Top Mortgage Lenders in Florida
Now it’s time to take a look at the top mortgage lenders in Florida based on 2021 volume.
The Sunshine State is the biggest mortgage market outside of California, with about a 7% share of the national market.
In 2021, roughly $350 billion in home loans were originated there during what was a banner year for mortgage lenders.
Let’s take a look at which lenders dominated the state, broken down by different categories.
As I always say, biggest doesn’t necessarily mean best, but it’s good to know who the players are.
Top Mortgage Lenders in Florida (Overall)
| Ranking | Company Name | 2021 Loan Volume |
| 1. | Rocket Mortgage | $22.4 billion |
| 2. | UWM | $18.6 billion |
| 3. | Wells Fargo | $16.7 billion |
| 4. | Pennymac | $10.6 billion |
| 5. | Chase | $10.1 billion |
| 6. | Freedom Mortgage | $8.7 billion |
| 7. | Caliber Home Loans | $8.5 billion |
| 8. | loanDepot | $7.4 billion |
| 9. | Newrez | $6.9 billion |
| 10. | Truist | $6.5 billion |
Unsurprisingly, Rocket Mortgage was the top mortgage lender in the state of Florida last year, per HMDA data visualized by Richey May.
I say that because they are also #1 nationally and have been for a while now.
They are also the top lender in most states throughout the nation, other than a few like Minnesota and Nebraska.
Anyway, Rocket (formerly known as Quicken Loans) managed to fund $22.4 billion in Florida last year, which is about a six percent market share.
Per usual, they beat out their local rival United Wholesale Mortgage (UWM), which originated $18.6 billion.
Coming in third was Wells Fargo with $16.7 billion, impressive given their ongoing mortgage scandals.
Big correspondent lender Pennymac, which was created by Countrywide executives, came in fourth with $10.6 billion.
Completing the top five was Chase with $10.1 billion in funded home loans during the year.
Others in the top-10 list included Freedom Mortgage, Caliber Home Loans, loanDepot, Newrez, and BB&T Bank, now known as Truist thanks to their merger with SunTrust.
Unlike the top mortgage lenders in California, only three of the top 10 were depository banks, with the rest nonbank lenders.
That’s an interesting takeaway as lenders will face a much tougher year in 2022 thanks to higher mortgage rates.
Top Mortgage Lenders in Florida (for Home Purchases)
| Ranking | Company Name | 2021 Loan Volume |
| 1. | UWM | $10.3 billion |
| 2. | Wells Fargo | $9.6 billion |
| 3. | Chase | $5.5 billion |
| 4. | Caliber Home Loans | $5.3 billion |
| 5. | Rocket Mortgage | $5.2 billion |
| 6. | Pennymac | $5.0 billion |
| 7. | CrossCountry Mortgage | $4.5 billion |
| 8. | U.S. Bank | $3.8 billion |
| 9. | Newrez | $3.4 billion |
| 10. | Amerihome Mortgage | $3.3 billion |
Now let’s fine-tune the list to only look at home purchase loans, those reserved for home buyers as opposed to existing homeowners.
Topping this list was UWM, whose $10.3 in home loan volume beat out Wells Fargo’s $9.6 billion.
As seen above, that pair held the second and third spots in the overall list, with Rocket falling out of the top four on this list.
Chase gained a couple spots in the home purchase list, rising to third with $5.5 billion, well below the two heavy hitters.
Similar volume was seen by Caliber Home Loans with $5.3 billion, and Rocket Mortgage with $5.2 billion.
The rest of the best included Pennymac, CrossCountry Mortgage, U.S. Bank, Newrez, and Amerihome Mortgage.
This list will be increasingly important as the mortgage market shifts toward purchase lending.
For context, the refinance share of mortgage applications hit 29.6% last week, per the Mortgage Bankers Association. So lenders will want to focus on purchase business moving forward.
Top Mortgage Lenders in Florida (for Home Refinances)
| Ranking | Company Name | 2021 Loan Volume |
| 1. | Rocket Mortgage | $16.8 billion |
| 2. | UWM | $8.3 billion |
| 3. | Freedom Mortgage | $7.1 billion |
| 4. | Wells Fargo | $6.5 billion |
| 5. | Pennymac | $5.6 billion |
| 6. | loanDepot | $4.6 billion |
| 7. | Nationstar (Mr. Cooper) | $3.7 billion |
| 8. | Newrez | $3.5 billion |
| 9. | Chase | $3.5 billion |
| 10. | Caliber Home Loans | $3.2 billion |
While Rocket lost out to UWM in the home purchase lending list, they reclaimed the top position when it came to mortgage refinances.
The Detroit-based lender originated $16.8 billion in refinance loans in Florida last year, more than double UWM’s $8.3 billion.
In third was Freedom Mortgage with $7.1 billion, which was the top VA loan lender in the country.
Wells Fargo also managed to grab the fourth spot here with $6.5 billion, while Pennymac snagged fifth with $5.6 billion.
Others in the top-10 included loanDepot, Nationstar Mortgage (now Mr. Cooper), Newrez, Chase, and Caliber Home Loans.
Chase and Caliber were pretty low on the refi list, illustrating their focus on home purchase lending.
Should You Use One of the Largest Mortgage Lenders in Florida or Go Local?
Now aside from all the lenders mentioned, there were dozens more that originated several billion in home loans last year in the state of Florida.
That made them big names, despite not making the top-10 rankings. Examples include FBC Mortgage, The Mortgage Firm, and many others.
So if you want to get your mortgage from a big name, you could still do so without using one of the companies listed above.
At the same time, you might be perfectly happy going with a Florida-based credit union or a local mortgage broker.
At the end of the day, everyone has different preferences that will dictate where they get their home loan.
None of these options are necessarily better than others, they’re just different, as long as the company is financially sound and competent.
The only disservice you could do is not take the time to speak to several different lenders before deciding on one.
Comparison shopping is an absolute must when obtaining a mortgage, so be sure to put in the time whichever company you choose.
(photo: Marcin Wichary)
Comments are closed.