Now it’s time to try the highest mortgage lenders in Florida primarily based on 2022 quantity.
The Sunshine State is the largest mortgage market outdoors of California, with a couple of 8% share of the nationwide market.
In 2022, roughly $228 billion in residence loans have been originated there throughout what was a bittersweet 12 months for mortgage lenders. For comparability sake, lenders closed about $350 billion a 12 months earlier.
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 greatest, however it’s good to know who the gamers are.
Prime Mortgage Lenders in Florida (General)
RankingCompany Name2022 Mortgage Volume1.UWM$15.3 billion2.Rocket Mortgage$11.3 billion3.Chase$5.4 billion4.Wells Fargo$5.0 billion5.Financial institution of America$4.9 billion6.loanDepot$4.5 billion7.Truist$3.8 billion8.CrossCountry Mortgage$3.8 billion9.DHI Mortgage$3.7 billion10.Caliber Residence Loans$3.6 billion
Pontiac, Michigan-based United Wholesale Mortgage (UWM) was the highest mortgage lender within the state of Florida final 12 months, per HMDA information visualized by Richey Could.
They simply beat out Rocket Mortgage by about $4 billion, the latter of which has been #1 nationally for some time now.
UWM funded roughly $15.3 billion in residence loans, whereas Rocket (previously referred to as Quicken Loans) managed to fund $11.3 billion, which represents a 7% and 5% market share within the state, respectively.
Final 12 months may mark the primary time UWM has overwhelmed their cross-town rival hailing from Detroit.
Coming in third was JPMorgan Chase with $5.4 billion, adopted by Wells Fargo with $5 billion, spectacular given their quite a few mortgage scandals.
Rounding out the highest 5 was Financial institution of America with $4.9 billion in funded residence loans in the course of the 12 months, giving depositories an honest chunk of the pie.
Others within the top-10 listing included loanDepot, Truist, CrossCountry Mortgage, DHI Mortgage (residence builder D.R. Horton’s financing division), and Caliber Residence Loans.
Prime Mortgage Lenders in Florida (for Residence Purchases)
RankingCompany Name2022 Mortgage Volume1.UWM$11.6 billion2.Rocket Mortgage$4.5 billion3.DHI Mortgage$3.7 billion4.CrossCountry Mortgage$3.2 billion5.Chase$3.2 billion6.Lennar Mortgage$3.0 billion7.Wells Fargo$2.8 billion8.Caliber Residence Loans$2.8 billion9.loanDepot$2.4 billion10.Truist$2.1 billion
Now let’s fine-tune the listing to solely have a look at residence buy loans, these reserved for residence consumers versus present householders.
Topping this listing was UWM, whose $11.6 billion in residence mortgage quantity beat out Rocket’s $4.5 billion.
UWM truly topped this listing in 2021 as effectively and even elevated their greenback quantity year-over-year.
DHI Mortgage gained a number of spots within the residence buy listing, rising to 3rd with $3.7 billion, effectively beneath the 2 heavy hitters.
Comparable quantity was seen by CrossCountry Mortgage and Chase with about $3.2 billion every.
The remainder of the very best included Lennar Mortgage (additionally a house builder), Wells Fargo, Caliber Residence Loans, loanDepot, and Truist.
This listing shall be more and more essential because the mortgage market shifts towards buy lending.
For context, the refinance share of mortgage functions hit 26.9% final week, per the Mortgage Bankers Affiliation (MBA). So lenders will wish to give attention to buy enterprise shifting ahead.
It’s fascinating to see two residence builders within the top-10 listing, a rarity up till lately with present provide now grappling with the mortgage fee lock-in impact.
Prime Mortgage Lenders in Florida (for Residence Refinances)
RankingCompany Name2022 Mortgage Volume1.Rocket Mortgage$6.6 billion2.UWM$3.7 billion3.loanDepot$2.0 billion4.Wells Fargo$1.9 billion5.Financial institution of America$1.9 billion6.Pennymac$1.6 billion7.Freedom Mortgage$1.5 billion8.PNC Financial institution$1.5 billion9.Mr. Cooper$1.4 billion10.Chase$1.1 billion
Whereas Rocket misplaced out to UWM within the residence buy lending class, they reclaimed the highest place when it got here to mortgage refinances.
The Detroit-based lender originated $6.6 billion in refinance loans in Florida final 12 months, practically double UWM’s $3.7 billion tally.
After all, these totals have been tremendous low in comparison with the $16.8 billion and $8.3 billion realized by the pair in 2021.
In third was loanDepot with $2.0 billion, adopted by Wells Fargo within the fourth spot with $1.9 billion.
Financial institution of America snagged fifth, whereas Pennymac (made up of a number of outdated Countrywide personnel) got here in sixth.
Freedom Mortgage, which had been the highest VA mortgage lender within the nation, may solely muster the seventh spot after falling from third a 12 months earlier.
Others within the top-10 included PNC Financial institution, Nationstar Mortgage (now referred to as Mr. Cooper), and Chase.
Prime Mortgage Lenders in Jacksonville
RankingCompany Name2022 Mortgage Volume1.UWM$524 million2.Rocket Mortgage$404 million3.VyStar Credit score Union$295 million4.loanDepot$172 million5.Navy FCU$163 million6.Financial institution of England$162 million7.Ameris Financial institution$155 million8.Financial institution of America$144 million9.DHI Mortgage$140 million10.Areas Financial institution$133 million
Prime Mortgage Lenders in Miami
RankingCompany Name2022 Mortgage Volume1.Chase$1.2 billion2.UWM$998 million3.Metropolis Nationwide Financial institution (FL)$713 million4.Financial institution of America$704 million5.Citibank$658 million6.Wells Fargo$601 million7.First Republic Financial institution$488 million8.Rocket Mortgage$449 million9.Morgan Stanley$403 million10.Paramount Residential$365 million
Prime Mortgage Lenders in Orlando
RankingCompany Name2022 Mortgage Volume1.UWM$976 million2.Rocket Mortgage$754 million3.3Rivers FCU$420 million4.Truist$375 million5.Wells Fargo$360 million6.DHI Mortgage$275 million7.loanDepot$271 million8.Areas Financial institution$241 million9.FBC Mortgage$240 million10.Capital One$232 million
Prime Mortgage Lenders in Tampa
RankingCompany Name2022 Mortgage Volume1.UWM$2.2 billion2.Rocket Mortgage$1.6 billion3.Lennar Mortgage$841 million4.Caliber Residence Loans$681 million5.Truist$655 million6.loanDepot$567 million7.Wells Fargo$526 million8.DHI Mortgage$523 million9.Suncoast CU$468 million10.Financial institution of America$438 million
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 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 lots of others.
So if you wish to get your mortgage from an enormous title, you would nonetheless achieve this with out utilizing one of many corporations listed above.
On the identical time, you may 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 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 remember to put within the time whichever firm you select.
(photograph: Marcin Wichary)
