Best Mortgage Lender In Your State? Good luck it’s Quicken
In the state-by-state ranking of most active mortgage lenders, it’s Quicken and everyone.
Quicken Loans was the largest mortgage lender in 30 states in 2020. Quicken’s dominance is no surprise – it is the nation’s largest mortgage lender, having made more than one million home loans nationwide. national in 2020.
Underlining its leadership position in the market, Quicken Loans was the second largest mortgage lender in 12 other states.
But here’s a twist: No other mortgage lender had pole position in more than one state last year. Each of the 20 states where Quicken was not # 1 had a different # 1 lender.
These rankings are based on a bank rate analysis of preliminary Home Mortgage Disclosure Act data, with assistance from ComplianceTech’s LendingPatterns.com.
States where Quicken leads the pack
Quicken was the primary lender in the five most populous states – California, Texas, Florida, New York, and Pennsylvania. And Quicken was the largest mortgage originator in major states such as George, North Carolina, Michigan (Quicken’s National Territory), New Jersey, and Virginia.
Quicken clearly focuses on the states with the most borrowers. The company has made the most loans in 14 of the 16 largest states.
States where Quicken is not # 1
Despite its dominance, there are two major states where Quicken does not hold the top spot. In Illinois, the first place was occupied by the guaranteed rate.
Reflecting its efforts in marketing to consumers, Guaranteed Rate owns the naming rights to the approximate stage of the Chicago White Sox. Chase ranked # 2 in Illinois for the number of loans issued in 2020, while Quicken ranked third.
And in Ohio, Columbus-based Huntington National Bank was the state’s primary mortgage originator in 2020. Quicken was # 2 in the state.
In states where Quicken is not # 1, the top spot is often held by a local player. Bangor Savings Bank is Maine’s biggest initiator, Glacier Bank is # 1 in Montana, and the University of Wisconsin Credit Union is # 1 there.
Here are the top lenders in each state based on mortgage origins in 2020:
|state||Top lender||Origins||Lender n ° 2|
|Alaska||Residential mortgage||4,509||Alaska United States|
|District of Colombia||First savings||2 165||Accelerate|
|Florida||Accelerate||74 110||United shore|
|Hawaii||Bank of Hawaii||5 845||First Hawaiian|
|Illinois||Guaranteed rate||30 230||chase away|
|Iowa||Greenstate Credit Union||16 922||Iowa Bankers|
|Kentucky||Accelerate||9 649||American Bank|
|Maine||Bangor Savings Bank||6,125||Accelerate|
|Minnesota||Accelerate||16 834||American Bank|
|Missouri||Accelerate||11 647||Flat branch|
|Montana||Glacier Bank||5 228||Stockman Bank|
|Nebraska||First National Bank of Omaha||6 646||Accelerate|
|New Jersey||Accelerate||31 547||Wells fargo|
|New Mexico||Accelerate||6 599||Water stone|
|new York||Accelerate||31,209||chase away|
|North Carolina||Accelerate||40,474||State employees|
|North Dakota||Gate City Bank||3 498||First international bank|
|Ohio||Huntington National Bank||41 084||Accelerate|
|Oklahoma||Accelerate||6,846||First United Bank|
|Rhode Island||Citizens Bank||4,075||Accelerate|
|Caroline from the south||Accelerate||18,094||Freedom|
|South Dakota||Plains Bank of Commerce||4 831||First First|
|Tennessee||Accelerate||20 818||Mortgage investors|
|Utah||United shore||26 831||Accelerate|
|Vermont||New England Federal CU||4,518||Accelerate|
|Washington||Accelerate||36,844||Caliber home loans|
|West Virginia||Accelerate||4,076||National Bank of the City|
|Wisconsin||University of Wisconsin CU||15 142||CU Summit|
|Wyoming||First interstate bank||3 052||Accelerate|
What you can do to get a better mortgage rate
Should you go with the largest lender in your state for a refinance or purchase mortgage? It depends.
Before committing to a lender, do your research. To get the best mortgage rate, follow these steps:
- Compare offers. Get offers from at least three lenders. If you live in an area where competition among local banks is limited, this may require you to shop online. The good news: Comparison shopping can save you thousands of dollars. The bank rate tables are a great place to start your research.
- Look beyond physical lenders. The bank or credit union where you keep your money may offer the best deal on a home loan, but be sure to shop for comparisons. The rates and closing costs can vary widely depending on the lender.
- Improve Your Credit Score. This is the best way to lower your rate, and more effective than increasing your down payment or improving your debt ratio.