Rocket Mortgage, United Wholesale Mortgage and loanDepot are three of the most prominent mortgage lenders in the United States and also happen to be financial institutions that are not banks.
Non-bank mortgage lenders represent a large portion of mortgage loans. Nineteen top mortgage lenders are not banks, other financial institutions, or credit unions.
The top lenders were accountable for closing 48% of mortgages and 51 per cent of Mortgage refinance loans in 2023. According to Federal Financial Institutions Examination Council, they offered 18 million mortgages in the year.
Check out this article for a deeper look at the largest mortgage firms.
How do Mortgage Interest Rates Are Designed?
Your Mortgage’s interest rate is the annual price of the loan in the percentage of the loan amount. This does not take into account the cost of fees or other charges. A rate of interest of 5% on a mortgage indicates that you’ll have to pay 5% of your loan interest every year. The Mortgage will also have an annual percentage representing your interest rate and additional charges like many closing expenses, including discount points and origination costs.
Interest rates on mortgages are either fixed or variable. The choice of whether a fixed or variable-rate mortgage is the best will depend on the market, your financial situation, and the many years you’ll be keeping the Mortgage.
The reason we picked this particular company: Rocket Mortgage (NMLS: #3030) was previously referred to by the name of Quicken Loans, stands out by its excellent customer service. All customers in the 50 states can manage their loans online. However, they can also speak to one of its 3,000+ mortgage bankers 24 hours daily.
Additionally, Rocket services 99% of mortgages they originate rather than handing over customers to a third party as typical in the business. Customers receive consistent service from start to finish.
Don’t trust us: Rocket ranked first in customer satisfaction according to J.D. Power’s 2022 U.S. Mortgage Origination Satisfaction Study.
Rocket is the most prestigious retail lender in the United States in terms of loan volume. It offers various loan options, including traditional mortgages, FHA, VA, and the jumbo loan. Apart from the typical 30- and 15-year terms for mortgages, The lender also offers flexibility between 8 and 29 years via its unique Yourgage program.
United Wholesale Mortgage
United Wholesale Mortgage (formerly United Shore Financial Services), located in Pontiac, Michigan, is the second-largest mortgage originator and the most significant wholesale bank in the U.S. It doesn’t provide consumer-facing mortgages. It only works through independent mortgage brokers. UWH employs more than 8,500 workers and is present in every state and District of Columbia. It reported in 2022, the loan volume was $127.3 billion.
Wells Fargo & Company is the fourth-largest U.S. mortgage lender. The company reported $108 billion of mortgage loan originations. The headquarters are in San Francisco, California; Wells Fargo employs about 260,000 individuals and operates more than 5,500 branches and 13,000 ATMs nationwide. On April 20, 2023, the business had a market value of $160 billion.
Do I have to rely on the Big Household Name for a Lender in order to obtain my Mortgage?
It is my habit to take time to distinguish between the biggest and the best. The two don’t necessarily mean the same thing.
It’s intriguing to see which companies originated the most mortgages in one year, but it’s not an exact list of customer satisfaction ratings.
You will enjoy a wonderful experience with one of America’s biggest mortgage lenders.
However, many smaller firms are excellent alternatives, like mom-and-pop mortgage brokers.
Ultimately, it comes up to personal preference, or the agent suggests if you’re a purchaser.
Which are the top home loan lenders?
Ascent offers a list of the top mortgage providers regardless of whether you’re seeking the most straightforward online application process, V.A. loans, excellent customer service and many other requirements.
The Final Line
Finding the perfect creditor and lender can be difficult. Conducting research and education before beginning this process can give you greater confidence when approaching brokers and lenders. You may need to undergo the process of pre-approval with several lenders to evaluate the mortgage rates, terms, and products. Make sure you have your paperwork organized. Openly discuss any problems you face with your credit savings or income so that brokers and lenders can offer options that are best for you.