Best Home Loan: The mortgage industry has seen big changes lately. United Wholesale Mortgage is now the number one lender in the United States. They have taken this spot from Rocket Mortgage. This shift shows how important it is to keep track of trends in the mortgage market.
Key Takeaways
- United Wholesale Mortgage took the top spot, making 294,000 loans worth nearly $108.5 billion in 2023.
- Rocket Mortgage dropped to second place, with almost 289,000 loans worth $78 billion.
- LoanDepot, which was once third, now ranks tenth.
- This change underlines the value of keeping updated on market trends.
- It’s crucial for borrowers to look around and compare different lenders to find what’s best for them.
The Shake-Up in the Mortgage Industry
Recent data shows big changes in the mortgage world. According to Bankrate, United Wholesale Mortgage is now the top mortgage lender in the U.S. It beat the former leader, Rocket Mortgage.
United Wholesale Mortgage Tops the List
Last year, United Wholesale Mortgage led by funding 294,000 loans valued at almost $108.5 billion. They reached this major milestone in providing for home buyers and homeowners. It proves their strength in offering the best mortgage rates and loan options.
Rocket Mortgage Falls to Second Place
Former leader Rocket Mortgage is now in second place. They issued around 289,000 loans totaling $78 billion. This change reflects the enduring competition in the mortgage market.
LoanDepot Drops from Third to Tenth Position
LoanDepot also saw a big change, dropping to tenth place from third. This highlights the importance of keeping up with the mortgage market‘s fluid nature and meeting borrowers’ demands.
The Top 10 Largest Mortgage Lenders by Originations
The Bankrate analysis looked at the Home Mortgage Disclosure Act (HMDA) data for 2023. It shows who the top 10 biggest mortgage lenders were in terms of originations.
| Rank | Lender | Loans Originated | Loan Volume (in billions) |
|---|---|---|---|
| 1 | United Wholesale Mortgage | 294,000 | $108.5 |
| 2 | Rocket Mortgage | 289,000 | $78.0 |
| 3 | Bank of America | 232,000 | $73.4 |
| 4 | Wells Fargo | 210,000 | $62.5 |
| 5 | U.S. Bank | 189,000 | $55.3 |
| 6 | JPMorgan Chase | 181,000 | $54.2 |
| 7 | Guaranteed Rate | 169,000 | $52.1 |
| 8 | PNC Bank | 142,000 | $41.6 |
| 9 | Fairway Independent Mortgage | 137,000 | $40.3 |
| 10 | LoanDepot | 135,000 | $37.4 |
United Wholesale Mortgage has now taken the lead from last year’s winner, Rocket Mortgage. Also, more traditional banks like Bank of America and PNC Bank have moved up in the list.
Traditional Banks Re-Emerge in Mortgage Lending
A new study by Bankrate shows that traditional banks are back as key mortgage lenders. After a time when non-bank lenders were more common, this is big news. Bank of America, U.S. Bank, PNC Bank, and Citizens Bank made it into the top 10 for most mortgage loans given out in 2023.
Bank of America Makes the Top Three
Bank of America is leading the way among traditional banks, now ranking third in mortgage lending. This is a big change, as non-banks used to be at the top. It’s a sign of the changing mortgage market.
U.S. Bank and PNC Bank Among the Top 10
Both U.S. Bank and PNC Bank have also seen success, making it into the top 10. This shows the mortgage market is always evolving. Traditional banks are clearly fighting back for customers.
Evaluating the Best Mortgage Lenders
Bankrate’s expert review highlights the top mortgage lenders for specific needs. These needs are straight to the point.
Ally: Best on a Budget
Ally Bank is great if you’re on a tight budget. They have a simple mortgage application. They also offer low interest rates and no origination fees. Ally focuses on conventional loans. This means it’s perfect for those trying to lower their loan costs. Their digital services and good rates make them a top pick for home buyers.
Better: Best for FHA Loans
Better Mortgage shines for those needing government-backed loans like FHA. It has a quick and clear application process. Better provides different loan types, including FHA, VA, and jumbo loans. They are known for helping buyers with various credit scores and guiding those with unique financial needs.
Bank of America: Best for Closing Cost Assistance
Need help with closing costs? Bank of America is a top choice. It has many programs that offer grants and credits. This can help with a home purchase‘s upfront costs. Bank of America also has local support and a strong customer service reputation. For a smooth mortgage process, they’re a reliable pick.
Also Read: First Time Car Buyer Loan Essentials & Tips
USAA: Best for Low Origination Fees
USAA is named the top pick for those wanting a mortgage with low fees. They have relaxed credit score needs and allow half of the loan for fees. This makes getting a home loan more budget-friendly for many.
This lender moves quickly, closing loans in 30 to 45 days. Such speed helps buyers or those refinancing to get things done fast. With a focus on low fees, USAA becomes very appealing for those wanting to save on starting expenses for their home loan.
If you’re buying a home for the first time, refinancing, or exploring mortgage options, USAA’s low fees and quick process could be perfect. Their approach aims to lower costs and smooth the loan process for customers.
FAQs
Q: Who are the top best home loan lenders in the US?
A: The top best home loan lenders in the US can vary based on factors such as mortgage rates, loan types, credit scores, and individual preferences. Some popular lenders known for competitive rates and excellent customer service include Wells Fargo, Quicken Loans, Chase, and Bank of America.
Q: How can I get the best mortgage rate?
A: To get the best mortgage rate, it’s important to have a good credit score, shop around and compare rates from different lenders, consider different loan types, and possibly consider factors like adjustable-rate mortgages or points to lower the rate further.
Q: What are mortgage rate trends?
A: Mortgage rate trends refer to the historical movement of mortgage interest rates over time. By monitoring trends, borrowers can make more informed decisions about when to lock in a rate or refinance based on where rates are headed.
Q: What factors can affect my monthly mortgage payment?
A: Several factors can affect your monthly mortgage payment, including the loan amount, interest rate, loan term, type of loan, presence of mortgage insurance, property taxes, and homeowners insurance. Understanding these factors can help you calculate and budget for your monthly payments accurately.
Q: How can I compare current mortgage rates?
A: You can compare current mortgage rates by requesting loan estimates from multiple lenders, using online comparison tools, working with a mortgage broker, or contacting individual lenders directly for rate quotes. It’s essential to compare rates along with other loan terms to find the best offer for your situation.
Q: What is an adjustable-rate mortgage?
A: An adjustable-rate mortgage (ARM) is a type of home loan where the interest rate can change periodically based on market conditions. Typically, ARMs have an initial fixed-rate period followed by adjustable rate changes that can result in either higher or lower monthly payments.
Q: How does a VA loan differ from other types of home loans?
A: A VA loan is a type of mortgage guaranteed by the U.S. Department of Veterans Affairs, designed to help eligible veterans, service members, and their families buy a home with favorable terms. VA loans often require no down payment, lower interest rates, and do not require private mortgage insurance.
