With the addition of countrywide in the BAC fold you can see that BAC is now the nations largest mortgage bank...HUGE
An Overview of the Largest Mortgage Companies in the US
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Sticking with trusted names in the home mortgage business can be a good way to protect your investment. Keep in mind that home mortgage loan rates can vary not only among lenders but among these lenders various outlets. Shop for the best rates as well as fees among the many different ways these lenders offer their home mortgage loans.
1. COUNTRYWIDE FINANCIAL CORP.
$91,202,973,000 in both purchase and refinance loans.
The Countrywide Financial Corporation is focused on residential mortgage lending. Mortgage banking, funding loans, packaging them for trading on the secondary market and servicing mortgages is the core of Countrywide's business model.
2. WELLS FARGO BANK
$76,292,771,000 in both purchase and refinance loans.
Wells Fargo Bank was founded just a few years after the 1849 gold strike at Sutter's Mill, California, just outside San Francisco. They offered both banking and express services to miners that were in need of security. Today Wells Fargo is in the mortgage lending business along with other more traditional banking services.
3. BANK OF AMERICA
$58,263,092,000 in both purchase and refinance loans.
Bank of America was also founded in San Francisco where it first made its mark by loaning money to people to rebuild the city in the wake of the 1906 earthquake. Bank of America offers mortgages packaged within a number of special programs that include; Neighborhood Advantage for moderate income borrowers and Neighborhood Heroes for police, teachers and firefighters.
All three companies package their loans as securities and trade them in the secondary market. They also offer their lending services in the wholesale market to mortgage brokers. Depending on the broker, their loans can often be had cheaper through third party mortgage brokers then at any of the their retail outlets. Another aspect of the business that both Countrywide and Wells Fargo have in common is the sub-prime home mortgage loans for borrowers with 'less than perfect' credit.
