Lowell Deeds

The latest on real estate recordings and new technology from the Middlesex North Registry of Deeds in Lowell

January 17, 2006

Out-of-state lenders

by @ 10:51 am. Filed under Statistics, Real Estate

An article in last Tuesday’s Boston Globe (”Most Mass. home buyers using out-of-state lenders”, Jan 10, 2006 - sorry I didn’t get a chance to create a link) explained how out-of-state lenders were the grantees on 74% of all mortgages in 2004, an almost exact reversal from 1990 when Massachusetts banks made that percentage of mortgages. Besides taking business from local banks, these non-Mass lenders have ushered in an era of “exotic and often risky loans.” To see if this trend was corroborated by Middlesex North recording statistics, I ran some preliminary reports. While there’s no easy way to determine the percentage of mortgages attributable to out-of-state versus in-state lenders, I was able to compile some relevant information.

I compared the grantees on all mortgages recorded in 2004 (31014 total mortgages) with like figures from 1986 (28557 total mortgages). Here are the names of the top ten lenders during these two periods followed by the number of mortgages each made and the percentage of the total number of mortgages that number represents:

MERS—-8088—-26.4%
Fleet National Bank—-1941—-6.3%
Jeanne d’Arc Credit Union—-882—-2.8%
Sovereign Bank —- 835—-2.7%
BankNorth —- 834—-2.7%
Citizens Bank of Mass —- 724 —- 2.3%
Wells Fargo Bank —- 699 —- 2.25%
Washington Mutual Bank —- 684 —- 2.2%
Digital Federal Credit Union —- 604 —- 1.95%
Enterprise Bank and Trust Co —- 556 —- 1.8%

Central Savings Bank —- 1970 —- 6.9%
Comfed Savings Bank —- 1553 —- 5.4%
First Bank —- 1343 —- 4.7%
Lowell Five Cent Savings Bank —- 1292 —- 4.5%
Baybank Middlesex —- 982 —- 3.4%
Union National Bank —- 922 —- 3.2%
First Eastern Mortgage Co —- 833 —- 2.9%
Lowell Institution for Savings —- 795 —- 2.8%
Merrimack Mortgage & Trust —- 720 —- 2.5%
Jeanne d’Arc Credit Union —- 707 —- 2.5%

You may be seeing more of these types of statistics. And maybe a “bank trivia” competition that will help us compile a record of what happened to all these banks that no longer exist.

[powered by WordPress.]

Pages:

Recent Posts:

categories:

search blog:

archives:

January 2006
M T W T F S S
« Dec   Feb »
 1
2345678
9101112131415
16171819202122
23242526272829
3031  

Metatasks:

21 queries. 1.087 seconds