Assuming you truly wanted to be instructed, Quicken Loans (aka Rocket Mortgage) was the highest residential mortgage lender in the US final 12 months.
The corporate funded roughly $314 billion in dwelling loans throughout what was a document 12 months for a lot of mortgage corporations due to document low mortgage charges and an uptick in dwelling purchases.
That handily beat out runner up Wells Fargo ($267 billion), which till not too long ago had been the #1 mortgage lender within the nation for a few years.
Coming in third was United Wholesale Mortgage (UWM), which funded a powerful $183 billion regardless of solely working on the wholesale degree with mortgage dealer companions.
Rounding out the highest 5 had been Chase with $149 billion and Freedom Mortgage Corp. with $122 billion.
Whereas attention-grabbing, I needed to know which corporations had been performing finest in every state, or just who the highest mortgage lenders had been in say California or Texas or New York.
Because of 2020 HDMA knowledge parsed and arranged by Richey Could, I used to be capable of see which states had been prime in all 50 states and the District of Columbia.
Rocket Simply Outpaced Its Rivals on a State-by-State Foundation
Except for being the highest mortgage lender nationally, Quicken/Rocket was additionally the chief by whole variety of states with 19, together with the District of Columbia.
That was a really spectacular determine, as no different single lender claimed double-digits.
In truth, just one different firm got here even remotely shut, San Francisco-based financial institution Wells Fargo, with 9 whole states.
It drops off fairly a bit from there, with United Wholesale Mortgage and U.S. Financial institution each mustering simply two state “victories” every.
The remainder had been claimed as one-offs by 18 totally different banks or mortgage corporations, which reveals that the mortgage trade continues to be fairly a bit fragmented.
After all, not all states are created equal.
Rocket Snagged California, Florida, Georgia, Washington, and Many Extra States
- Quicken/Rocket
- Wells Fargo
- United Wholesale Mortgage
- U.S. Financial institution
- Miscellaneous
California alone accounted for 21% of residential mortgage quantity nationwide, and shock, shock, Quicken/Rocket was the winner there.
Additionally they claimed a number of different huge lending states akin to Arizona, Florida, Georgia, and Washington.
To not point out Maryland, their dwelling state of Michigan, Nevada, North Carolina, Oregon, Tennessee, and several other others.
And in lots of circumstances, Quicken/Rocket was nonetheless the second or third strongest presence if it didn’t win the state outright.
Finally, they dominated just about in every single place apart from the Midwest and a few components of the Northeast.
This explains their near-third of a trillion {dollars} in whole mortgage quantity final 12 months, which simply beat out its closest opponents Wells Fargo and UWM.
Talking of Wells, its greatest wins had been New York and Texas, together with New Jersey and Virginia, each of which do a good bit of quantity.
Quicken/Rocket’s crosstown competitor UWM scooped up two wins, Colorado and Utah, which occur to be located proper subsequent to at least one one other and never too near their headquarters in Pontiac, Michigan.
U.S. Financial institution was the one different two-state winner, claiming its dwelling state of Minnesota together with Oklahoma.
The remainder had been a combined bag of largely regional banks and credit score unions, which reveals many householders and residential patrons proceed to desire to work with native corporations.
Whereas Chase scored one state victory with Illinois, Freedom Mortgage notably didn’t win a single state, but nonetheless landed within the top-five for general mortgage origination quantity.
As you may see, everybody apart from Quicken/Rocket Mortgage has its work minimize out if it needs to get anyplace near the highest, an aspiration not too long ago expressed by each UWM and loanDepot.
It’ll even be attention-grabbing to see if Quicken/Rocket can snag much more states in 2021, maybe greater than half if it continues on its successful method. However that is still to be seen…
Listed here are all 50 states and D.C., together with the successful lender and its quantity within the corresponding state.
*Quicken Loans formally introduced a reputation change to Rocket Mortgage earlier this 12 months that may happen over the summer time.
Alabama – Quicken Loans – $2.5B
Alaska – Residential Mortgage LLC – $1.4B
Arizona – Quicken Loans – $11.8B
Arkansas – Arvest Financial institution – $2.1B
California – Quicken Loans – $90.2B
Colorado – United Wholesale Mortgage – $10.5B
Connecticut – Wells Fargo – $2.5B
Delaware – Quicken Loans – $955 million
Florida – Quicken Loans – $18B
Georgia – Quicken Loans – $10.2B
Hawaii –Financial institution of Hawaii – $2.4B
Idaho – Idaho Central – $3.5B
Illinois – Chase – $10.8B
Indiana – Ruoff Mortgage Co. – $3.7B
Iowa – College of Iowa Credit score Union – $2.9B
Kansas – Wells Fargo – $1.4B
Kentucky – Quicken Loans – $1.9B
Louisiana – GMFS, LLC – $2.8B
Maine – Bangor Financial savings Financial institution – $1.2B
Maryland – Quicken Loans – $8B
Massachusetts – Quicken Loans – $6.6B
Michigan – Quicken Loans – $11.9B
Minnesota – U.S. Financial institution – $6.4B
Mississippi – Trustmark Nationwide Financial institution – $1.3B
Missouri – Wells Fargo – $4B
Montana – Glacier Financial institution – $1.3B
Nebraska – Wells Fargo – $1.5B
Nevada – Quicken Loans – $4.3B
New Hampshire – Quicken Loans – $1.6B
New Jersey – Wells Fargo – $12.3B
New Mexico – Quicken Loans – $1.5B
New York – Wells Fargo – $18.8B
North Carolina – Quicken Loans – $9.5B
North Dakota – Gate Metropolis Financial institution – $1.1B
Ohio – The Huntington Nationwide Financial institution – $7B
Oklahoma – U.S. Financial institution – $1.4B
Oregon – Quicken Loans – $4.5B
Pennsylvania – Wells Fargo – $8.9B
Rhode Island – North Easton Financial savings Financial institution – $2.8B
South Carolina – Quicken Loans – $4B
South Dakota – Plains Commerce Financial institution – $1.1B
Tennessee – Quicken Loans – $4.6B
Texas – Wells Fargo – $17.2B
Utah – United Wholesale Mortgage – $8B
Vermont – New England FCU – $931 million
Virginia – Wells Fargo – $12.5B
Washington – Quicken Loans – $12.3B
Washington D.C. – Quicken Loans – $8.9B
West Virginia – Quicken Loans – $753.1 million
Wisconsin – College of Wisconsin Credit score Union – $2.6B
Wyoming – First Interstate Financial institution – $719.2 million
