The mortgage data shows Hudson City's mortgage market success. In Connecticut, Hudson City Savings has moved into third place, right behind Bank of America and Wells Fargo in the rankings of conventional purchase mortgage originators. For conventional purchase mortgages, Hudson City has nearly a 6 percent market share. If we compare all lenders originating jumbo mortgages (which for ease of reporting we use mortgage amounts greater than $417,000), Hudson City Mortgage is number one in Connecticut approaching a 20 percent market share. Just two years ago, Hudson City Savings Bank, of Paramus, NJ was ranked 54th in conventional mortgage originations and 13th with Jumbo mortgages. Hudson City's mortgage dollar volume is up this year while almost all other mortgage lenders in Connecticut are substantially down this year as compared with prior years.
Connecticut, like almost everywhere else, has experienced a shrinking market for conventional purchase mortgages. The accompanying chart shows the consistent decline year over year of conventional purchase mortgage originations in Connecticut. The chart shows that the proportion of jumbo mortgages relative to all conventional mortgages has also declined. Fewer originators seem willing to offer jumbo mortgages even though recent legislation allows mortgages as high as $729,750 to be sold to the GSEs.
In the declining market Hudson City continuously grows mortgage originations.
Since Hudson City appears to focus on jumbo mortgages, their results show that they are dominating that segment of the mortgage market in Connecticut. So if no one else wants to finance jumbo size mortgages, Hudson City is ready to handle it! Look at their market share soar!