The real estate finance companies recognized the most by home builders are not always the ones they most often use, according to a recent survey.
Those were among the results of the 2006 Brand Use Study by Builder Magazine, which annually surveys builders on brands and products they admire.
The brand most builders are familiar with is Bank of America, as 79 percent of builders responded they have heard of the Charlotte, N.C.-based lender. Capital One, with 74 of responses, was the second most heard of out of nine lenders, followed closely behind by Wells Fargo Home Mortgage, with 72 percent, according to the study report.
Countrywide Home Loans, however, was the brand more builders, 29 percent of them, said they had used in the past two years, followed by Wells Fargo and Bank or America. Preceded by Wachovia, Capitol One placed fifth in this portion of the survey, the report said.
As for the brand used the most by builders, the gold went to Wells Fargo, the silver to Countrywide and the bronze to Bank of America. The percentage of builders who indicated such companies in their responses was 8 percent, 7 percent and 6 percent, the magazine reported.
"Our specialized home mortgage consultants and regional builder sales managers have built strong relationships with builders and developers across the nation," said Stuart Tyrie, head of Wells Fargo's National Builder Division, in an announcement. "Through these relationships we're able to offer loan products, programs and services that help more buyers find financing for their personal situations. It's this specialized capability that provides our builders and developers with a competitive advantage and the reason we were ranked the top mortgage brand."
Despite that builders indicated Wells was the mortgage/finance company they used most, they gave the lender the sixth-highest quality rating. Countrywide received the highest quality rating, a 3.81, M&T Mortgage got the second-highest and GMAC the third, the report said.
Countrywide is currently the nation's largest originator, with $490.9 billion in loans closed last year, followed by Wells Fargo and Washington Mutual, according to data compiled by MortgageDaily.com.