Chickasaw-owned Bank2 of Oklahoma City continued its surge into the top 10 national mortgage lenders to American Indians for 2010, increasing one notch to 7th and continuing to extend more than 75 percent of its loan volume to Indians.
According to Home Mortgage Disclosure Act [HMDA] data for 2010, Bank2 made $104 million in home loans to Indians last year out of total home lending volume of $135 million. The year before, 2009, it was eighth in the country, with $120 million in Indian mortgages out of a total of $156 million. The drop-off was consistent with a national falloff in mortgage lending from $1.8 trillion on 2009 to $1.6 trillion last year, HMDA data show.
Bank2 was one of seven lenders that made more than $100 million in mortgages to American Indians and Alaska Natives in 2010. No lender made a billion dollars in mortgages to Indians, though market leader Wells Fargo came close, at more than $999 million. In 2009 nine lenders extended more than $100 million in mortgages to Indians.
Overall, 2622 lenders made $6 billion in Indian mortgages in 2010. That’s down from $7.27 billion in 2009 through 2,845 lenders, roughly equivalent to the decline in the overall market from $1.8 trillion to $1.6 trillion..
Lots of Indians that applied for mortgages in 2010 did not get them. Some $13 billion in apps were received from Indians and Alaska Natives in 2010. While this seems to indicate a not funded ratio of more than 50 percent, the true number is probably somewhat higher but not as high as the national funded average of 62 percent.
Bank of America, Charlotte, North Carolina, made the second most amount of Indian mortgages, at $589 million in 2010. Third was USAA FSB, a thrift based in San Antonio, with $195 million.
Farm Credit Services, Lexington, Kentucky, made the top 10, at $119 million. FCS institutions specialize in agricultural mortgages, although they also make rural home loans.
Wells also took the top spot in lending to Native Hawaiians at $821 million, HMDA data show. It was followed by Bank of America at $564 million and JPMorgan Chase at $296 million.
Native Hawaiians received $5.8 billion in mortgages during 2010 from about 2000 financial institutions, making the total Native mortgage number for the year about $11.8 billion.