November 25, 2009 Mara Bushari

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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Mara Bushari

Mara is a creative thinker and strategic marketer. She graduated Summa Cum Laude from Boston University’s College of Communication and worked in international finance before joining The Bushari Team. Mara strives to exceed expectations. As Client Relations Specialist, she is a key facilitator in all team transactions, making the buying or selling process as stress-free as possible for the client. Mara learned many of her extraordinary organizational and problem-solving skills during her service in the Israeli Defense Forces, where she earned the “President’s Award” for exceptional service. In the military, Mara solidified her abilities to achieve top results in high pressure and time sensitive situations. In her spare time, Mara enjoys skiing, photography and writing.

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