Banking & Finance

Independent and Flagstar banks bookend nation's top mortgage lenders

July 4, 2013
| By Pete Daly |
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Independent Bank sells 21 branches to Chemical Bank
Ionia-based Independent Bank operates branches across Michigan’s Lower Peninsula. Image via fb.com

Ionia-based Independent Bank and Flagstar Bank rank among the nation's top mortgage lenders in 2012. 

Independent Bank closed 4,387 loans in 2012 with a total volume of $538 million, ranking 73rd in top overall volume in Scotsman Guide's 2012 Top Mortgage Lenders list. 

Scotsman Guide is a information resource for mortgage originators. 

Scotsman released its first annual Top Mortgage Lenders rankings in the guide’s June 2013 residential mortgage edition.

Troy-based Flagstar Bank closed 221,237 loans in 2012 with a total volume of $53.5 billion, ranking 1st, while Troy-based United Shore Financial Services closed 34,091 loans in 2012 with a total volume of $7 billion, ranking 9th, and Ann Arbor-based Cole Taylor Mortgage closed 20,617 loans with a total volume of $5.1 billion, ranking 16th.  

Independent Bank, a subsidiary of Independent Bank Corp. (Nasdaq: IBCP), operates branches across Michigan’s Lower Peninsula.

Criteria

To be eligible for consideration in Scotsman Guide’s Top Mortgage Lenders rankings, all loan volume had to be from mortgages on one to four unit residential properties in the U.S.

No commercial or international loans were included.

Scotsman Guide required written verification of top entrants’ volume from a certified public accountant, the chief financial officer at the company or a similar source.

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