The Government National Mortgage Association (GNMA), or Ginnie Mae, is a government-owned corporation of the United States Federal Government within the Department of Housing and Urban Development (HUD). It was founded in 1968 and works to expand affordable housing by guaranteeing housing loans (mortgages) thereby lowering financing costs such as interest rates for those loans. It does that through guaranteeing to investors the on-time payment of mortgage-backed securities (MBS) even if homeowners default on the underlying mortgages and the homes are foreclosed upon.
The Federal National Mortgage Association (FNMA), commonly known as Fannie Mae, is a United States government-sponsored enterprise (GSE) and, since 1968, a publicly traded company. Founded in 1938 during the Great Depression as part of the New Deal, the corporation's purpose is to expand the secondary mortgage market by securitizing mortgage loans in the form of mortgage-backed securities (MBS), allowing lenders to reinvest their assets into more lending and in effect increasing the number of lenders in the mortgage market by reducing the reliance on locally based savings and loan associations. Its brother organization is the Federal Home Loan Mortgage Corporation (FHLMC), better known as Freddie Mac.
Money is an American brand and a personal finance website owned by Money Group — and formerly a monthly magazine first published by Time Inc. (1972–2018) and later by Meredith Corporation (2018–2019). Its articles cover the gamut of personal finance topics ranging from credit cards, mortgages, insurance, banking and investing to family finance issues like paying for college, credit, career and home improvement. It is well known for its annual list of "America's Best Places to Live".
Bank of America Home Loans is the mortgage unit of Bank of America. In 2008, Bank of America purchased the failing Countrywide Financial for $4.1 billion. In 2006, Countrywide financed 20% of all mortgages in the United States, at a value of about 3.5% of the United States GDP, a proportion greater than any other single mortgage lender.
A VA loan is a mortgage loan in the United States guaranteed by the United States Department of Veterans Affairs (VA). The program is for American veterans, military members currently serving in the U.S. military, reservists and select surviving spouses and can be used to purchase single-family homes, condominiums, multi-unit properties, manufactured homes and new construction. The VA does not originate loans, but sets the rules for who may qualify, issues minimum guidelines and requirements under which mortgages may be offered and financially guarantees loans that qualify under the program.
Navy Federal Credit Union is an American global credit union headquartered in Vienna, Virginia, chartered and regulated under the authority of the National Credit Union Administration (NCUA). Navy Federal is the largest natural member credit union in the United States, both in asset size and in membership. As of November 2023, Navy Federal had US$168.4 billion in assets and has 13.3 million members.
Rocket Mortgage, LLC, formerly Quicken Loans, LLC, is an American mortgage lender, headquartered in Detroit, Michigan. In January 2018, the company became the largest overall retail lender in the U.S., it was also the largest online retail mortgage lender in 2018. In the third quarter of 2022, the title of largest overall lender was relinquished to United Wholesale Mortgage Company. Rocket Mortgage relies on wholesale funding to make its loans and uses online applications rather than a branch system. Amrock and One Reverse Mortgage are also part of the Rocket Mortgage Family of Companies. The company closed more than $400 billion of mortgage volume across all 50 states from 2013 through 2017.
LendingTree is an online lending marketplace, founded in 1996 and headquartered in Charlotte, North Carolina. The business platform allows potential borrowers to connect with multiple loan operators to find optimal terms for loans, credit cards, deposit accounts, insurance, etc. LendingTree allows borrowers to shop and compare competitive rates and terms across an array of financial products. Other additional services include financing tools, comparative loan searches and borrowing information.
MortgageIT formerly MIT Lending is a residential mortgage banking company that was founded in 1988 and is headquartered in New York City. By 2004, the company had become one of the top mortgage lenders in the nation. Also, in 2004, MortgageIT became a wholly owned subsidiary of MortgageIT Holdings, a self-administered REIT trading on the NYSE. As a full-service residential mortgage banking company, MortgageIT’s primary business operations are to originate, sell and broker residential mortgage loans in 50 states and the District of Columbia. Also, MortgageIT is an approved U.S. Department of Housing and Urban Development (HUD) delegated mortgagee. At the end of January 3, 2007 the company employed 2,100 and had 47 branches throughout the United States. The settlement, title and related services for mortgage loans were provided by Home Closer LLC, a subsidiary of MortgageIT.
Prospect Mortgage was a residential retail mortgage lender that offered a range of home loans. The company was founded in 2007 and was headquartered in Sherman Oaks, California with retail offices across the United States. The company was backed by the private equity firm Sullivan Partners. In 2011, Prospect Mortgage was ranked number 2 on Mortgage Executive Magazine's list of the "Top 100 Mortgage Companies in America", and was a top 10 national home purchase lender in 2012.
Hilltop Holdings Inc. is a financial holding company based in Dallas, Texas. It offers financial products and banking services through three primary subsidiaries: PlainsCapital Bank, PrimeLending, and HilltopSecurities.
GoodLeap, formerly Loanpal, is a finance technology company that provides financing options for the residential solar energy industry. The company was founded in 2003 as Paramount Equity and was later rebranded to Loanpal. In June 2021, the company rebranded to GoodLeap. As of 2020, the company was responsible for 41% of the solar loan market in the U.S. and is the top solar lender in the country.
Guaranteed Rate Companies is a U.S. residential mortgage company headquartered in Chicago, Illinois. Founded in 2000 by Victor Ciardelli, the company had $55 billion in funded volume in 2022, down 25% since 2020. As of 2021, the company has more than 10,000 employees and more than 850 offices nationwide and is located in 50 states.
James B. Nutter, Sr. was the founder and chairman of James B. Nutter & Company, a privately owned mortgage banking firm headquartered in Kansas City, Missouri. It is one of the oldest and largest family-owned and operated mortgage lending firms in the United States, servicing billions in mortgages and making home loans in all 50 states, the District of Columbia and Puerto Rico.
James B. Nutter & Company is a privately owned mortgage banking firm headquartered in Kansas City, Mo. It is one of the oldest and largest firms in the United States of America, servicing $7 billion in mortgages and making loans in all 50 states. James B. Nutter & Co. offers products and services such as conventional mortgages; FHA mortgages; VA mortgages; reverse mortgages; USDA mortgages; no closing cost refinancing; and HARP refinancing options. The company is known for its philanthropy, historic preservation, and efforts to promote racial equality and diversity. James B. Nutter & Company acquired a wide swath of older homes in Kansas City’s historic Westport neighborhood and turned them into a collection of eclectic, entrepreneurial office spaces known as Nutterville. The formerly drab houses were renovated and painted in bright colors and surrounded by flower beds. The work has included the preservation of the historic Nathan Scarritt House at 4038 Baltimore Ave.
Thomas Charles Lynch is a retired rear admiral in the United States Navy. He was Superintendent of the United States Naval Academy in Annapolis, Maryland from June 15, 1991 to August 1, 1994.
Mortgage assumption is the conveyance of the terms and balance of an existing mortgage to the purchaser of a financed property, commonly requiring that the assuming party is qualified under lender or guarantor guidelines. All mortgages are potentially assumable, though lenders may attempt to prevent the assumption of a mortgage loan with a due-on-sale clause. Certain mortgage types are irrefutably assumable, such as those insured by the FHA, guaranteed by the VA, or guaranteed by the USDA. As of 2014, FHA and VA assumable mortgages make up approximately 18%, or one out of every six, mortgages in the United States.
Embrace Home Loans Inc., formerly Advanced Financial Services Inc. (AFS), is an American full service direct mortgage lender. It is headquartered in Newport, Rhode Island. Embrace provides residential mortgage loans directly to its customers and is licensed in 46 states and Washington, D.C. The company employs 600+ people spanning 25 branches along the East Coast of the U.S.
Homebridge Financial Services, Inc., is a privately held, non-bank loan company based in the United States. The company currently comprises approximately 3,000 associates and over 250 retail branches. The company also includes two separate wholesale loan operations, HomeBridge Wholesale, and REMN Wholesale. HomeBridge holds FNMA, GNMA, FHLMC, FHA and VA approvals, and maintains relationships with 49 investors of other non-agency products.
