Monday, September 26, 2022
HomeMortgagePrime Mortgage Lenders in Texas

Prime Mortgage Lenders in Texas


As we speak we’ll check out the highest mortgage lenders in Texas based mostly on their annual manufacturing final yr.

They are saying every thing is greater in Texas, and that’s true with regards to their mortgage lending quantity relative to 47 different states.

Solely California and Florida are greater when the topic is doling out dwelling loans.

The Lone Star State accounted for about six % of nationwide dwelling mortgage quantity, originating roughly $375 billion in 2021.

Let’s discover out who the highest lenders had been within the state in a number of totally different classes.

Prime Mortgage Lenders in Texas (General)

Rating Firm Title 2021 Mortgage Quantity
1. Rocket Mortgage $18.7 billion
2. Chase $15.5 billion
3. Wells Fargo $13.8 billion
4. Pennymac $8.8 billion
5. Freedom Mortgage $8.7 billion
6. Lakeview Mortgage Servicing $8.6 billion
7. United Wholesale Mortgage $8.4 billion
8. Amerihome Mortgage $7.9 billion
9. Homepoint $7.1 billion
10. Fairway Unbiased $6.7 billion

Yep, Rocket Mortgage did it once more, topping the general rankings in Texas with $18.7 billion in dwelling mortgage quantity in 2021, per HMDA information from Richey Might.

They had been additionally primary within the states of California and Florida, so it’s no shock they took Texas too.

The Detroit-based lender, previously referred to as Quicken Loans, led the way in which in about 20 states nationwide.

Coming in second was JP Morgan Chase with $15.5 billion, a robust displaying for a depository financial institution.

I say that as a result of nonbank mortgage lenders are all the craze as of late, with brick-and-mortar banks typically taking a again seat.

One other financial institution, Wells Fargo, took third with $13.8 billion in dwelling mortgage quantity, regardless of all their scandals.

And a pair of nonbanks rounded out the top-5, together with Pennymac with $8.8 billion and Freedom Mortgage with $8.7 billion.

Others within the top-10 included Lakeview Mortgage Servicing, United Wholesale Mortgage, Amerihome Mortgage, Homepoint, and Fairway Unbiased Mortgage.

Prime Mortgage Lenders in Texas (for House Purchases)

Rating Firm Title 2021 Mortgage Quantity
1. Chase $8.6 billion
2. Wells Fargo $6.6 billion
3. Lakeview Mortgage Servicing $6.4 billion
4. Fairway Unbiased $4.6 billion
5. Amerihome Mortgage $4.5 billion
6. Rocket Mortgage $4.4 billion
7. UWM $4.2 billion
8. DHI Mortgage $4.2 billion
9. Pennymac $4.2 billion
10. Cornerstone House Lending $4.0 billion

Now let’s flip our consideration to dwelling buy lending, which has shortly turn into the main target for just about all mortgage lenders.

Merely put, 6% mortgage charges imply it’s much more tough to drum up refinance enterprise. Thus, lenders are concentrating on dwelling consumers.

In 2021, lenders in Texas had a few 55%/45% buy to refi share. This may doubtless skew to the previous much more in 2022.

Chase held the highest spot final yr with $8.6 billion in dwelling buy loans within the state, beating out fellow financial institution Wells Fargo with $6.6 billion.

Not far behind was Lakeview Mortgage Servicing with $6.4 billion. Because the identify implies, the corporate is each a lender and a mortgage servicer.

Fairway Unbiased Mortgage and Amerihome Mortgage took the fourth and fifth spots with $4.6 and $4.5 billion.

Then we had Rocket, UWM, DHI Mortgage (which is dwelling builder D.R. Hortons’s financing division), Pennymac, and Cornerstone House Lending.

Prime Mortgage Lenders in Texas (for Mortgage Refinances)

Rating Firm Title 2021 Mortgage Quantity
1. Rocket Mortgage $14.1 billion
2. Freedom Mortgage $7.5 billion
3. Wells Fargo $6.6 billion
4. Chase $6.5 billion
5. Pennymac $4.6 billion
6. Homepoint $4.6 billion
7. Nationstar $4.6 billion
8. UWM $4.2 billion
9. loanDepot $3.5 billion
10. Amerihome Mortgage $3.4 billion

Lastly, we’ve received mortgage refinances, that are reserved for present owners.

Debtors take out these kind of loans for both a decrease charge (charge and time period refinance) or to faucet fairness (money out refinance).

Rocket Mortgage blew away the competitors on this class with $14.1 billion in mortgage origination quantity.

No person else was even shut, with second place Freedom Mortgage solely capable of muster $7.5 billion.

It then dropped off much more with Wells Fargo’s $6.6 billion and Chase’s $6.5 billion, adopted by Pennymac’s $4.6 billion.

Others within the top-10 included Homepoint, Nationstar (Mr. Cooper), UWM, loanDepot, and Amerihome Mortgage.

Go Huge or Go House in Texas?

Each time I write concerning the largest mortgage lenders in a sure state, I do my greatest to separate measurement from high quality.

Or at the least level out that they’re two distinctive issues, regardless of “high” and “largest” getting used interchangeably.

For some, high means very best quality, whereas largest means, properly, largest.

After all, these two issues can go hand in hand, so it’s not all the time straightforward to distinguish.

Should you take a look at the lists above, only a few of the mortgage corporations talked about are headquartered in Texas.

I imagine solely Nationstar (Mr. Cooper), D.R. Horton’s DHI Mortgage, and Cornerstone House Lending are Texas-based corporations.

The remaining are nationwide mortgage lenders that do a number of enterprise within the state of Texas.

So in the event you want a homegrown lender, you might wish to look elsewhere, comparable to an area financial institution, credit score union, or mortgage dealer.

However you might need an exquisite mortgage expertise working with one of many largest mortgage lenders in Texas too.

Regardless, the necessary factor is to assemble a number of quotes to make sure you don’t miss out on a greater deal elsewhere.

That is very true in right this moment’s mortgage market, the place charges can fluctuate extensively from one lender to the following.

(photograph: Marcin Wichary)

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