Prime 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 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 totally different classes.

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

Prime Mortgage Lenders in Florida (General)

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, aside from just a few like Minnesota and Nebraska.

Anyway, Rocket (previously generally known as Quicken Loans) managed to fund $22.4 billion in Florida final yr, which is a couple of six p.c 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.

Huge 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 in the course of the yr.

Others within the top-10 record included Freedom Mortgage, Caliber Residence Loans, loanDepot, Newrez, and BB&T Financial institution, now generally known as Truist due to 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 remainder nonbank lenders.

That’s an fascinating takeaway as lenders will face a a lot more durable yr in 2022 due to increased mortgage charges.

Prime Mortgage Lenders in Florida (for Residence Purchases)

Now let’s fine-tune the record to solely have a look at house buy loans, these reserved for house patrons versus current owners.

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

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

Related quantity was seen by Caliber Residence 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 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 need to deal with buy enterprise shifting ahead.

Prime Mortgage Lenders in Florida (for Residence Refinances)

Whereas Rocket misplaced out to UWM within the house 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 Residence Loans.

Chase and Caliber have been fairly low on the refi record, illustrating their deal with house buy lending.

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

Now except for 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 plenty of others.

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

On the identical time, you is likely to be completely blissful 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 house 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 is just not take the time to talk to a number of totally 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.

(picture: Marcin Wichary)