The mortgage industry has seen some big changes over the past few years, and it’s safe to say there will be more changes in the next decade as well. The landscape of mortgage lending in 2022 will look much different from what we see today, but there will still be some familiar companies involved as well as some new faces that have sprung up to fill the needs of this ever-changing industry. So what might we expect to see when it comes to mortgage lenders in 2022? Here’s a look at where they came from and where they’re headed.
1) Rocket Mortgage
Rocket Mortgage is one of the top ten mortgage lenders in 2022. Rocket is a wholly-owned subsidiary of Quicken Loans Inc., America’s largest online mortgage lender, servicing all fifty states, as well as Washington D.C.
SoFi is a financial services company that offers student loan refinancing, mortgages, personal loans, and wealth management. Founded in 2011 by former Google employees, SoFi is one of the fastest growing online lenders. In its first year of operation, it funded $32 million in loans. Today, SoFi has over $8 billion in assets under management.
LoanDepot provides a wide variety of mortgage products, including loans for new homeowners looking to purchase a home, refinancing options for those looking to take advantage of historically low rates, and construction loans. The company also offers car loans, personal loans, credit cards and other financing options. LoanDepot has been providing these services since 1995.
Chase is one of the largest banks in the United States, as well as one of the nation’s primary credit card providers. It has more than 5,100 retail branches and 13,000 ATMs. Chase was founded in 1799, making it one of the oldest banks in America. The bank provides a variety of financial services including personal loans and mortgages.
Chase offers a wide range of mortgage options with competitive rates for both first-time buyers and refinancing homeowners.
5) PenFed Credit Union
PenFed Credit Union is one of the top ten mortgage lenders in 2022. Founded in 1935, PenFed Credit Union is a not-for-profit cooperative financial institution that offers competitive rates with low fees. PenFed offers home loans, car loans, student loans, and small business financing.
The following are some of the benefits of a mortgage loan through PenFed Credit Union:
No application fee
No appraisal fee
6) Quicken Loans
Quicken Loans is one of the top mortgage lenders in 2022. It has been recognized as one of Fortune Magazine’s 100 Best Companies to Work For for nine consecutive years, from 2009-2017. Quicken Loans was also named a Great Place to Work by The Detroit News for two consecutive years (2015-2016) for designing company policies that make it easy for employees to maintain work-life balance.
7) Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation is a mortgage lender that has been in the industry for over 40 years. Fairway provides both purchase and refinance loans, as well as mortgages for commercial real estate.
8) Navy Federal Credit Union
Navy Federal Credit Union is a federally chartered credit union with over 800,000 members. The company has been operating for over 85 years, making it one of the oldest credit unions in the US. Navy Federal CU offers various banking services for individuals and businesses.
NFCU offers a variety of loan products. It provides home equity loans, first mortgages, second mortgages, car loans, boat loans, RV loans and motorcycle loans.
CitiMortgage was founded in 1812, and is a leading mortgage lender that provides home financing for consumers. Along with mortgages, CitiMortgage also offers home equity loans, lines of credit, reverse mortgages, home purchase loans, commercial mortgages and more. In addition to being a top mortgage lender in the United States, they’re also ranked as one of the world’s safest banks by Forbes magazine. CitiMortgage is headquartered in Chicago and operates across the country.
10) Bank of America
Bank of America was founded in 1904 as a bank for American corporations like AT&T. It has since grown into one of the world’s largest financial institutions with $2 trillion in assets. Bank of America provides banking services through branches, ATMs, online banking, and more.