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Bank of America now top lender

Wells Fargo relinquished its title as the top mortgage lender in America during the third quarter of this year. Bank of America jumped into the top slot and Wells Fargo slipped to number two as its loan origination volume dropped 25 percent from the second quarter. JP Morgan Chase secured the third spot, despite a 10 percent decline in originations from the second quarter, and GMAC grabbed fourth despite a 17 percent quarter-to-quarter decline. See the top 10 lenders in the third quarter below.

1. Bank of America

2. Wells Fargo

3. JP Morgan Chase

4. GMAC

5. U.S. Bancorp

6. Citigroup

7. SunTrust Banks Inc.

8. PHH Mortgage

9. MetLife Inc.

10. BB&T

The Boston real estate market is flooded with properties that would not be approved by conventional lenders as the buildings do not fit the Fannie Mae guidelines. We have seen a large upswing in loans procured from local, private lenders who fund mortgages in-house. These loans, known as portfolio loans, may come with a slightly higher interest rate. That said, these banks are often the only lenders willing to approved loans for specific properties and are a great option if a buyer wants to purchase a condo in a pre-construction or new construction project, a building with ground-floor commercial space or low owner occupancy.

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