SUBSCRIBE TODAY! VISIT WWW.TRYRERS.COM
THE FINANCIAL SERVICES AND REAL ESTATE WEEKLY FOR MASSACHUSETTS BY THE NUMBERS
PAGE 6
County close-up: Barnstable Spotlight: Provincetown
IN PERSON
PAGE 7
Citizens Bank has been at the forefront of creating great digital experiences for its customers, forming several partnerships with various fintech companies. Lamont Young has been at the center of these efforts, leading the bank’s team overseeing digital technology, mobile and online banking, e-commerce, social media, digital analytics, innovation and fintech relationships.
WEEK OF MONDAY, JANUARY 7, 2019
BANKING REAL ESTATE BY THE NUMBERS
MORTGAGE LENDING
$688,850 The new limit for FHFA conforming mortgages in Middlesex County. See Bram Berkowitz’s story on page 1 for more on the impact of this change. Source: Federal Housing Finance Agency
0 The number of homes in this week’s Gossip Report which had mortgages, despite purchase prices all above $3 million. See page 8 for more. Source: The Warren Group’s Custom Statistics Module
1,960 The number of single-family purchase mortgages between the old nationwide conforming mortgage limit and the new nationwide limit in Massachusetts in 2018. See Bram Berkowitz’s story on page 1 for more. Source: The Warren Group’s Loan Originator Module
$150,000 The business loan limit offered by fintech startup Fundation, which partnered with Citizens Bank for the latter’s new business digital lending platform. See In Person on page 7 for more. Source: Citizens Bank
$608,000 The median home value in Boston in December 2018, up from $334,000 in December 2008 and roughly $80,000 below than the new FHFA conforming mortgage limit in 2019. Source: Zillow
13 The number of years Citizens Bank’s Executive Vice President and Head of Digital, Lamont Young, has spent working in the finance industry. See In Person on page 7 for more about his efforts to partner with fintech startups. Source: Lamont Young
$484,350 The FHFA conforming limit in 2019 in Massachusetts for Cape Cod, Worcester County and points west. See Bram Berkowitz’s story on page 1 for more. Source: Federal Housing Finance Agency
2001 The year retiring East Boston Savings Bank board member James G. Sartori joined the EBSB board. Sartori is leaving the board after reaching age 75, according to the body’s bylaws. Source: East Boston Savings Bank
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.
POOL OF QUALIFIED BORROWERS DEEPENS WITH INCREASED MORTGAGE LIMIT Effect in Pricey Communities Dampened BY BRAM BERKOWITZ BANKER & TRADESMAN STAFF
T
he Federal Housing Finance Agency has raised the conforming mortgage loan limits by 6.9 percent for 2019 to account for an ongoing rise in national home values, equivalent to the amount property values rose between the third quarters of 2017 and 2018. The bump, according to industry experts, could present
a good opportunity for first-time homebuyers, but is less likely to have an impact in more expensive counties near major metropolitan areas like Boston. “In my opinion, it impacts the firsttime homebuyers the most,” Shant Banosian, branch manager at Guaranteed Rate in Waltham, told Banker & Tradesman. “It opens up the ability to borrow to more consumers and more homebuyers. This will create the opportunity for homeownership for more people.” After a decade of stagnant conforming loan limits, the FHFA has now raised the limit in each of the last three years. The maximum loan amount in 2019
for a one-unit property in most counties across the country will be $484,350, a $31,250 increase from the $453,100 limit in 2018. This conforming limit, however, will be higher in counties with significantly higher median home values. In Middlesex, Suffolk, Norfolk, Essex and Plymouth counties the conforming limit is set at $688,850. In Nantucket and Dukes counties, the limit is $726,535. In Massachusetts’ remaining seven counties, including Worcester, Berkshire and Franklin, the limit is $484,350. As of mid-December, lenders in Massachusetts originated more than 1,960 Continued on Page 8
COMMERCIAL INTERESTS
IN PERSON
Solutions Are Well-Known; It’s Time for Politicians to Act
An Interview With Lamont Young, Executive Vice President and Head of Digital at Citizens Bank
By Scott Van Voorhis | Banker & Tradesman Columnist
By Bram Berkowitz | Banker & Tradesman Staff
When Will Voters Blame Beacon Fintech Creates Hill for Housing, Transit Crises? Seamless User Experiences
Commercial Real Estate PAGE 3
Banking & Lending PAGE 7