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Let’s try the highest mortgage lenders in Michigan based mostly on the newest yr’s mortgage quantity.
The state of Michigan is an fascinating one as a result of it’s dwelling to 2 of the highest three mortgage lenders within the nation.
The lenders in query are none apart from Rocket Mortgage, and wholesaler United Wholesale Mortgage (UWM).
Seeing that they dominate the whole nation, you’d count on them to rule their dwelling state as properly.
Learn on to see if that’s the case, or if another hometown (or non-hometown) firms gave them a run for his or her cash.
High Mortgage Lenders in Michigan (General)
| Rating | Firm Title | 2021 Mortgage Quantity |
| 1. | Rocket Mortgage | $12.0 billion |
| 2. | UWM | $7.9 billion |
| 3. | Lake Michigan CU | $4.8 billion |
| 4. | Huntington Financial institution | $3.8 billion |
| 5. | Chase | $3.5 billion |
| 6. | Fifth Third Financial institution | $2.3 billion |
| 7. | Flagstar Financial institution | $2.1 billion |
| 8. | Wells Fargo | $1.8 billion |
| 9. | Mortgage 1 Inc. | $1.7 billion |
| 10. | Caliber Dwelling Loans | $1.7 billion |
Suspense apart, Rocket Mortgage did certainly beat out the remainder of the competitors of their dwelling state final yr.
It might have appeared unlikely to not given their #1 rating nationwide. Nonetheless, you by no means know.
The Detroit-based mortgage behemoth funded a whopping $12 billion in dwelling loans in Michigan in 2021, per HMDA knowledge from Richey Could.
That was greater than sufficient to trounce their cross-town rival UWM, which occurs to be situated in Pontiac.
UWM, which works solely with mortgage brokers, and thus can’t generate as a lot enterprise as a retail and wholesale lender, turned in a decent $7.9 billion final yr.
One other native firm, Lake Michigan Credit score Union, got here in third with $4.8 billion. I don’t know if one other state within the nation has had the entire high three spots held by native lenders.
The Huntington Financial institution, in close by Columbus, OH, ranked fourth with $3.8 billion, adopted by Chase with $3.5 billion.
The remainder of the highest 10 consisted of Fifth Third Financial institution, Flagstar Financial institution (additionally Michigan-based), Wells Fargo, and Mortgage 1 Inc. (additionally Michigan), and Caliber Dwelling Loans.
Seeing this listing, it’s protected to say that Michigan owners like to remain native relating to their dwelling mortgage.
High Michigan Mortgage Lenders (for Dwelling Patrons)
| Rating | Firm Title | 2021 Mortgage Quantity |
| 1. | UWM | $2.9 billion |
| 2. | Rocket Mortgage | $2.8 billion |
| 3. | Lake Michigan CU | $2.5 billion |
| 4. | Chase | $1.2 billion |
| 5. | Huntington Financial institution | $1.2 billion |
| 6. | Mortgage 1 Inc. | $1.1 billion |
| 7. | Flagstar Financial institution | $917 million |
| 8. | Caliber Dwelling Loans | $899 million |
| 9. | Unbiased Financial institution | $858 million |
| 10. | AmeriHome Mortgage | $850 million |
After we single out dwelling buy loans, UWM takes the highest spot with $2.9 billion funded, narrowly beating out Rocket Mortgage’s $2.8 billion.
That’s definitely a feat for the wholesale lender in its dwelling state, and a testomony to the power of mortgage brokers partnering with dwelling consumers.
In third was Lake Michigan CU with $2.5 billion, adopted by Chase and Huntington Financial institution, each with about $1.2 billion.
Others making the highest 10 included Mortgage 1, Flagstar Financial institution, Caliber Dwelling Loans, Unbiased Financial institution (additionally Michigan-based), and AmeriHome Mortgage.
All informed, six of the highest 10 are Michigan-based firms, which is notable as properly.
High Refinance Lenders in Michigan (for Current Householders)
| Rating | Firm Title | 2021 Mortgage Quantity |
| 1. | Rocket Mortgage | $9.1 billion |
| 2. | UWM | $4.9 billion |
| 3. | Huntington Financial institution | $2.4 billion |
| 4. | Lake Michigan CU | $2.2 billion |
| 5. | Chase | $2.2 billion |
| 6. | Fifth Third Financial institution | $1.7 billion |
| 7. | Flagstar Financial institution | $1.2 billion |
| 8. | Mr. Cooper | $1.2 billion |
| 9. | Freedom Mortgage | $1.2 billion |
| 10. | Wells Fargo | $1.1 billion |
Now if we filter out the acquisition loans and single out current owners, Rocket Mortgage grabs the lead once more with $9.1 billion funded.
That was almost double UWM’s $4.9 billion, and properly above Huntington Financial institution’s $2.4 billion.
As soon as once more, Lake Michigan CU and Chase made their presence felt, each with $2.2 billion in refinance quantity.
The remainder of the listing consisted of newcomers and repeats, together with Fifth Third Financial institution, Flagstar Financial institution, Mr. Cooper, Freedom Mortgage, and Wells Fargo.
High Mortgage Lenders in Detroit
| Rating | Firm Title | 2021 Mortgage Quantity |
| 1. | Rocket Mortgage | $2.2 billion |
| 2. | UWM | $1.2 billion |
| 3. | Chase | $396 million |
| 4. | Huntington Financial institution | $335 million |
| 5. | Flagstar Financial institution | $302 million |
| 6. | Caliber Dwelling Loans | $274 million |
| 7. | Residents Financial institution | $252 million |
| 8. | Mortgage 1 Inc. | $249 million |
| 9. | Wells Fargo | $227 million |
| 10. | Lake Michigan CU | $216 million |
Who Are Michigan’s Greatest Mortgage Lenders?
If we’re speaking one of the best mortgage lenders in Michigan, the listing may look just a little totally different.
In any case, now we have to contemplate buyer opinions and scores versus complete mortgage quantity.
On Zillow, Rocket Mortgage has a 4.48-star score and Flagstar Financial institution has a 4.97-star score.
Then there’s Ann Arbor-based Homepoint, which isn’t even within the high 10 however has a 4.89 score.
Different lenders not listed embrace Northpointe Financial institution and its 4.94 score, MiMutual Mortgage’s 4.96 score, and VanDyk Mortgage’s 4.97 score.
Lastly, as a result of UWM is such a giant participant within the state, there may very well be scores of highly-rated, particular person mortgage brokers within the state as properly, which work on behalf of the corporate.
Lengthy story brief, check out each lenders huge and small, native and non-local, and of every type to search out one of the best match to your scenario.
There are most likely greater than a thousand totally different choices to select from within the state of Michigan.
