Home Topics Real Estate The top 10 independent mortgage brokers are gaining market share

The top 10 independent mortgage brokers are gaining market share

Mortgage brokers claimed more than 20 percent of the market share for the first time in over a decade, and these 10 companies top the list according to a ranking published by the Association of Independent Mortgage Experts.

Six of the ten largest independent mortgage brokers in the country are headquartered in California and Arizona, and all are west of the Mississippi. This comes from rankings published by the Association of Independent Mortgage Experts (AIME).

AIME’s broker rankings are based on credit production data from third-party data sources that have been verified by MMI. The top 10 independent mortgage brokers, ranked by loan volume in 2020, were:

  1. C2 Financial (San Diego, California; licensed in 10 states): $ 10,568,086,977
  2. NEXA Mortgage (Chandler, Arizona; licensed in 47 states): $ 3,886,074,348
  3. Answer Home Loans (Granite Bay, California; Licensed in California): $ 2,300,000,000
  4. Edge Home Finance (Edina, Minnesota; licensed in 15 states): $ 1,886,388,282
  5. Bayview Residential (Campbell, Calif .; licensed in California, Hawaii, Oregon, and Washington): $ 1,183,363,990
  6. Price Mortgage (Gilbert, Arizona; Licensed in Arizona, California, Minnesota, New Mexico, Ohio, Oregon, and Texas): $ 927,127,417
  7. Simplify Home Loans LLC (American Fork, Utah; licensed in 17 states): $ 809,784,449
  8. Vertex Financial Group LLC (Highlands Ranch, Colorado; licensed in 12 states): $ 733,288,847
  9. Altius Mortgage (Draper, Utah): $ 650,918,883
  10. Lund Mortgage Team (Glendale, Arizona): $ 515,780,604

It is the second year AIME publishes the national rankings to promote mortgage brokers and help them increase their market share.

Motgage brokers fell out of favor after the 2007-2008 mortgage collapse as many traditional banks closed their wholesale lending businesses. According to CoreLogic, the market share of mortgage brokers fell from 32.1 percent in October 2007 to 5.9 percent in October 2011. Mortgage brokers have since reclaimed their market share, climbing above the 20 percent mark for the first time in over a year Decade in January 2021.

Mortgage Brokers Market Share, 2007-2021

Mortgage Brokers Market Share in Conventional Compliant Loans. Source: CoreLogic TrueStandings

“AIME is committed to recognizing the great work independent mortgage brokers have done over the past year in expanding consumer access to home ownership,” said Katie Sweeney, CEO of AIME, in a statement. “We expect broker rankings to get bigger every year as the wholesale channel continues to grow and more originators and support staff join the broker community.”

Independent non-bank mortgage lenders who do some or all of their business through mortgage brokers have also stolen market share from traditional banks such as Wells Fargo, Chase, Bank of America, and US Bank.

According to the latest data from the Home Mortgage Disclosure Act, in 2020 six of the top ten mortgage lenders in the country were non-banks: Rocket Mortgage, United Wholesale Mortgage, LoanDepot, Freedom Mortgage, Caliber Home Loans, and Fairway Independent Mortgage Corp.

Email Matt Carter

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