Atlantic Bay Ranks #1 Mortgage Lender in Hampton Roads for Two Years in a Row
- 1 min
Atlantic Bay Mortgage Group® was ranked the No. 1 mortgage lender of choice in Hampton Roads for the second year in a row, according to recent Home Mortgage Disclosure Act (HMDA) federal data, with 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 factors including: 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. Additionally, the data highlighted the rise of independent mortgage lenders in market share compared to commercial banks. In Hampton Roads, 48 percent of people prefer independent mortgage lenders, where as 36 percent prefer 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.