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Now it’s time to try the highest mortgage lenders in Florida primarily based on 2021 quantity.
The Sunshine State is the largest mortgage market outdoors of California, with a few 7% share of the nationwide market.
In 2021, roughly $350 billion in dwelling loans had been originated there throughout what was a banner yr for mortgage lenders.
Let’s check out which lenders dominated the state, damaged down by completely different classes.
As I at all times say, greatest doesn’t essentially imply finest, but it surely’s good to know who the gamers are.
High Mortgage Lenders in Florida (General)
Rating | Firm Title | 2021 Mortgage Quantity |
1. | Rocket Mortgage | $22.4 billion |
2. | UWM | $18.6 billion |
3. | Wells Fargo | $16.7 billion |
4. | Pennymac | $10.6 billion |
5. | Chase | $10.1 billion |
6. | Freedom Mortgage | $8.7 billion |
7. | Caliber House Loans | $8.5 billion |
8. | loanDepot | $7.4 billion |
9. | Newrez | $6.9 billion |
10. | Truist | $6.5 billion |
Unsurprisingly, Rocket Mortgage was the highest mortgage lender within the state of Florida final yr, per HMDA knowledge visualized by Richey May.
I say that as a result of they’re additionally #1 nationally and have been for some time now.
They’re additionally the highest lender in most states all through the nation, aside from a number of like Minnesota and Nebraska.
Anyway, Rocket (previously often called Quicken Loans) managed to fund $22.4 billion in Florida final yr, which is a few six % market share.
Per typical, they beat out their native rival United Wholesale Mortgage (UWM), which originated $18.6 billion.
Coming in third was Wells Fargo with $16.7 billion, spectacular given their ongoing mortgage scandals.
Large correspondent lender Pennymac, which was created by Countrywide executives, got here in fourth with $10.6 billion.
Finishing the highest 5 was Chase with $10.1 billion in funded dwelling loans throughout the yr.
Others within the top-10 listing included Freedom Mortgage, Caliber House Loans, loanDepot, Newrez, and BB&T Financial institution, now often called Truist because of their merger with SunTrust.
Not like the top mortgage lenders in California, solely three of the highest 10 had been depository banks, with the remaining nonbank lenders.
That’s an fascinating takeaway as lenders will face a a lot harder yr in 2022 because of greater mortgage charges.
High Mortgage Lenders in Florida (for House Purchases)
Rating | Firm Title | 2021 Mortgage Quantity |
1. | UWM | $10.3 billion |
2. | Wells Fargo | $9.6 billion |
3. | Chase | $5.5 billion |
4. | Caliber House Loans | $5.3 billion |
5. | Rocket Mortgage | $5.2 billion |
6. | Pennymac | $5.0 billion |
7. | CrossCountry Mortgage | $4.5 billion |
8. | U.S. Financial institution | $3.8 billion |
9. | Newrez | $3.4 billion |
10. | Amerihome Mortgage | $3.3 billion |
Now let’s fine-tune the listing to solely have a look at dwelling buy loans, these reserved for dwelling consumers versus current owners.
Topping this listing was UWM, whose $10.3 in dwelling mortgage quantity beat out Wells Fargo’s $9.6 billion.
As seen above, that pair held the second and third spots within the general listing, with Rocket falling out of the highest 4 on this listing.
Chase gained a pair spots within the dwelling buy listing, rising to 3rd with $5.5 billion, properly beneath the 2 heavy hitters.
Comparable quantity was seen by Caliber Home Loans with $5.3 billion, and Rocket Mortgage with $5.2 billion.
The remainder of the perfect included Pennymac, CrossCountry Mortgage, U.S. Financial institution, Newrez, and Amerihome Mortgage.
This listing will probably be more and more necessary because the mortgage market shifts towards buy lending.
For context, the refinance share of mortgage purposes hit 29.6% final week, per the Mortgage Bankers Affiliation. So lenders will need to concentrate on buy enterprise shifting ahead.
High Mortgage Lenders in Florida (for House Refinances)
Rating | Firm Title | 2021 Mortgage Quantity |
1. | Rocket Mortgage | $16.8 billion |
2. | UWM | $8.3 billion |
3. | Freedom Mortgage | $7.1 billion |
4. | Wells Fargo | $6.5 billion |
5. | Pennymac | $5.6 billion |
6. | loanDepot | $4.6 billion |
7. | Nationstar (Mr. Cooper) | $3.7 billion |
8. | Newrez | $3.5 billion |
9. | Chase | $3.5 billion |
10. | Caliber House Loans | $3.2 billion |
Whereas Rocket misplaced out to UWM within the dwelling buy lending listing, they reclaimed the highest place when it got here to mortgage refinances.
The Detroit-based lender originated $16.8 billion in refinance loans in Florida final yr, greater than double UWM’s $8.3 billion.
In third was Freedom Mortgage with $7.1 billion, which was the top VA loan lender in the country.
Wells Fargo additionally managed to seize the fourth spot right here with $6.5 billion, whereas Pennymac snagged fifth with $5.6 billion.
Others within the top-10 included loanDepot, Nationstar Mortgage (now Mr. Cooper), Newrez, Chase, and Caliber House Loans.
Chase and Caliber had been fairly low on the refi listing, illustrating their concentrate on dwelling buy lending.
Ought to You Use One of many Largest Mortgage Lenders in Florida or Go Native?
Now other than all of the lenders talked about, there have been dozens extra that originated a number of billion in dwelling loans final yr within the state of Florida.
That made them massive names, regardless of not making the top-10 rankings. Examples embody FBC Mortgage, The Mortgage Firm, and plenty of others.
So if you wish to get your mortgage from a giant identify, you could possibly nonetheless achieve this with out utilizing one of many corporations listed above.
On the identical time, you may be completely joyful going with a Florida-based credit score union or an area mortgage broker.
On the finish of the day, everybody has completely different preferences that may dictate the place they get their dwelling mortgage.
None of those choices are essentially higher than others, they’re simply completely different, so long as the corporate is financially sound and competent.
The one disservice you could possibly do isn’t take the time to talk to a number of completely different lenders earlier than deciding on one.
Comparability procuring is an absolute should when acquiring a mortgage, so make sure to put within the time whichever firm you select.
(photograph: Marcin Wichary)
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