Wednesday, September 7, 2022
HomeMortgagePrime Mortgage Lenders in Maryland

Prime Mortgage Lenders in Maryland


Right now we’ll take a look on the prime mortgage lenders in Maryland based mostly on their annual mortgage quantity.

Like different states within the nation, it wasn’t a giant shock that America’s largest lender additionally topped the charts in Maryland.

Sure, I’m referring to Rocket Mortgage, which had no downside beating out one other 750 or so banks, mortgage lenders, and credit score unions to take the #1 spot.

Collectively, these mortgage corporations originated about $140 billion in dwelling loans within the Outdated Line State final yr.

Learn on to see who else ranked within the prime 10, together with some native names.

Prime Mortgage Lenders in Maryland (Total)

Rating Firm Identify 2021 Mortgage Quantity
1. Rocket Mortgage $8.7 billion
2. Pennymac $6.0 billion
3. Truist Monetary $5.7 billion
4. Freedom Mortgage $5.1 billion
5. Wells Fargo $4.1 billion
6. First Residence Mortgage $3.9 billion
7. Mr. Cooper $3.6 billion
8. U.S. Financial institution $3.5 billion
9. UWM $3.1 billion
10. Caliber Residence Loans $2.9 billion

As said, Rocket Mortgage led the best way in Maryland with an admirable $8.7 billion in dwelling mortgage quantity in 2021, per HMDA knowledge courtesy of Richey Might.

That was greater than sufficient to beat out second place Pennymac’s $6 billion. Many shoppers could not even acknowledge Pennymac as they do loads of enterprise by way of the correspondent channel.

This implies their product is resold by smaller corporations, whether or not it’s an area credit score union or financial institution.

In third was Truist with a really shut $5.7 billion – the financial institution can be headquartered comparatively near Maryland in Charlotte, North Carolina.

Freedom Mortgage took the fourth slot with $5.1 billion, whereas Wells Fargo grabbed fifth with $4.1 billion.

The remainder of prime 10 included First Residence Mortgage, Mr. Cooper, U.S. Financial institution, United Wholesale Mortgage (UWM), and Caliber Residence Loans.

First Residence Mortgage is an area mortgage lender based mostly in Baltimore, MD.

Prime Maryland Mortgage Lenders (for Residence Patrons)

Rating Firm Identify 2021 Mortgage Quantity
1. Truist Monetary $2.5 billion
2. First Residence Mortgage $2.5 billion
3. Pennymac $2.4 billion
4. U.S. Financial institution $2.2 billion
5. Caliber Residence Loans $1.5 billion
6. Wells Fargo $1.4 billion
7. Rocket Mortgage $1.4 billion
8. AmeriHome Mortgage $1.2 billion
9. UWM $1.2 billion
10. NVR Mortgage $1.1 billion

If we solely bear in mind dwelling buy loans, Truist holds prime honors within the state with $2.5 billion funded.

It seemed to be simply sufficient to forestall native lender First Residence Mortgage (additionally rounded as much as $2.5 billion) from being #1 for dwelling consumers in Maryland.

Third placed-Pennymac was additionally proper on their heels with $2.4 billion in dwelling buy loans funded final yr.

U.S. Financial institution was additionally within the combine with $2.2 billion funded, adopted by Caliber Residence Loans with $1.5 billion.

The opposite 5 within the prime 10 included Wells Fargo, Rocket Mortgage, AmeriHome Mortgage, UWM, and NVR Mortgage.

NVR Mortgage is definitely a wholly-owned subsidiary of dwelling builder NVR, Inc., the father or mother firm of Ryan Houses, NVHomes, and Heartland Houses.

Prime Maryland Refinance Lenders (for Current Householders)

Rating Firm Identify 2021 Mortgage Quantity
1. Rocket Mortgage $7.3 billion
2. Freedom Mortgage $4.2 billion
3. Pennymac $3.7 billion
4. Truist Monetary $3.1 billion
5. Mr. Cooper $2.6 billion
6. Wells Fargo $2.5 billion
7. loanDepot $2.4 billion
8. Newrez $2.0 billion
9. UWM $1.9 billion
10. AmeriHome Mortgage $1.5 billion

Once we filter out the loans to dwelling consumers, and focus solely on mortgage refinances to current owners, Rocket Mortgage is well the highest lender within the state of Maryland.

The Detroit-based mortgage large funded $7.3 billion in refis there final yr, practically doubling the quantity of second place Freedom Mortgage.

Pennymac had one other sturdy displaying with $3.7 billion funded for third place, adopted by Truist with $3.1 billion and Mr. Cooper with $2.6 billion.

Locations six by 10 went to Wells Fargo, loanDepot, Newrez, UWM, and AmeriHome Mortgage.

All in all, there weren’t loads of shockers right here, with large nationwide manufacturers taking all the highest spots.

Maybe the one shock is that no Maryland-based mortgage lenders made the record.

Who Is the Greatest Mortgage Lender in Maryland?

If we’re speaking greatest, and never the most important, as seen within the lists above, totally different names might take the cake.

Whereas First Residence Mortgage does have a stellar 4.98-star score on Zillow from over 7,500 buyer opinions, different Maryland-based mortgage corporations like NFM Lending and Homespire Mortgage do too.

In actual fact, Homespire has a 4.98-star score additionally, and NFM has a 4.96-star score. In the meantime, Rockville, MD-based Apex Residence Loans holds a superior 4.99-star score.

Equally sturdy rankings may be discovered at Homeside Monetary and Direct Mortgage Loans, LLC, each natives of Maryland.

So whereas large is one factor, greatest is perhaps one other. Otherwise you may get fortunate and discover the greatest of each worlds in a single lender.

Both manner, take the time to have a look at multiple lender if you wish to discover the most effective match and pricing to your dwelling mortgage wants.

(photograph: Lee Cannon)

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