Who finances your home mortgage loan? If it’s Wells Fargo Bank, learn that you’re with the biggest home lender in NYC, PropertyShark data provided exclusively for Crain’s New York indicates*.
From January 2012 to May 2012, California-based Wells Fargo issued 840 out of the total 4,700 home mortgages in NYC., more than New York-based CitiMortgage and JP Morgan Chase Bank, which trailed by some distance.
The loan activity for the luxury home segment** between 2008 and the end of May 2012 brings to the forefront a lender’s name that might come as a surprise for some. California-based First Republic Bank, specializing in luxury home loans mostly for the West Coast area, immediately follows three of the biggest luxury home lenders in NYC — JP Morgan Chase, Bank of America and CitiMortgage.
The number of home mortgages financed in the first 5 months of this year represents nearly 20% of the total home loans financed in 2011 (23,591 mortgages in total). This suggests that the downward trend in home mortgages that started in 2008 is continuing in 2012.
Notes: *The data took into account only one-family dwellings and condominium units that secured a mortgage loan between 2008 and May 2012.
** Luxury homes are considered here to be homes with prices of $3 million and over.