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Top 10 Banks for Home Mortgage Loans

Updated on January 7, 2011
Wells Fargo is a top choice among people seeking home mortgages
Wells Fargo is a top choice among people seeking home mortgages

Which bank should you select if you are interested in getting a home mortgage loan this year? The answer depends on many factors including your own personal credit, where you’re already banking and what type of mortgage loan you’re hoping to get. That said, one of the factors that you might want to take into consideration is where other people are getting their mortgages. After all, if a lot of people are choosing to get their mortgages from a specific bank then it suggests that people are happy with that lender. The lender may be offering good rates, easy-to-get-loans or top notch customer service. Whatever the reason that people like it, if a lot of borrowers are turning to one company then it’s at least worth taking a look at that company to see if they can offer a home mortgage that is right for you.

The Truth About Mortgage blog has reported that the top ten banks based on number of loans in the third quarter of 2010 were:

1.     Wells Fargo and Company. This popular bank headquartered in San Francisco had more than one quarter of the market for home loans during the period reported on. In the third quarter of 2010 alone they closed nearly half a million home loans. That’s a lot of people who are putting their trust in this bank when it comes to home mortgages. That’s something worth paying attention to when you’re seeking out the best bank for your own home loan.

2.     Bank of America. This bank (headquartered in Charlotte, North Carolina) didn’t offer quite as many home loans as Wells Fargo but it came fairly close with more than one fifth of the market share during the time reported on. One important thing to note however is that a lot of people turned away from this bank for home mortgages in 2010 as compared to 2009. They had a 27% decrease in the number of mortgages closed in the third quarter of 2010 compared to the third quarter of 2009. This suggests that there may be some reason that people are no longer as interested in getting their mortgage loans from this bank and therefore loans from this bank should be reviewed carefully in order to determine whether or not they may be right for you.

3.     Chase Bank. Slightly less than ten percent of the market share for home loans went to Chase Bank. That’s still a large percent of people who are choosing to get their mortgages from this large bank that is headquartered in New Jersey. Like Bank of America, Chase Bank also saw a decrease in their loans between 2009 and 2010 although the amount wasn’t as drastic. There was approximately a 12% change in the numbers for this bank. Again, that’s something to be aware of when selecting the bank that is right for you.

4.     Ally Bank / Residential Capital, LLC. (GMAC). This bank headquartered in Bloomington, Minnesota had about 5 percent of the market share for home loans. This means that in the third quarter of 2010 they closed more than 85,000 home loans. That is 85,000 customers that felt like this was the right bank to select for getting their home mortgage. The actual number of loans this bank closed in the third quarter of 2010 is 17% higher than the number closed in the third quarter of 2009, which suggests that the bank is doing something right when it comes to their home mortgage loans.

5.     U.S. Bank Home Mortgage. This is another bank headquartered in Bloomington and it also had approximately five percent of the market shared for the time reported on.

6.     CitiMortgage, Inc. this bank headquartered in Missouri closed nearly 80,000 home mortgage loans during the third quarter of 2010.

7.     PHH Mortgage. This New Jersey bank only had about three percent of the market share for the time reported on but it’s growing rapidly with a 35% increase in the number of mortgage loans that it made available in the third quarter of 2010 compared to the number it closed in the same quarter the year prior. That means that it’s a bank to pay attention to because a lot of people are taking a strong interest in it right now.

8.     Branch Banking and Trust Company. In contrast to PHH Mortgage, this North Carolina bank saw a small drop in terms of the number of loans it closed in the third quarter 2010 as compared to the 2009 third quarter. Nevertheless, more than 44,000 home mortgages were issued during the third quarter 2010 so people clearly still have an interest in utilizing this bank to get their home loans.

9.     Quicken Loans Inc. This Michigan based company saw an even larger increase in the number of loans they closed than PHH Mortgage did. In the third quarter of 2009 the company only closed 24,762 loans. The number for the third quarter of 2010 was over 40,000. That’s a 65% increase, which strongly suggests that it’s a company to consider as an option for your own home mortgage.

10. Flagstar. Coming in tenth on the list with a market share of 2% is this Michigan based bank.

Note that this information doesn’t take into consideration the type of home mortgage loan that is being chosen at these banks. It is always important to look carefully at the terms of your own home mortgage options in order to select the lender that will offer you the loan that is truly right for you.

Comments

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  • fdoleac profile image

    fdoleac 

    7 years ago from Hollis, New Hampshire

    The big lenders have shown that they have difficulty with processing loans and underwriting to a commitment. I believe they must be understaffed.

  • ocbill profile image

    ocbill 

    7 years ago from hopefully somewhere peaceful and nice

    I have some old notepads from WAMU; a huge failed bank. pretty cool, unless you had a loan here. They were "thee place" for a home loan years back.

  • Simone Smith profile image

    Simone Haruko Smith 

    7 years ago from San Francisco

    Most interesting! I did not know that Wells Fargo HQ was in SF! Thanks for sharing the ranking.

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