Hello -
Thank you for your question. If you need any additional information,
please don't hesitate to ask.
Which companies are the biggest and which companies are the best in
the United States? How are the best/biggest companies different?
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National Mortgage News ranks the top mortgage brokerage firms in the
USA by volume of loans originated (in millions):
http://www.nationalmortgagenews.com/directories/fourth_edition/demo-originators/brokers/
'03 '02 %change
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1. Allied Home Mortgage Capital Corp. Houston, TX $16,000 $12,000 33%
2. Novastar Home Mortgage, Inc. Kansas City, MO $6,300 $2,654 137%
3. Carteret Mortgage Corporation Centerville, VA $4,773 $2,894 65%
4. Mortgage Master Walpol, MA $4,300 $2,600 65%
5. Empire Equity Group, Inc. Charlotte, NC $4,200 N/A N/A
6. Olympic Funding Pleasanton, CA $3,300 $3,000 10%
7. Nova Fin. & Invst/ Home Lns. Tucson, AZ $1,656 $352 370%
8. East West Mortgage Co. McLean, VA $1,285 $834 54%
9. Ace Mortgage Funding, Inc. Indianapolis, IN $1,200 $554 117%
10.Academy Mortgage Corp. Salt Lke Cty, UT $1,138 $801 42%
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The National Association of Mortgage Brokerages has a "Mortgage Broker
of the Year" award. "The National Association of Mortgage Brokers is
the voice of the mortgage broker industry with more than 24,000
members in all 50 states and the District of Columbia. NAMB provides
education, certification and governmental affairs representation for
the mortgage broker industry, which originates two of every three
residential loans in the United States." This award is given under
the following criteria:
1 Proficiency as a mortgage broker as demonstrated by the Nominee's success in
the mortgage brokerage industry through their outstanding participation and
profile within the industry. Their profile will include a broad breadth of
scope of product & experience, a high level of expertise of the industry and
their embracing of the NAMB Code of Ethics, which has gained them the respect
of both peers and their customer base.
2 Participation in local, state and national associations demonstrating their
commitment to promotion and enhancement of the mortgage brokerage industry
3 Designation (CRMS/CMC)
4 Involvement in their local community with emphasis on housing-related
activities
5 Possible oral interview to evaluate the nominee's ability to represent the
industry as a spokesman and to validate the written presentation of their
credentials.
I assembled a list of the top 5 from over the past five years:
2004 - George Hanzimanolis (http://www.bankersfirstmortgage.com)
http://www.namb.org/media_center/press_releases/2004/2004_06_08_boy.htm
McLean, Virginia -- June 8, 2004 ? Mortgage broker George Hanzimanolis
of Tannersville, Pennsylvania, was honored as the Broker of the Year
at the National Association of Mortgage Brokers? (NAMB) 2004 Annual
Convention and Exposition in Salt Lake City, Utah on June 8.
2003 - J.J. Sims (http://www.abcmtginc.com/contactUs.asp)
http://www.namb.org/media_center/press_releases/2003/2003-07-03_broker_of_year.htm
McLean, VA ? July 3, 2003 ? Mortgage broker J.J. Sims, of Minneapolis,
Minnesota, was recently honored as the Broker of the Year at the
National Association of Mortgage Brokers? 2003 Annual Convention in
Baltimore, Maryland.
2002 - Melissa Walker (http://www.amerifirstmortgage.com/)
http://www.namb.org/media_center/2002_press_release_index.htm
Mortgage broker Melissa Walker, CMC, of Kansas City, Kansas, was
recently honored as the National Association of Mortgage Brokers
(NAMB) 2002 Mortgage Broker of the Year at the 2002 Annual Convention
in Cleveland, Ohio.
2001 - Jim Nabors (Mr. Money Loans: (419) 609-3791)
http://www.namb.org/media_center/press_releases/2001/2001-07-02(2).asp
Mortgage broker Jim Nabors, CRMS, of Brunswick, Ohio, was recently
honored as the National Association of Mortgage Brokers 2001 Mortgage
Broker of the Year at the 2001 Annual Convention in Honolulu, Hawaii.
2000 - R.E. Scott Gaffney Jr. (Scott Financial: 480-827-7959)
New Orleans ? At the National Association Mortgage Brokers? (NAMB)
2000 Annual Convention, R.E. ?Scott? Gaffney Jr., CMC, CMRS, was
honored as the National Association of Mortgage Brokers? 2000 Mortgage
Broker of the Year.
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I spoke to a couple of the companies above, including a local firm.
Essentially, all of these companies are doing the same thing, but
might differ in bottom line rate, turn-around time and the overall
process. Some companies might do their own underwriting. Companies
may be dealing with different numbers of lenders, and therefore one
might get a better rate from their lender roster. The companies
nominated with NAMB look to be much smaller than the very large volume
ones, and there can of course be differences in customer service with
a small company versus a large one.
Why would someone choose to go with one broker over another (i.e., don't
they all sell the same products)?
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They're all selling loans, sure -- but there are various mortgage
products out there, with various levels of flexibility and
applicability to individuals' circumstances. In addition, according
to the National Association of Mortgage Brokers, people choose a
broker for many of the same reasons they choose to work with other
types of companies: reputation, customer service, word of mouth, etc.
Here are some articles on the topic:
Why the right mortgage broker matters
http://money.ninemsn.com.au/article.aspx?id=9356
Choosing a Mortgage Broker
http://www.digits.com/articles/home-buying--choosing-a-mortgage-broker.htm
Why would a broker choose to work with any particular company?
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According to a broker I spoke to at Optimal Funding, a New York-based
firm, there are four principal determining factors:
1) The rate
The biggest determining factor is what the interest rate will be for the customer.
2) Profit
How much does the broker stand to make by choosing lender X?
3) Surety of Closure
How likely is it that a customer can get a loan through lender X?
3) Closure Speed
Can the loan be closed quickly enough?
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