Prime Mortgage Lenders in Florida

Now it’s time to check out the highest mortgage lenders in Florida based mostly on 2022 quantity.

The Sunshine State is the most important mortgage market exterior of California, with a few 8% share of the nationwide market.

In 2022, roughly $228 billion in residence loans had been originated there throughout what was a bittersweet yr for mortgage lenders. For comparability sake, lenders closed about $350 billion a yr earlier.

Let’s check out which lenders dominated the state, damaged down by totally different classes.

As I at all times say, largest doesn’t essentially imply greatest, however it’s good to know who the gamers are.

Prime Mortgage Lenders in Florida (Total)

Pontiac, Michigan-based United Wholesale Mortgage (UWM) was the highest mortgage lender within the state of Florida final yr, per HMDA knowledge visualized by Richey May.

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 often known as Quicken Loans) managed to fund $11.3 billion, which represents a 7% and 5% market share within the state, respectively.

Final yr 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 through the yr, giving depositories an honest chunk of the pie.

Others within the top-10 record included loanDepot, Truist, CrossCountry Mortgage, DHI Mortgage (residence builder D.R. Horton’s financing division), and Caliber Dwelling Loans.

Prime Mortgage Lenders in Florida (for Dwelling Purchases)

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

Topping this record was UWM, whose $11.6 billion in residence mortgage quantity beat out Rocket’s $4.5 billion.

UWM truly topped this record in 2021 as nicely and even elevated their greenback quantity year-over-year.

DHI Mortgage gained a number of spots within the residence buy record, rising to 3rd with $3.7 billion, nicely beneath the 2 heavy hitters.

Comparable quantity was seen by CrossCountry Mortgage and Chase with about $3.2 billion every.

The remainder of one of the best included Lennar Mortgage (additionally a house builder), Wells Fargo, Caliber Dwelling Loans, loanDepot, and Truist.

This record shall be more and more vital because the mortgage market shifts towards buy lending.

For context, the refinance share of mortgage purposes hit 26.9% final week, per the Mortgage Bankers Affiliation (MBA). So lenders will need to concentrate on buy enterprise shifting ahead.

It’s fascinating to see two residence builders within the top-10 record, a rarity up till not too long ago with present provide now grappling with the mortgage charge lock-in impact.

Prime Mortgage Lenders in Florida (for Dwelling Refinances)

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 yr, practically double UWM’s $3.7 billion tally.

In fact, these totals had 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 yr earlier.

Others within the top-10 included PNC Financial institution, Nationstar Mortgage (now often known as Mr. Cooper), and Chase.

Prime Mortgage Lenders in Jacksonville

Prime Mortgage Lenders in Miami

Prime Mortgage Lenders in Orlando

Prime Mortgage Lenders in Tampa

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 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 an enormous title, you can nonetheless accomplish that with out utilizing one of many corporations listed above.

On the similar time, you is perhaps completely blissful 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 can do will not be 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 be sure you put within the time whichever firm you select.

(picture: Marcin Wichary)