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Subject:
Mortgage loans in New Jersey
Category: Business and Money Asked by: shooter15-ga List Price: $50.00 |
Posted:
06 Jul 2003 13:15 PDT
Expires: 05 Aug 2003 13:15 PDT Question ID: 225756 |
Who makes the most primary mortgage loans in New Jersey? Primary mortgage loans would be defined as loans to purchase a new home or loans to refinance all of the existing mortgages on a property. My intention is to leave out home equity (secondary) loans. The time period could be for calendar year 2002. I would like a list of the top 10 or top 20 lenders. | |
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Subject:
Re: Mortgage loans in New Jersey
Answered By: pafalafa-ga on 09 Jul 2003 15:53 PDT |
Hello again. The Federal Deposit Insurance Corporation maintains a database of all banks that FDIC insures at their bureaucratically-named "Statistics on Depository Institutions" site at: http://www3.fdic.gov/sdi/main.asp This is actually a very powerful tool for accessing information on banks, and comparing banks by a large variety of financial measures. However, it is also a rather clumsy tool to use, and difficult to understand. As far as I can tell, I did the following: --Ranked all the banks in NJ according to total assets --Selected the top ten banks, one of which was Commerce Bank in Cherry Hill --added two other "Commerce Banks" to the list, one in Forked River, the other in Ramsey. --extracted the "year to date" loan amounts in the "1-4 family residential" category. So...where does all that get us....? For the first quarter of 2003 (through March 31st), the ten largest banks in the state -- along with the two other "Commerce" banks -- generated $14.1 billion of mortgage loans in the "1-4 family residential" category. These broke out among the 12 banks this way: Top Ten Banks in NJ (by assets).........Total............Residential .......................................Assets............Loans ...........................[assets and loans in millions of dollars] Merrill Lynch Bank Plainsboro...........14,961..................79.8 Hudson City Savings Paramus.............14,913...............6,885.6 Commerce Bank, Nat'l Assoc Cherry Hill..10,966...............1,203.0 Valley National Bank Passaic............9,328...............2,033.0 Hudson United Bank Mahwah...............7,795.................565.6 TD Waterhouse Nat'l Assoc Jersey City....6,773..................12.5 Investors Savings Bank Millburn.........5,551.................823.3 The Trust Company of NJ Jersey City.....4,308.................553.5 The Provident Bank Jersey City..........3,813.................870.6 United Trust Bank Bridgewater...........2,972.................655.5 ---------------------- Two additional "Commerce" Banks (not in the top ten) Commerce Bank/Shore, Forked River........2,173.................245.4 Commerce Bank/North Ramsey..............2,045.................255.5 ----------------------------------------- I *hope* this is what you were looking for. But if you have any questions (and I'd be surprised if you didn't!), don't hesitate to post a Request for Clarification, and I'll be happy to assist you further. pafalafa-ga | |
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Subject:
Re: Mortgage loans in New Jersey
From: hlabadie-ga on 09 Jul 2003 22:03 PDT |
The answer seems to exclude institutions that ought to be considered for inclusion. Home Mortgage Disclosure Act reports are required to be filed with the Federal Financial Institutions Examination Council by all institutions with $32 million in deposits and an office in a particular metropolitan area. Federal Financial Institutions Examination Council (FFIEC) FFIEC Home Page http://www.ffiec.gov/ FFIEC Home Mortgage Disclosure Act http://www.ffiec.gov/hmda_rpt/dis_welcome.htm http://www.ffiec.gov/hmda_rpt/dis_welcome_loans.htm Commerce Bank, NA 2001HR1___00000170941____.PDF HOME MORTGAGE DISCLOSURE ACT INSTITUTION REGISTER SUMMARY FOR 2001 Page 1 of 1 RESP ID: 0000017094-1 COMMERCE BANK, NA 1701 Route 70 East Cherry Hill, NJ 08034 http://132.200.33.161/Pdfhmda/2001/HMDA/Temp/2001HR1___00000170941____.PDF According to this report, Commerce Bank, NA originated 7392 loans in 2001, worth a total of $545,014,000 in the Philadelphia-NJ metropolitan area alone, the largest in the Third District. However, if we compare this to the report prepared for the Third District and presented on their website, we notice a discrepancy. lender1.pdf http://www.phil.frb.org/cca/capubs/philadelphia/lender1.pdf 2001 LENDER MARKET SHARE REPORT Assessment Area: Philadelphia, PA-NJ MA Lenders: Top 20 Selected HMDA-Reported Originations* TOTAL AVERAGE % MARKET AMOUNT % MARKET LOAN SIZE RANK INSTITUTION NAME COUNT SHARE ($000s) SHARE ($000s) 1 Wells Fargo Home Mortgage 9,535 4.5 1,566,807 6.4 164 2 Countrywide Home Loans 9,057 4.3 1,199,088 4.9 132 3 Chase Manhattan Mortgage 9,041 4.3 1,440,569 5.9 159 4 GMAC Mortgage 8,212 3.9 1,092,528 4.5 133 5 Cendant Mortgage 7,844 3.7 995,600 4.1 127 6 PNC Bank, N.A. 7,767 3.7 341,621 1.4 44 7 Sovereign Bank 6,868 3.3 819,316 3.4 119 8 National City Mortgage Co.6,679 3.2 844,230 3.5 126 9 First Union National Bank 6,593 3.1 418,689 1.7 64 10 Commerce Bank, N.A. 4,847 2.3 432,409 1.8 89 11 Washington Mutual Bank 4,574 2.2 776,770 3.2 170 12 ABN AMRO Mortgage Group 4,248 2.0 667,638 2.7 157 13 Gateway Funding Div 4,141 2.0 479,371 2.0 116 14 Fleet National Bank 3,537 1.7 306,627 1.3 87 15 North American Mortgage 2,999 1.4 450,719 1.9 150 16 First Union Mortgage 2,476 1.2 374,858 1.5 151 17 Equity One, Inc. 2,394 1.1 229,637 0.9 96 18 The Bryn Mawr Trust Co. 2,215 1.1 313,119 1.3 141 19 Police & Fire Fed. Cred. 2,169 1.0 128,301 0.5 59 20 First Horizon Home Loan 1,915 0.9 238,506 1.0 125 Subtotal of Top 20 Lenders 107,111 51.0% $13,116,403 53.8% $122 All Lenders (678) 209,851 100.0% $24,392,931 100.0% $116 Commerce Bank is listed 10th among the top 20 lenders. Using the figures from the FFIEC website, however, Commerce Bank ought to be ranked 6th, ahead of PNC. Clearly, there is a discrepancy for which I cannot account. In any case, excluding the Philadelphia-NJ MA, Commerce Bank originated 5862 home loans in the other New Jersey metropolitan areas. An head-to-head comparison of the other institutions on the above list from their FFIEC reports might produce a meaningful ranking, assuming that they are relatively as proportionately represented in the other MAS of NJ as they are in the Philadelphia-NJ MA. (One can assume that Bryn Mawr Trust would not be on the list of NJ-only institutions.) hlabadie-ga |
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