Mortgage Lender
A mortgage lender is basically the institution that provides the funds for the mortgage, extending them directly to a borrower. The lending institution could be your standard bank, a credit union, a trust company, a life insurance company, a private company, etc. Some reputable mortgage lending institutions are as follows:
GMAC Mortgage: Started in 1985 and a wholly owned subsidiary of General Motors Acceptance Corporation, GMAC Mortgage is one of the most lucrative mortgage originators in the business with a customer base exceeding 2 million.
Countrywide Home Loan: Founded in 1969, Countrywide has worked its way into the upper echelon of mortgage lenders ranking 3rd in the U.S in 2004 for mortgage servicing. Countrywide offers a variety of services and products including home loans ranging as high as $2 million.
Chase Mortgage: Chase Mortgage, a subsidiary of JP Morgan Chase, a highly respected financial institution operating in more than 50 countries throughout the world with assets exceeding $1.1 trillion, offer a series mortgage programs designed to help get its customers into the home of their dreams.
Cendant Mortgage: The 6th largest mortgage originator in the country, Cendant Mortgage is a wholly owned subsidiary of Cendant Corporation, a highly respected financial institution with more than 90,000 employees.
National City Mortgage: In the mortgage business since 1955, National City Mortgage is the 9th largest mortgage originator in the U.S. with 300+ lending offices throughout 37 states. As of 2003, they had a servicing portfolio exceeding $156 billion representing more than 1,120,000 mortgage loans.
Take a look at the national average ( MORTGAGE RATES ) for 2004
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