Friday, March 24, 2023
HomeMortgageHigh Mortgage Lenders in Florida

High Mortgage Lenders in Florida

Now it’s time to try the highest mortgage lenders in Florida based mostly on 2021 quantity.

The Sunshine State is the most important mortgage market outdoors of California, with a couple of 7% share of the nationwide market.

In 2021, roughly $350 billion in house loans have 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 all the time say, greatest doesn’t essentially imply greatest, nevertheless it’s good to know who the gamers are.

High Mortgage Lenders in Florida (Total)

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 Dwelling 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 Could.

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 often called Quicken Loans) managed to fund $22.4 billion in Florida final yr, which is a couple of six % market share.

Per regular, 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 house loans through the yr.

Others within the top-10 checklist included Freedom Mortgage, Caliber Dwelling Loans, loanDepot, Newrez, and BB&T Financial institution, now often called Truist due to their merger with SunTrust.

In contrast to the prime mortgage lenders in California, solely three of the highest 10 have been depository banks, with the remaining nonbank lenders.

That’s an attention-grabbing takeaway as lenders will face a a lot harder yr in 2022 due to increased mortgage charges.

High Mortgage Lenders in Florida (for Dwelling 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 Dwelling 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 checklist to solely have a look at house buy loans, these reserved for house patrons versus present owners.

Topping this checklist was UWM, whose $10.3 in house mortgage quantity beat out Wells Fargo’s $9.6 billion.

As seen above, that pair held the second and third spots within the total checklist, with Rocket falling out of the highest 4 on this checklist.

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

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

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

This checklist can be more and more necessary because the mortgage market shifts towards buy lending.

For context, the refinance share of mortgage functions hit 29.6% final week, per the Mortgage Bankers Affiliation. So lenders will wish to give attention to buy enterprise transferring ahead.

High Mortgage Lenders in Florida (for Dwelling 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 Dwelling Loans $3.2 billion

Whereas Rocket misplaced out to UWM within the house buy lending checklist, 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 prime 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 Dwelling Loans.

Chase and Caliber have been fairly low on the refi checklist, illustrating their give attention to house 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 house 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 Agency, and lots of others.

So if you wish to get your mortgage from a giant title, you might nonetheless achieve this with out utilizing one of many corporations listed above.

On the identical time, you could be completely pleased going with a Florida-based credit score union or a neighborhood mortgage dealer.

On the finish of the day, everybody has completely different preferences that may dictate the place they get their house 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 might do will not be take the time to talk to a number of completely different lenders earlier than deciding on one.

Comparability buying is an absolute should when acquiring a mortgage, so you’ll want to put within the time whichever firm you select.

(photograph: Marcin Wichary)



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