Wednesday, September 14, 2022
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High Mortgage Lenders in Utah


If you happen to’re curious who the highest mortgage lenders in Utah are, I’ve bought some solutions.

Final 12 months, greater than 500 lenders in The Beehive State originated practically $100 billion in residence loans.

However one mortgage firm far exceeded the others, a lot in order that it wasn’t even shut.

Curiously, this firm isn’t headquartered within the state of Utah, nor does it function retail areas.

I’m speaking about United Wholesale Mortgage, or UWM for brief. Learn on to see who else ranked within the prime 10.

High Mortgage Lenders in Utah (General)

Rating Firm Identify 2021 Mortgage Quantity
1. UWM $9.3 billion
2. Rocket Mortgage $4.5 billion
3. Intercap Lending $3.6 billion
4. Mountain America CU $2.9 billion
5. First Colony Mortgage $2.9 billion
6. Homepoint $2.7 billion
7. America First CU $2.4 billion
8. Academy Mortgage $2.2 billion
9. SecurityNational $2.1 billion
10. Wells Fargo $2.1 billion

Yep, a wholesale mortgage lender topped the rankings within the state of Utah, originating about $9.3 billion there in 2021, per HMDA knowledge from Richey Might.

As such, we would say {that a} legion of mortgage brokers is #1, as wholesale lenders depend on these intermediaries to generate all their enterprise.

What’s stunning is the margin above second place Rocket Mortgage, which funded simply $4.5 billion there.

This meant UWM doubled the quantity of its nearest competitor, who additionally occurs to be the highest lender nationwide.

In third was Draper, Utah-based Intercap Lending, which originated $3.6 billion in its residence state.

In fourth was fellow Utah firm Mountain America Credit score Union, a Sandy-based firm that funded $2.9 billion.

Rounding out the highest 5 was Orem-based First Colony Mortgage Corp. with the same $2.9 billion.

It’s not typically that you simply see three of the highest 5 lenders of a specific state headquartered throughout the state.

However wait, there’s extra! After six positioned Homepoint’s $2.7 billion got here Ogden-based America First Credit score Union with $2.4 billion in seventh.

They have been adopted by Academy Mortgage (yep, additionally from Utah), SecurityNational Mortgage (additionally Utah), and at last Wells Fargo

All advised, six of the highest 10 mortgage lenders in Utah are Utah-based firms, which could possibly be some sort of a document for a person state.

High Utah Mortgage Lenders (for House Consumers)

Rating Firm Identify 2021 Mortgage Quantity
1. UWM $3.1 billion
2. Intercap Lending $2.0 billion
3. First Colony Mortgage $1.5 billion
4. SecurityNational $1.3 billion
5. Academy Mortgage $1.1 billion
6. Chase $921 million
7. Homepoint $859 million
8. Rocket Mortgage $791 million
9. Wells Fargo $681 million
10. Assured Fee $677 million

After we fine-tune the record to solely think about residence buy lending, UWM as soon as once more tops the record with $3.1 billion funded.

Whereas nonetheless principally blowing away the competitors, second place Intercap Lending narrowed the hole with $2 billion funded.

In third was First Colony Mortgage with $1.5 billion, adopted by SecurityNational Mortgage with $1.3 billion and Academy Mortgage with $1.1 billion.

As soon as once more, Utah-based lenders dominated the record, taking 4 of the highest 5 spots.

This tells me Utahns actually desire to maintain it native when acquiring a house mortgage, particularly a house buy mortgage.

The remainder of the highest 10 included Chase, Homepoint, Rocket Mortgage, Wells Fargo, and Assured Fee.

Quite a lot of massive, nationwide manufacturers in there after taking into consideration the native firms.

High Refinance Lenders in Utah (for Present Householders)

Rating Firm Identify 2021 Mortgage Quantity
1. UWM $6.1 billion
2. Rocket Mortgage $3.6 billion
3. Mountain America CU $2.0 billion
4. Homepoint $1.9 billion
5. America First CU $1.8 billion
6. Intercap Lending $1.6 billion
7. First Colony Mortgage $1.4 billion
8. Wells Fargo $1.3 billion
9. Freedom Mortgage $1.3 billion
10. Pennymac $1.2 billion

When it got here to refinances for present owners, UWM as soon as once more took prime honors with $6.1 billion funded, a clear sweep of all three classes.

In second was Rocket Mortgage with $3.6 billion, adopted by Homepoint with $1.9 billion.

No Utah-based firms within the prime three, which isn’t a giant shock as mortgage refinances are usually price-driven.

In fourth was Intercap with $1.6 billion, adopted by Mountain America with $1.5 billion.

The remainder of one of the best included First Colony, America First, Wells Fargo, Freedom Mortgage, and Pennymac.

Who Are the Finest Utah Mortgage Lenders?

Seeing that the highest mortgage lender in Utah was a wholesale lender, you’d must get the scores of all the person mortgage brokers to find out their total likability.

That may show too tough and wouldn’t actually inform us a lot because the dealer is probably going extra vital than the lender they work.

Second placed-Rocket has a superb 4.48-star score on Zillow, whereas third placed-Intercap has a stellar 4.97-star score.

Mountain America is usually well-liked (America First not as a lot), although arduous to find out if it’s due to their mortgage lending or different banking providers. Each are credit score unions.

First Colony additionally has a 4.97-star score on Zillow, barely higher than Academy’s 4.96 and Homepoint’s 4.89 score. In the meantime, SecurityNational Mortgage has a 4.88-star score.

Then there’s Wells Fargo, which everyone knows has had its share of mortgage-related controversies, but continues to be a go-to for a lot of.

Different Utah-based mortgage firms not within the prime 10 embody SLC’s personal Main Residential Mortgage Inc. with a 4.98-rating, and Sandy’s Citywide House Loans with a 4.96 score.

In different phrases, there are many good choices on the market, each massive and small, a few of that are family names and others relative unknowns.

Put within the time to analysis a handful of firms earlier than making a choice on one.

(picture: Pedro Szekely)

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