Atlantic Bay Mortgage Group Ranks #1 Mortgage Lender in Hampton Roads for Two Years in a Row

Atlantic Bay Mortgage Group Ranks #1 Mortgage Lender in Hampton Roads for Two Years in a Row
Atlantic Bay Mortgage Group Ranks #1 Mortgage Lender in Hampton Roads for Two Years in a Row
Atlantic Bay Mortgage Group Ranks #1 Mortgage Lender in Hampton Roads for Two Years in a Row
Atlantic Bay is proud to be a trusted lender in the community

According to recent Home Mortgage Disclosure Act (HMDA), a federal source of data for mortgages, Atlantic Bay Mortgage Group® was ranked the number one mortgage lender of choice in Hampton Roads for the second year in a row, and the company saw a 45 percent increase in volume over the past two years. Atlantic Bay is a privately held mortgage lender headquartered in Virginia Beach, Virginia and has locations in nine states. The company was founded 20 years ago by Old Dominion University graduate Brian Holland.

 

The HMDA data also showed a national average increase of loan originations by 22 percent over the past year. This shows a healthy market for the housing industry. Much of this increase can be attributed to many factors: lower interest rates, affordable housing and an increase in millennial purchasing. According to the national census, a quarter of the U.S. population is made up of millennials (ages 18-34), putting them in the range of the average first-time homebuyer.

The data also showed independent mortgage lenders continuing to rise in market share compared to commercial banks. In Hampton Roads, 48 percent of people prefer independent mortgage lenders, 36 percent commercial banks, 3 percent co-owned or bank-affiliated, and 3 percent credit unions. Since 2013, commercial banks have decreased by 16 percent in market share, while independent mortgage lenders increased by 18 percent.

 

For more information visit: http://atlanticbay.com/news/general/number-one-lender-in-hampton-roads/

 

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