To my surprise over $466 million dollars in loans where originated in Snohomish County for the first month of 2009. The total value of loans originated is no where near as high as the booming real estate times of the early millennium but since it is the first time seeing this particular report I have no data to compare it with. But I am sure the reduction in loans originated is significantly lower in early 2009 than it was in 2005 – 2007.
Wells Fargo topped the list with over $46 million dollars in loans originated and averaged out over 178 loans equates to approximately $261,000 per loan; almost equal to the median home price in Snohomish County. Rounding out the top 5 was Mortgage Advisory Group, one of Barnett Associates Real Estate, LLC’s preferred lenders.
| Lender Name | |||
| Wells Fargo Bank | |||
| Countrywide Loans | |||
| MetLife Home Loans | |||
| Boeing Employees Credit Union | |||
| Mortgage Advisory Group | |||
| Provident Funding | |||
| Golf Savings Bank | |||
| Bank of America | |||
| JP Morgan Chase Bank | |||
| Windermere Mortgage | |||
| Homestreet Bank | |||
| Guild Mortgage | |||
| M & T Bank | |||
| Network Mortgage Solutions | |||
| Cobalt Mortgage | |||
| Axia Financial LLC | |||
| Taylor Bean Whitaker Mortgage | |||
| Eagle Home Mortgage | |||
| American Mortgage Network | |||
| US Bank | |||
| Quicken Loans | |||
| Sierra Pacific Mortgage | |||
| Legacy Group Lending Inc. | |||
| TMBG Inc. | |||
| Seattle Mortgage Co. | |||
| Pinnacle Cap Mtg Corp. | |||
| Frontier Bank | |||
| Suntrust Mortgage | |||
| Prime Lending Inc. | |||
| Reliance Mortgage | |||
| Totals |
4 Comments
Do you have any idea how many of these loans are new and how many are refi’s?
Hi Marilyn, wish I did have that information. It would give a greater insight to what the lending world in like. Though I did cross reference the number of loans with the number of closed sales reported by the NWMLS and there is quite a difference.
In Jan. 2009, the NWMLS reported 2,650 closed sales and the lending report shows 1,680. My guess is many people received financing from outside the county to purchase homes in the county.
How long are these loans taking to close?
Hi Danielle, loans are closing in 30 – 45 days depending on how quick the property appraisals can be completed. I had a VA appraisal completed within a 5 days of filing the loan documents but from experience that is a oddity.