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Posted on June fifteenth, 2021
Assuming you truly wanted to be instructed, Quicken Loans (aka Rocket Mortgage) was the highest residential mortgage lender in the USA final yr.
The corporate funded roughly $314 billion in house loans throughout what was a file yr for a lot of mortgage corporations due to record low mortgage rates and an uptick in house 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 broker partners.
Rounding out the highest 5 have been Chase with $149 billion and Freedom Mortgage Corp. with $122 billion.
Whereas fascinating, I wished to know which corporations have been performing greatest in every state, or just who the highest mortgage lenders have been in say California or Texas or New York.
Because of 2020 HDMA information parsed and arranged by Richey May, I used to be in a position to see which states have 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 actual fact, 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 remaining have been claimed as one-offs by 18 completely different banks or mortgage corporations, which reveals that the mortgage trade remains to be fairly a bit fragmented.
In fact, not all states are created equal.
Rocket Snagged California, Florida, Georgia, Washington, and Many Extra States
- Quicken/Rocket
- Wells Fargo
- UWM
- 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 equivalent to Arizona, Florida, Georgia, and Washington.
To not point out Maryland, their house state of Michigan, Nevada, North Carolina, Oregon, Tennessee, and several other others.
And in lots of instances, Quicken/Rocket was nonetheless the second of third strongest presence if it didn’t win the state outright.
Finally, they dominated just about in all places 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 yr, which simply beat out its closest rivals Wells Fargo and UWM.
Talking of Wells, its largest wins have 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 house state of Minnesota together with Oklahoma.
The remaining have been a blended bag of principally regional banks and credit score unions, which reveals many householders and residential consumers 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 reduce out if it desires to get anyplace near the highest, an aspiration not too long ago expressed by each UWM and loanDepot.
It’ll even be fascinating to see if Quicken/Rocket can snag much more states in 2021, maybe greater than half if it continues on its profitable approach. However that is still to be seen…
Listed below are all 50 states and D.C., together with the profitable lender and its quantity within the corresponding state.
*Quicken Loans formally introduced a name change to Rocket Mortgage earlier this yr that may happen over the summer season.
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
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