A List of Popular Mortgage Companies - 2009 Update

I recently got an email from a reader asking for a list of popular mortgage companies in the U.S. She was planning to apply for a home loan soon, and she wanted to start getting quotes from lenders. It’s a hard question to answer point blank like that, because it depends on what you’re looking for in terms of a loan.

Also the word popular is a tricky one. In the wake of the housing and foreclosure crisis that wrecked our economy, I don’t know many consumers who would call a mortgage company popular — at least not in the positive sense of the word. But if you’re just looking for a list of well known mortgage companies, then things become much easier. So let’s focus on that for now.

The mortgage industry has been dramatically reshaped by the current economic crisis. Some mortgage companies have gone bankrupt, others have been merged, and some have made such a bad name for themselves that they can no longer do business in the U.S. So a list of popular mortgage lenders from five years ago would not be applicable today — too much has changed.

A List of Popular Mortgage Lenders

Here’s an updated list of well known companies that are still around today, post economic recession. Most of these lenders have basic qualification criteria posted on their websites, so I recommend starting with some online research. At the end of this article, I’ve provided some other tips for dealing with mortgage companies, apply for home loans, etc.

• Bank of America — Probably one of the best-known names in banking today. On their website, they claim to offer mortgage pre-qualification online in less than ten minutes.
• CitiMortgage — This is the home loan branch of the Citigroup, Inc. (also referred to as Citi). Yes, I know it’s confusing. But they are one of the most popular mortgage companies today, so they have a place on this list. If you want information about home loans, you should visit the CitiMortgage.com website (as opposed to their corporate website).
• Countrywide — This company survived the subprime crisis because the majority of their loans were prime (made to borrowers with solid credit). Like most of the mortgage companies on this list, Countrywide allows you to apply for a loan online.
• JPMorgan Chase — This company acquired Washington Mutual last year, also a result of the mortgage meltdown. They offer loans for home purchase and also refinancing. You can find more information about these programs on the Chase.com website.
• Wells Fargo — This full-service banking company recently acquired Wachovia bank, making them one of the largest financial companies in the United States. They over a variety of mortgage products to consumers. They also have an online pre-qualification tool that can help you get the ball rolling.

So there you have it, a list of five of the most popular (i.e. well known) mortgage companies in the United States, even after the economic recession. At the time of this publishing, it seems that these companies will remain in business for the foreseeable future.

Consider Local Mortgage Companies as Well

The lenders listed above can certainly help you purchase a home, if you qualify for one. But you should also consider local mortgage companies when researching your options. In some cases, a borrower who doesn’t qualify for a loan from one of the popular companies above may be able to get a home loan from a local lender. Many of these smaller banks did not lose as much capital during the housing crisis, because they did not invest as much money (if any) in risky subprime loans. So they may be more willing to give you a loan than the popular mortgage companies on the list above. It’s worth making a few phone calls, if nothing else.