Deciding to apply for a mortgage is an important decision and a major step to take when it comes to becoming a homeowner. In times of uncertainty and the virus crisis, existing mortgage borrowers are struggling to cover their mortgage rates. However, mortgage services are offering forbearance options for those who had lost their jobs or have been affected by the crisis in different ways. Where to apply for a mortgage and what are some of the top service providers in this sector?
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HMDA Data by iEmergent Ranks the US Top Mortgage Lenders
The Consumer Financial Protection Bureau released the annual data for 2018, collecting valuable information from the Home Mortgage Disclosure Act. The HDMA noted a difference between mortgage lenders’ data in 2017 and data in 2 018. Changes were specifically noted in open-ended and close-ended home equities. The data does not include multifamily homes, repurchases, and manufactured homes. The provided data accounts for single-family homes. Here is the list of the top mortgage providers based on the HDMA data.
Quicken Loans
The total number of loans at Quicken Loans brought the servicer to the first place on the list according to the report made by HDMA. Share of total origination volume was set at 4.7% with a rank in the total number of loans set at 1. The total number of given loans for 2018 was set at 375,656.
Wells Fargo Mortgages
Share of total origination volume for Quicken Loans was 4.8% following rank in the total number of loans as the second top mortgage providers. Wells Fargo had a total number of loans set at 258,762.
Bank of America
Share of total origination volume for Bank of America was set at 3,2%, ranked as the third top lender in the number of loans. The total number of loans for 2018 was worth over 55 million dollars. Bank of America provided 192,652 loans for US borrowers.
