High Mortgage Lenders in Florida

Now it’s time to try the highest mortgage lenders in Florida based mostly 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 dwelling 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, greatest doesn’t essentially imply finest, nevertheless it’s good to know who the gamers are.

High Mortgage Lenders in Florida (General)

Pontiac, Michigan-based United Wholesale Mortgage (UWM) was the highest mortgage lender within the state of Florida final yr, per HMDA information 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 dwelling 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 crushed 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 dwelling loans through the yr, giving depositories a good chunk of the pie.

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

High Mortgage Lenders in Florida (for Dwelling Purchases)

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

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

UWM really topped this listing in 2021 as properly and even elevated their greenback quantity year-over-year.

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

Related 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 Dwelling Loans, loanDepot, and Truist.

This listing will likely 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 give attention to buy enterprise transferring ahead.

It’s fascinating to see two dwelling builders within the top-10 listing, a rarity up till lately with present provide now grappling with the mortgage charge lock-in impact.

High Mortgage Lenders in Florida (for Dwelling Refinances)

Whereas Rocket misplaced out to UWM within the dwelling 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, almost double UWM’s $3.7 billion tally.

After all, 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 previous Countrywide personnel) got here in sixth.

Freedom Mortgage, which had been the highest VA mortgage lender within the nation, might 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.

High Mortgage Lenders in Jacksonville

High Mortgage Lenders in Miami

High Mortgage Lenders in Orlando

High 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 dwelling loans final yr within the state of Florida.

That made them large 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 might nonetheless achieve this with out utilizing one of many corporations 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 dwelling 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 might do shouldn’t be 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 you should definitely put within the time whichever firm you select.

(picture: Marcin Wichary)