Thursday, July 21, 2022
HomeMortgagePrime Mortgage Lenders in Florida

Prime 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 few 7% share of the nationwide market.

In 2021, roughly $350 billion in residence 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 at all times say, greatest doesn’t essentially imply finest, nevertheless it’s good to know who the gamers are.

Prime 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, aside from just a few 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 p.c market share.

Per common, 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 residence loans through the yr.

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

Not like the prime 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.

Prime 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 listing to solely take a look at residence buy loans, these reserved for residence consumers versus current owners.

Topping this listing was UWM, whose $10.3 in residence 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 residence buy listing, rising to 3rd with $5.5 billion, properly beneath 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 the very best included Pennymac, CrossCountry Mortgage, U.S. Financial institution, Newrez, and Amerihome Mortgage.

This listing shall be more and more essential 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 deal with buy enterprise transferring ahead.

Prime 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 residence 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 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 had been fairly low on the refi listing, illustrating their deal with residence buy lending.

Ought to You Use One of many Largest Mortgage Lenders in Florida or Go Native?

Now apart from all of the lenders talked about, there have been dozens extra that originated a number of billion in residence 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 title, you would nonetheless accomplish that with out utilizing one of many firms listed above.

On the similar time, you could be completely completely happy going with a Florida-based credit score union or an area mortgage dealer.

On the finish of the day, everybody has totally different preferences that can dictate the place they get their residence 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 would do shouldn’t be take the time to talk to a number of totally 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.

(picture: Marcin Wichary)

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