High Mortgage Lenders in Louisiana

Immediately we’ll take a look at who the highest mortgage lenders in Louisiana had been based mostly on the latest yr’s mortgage quantity.

In 2021, greater than 600 banks and lenders originated practically $39 billion in dwelling loans within the Pelican State, per HMDA knowledge.

It was yr for many lenders, however one firm managed to outpace the remainder of the pack fairly simply.

And it was a hometown financial institution headquartered within the state, not a giant nationwide lender.

Learn on to see who it was and to view the whole listing of the most important mortgage lenders in Louisiana.

High Mortgage Lenders in Louisiana (General)

Identical to in 2020, GMFS Mortgage was the highest mortgage lender in Louisiana with $2.7 billion funded, per HMDA knowledge from Richey Could.

The Baton Rouge-based lender was based in 1999 and solely operates in 12 states, principally within the South.

They had been trailed by general #1 Rocket Mortgage with $1.8 billion, and SoCal-based Pennymac in third with $1.5 billion.

Fourth and fifth went to Freedom Mortgage and United Wholesale Mortgage (UWM) with $1.2 billion and $1.1 billion, respectively.

The remainder of the highest ten included AmeriHome Mortgage, First Horizon Financial institution, Homepoint, Hancock Whitney Financial institution, and Assurance Monetary.

In complete, two of the highest 10 lenders are Louisiana-based, GMFS Mortgage and Assurance Monetary.

High Mortgage Lenders in Louisiana (for Dwelling Consumers)

If we shift our consideration to dwelling buy transactions solely, GMFS Mortgage remains to be the chief, although by a smaller margin.

GMFS funded $1.3 billion in dwelling buy loans in 2021 in Louisiana, adopted by Pennymac with $980 million.

In third was UWM with $647 million, an organization that operates completely by way of the mortgage dealer channel.

Fourth and fifth went to AmeriHome and Assurance Monetary, with $626 million and $549 million funded.

Locations six by means of 10 went to Constancy Financial institution (LA), Homepoint, First Horizon Financial institution, Gulf Coast Financial institution and Belief, and Motion Mortgage.

This introduced the Louisiana-based lender complete to 4: GMFS, Assurance Monetary, Constancy Financial institution, Gulf Coast Financial institution and Belief.

It’s commonplace to see extra homegrown banks and lenders dominate the house buy mortgage listing.

Typically, dwelling patrons will work with an area firm they know nicely to ease their nerves.

High Refinance Lenders in Louisiana (for Present Owners)

Now let’s speak refis. Present owners are inclined to care much less about working with native banks and lenders.

In any case, they’re merely adjusting the speed/time period of their mortgage, versus financing a house buy.

This may clarify why Rocket Mortgage took the highest spot with $1.4 billion funded, adopted by GMFS with $1.3 billion in refi quantity.

In third was VA mortgage specialist Freedom Mortgage with $1.3 billion, adopted by Chase and Pennymac with a few half billion every.

Others touchdown within the top-10 listing included UWM, Hancock Whitney Financial institution, First Horizon Financial institution, loanDepot, and Homepoint.

As you’ll be able to see, just one Louisiana-based mortgage lender made this listing.

High Mortgage Lenders in Baton Rouge

High Mortgage Lenders in New Orleans

Who Are the Greatest Louisiana Mortgage Lenders?

Largest and greatest aren’t all the time synonymous. Simply because an organization does probably the most enterprise doesn’t imply it’s the chief in customer support.

However generally each can coexist. I usually take a look at critiques on Zillow to see how lenders are rated by their clients.

GMFS Mortgage appears to be a giant participant in Louisiana and well-received, with a 4.96/5-star score on Zillow from practically 500 buyer critiques.

Examine that to Rocket Mortgage’s 4.48/5, Pennymac’s 4.40, Freedom Mortgage’s 4.85/5, Assurance Monetary’s 4.96/5, and Gulf Coast Financial institution’s 4.94/5.

Different native lenders listed on Zillow embody the Metairie, LA department of Motion Mortgage, rated 4.95/5, Shreveport, LA’s Draper and Kramer Mortgage (4.96/5), and Lafayette, LA’s Castille Mortgage Firm (5/5).

There are lots of different lenders and particular person mortgage brokers that function within the state as nicely.

Take the time to see what’s accessible each close by and nationally, and be sure you examine service, mortgage charges, and costs.