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For the first time Scotsman Guide and Ask a Lender have partnered to present the
Best Mortgage Lenders rankings. Individual mortgage brokers and bankers are ranked
in their respective cities and states by the total number of residential loans they closed
in 2017. More than 3,200 entrants submitted their data for the list from more than
850 U.S. cities. These loan officers represented about 400 companies across America.
Verification materials were requested from every entrant who originated at least
100 loans in 2017. To be included in the final list, each entrant had to supply a 2017
production report along with written verification of that report from a certified public
accountant, the company’s chief financial officer or a similar authoritative source.
More than 85 percent of the entrants qualified by this metric. The final list of veri-
fied entrants includes 2,503 mortgage lenders. The complete rankings are available
online and searchable by city and state at www.askalender.com. The list on Page 80
— presented courtesy of Ask a Lender — is a snapshot of the larger list and shows
which lenders ranked No. 1 in each state (except Alaska and Montana) plus the
Stats and analysis
District of Columbia.
The 2,503 lenders in the Best Mortgage Lenders 2018 rankings originated 452,804
residential mortgage loans in 2017 (including purchase and refinance loans as well
as HELOCs, or home equity lines of credit). That is an average of almost 181 loans per
lender, or 15 loans every month throughout the year.
The total loan volume of the complete Best Mortgage Lenders 2018 list was
$122.42 billion, or an average of almost $49 million per lender. The average loan size
of these 2,503 lenders was $270,383, which is fairly representative of the U.S. market
at large. As of this past December, the median sales price of an existing home in
Top States by Average Loan Size
the U.S. was $246,500, according to the National Association of Realtors, while the
median sales price of a new home was $335,400, according to the U. S. Census Bureau.
The state with the highest average loan size, unsurprisingly, was Hawaii. The
average loan size of the Best Mortgage Lenders who work in the Aloha state was
nearly $500,000 per loan. Hawaii was followed by Washington, D.C., where the
average loan size of lenders in the Best Mortgage Lenders 2018 rankings was more
than $450,000. The other states with the highest average loan size were New York,
California and Massachusetts.
California topped all other categories ranked on the Best Mortgage Lenders 2018
list: total number of lenders on the list (283), total loans originated (50,302) and
total volume ($20.08 billion). In fact, California’s total loan volume is almost double
that of the second-ranked state in that measure. Texas was No. 2 in this category,
with $10.6 billion in total production from the 250 lenders who made the Best
New York California Massachusetts
Mortgage Lenders 2018 list.
Obviously, the average loan size in California is substantially larger than the
Source: Best Mortgage Lenders 2018
average loan size in Texas. The average loan size of California lenders on the Best
Mortgage Lenders 2018 list was $399,118, some 69 percent larger than the $236,282
average loan size of Texas lenders on the list.
Texas came in at No. 2 in the same three categories that California topped. In fact,
Top States by Total Loans
the top four states in all three categories were the same, with Florida and Illinois
rounding out the top of the list in those categories.
Interestingly, Florida was No. 3 on the list for number of lenders and number of loans,
just ahead of Illinois, but the Land of Lincoln topped the Sunshine State in total loan
volume. Even though Florida had 6 percent more lenders on the list than Illinois (160
versus 151) and those lenders originated almost 1,750 more loans, or 6.2 percent more
than their Illinois counterparts, Illinois lenders originated in excess of a billion dollars
more than Florida lenders on the list — $7.86 billion versus $6.76 billion.
On page 80, you will find the list of lenders who ranked No. 1 in their respective
states and the District of Columbia. The complete list is only on Ask a Lender, and
can be found at www.askalender.com/BML2018. Borrowers can search the rank-
2017 total loan count
ings by state to see all of the best lenders in their state, or narrow their search to
cities within each state that have lenders who made the cut to be the Best Mortgage
Lenders of 2018. n
Source: Best Mortgage Lenders 2018