Best Mortgage Lender In Your State? Good luck it’s Quicken

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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:

Top lenders by state for 2020
state Top lender Origins Lender n ° 2
Alabama Accelerate 12,463 Regions
Alaska Residential mortgage 4,509 Alaska United States
Arizona Accelerate 43,867 United shore
Arkansas Arvest 11 773 Accelerate
California Accelerate 220,416 United shore
Colorado Accelerate 31,299 United shore
Connecticut Accelerate 9,315 Citizens
Delaware Accelerate 5,073 Freedom
District of Colombia First savings 2 165 Accelerate
Florida Accelerate 74 110 United shore
Georgia Accelerate 43 686 Freedom
Hawaii Bank of Hawaii 5 845 First Hawaiian
Idaho Idaho Central 16,214 Accelerate
Illinois Guaranteed rate 30 230 chase away
Indiana Ruoff mortgage 19,099 Accelerate
Iowa Greenstate Credit Union 16 922 Iowa Bankers
Kansas Accelerate 6,044 Fairway
Kentucky Accelerate 9 649 American Bank
Louisiana GMFS 12,052 Accelerate
Maine Bangor Savings Bank 6,125 Accelerate
Maryland Accelerate 25,868 Freedom
Massachusetts Accelerate 20 727 Citizens
Michigan Accelerate 56,323 United shore
Minnesota Accelerate 16 834 American Bank
Mississippi Turstmark 6,805 BancorpSouth
Missouri Accelerate 11 647 Flat branch
Montana Glacier Bank 5 228 Stockman Bank
Nebraska First National Bank of Omaha 6 646 Accelerate
Nevada Accelerate 16,464 Guild Mortgage
New Hampshire Accelerate 6,197 CMG
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
Oregon Accelerate 16,144 Guild Mortgage
Pennsylvania Accelerate 29,928 Citizens
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
Texas Accelerate 62 677 Freedom
Utah United shore 26 831 Accelerate
Vermont New England Federal CU 4,518 Accelerate
Virginia Accelerate 38 123 Freedom
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.

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