Monday, March 20, 2023
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High Mortgage Lenders in Florida

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 exterior of California, with a couple of 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 totally different classes.

As I all the time say, largest doesn’t essentially imply greatest, but it surely’s good to know who the gamers are.

High Mortgage Lenders in Florida (General)

Rating Firm Identify 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 information visualized by Richey Might.

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, apart from a couple of like Minnesota and Nebraska.

Anyway, Rocket (previously referred to as Quicken Loans) managed to fund $22.4 billion in Florida final yr, which is a couple of six % market share.

Per ordinary, 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 in the course of the yr.

Others within the top-10 record included Freedom Mortgage, Caliber House Loans, loanDepot, Newrez, and BB&T Financial institution, now referred to as Truist due to their merger with SunTrust.

In contrast to the high 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 more durable yr in 2022 due to greater mortgage charges.

High Mortgage Lenders in Florida (for House Purchases)

Rating Firm Identify 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 record to solely take a look at dwelling buy loans, these reserved for dwelling consumers versus current owners.

Topping this record 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 total record, with Rocket falling out of the highest 4 on this record.

Chase gained a pair spots within the dwelling buy record, rising to 3rd with $5.5 billion, nicely under the 2 heavy hitters.

Comparable quantity was seen by Caliber House Loans with $5.3 billion, and Rocket Mortgage with $5.2 billion.

The remainder of the very best included Pennymac, CrossCountry Mortgage, U.S. Financial institution, Newrez, and Amerihome Mortgage.

This record can 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 wish to concentrate on buy enterprise transferring ahead.

High Mortgage Lenders in Florida (for House Refinances)

Rating Firm Identify 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 record, 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 high VA mortgage lender within the nation.

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 record, 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 huge names, regardless of not making the top-10 rankings. Examples embrace FBC Mortgage, The Mortgage Agency, and plenty of others.

So if you wish to get your mortgage from a giant identify, you could possibly nonetheless accomplish that with out utilizing one of many corporations listed above.

On the identical time, you is perhaps completely glad going with a Florida-based credit score union or a neighborhood mortgage dealer.

On the finish of the day, everybody has totally different preferences that may dictate the place they get their dwelling mortgage.

None of those choices are essentially higher than others, they’re simply totally different, so long as the corporate is financially sound and competent.

The one disservice you could possibly do is just not take the time to talk to a number of totally different lenders earlier than deciding on one.

Comparability purchasing is an absolute should when acquiring a mortgage, so you should definitely put within the time whichever firm you select.

(photograph: Marcin Wichary)



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