition. Not only did these institutions grow, they grew a lot. Norwood resident Michelle Reid has been named branch manager of Walpole Co-operative Bank’s main office on Main Street But there’s a downside to growth – by its nature, it’s a zero sum in Walpole. Reid has more than two decades of banking experi- game. For a company to grow, it must succeed in taking business ence, most recently as assistant branch manager with Dedham from someone else. Knowing this, we understand next year’s list Savings, the bank said a statement. Previously, she held service may be completely different, just as this year’s list is different positions with BankBoston and Shawmut Bank. from last year’s. The success stories of 2012 may be 2013’s obituaries. MICHELLE REID But that’s exciting, too. In growth, there are always stories. And we can’t wait to tell them to you.

TD Bank has named Pier-Luca Bruno as vice president, commer- As always, thank you for reading Banker & Tradesman. cial loan officer in Andover. His territory will include the Mer- rimack Valley, Greater Boston and Southern New Hampshire. Sincerely, Bruno has 12 years of experience in banking and lending. He is re-joining TD Bank after working as a business and profes- Banker & Tradesman’s sional banking relationship manager at Webster Bank in Boston 2012 Fast 50 coverage the past two years. PIER-LUCA BRUNO Cory S. Hopkins begins on page 14. Editorial Director

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www.MSIC.org ■ Member FDIC Member DIF 14 BANKER & TRADESMAN AUGUST 20, 2012` fast50 FAST RECOVERY Low Rates, Cautious Optimism Buoy Bay State’s Fastest Growing Mortgage Lenders Local Players Capitalize On Momentum, Large Lender Retreat After Rocky 2011

BY MATT BROWN The Fast 50 measures the fastest- numbers like that. compared to 595 in the same period a BANKER & TRADESMAN STAFF WRITER growing lenders in the state in the first half First Federal Savings Bank of Boston year ago. as the housing market hit bottom? of the year compared to the same period a closed 284 purchase mortgages in the Industry executives told Banker & The economy is ruled by uncer- year ago. And the re- first half compared to four in the first Tradesman that a variety of factors from Htainty, and lenders are seeing their sults are impressive, half of last year. Shall we do the math? interest rates to impatience is driving margins squeezed and the regulatory especially among local That’s a 7,000 percent increase. loan growth. and legal pressure put upon them in- institutions. And the numbers on the refinance It also doesn’t hurt that some of the creased. For example, Low- side were equally impressive. Leader market’s biggest players, notably Bank But that doesn’t mean people aren’t ell Cooperative Bank Bank, after closing 875 refinance loans of America, have almost completely buying or refinancing homes. wrote 400 purchase in the first half of 2011, closed 2,254 in dropped out of the local scene, creat- In fact, a look at Banker & Trades- loans in the first the first half of this year – up more than ing solid opportunities for local banks, man’s annual Fast 50 list will tell you half of the year. In 157 percent. credit unions and mortgage companies not only that demand for home loans is JAY TULI the same period last The refinance side is also where to capitalize. picking up, but that local and regional year, it wrote 147. credit unions found a lot of action in players are the beneficiaries of a lot of That’s a 172 percent increase. And Lowell the first half. HarborOne Credit Union Opportunity Knocks that demand. Bank is not the only bank showing off closed 1,195 refi loans in the first half, Still, opportunity doesn’t just happen in a market like this, and customers re- main cautious, said James Blake, president and CEO of Brockton-based Harbo- rOne. “On the refi side, rates are low, and we’ve been promoting pretty heavily From to the 10-year and the 15-year [products],” Blake told Banker & Tradesman. “Con- ZERO FAST 50 sumers have seen, anecdotally, that housing prices aren’t dropping and people want to lock in a rate while they’re IN NO TIME AT ALL... low.” Blake said overall home loan volume at HarborOne was at $578 million as of July, compared to $240 million for the same period a year ago. About a third of WHY? that is in purchase loans. “It’s nothing we can put our finger on, Record Growth · Originator Satisfaction but it is trending up a bit,” he said. Richard Bolton, president and CEO of Passionate Local Leadership · National Clout Lowell Bank, said his bank has also seen its loan volume double compared to last year. “The environment is playing into it,” I go out in the field each day with total confidence, knowing that if I make a Bolton told Banker & Tradesman, but like HarborOne, Lowell Bank has also “ promise to meet a commitment or closing date I’ll be able to deliver. made a big push for more home loan Expertise, quality, passion and speed stand out in the lending environment; business this year. Bolton said Lowell Bank now em- because of these, I’m winning new relationships every week. ploys more than 100 people in its home lending division, about twice what it had CRAIG TASHJIAN ” a year ago. “We’ve really expanded,” Bolton said. vp loan originator “Last year it was first-time homebuyers, but now it’s just people who have made a decision. There are people looking for good deals, and when they find them, FAIRWAY PROVIDES: they make a move, and these deals aren’t sticking around very long. It’s Extreme Rush System · Product Specialists very competitive.” Jay Tuli, Leader Bank’s vice president Underwriting Help Desk · Top Technology and Support of corporate development, said large increases in lending business is both a sign that banks are doing a good job at establishing relationships, and a test to If you can’t rave about the company you keep, see if they can maintain them. “We keep our costs down and our MAYBE IT’S TIME TO TALK TO FAIRWAY! rates low, but on our operations side, we work really hard to close loans in time,” Tuli told Banker & Tradesman. “It sounds crazy, but it’s a huge differentia- tor right now. It makes a huge difference, and it has helped drive more volume. Re- altors trust us, and they are driving more business to Leader Bank.” n 18 CRAWFORD STREET NEEDHAM, MA 02130 781-719-4664 / WWW.FAIRWAYNE.COM Email: [email protected]

Fairway is proud to be recognized by Banker and Tradesman as one of the 50 fastest-growing mortgage companies in Massachusetts.

Licensing Information: CASEY & HAYES Equal Housing Lender / Licensed Mortgage Lender / MLS # 2289, Branch license # 15751 / Massachusetts Lender License # MC2840 MOVERS Massachusetts Broker License # MC2840 / Connecticut Lender License # ML-BCH-15751 / New Hampshire Mortgage Banker Branch License # 15041-MB-BCH / Rhode Island Lender Branch Certificate # 20052004LLB 01 / Rhode Island Loan Broker Branch Certificate # 20052005LB B01 430 First Street (617) 269-5900 Boston, MA 02127 AUGUST 20, 2012 BANKER & TRADESMAN 15 fast50 Refinances and Second Loans 1-10 Lender Name 2011 2012 Increase Mortgage Master Inc. 3,037 5,294 2,257 Wells Fargo Bank NA 3,725 5,383 1,658 Leader Bank NA 875 2,254 1,379 Guaranteed Rate Inc. 617 1,993 1,376 Citicorp Mortgage Inc. 107 1,339 1,232 Provident Funding Group 955 2,105 1,150 BAY STATE SAVINGS BANK Quicken Loan Inc. 1,345 2,343 998 is proud to be one of the Salem Five Cents Mortgage Corp. 972 1,905 933 Sovereign Bank FSB 4,973 5,826 853 TOP 50 First Federal Savings Bank of Boston 19 785 766 Fastest Growing Mortgage Lenders in Massachusetts. 11-20 Poli Mortgage Group 667 1,377 710 Residential Mortgage Services Inc. 110 797 687 We are thankful for our Ally Bank 657 1,335 678 customers, clients and employees, who MSA Mortgage LLC 353 1,006 653 have helped us to keep opening doors Cape Cod Five Cents Savings Bank 853 1,504 651 Lowell Cooperative Bank 288 918 630 for new homeowners since 1895! HarborOne Credit Union 595 1,195 600 Mortgage Network Inc. 431 1,009 578 Monument Mortgage Co Inc. 267 816 549 with oﬃces in Reliant Mortgage Co. 442 977 535 W�� | A�� | H�� 800-244-8161 • 508-890-9000 www.baystatesavingsbank.com 21-30 Prospect Mortgage LLC 334 851 517 Leader Mortgage Co. Inc. 256 752 496 Fairway Independent Mortgage 255 740 485 Berkshire Bank 335 804 469 there are many reasons Eastern Bank 1,357 1,817 460 Bank of Canton 475 899 424 to buy a house. First Place Bank 22 399 377 Metro Credit Union 474 850 376 Rockland Trust Co. 1,530 1,905 375 LoanDepot.Com LLC 63 432 369

31-40 Greenpark Mortgage Corp. 452 781 329 East Boston Savings Bank 303 614 311 starting with a mortgage Merrimack Mortgage Co. Inc. 356 666 310 from leominster credit union. New York Community Bank 41 351 310 South Coastal Bank 97 406 309 Stearns Lending 157 454 297 Commonwealth Mortgage 104 380 276 Dedham Institution for Savings 174 446 272 Patriot Community Bank 138 403 265 Peoples Federal Savings Bank 250 508 258

41-50 First Republic Bank 115 372 257 Visit lcumortgage.com today! Mortgage Financial Services Inc. 274 523 249 Milford Fed Savings and Loan Assoc. 306 549 243 Fidelity Cooperative Bank 187 429 242 Washington Trust Co. 110 351 241 Greenfield Savings Bank 217 457 240 Nationstar Mortgage 101 338 237 800-649-4646 St Annes Credit Union 335 572 237

Subject to credit approval. Available on owner-occupied 1-4 family residence only. Maximum loan to value Leominster Credit Union 156 389 233 of 80%. Minimum loan amount is $50,000. Maximum loan amount is $417,000 for a single family home. Greylock Federal Credit Union 416 647 231 ■ Source: The Warren Group 16 BANKER & TRADESMAN AUGUST 20, 2012` fast50 Purchase-Money Mortgages 1-10 Lender Name 2011 2012 Increase Guaranteed Rate Inc. 246 686 440 Residential Mortgage Services Inc. 137 511 374 mer First Federal Savings Bank of Boston 4 284 280 um Lowell Cooperative Bank 147 400 253 tter S k! Be Ban Leader Bank NA 347 590 243 It’s a hore th S Berkshire Bank 94 306 212 Sou at Mortgage Network Inc. 272 477 205 Receive up to $250* Salem Five Cents Mortgage Corp. 498 666 168 First Republic Bank 54 221 167 Just Better Business Checking RBS Citizens Bank NA 608 773 165 • Receive $50 for opening a new business checking account • Receive a $50 check order credit 11-20 • Receive $50 for signing up for Online Banking Prospect Mortgage LLC 505 669 164 • Receive $50 for signing up for eStatements Academy Mortgage Corp. 2 126 124 • Receive $50 when you set up a recurring ACH credit Cape Cod Five Cents Savings Bank 280 401 121 For more information, stop by any branch, Mortgage Master Inc. 853 965 112 visit southshorebank.com/promotion or call (800) 660-7800. NE Moves Mortgage Co. 665 777 112 Citicorp Mortgage Inc. 8 105 97 Fairway Independent Mortgage 152 238 86 Reliant Mortgage Co. 166 249 83 Sovereign Bank FSB 493 574 81 southshorebank.com • (781) 337-3000 • (800) 660-7800 MEMBER FDIC | MEMBER DIF | Scan here to learn more. TD Bank NA 302 382 80

*Limited time offer. Subject to change and may be withdrawn at any time without notice. New business checking account customers only and limited to one per tax reporting owner.We may report the value of this premium to the IRS. Bonus paid after 90 days of account opening. Other restrictions may apply. Ask for details. 21-30

Each depositor is insured by the FDIC to at least $250,000. All deposits above the FDIC First Place Bank 12 88 76 insurance amount are insured by the Depositors Insurance Fund (DIF). Washington Trust Co. 37 113 76 Cambridge Savings Bank 52 120 68 Norcom Mortgage 69 137 68 East Boston Savings Bank 107 171 64 Merrimack Mortgage Company Inc. 185 249 64 Workers Credit Union 42 105 63 Prime Lending Inc. 13 73 60 Rockland Trust Co. 172 232 60 USAA Federal Savings Bank 161 221 60

31-40 Webster Bank 54 114 60 New York Community Bank 11 70 59 Schaefer Mortgage Corp. 10 69 59 Evolve Bank & Trust 17 73 56 First Home Mortgage 53 109 56 Bay State Savings Bank 16 66 50 Greenfield Savings Bank 39 89 50 Poli Mortgage Group 181 230 49 Aura Mortgage Advisors LLC 6 52 46 Members Mortgage Co. Inc. 12 56 44

41-50 Bank of Canton 302 344 42 Peoples Bank 98 140 42 Radius Financial Group 224 266 42 The Savings Bank 22 64 42 William Raveis Mortgage Co. 124 164 40 New England Mortgage Partners LLC 25 62 37 Sierra Pacific Mortgage 95 132 37 UniBank for Savings 44 80 36 Stoneham Cooperative Bank 64 99 35 Nationstar Mortgage 13 47 34 Source: The Warren Group