Finanz and its management are not the only items required to become a top mortgage firm. History reveals that the prime driving force in leading a mortgage business to the top is creativity. Do you want to learn more? Click Metropolitan Mortgage Corporation-Mortgage Company.
Citigroup, considered by many commentators to be the world’s largest mortgage firm today, is a case in point. In the last decade, Citigroup has established its origins in America-it has been working since 1970-but has expanded worldwide. Today, it operates in 54 countries outside the US, rendering much of its income from virgin territories, i.e. countries that have never historically seen mortgages as financial options. It currently has $1.3 trillion in assets and its revenue was $108 billion last year. The Forbes list of 2005 mortgage firms is headed by Citigroup.
Another big mortgage loan provider is Bank of America, one of the oldest banks in the US and currently the third-largest bank in the world. Today, it has assets of 74 billion dollars. It also leads the nation, in addition to mortgage loans, in providing loans to small businesses and lending credit cards (especially after its merger with MBNC). Bank of America is ranked second among mortgage firms on the Forbes 2005 list.
Wells Fargo, the third largest mortgage company on the current Forbes list, has around 1,000 home mortgage branches in the United States and in several foreign countries. Mostly, it represents sub-prime mortgage clients. In 2005, it had profits of over $33 million, and a big chunk of the profits was from mortgage lending.
In the United States, Wachovia is the fourth-largest mortgage bank. Its assets were above $28 million in the last financial year. The purchase of Western Financial Bank by Wachovia bank will make it the ninth largest auto mortgage provider in the US.
BB&T, Golden West Financial, Marshall and Ilsley, M&T, AmSouth Bancorp, Common, Synovus Financial, Zions Bancorp, Compass Bancshares and Commerce Bancorp are the other top mortgage companies on the 2005 Forbes 500 list.