Prime Mortgage Lenders in Florida

Now it’s time to check out 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 residence loans have been originated there throughout what was a banner 12 months 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, however it’s good to know who the gamers are.

Prime Mortgage Lenders in Florida (Total)

Unsurprisingly, Rocket Mortgage was the highest mortgage lender within the state of Florida final 12 months, 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 number of like Minnesota and Nebraska.

Anyway, Rocket (previously often called Quicken Loans) managed to fund $22.4 billion in Florida final 12 months, which is a couple of 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 residence loans in the course of the 12 months.

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

In contrast to the high 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 12 months in 2022 because of larger mortgage charges.

Prime Mortgage Lenders in Florida (for Residence Purchases)

Now let’s fine-tune the checklist to solely take a look at residence buy loans, these reserved for residence consumers versus current householders.

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

Chase gained a pair spots within the residence buy checklist, rising to 3rd with $5.5 billion, properly beneath the 2 heavy hitters.

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

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

This checklist can 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 wish to concentrate on buy enterprise shifting ahead.

Prime Mortgage Lenders in Florida (for Residence Refinances)

Whereas Rocket misplaced out to UWM within the residence 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 12 months, 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 Residence Loans.

Chase and Caliber have been fairly low on the refi checklist, illustrating their concentrate on 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 12 months 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 plenty of others.

So if you wish to get your mortgage from a giant title, you may 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 an area mortgage dealer.

On the finish of the day, everybody has completely different preferences that can dictate the place they get their residence 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 may do just isn’t 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)