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THE FINANCIAL SERVICES AND REAL ESTATE WEEKLY FOR MASSACHUSETTS BY THE NUMBERS
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County close-up: Barnstable Spotlight: Truro
IN PERSON
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Winthrop Sargent has had many jobs throughout his career. He has worked as the owner of a consumer products company, a senior consultant at an accounting firm and a contract CFO on several occasions, not to mention his involvement with municipalities.
WEEK OF MONDAY, JULY 8, 2019
BANKING & LENDING BY THE NUMBERS
As national banks pulled back from local mortgage markets in the wake of the 2008 financial crisis, national nonbank lenders and community banks stepped into the void to capture leading positions in Boston-area submarkets.
MORTGAGE LENDING
$1.13 billion The total volume of loans originated by 2018 Greater Boston market leader Guaranteed Rate. See Ian Murphy’s story on this page. Source: The Warren Group’s Marketshare Module
15.98 percent The share of the single-family mortgage market in Barnstable County held by Cape Cod Savings Bank. See By the Numbers on page 6. Source: The Warren Group’s Marketshare Module
15 years UniBank’s new CEO spent 15 years as headmaster of a private high school. See Bram Berkowitz’s story on page 9. Source: UniBank
$4.08 billion The total volume of loans originated by 2007 Greater Boston market leader Bank of America. See Ian Murphy’s story on this page. Source: The Warren Group’s Marketshare Module
LOCAL BANKS, NATIONAL LENDERS FILL MORTGAGE GAP POST-RECESSION IN GREATER BOSTON
$3.4 million
Speed, Convenience and Local Ties Helped Unseat Nation’s Biggest Banks BY IAN B. MURPHY
The mortgage, originated by Bank of America, for the fourth property in this week’s Gossip Report. See page 9. Source: The Warren Group
SPECIAL TO BANKER & TRADESMAN
L
ocal banks and national nonbank lenders have capitalized on new conditions in Greater Boston’s supply-constrained and super-charged housing market, beating out big banks for mortgage marketshare in the decade since the subprime mortgage crisis. Big banks dominated mortgage marketshare across the region in 2007, with some combination of the same four institutions usually locked in place as top lenders in most places: Bank of America, JP Morgan Chase, Wells Fargo, RBS and Citizens Bank. Twelve years later the picture is quite different. Local banks and national nonbank lenders lead loan origination in the 20 cities and towns where home sale prices have grown the most in Massachusetts compared to prerecession median sale prices, according to data from The Warren Group, publisher of Banker & Tradesman.
5.62 percent The marketshare held by the secondbiggets mortgage lender in Barnstable County. See By the Numbers on page 6. Source: The Warren Group’s Marketshare Module
$6.2 billion The size of East Boston Savings Bank’s assets. See Bram Berkowitz’s story on page 9. Source: FDIC
Continued on Page 10
17 Guaranteed Rate holds the largest marketshare in 17 of the 20 Greater Boston communities with the fastest home price growth since 2006. See Ian Murphy’s story on this page. Source: The Warren Group’s Marketshare Module
Unless otherwise noted, all data is sourced from The Warren Group’s Mortgage Market Share Module, Loan Originator Module, Statistics Module and/or proprietary database. For more information please visit www.thewarrengroup.com/business/ datasolutions.
RED LINE REBOOT
EXECUTIVE DECISIONS
State Street Buildings Have Uncertain Future
Former High School Headmaster Has Extensive Community Contacts
South Shore Shake-Up
By Steve Adams | Banker & Tradesman Staff
Commercial Real Estate PAGE 7
New UniBank CEO Hired for Relationship Skills By Bram Berkowitz | Banker & Tradesman Staff
Banking & Lending PAGE 9