High Mortgage Lenders in Minnesota

Let’s try the highest mortgage lenders in Minnesota primarily based on the latest 12 months’s mortgage quantity.

Round 750 mortgage firms originated roughly $91 billion in dwelling loans in The North Star State final 12 months.

However just one firm bested the remainder – and so they’re really headquartered in Minnesota!

Sure, I’m referring to U.S. Financial institution, which is positioned in Minneapolis, MN.

Learn on to see which different mortgage lenders have been lively within the Land of 10,000 Lakes.

High Mortgage Lenders in Minnesota (Total)

As talked about, U.S. Financial institution took the highest spot in its dwelling state with $6.4 billion in dwelling loans funded throughout 2021, per HMDA information from Richey Could.

That was greater than sufficient to beat out its closest rival, Wells Fargo, which originated $4.8 billion within the state.

A 3rd financial institution, Bell Financial institution, out of close by Fargo, North Dakota, took third place with $4.4 billion in dwelling mortgage quantity.

It’s uncommon nowadays to see a depository financial institution lead within the mortgage world, and much more unusual to see the highest three all massive banks.

These days, it’s nonbanks like Rocket Mortgage that are typically the most important gamers within the trade.

Talking of, Rocket took fourth with $3.9 billion funded, adopted by its rival United Wholesale Mortgage (UWM) with $2.7 billion in mortgage origination quantity.

The remainder of the highest 10 included Summit Mortgage, Pennymac, CrossCountry Mortgage, Chase, and loanDepot.

Simply two of the ten firms listed above are headquartered in Minnesota; U.S. Financial institution and Summit Mortgage, although Wells Fargo has a giant presence within the state.

And most of the different firms are within the area, whether or not it’s Ohio, Michigan, or South Dakota.

High Minnesota Mortgage Lenders (for Dwelling Consumers)

If the highest lenders are filtered to incorporate dwelling buy loans solely, the record doesn’t change an excessive amount of.

As soon as once more, U.S. Financial institution led the record with $3 billion funded, adopted by Bell Financial institution with $2.4 billion, and Summit Mortgage with $1.6 billion.

In fourth was Wells Fargo with $1.5 billion and CrossCountry Mortgage took fifth with $1.3 billion.

Pontiac, Michigan-based UWM took sixth with $1.1 billion funded, fairly first rate given they solely work with mortgage brokers.

In seventh was SoCal-based Pennymac with $897 million, a giant correspondent mortgage lender that lets smaller firms resell its merchandise.

They have been adopted by Prosperity Dwelling Mortgage, Alerus Monetary (one other ND firm), and Fairway Impartial Mortgage out of Wisconsin.

Total, no main surprises and a very good chunk of native firms from Minnesota or close by states.

High Refinance Lenders in Minnesota (for Current Owners)

When it got here to mortgage refinances, Rocket Mortgage outdid the remainder with $3.3 billion funded in Minnesota.

Not a shock as they’re the highest mortgage lender within the U.S. and refis usually aren’t dominated by native firms like buy loans may be.

In second was Wells Fargo with a really shut $3.2 billion, spectacular given their a number of mortgage controversies over latest years.

U.S. Financial institution additionally wasn’t far off with $3.0 billion funded, making the highest three fairly intently contested.

Bell Financial institution took fourth with a decent $1.9 billion, adopted by UWM with $1.6 billion funded.

Locations six via 10 went to Freedom Mortgage, Pennymac, loanDepot, Chase, and Mr. Cooper.

Really fairly a couple of native firms within the combine, which regularly isn’t the case with refis.

High Mortgage Lenders in Minneapolis-St. Paul

Are the Finest Minnesota Mortgage Lenders Additionally the Largest?

We all know U.S. Financial institution is the highest mortgage lender in Minnesota. And so they’re additionally prime rated, with a 4.98/5 score on Zillow from about 11,000 critiques.

That’s fairly spectacular as it’s close to perfection, and because the critiques come from Zillow, we all know they’re associated to their dwelling loans division, versus different banking exercise.

Regardless of its points, Wells Fargo additionally scored nicely on Zillow too, with a 4.95/5 score from over 4,000 critiques.

I couldn’t discover a ton of critiques for Bell Financial institution, however they did have a 4.1/5 from about 50 Google critiques, and a 4.5/5 on WalletHub from about 250 critiques.

Native lender Summit Mortgage additionally has prime marks on Zillow, with a 4.98/5 from about 1,500 critiques.

One lender not on the lists above is Bloomington-based AMEC Dwelling Loans, which has a equally strong 4.96/5 from over 2,200 buyer critiques.

There’s additionally TruStone Monetary Credit score Union, which has a 4.98/5 from about 800 critiques.

And there are numerous mortgage brokers, native credit score unions, and unbiased lenders that may very well be a very good match as nicely.

On the finish of day, largest isn’t all the time greatest, so put within the time to analysis mortgage firms of all sizes to seek out the appropriate match.