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Q: Mortgage loans in New Jersey ( Answered,   1 Comment )
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.

Request for Question Clarification by hlabadie-ga on 09 Jul 2003 08:56 PDT
Based on the Federal Reserve reports, it appears that the most recent
available data are for 2001. Also, the data are for NJ and PA
combined. With one or two exceptions, it does not seem possible to
winnow the data for NJ away from the PA data without downlaoding and
searching the reports for every institution's every office in NJ.
Would the combined data for 2001 be acceptable?


Clarification of Question by shooter15-ga on 09 Jul 2003 11:08 PDT
2001 data would still be helpful, even if it is combined with NJ and
Pennsylvania.  Seeing where Commerce Bank ranks relative to other
banks in primary mortgage originations would be especially helpful. 
Thank you.

Request for Question Clarification by pafalafa-ga on 09 Jul 2003 12:32 PDT
I found a site that I was sure would have the data, doesn't
seem to.

While I'm still looking around, you may want to check out this list of
the "Largest New Jersey Chartered State Banks with Assets of $500
Million Or More (as of December 31, 2002)" at the following site:

click on "Largest NJ Chartered State Banks"

Request for Question Clarification by pafalafa-ga on 09 Jul 2003 13:38 PDT
Information is available on any bank in NJ through March 2003, and has
data on loans that look like this:


1 Net loans and leases  1,719,664 
2 Plus: Loan Loss Allowance  21,484 
3 Total loans & leases  1,741,148  
4 Plus: Unearned income  0  
5 Loans and leases, gross  1,741,148 58.58%  
6 All real estate loans  1,126,039 % 
7 Real estate loans in domestic offices:  1,126,039  
8 Construction and land development  99,087  
9 Commercial real estate  361,501  
10 Multifamily residential real estate  8,667  
11 1-4 family residential  655,465 

I believe the data on line 11 is what you're looking for.

Problem is, I can't see an easy way to rank these data for the more
than 100 institutions making loans in NJ.

However, I could look at, say, the ten largest NJ banks (in terms of
overall assets) and rank these for you based on the size of their
mortgage lending.  I would include Commerce Bank in the list, if
doesn't make the top ten otherwise.

Sound OK...?  Let me know, please.  


Clarification of Question by shooter15-ga on 09 Jul 2003 14:09 PDT
That sounds wonderful.  Thank you.
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:

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

--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 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


Clarification of Answer by pafalafa-ga on 09 Jul 2003 17:21 PDT
Actually, I found an even better way to work the database, to show me
all the largest mortgage-lending banks in the state (which aren't
necessarily the same as the largest "total asset" banks).  The banks
that had over a billion dollars in home mortgages in the first quarter
of 2003 were:

Hudson City Savings Bank in Paramus.....6,885,591,000

Columbia Bank in Fair Lawn..............1,382,463,000

Commerce Bank, Nat Assoc in Cherry Hill.1,202,960,000

OceanFirst Bank in Brick................1,170,246,000

Penn Federal Savings Bank in Newark.....1,148,170,000


Commerce Bank/North in Ramsey ranked 14th in the state, with 255.5

The Commerce Bank in Ramsey didn't show up on my list, I think because
it is not considered to be primarily a mortgage bank, as are the
others.  However, it would have ranked 17th had it been on the list,
with its 245.5 million in home loans.

Are we having fun yet...? 


Clarification of Answer by pafalafa-ga on 09 Jul 2003 17:23 PDT
<Urk>...I meant to say the Commerce Bank in Forked River was the one
that didn't show up, but would have ranked 17th.
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

FFIEC Home Mortgage Disclosure Act

Commerce Bank, NA

Page 1 of 1
RESP ID: 0000017094-1
1701 Route 70 East
Cherry Hill, NJ 08034

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.


Assessment Area: Philadelphia, PA-NJ MA
Lenders: Top 20
Selected HMDA-Reported Originations*

                                         TOTAL           AVERAGE
                                % MARKET AMOUNT % MARKET LOAN SIZE
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.)


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