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People's Passes $3B in Mortgages
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Business New Haven
12/22/2003
By: BNH
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| BRIDGEPORT - People's Bank hit a milestone this month when the bank's closed mortgage loans surpassed $3 billion in a year for the first time in the bank's 161-year history. People's has been the No. 1 mortgage lender in the state for 11 years, according to the Commercial Record. While the refinancing boom generated headlines in 2003, People's mortgage applications for home purchases exceeded $775 million in the first ten months of the year. September was the busiest closing month ever for People's, with more than $400 million closed in that 30-day period alone. Also, according to data from the Federal Financial Institutions Council, People's ranked No. 1 in the state in lending to low- and moderate-income borrowers for home purchases in 2002. People's was also honored by the Connecticut Homebuilders' Association as having the best loan program for new subdivision developments, which generated many new construction loans for the bank.
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