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These statistics are not included in your account. As you may have guessed, Rocket Mortgage returned to first place, surpassing its former adversary, Wells Fargo. Major correspondent lender Pennymac ranked sixth, followed by U.S., S. Bank, Freedom Mortgage, Homepoint and Newrez.
This list will most likely look quite different after remaining fairly stable, thanks to much higher mortgage rates. That will tip the balance toward homebuying loans, which not all banks specialize in. While Wells Fargo is no longer at the top of the overall ranking, it remains the trusted choice for homebuyers across the country. Pennymac, Fairway Independent Mortgage, Caliber Home Loans, Guaranteed Rate and LoanDepot made up the rest of the best in this category.
However, we may see a greater effort on the part of the big players to move on to buying, knowing that refinancing applications will not be what they were in recent years. In fact, approximately 83% of its total production consisted of reforms, which we all know will not continue to flow as they have with mortgage rates that are now close to 5.5%. Pennymac, Homepoint, Nationstar and Newrez completed the top ten list. Nationstar has also had quite a few surcharges, with around 77% of production coming from these loans.
As noted, since mortgage rates are much higher, refinancing with rates and terms will be difficult to obtain, and even refinancing with cash withdrawals will be difficult to sell. I always take the time to differentiate between the best and the best, since the two are not always synonymous. It's interesting to know who originated the most mortgage loans in a given year, but this isn't necessarily a customer satisfaction list. Sure, you can have a great experience with one of the largest mortgage lenders in the country.
But there are also countless smaller companies that are also perfectly good options, including family mortgage brokers. Ultimately, it will all come down to preferences and, if you're a homebuyer, perhaps who your agent will recommend. The key, whatever path you choose, is to spend time comparing and researching lenders. That way, you'll know if there's a better deal or simply a better option.
Some people may prefer the personal touch of a mortgage broker, while others may feel comfortable using an important family name to get their home loan. There is no universal right answer as long as you do your due diligence. Market capitalization, also known as market capitalization or market value, refers to the total dollar value of the shares of a publicly traded company. To determine the market capitalization of a company, it is sufficient to multiply the total number of its outstanding shares by the current market price per share.
For this reason, we have chosen the current market capitalization as a metric to determine which are the most stable and largest mortgage lenders on the international scene. Locally, BofA has more than 4,600 retail financial centers in each state and 16,200 ATMs. The bank currently has 1,209 branches that serve approximately 10 million bank account holders and borrowers. It also has 41 branches and more than 3,000 employees in the Caribbean.
Bank of the West has more than 530 branches in the western and midwest of the United States, and about 1.8 million customers across the country. It is also dedicated to real estate markets and funding specialized clients, such as churches, agricultural companies and marine or recreational vehicles. The merger created the sixth largest bank in the U.S. UU.
by assets and the fourth in the world in terms of market capitalization. Today, Truist Bank operates more than 2,000 branches in Washington, DC. Its main financial services include personal and corporate banking, credit cards, wealth management, real estate and mortgage loans, securities brokerage and insurance products. Like BNP Paribas, MUFG is the product of another merger.
Formerly Mitsubishi Bank, Ltd. After the Asian financial crisis of 1997, the BCA sought assistance from the Indonesian government and later went public to recover. The National Bank of Qatar (QNB Group) is the largest bank in Qatar based on total assets, deposits and loans. Founded in 1964, QNB was the country's first nationally owned commercial bank and eventually became the largest in the Middle East and Africa (MEA) region.
QNB Group has expanded its operations to 31 countries on three continents, offering a wide range of banking and lending services to individual and corporate clients. Standard Chartered is a British multinational bank and financial company with global operations. Including subsidiaries and associates, it has more than 1200 branches in more than 70 countries. As a private company, it is jointly owned by large financial institutions such as the Zhejiang Financial Development Corporation and Travelers Automobile Group.
Founded in 2004, it now has 108 branches in major cities in mainland China. It was founded in 1938 during the Great Depression with the purpose of providing liquidity to the country's mortgage financing system. Before that, qualifying for a mortgage required you to make a down payment of 50% or more. Like Freddie Mac, Fannie Mae buys loans granted by private firms, packages them in mortgage-backed securities, and ensures the timely repayment of interest and capital to outside investors.
The change highlights both the aggressive growth of non-bank lenders and the decline in the interest of some traditional banks in the origination of mortgages. Mortgage rates have been volatile in recent months, but the list of the most active mortgage lenders remained stable last year. Both megabanks served borrowers with high mortgage balances, reflecting a focus on mortgages as part of their overall services to their best customers. When lenders rank by volume in dollars rather than by the number of loans originated, PennyMac and Fairway Independent Mortgage fall out of the top 10. If you follow up, 3 out of 10 people you see on the sidewalk got their mortgage from one of the top 10 lenders.
Unlike other institutions on this list, Fannie Mae doesn't directly originate mortgages for homebuyers who need financing. Over the past decade, the bank also launched several home and consumer lending products called Zhe Mortgage Loan. As a mortgage servicer, the company also competes directly with the retail banking divisions of U.S. mega-banks such as JPMorgan Chase, Wells Fargo and Citigroup.
It is the largest banking group in Europe and the seventh largest bank in the world in terms of total assets. . .