September 26, 2021

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Mortgage News

KeyBank’s residential mortgage business continues soaring growth | Local News

KeyBank’s consumer mortgage business, which has a local operational center, continues to provide the bank with big numbers.

According to Christopher Gorman, chairman and CEO of the Cleveland-based bank, Key had a record $ 3 billion in consumer mortgage origination in the first quarter.

“Our outlook for this business remains positive as we continue to grow and gain market share,” he said.

In 2020, the bank reported $ 8.3 billion in mortgage lending – also a record – and expects to top that figure this year.

“You can see that the development is really, really strong and that we will continue to invest in this business,” said Gorman.

Key acquired First Niagara Bank’s residential mortgage business when Key acquired the bank in 2016 and has built on it in all of its territories. This segment has an operating center on Ridge Lea Road in Amherst.

“Despite the fact that we’re using a lot of technology, the mortgage business requires a lot of people, from (mortgage originators) to people who work on mortgages,” Gorman said. “To the extent that we continue to focus [on] and grow this business, and we intend to, that will be a good sign for Buffalo. “

Key reported net income of $ 591 million for the first quarter, compared to $ 118 million a year earlier.