September 28, 2023

At the moment we’ll check out the highest mortgage lenders in Alabama, based mostly on their most up-to-date 12 months’s mortgage quantity.

This can be a record of the biggest mortgage lenders within the state, not essentially the top-rated ones (although these two issues can coexist).

Regardless of being a much less populated state, greater than 800 lenders nonetheless managed to fund greater than $51 billion in residence loans there.

However like the opposite 49 states, one firm managed to beat out the competitors, and by a large margin at that.

Learn on to see which firms topped the record within the state of Alabama final 12 months.

High Mortgage Lenders in Alabama (General)

Rating Firm Title 2021 Mortgage Quantity
1. Rocket Mortgage $3.0 billion
2. Pennymac $2.0 billion
3. Areas Financial institution $2.0 billion
4. Freedom Mortgage $1.5 billion
5. Fairway Unbiased $1.5 billion
6. Wells Fargo $1.5 billion
7. Trustmark $1.3 billion
8. UWM $1.2 billion
9. Renasant Financial institution $1.2 billion
10. Homepoint $1.1 billion

If you happen to needed to guess which mortgage firm did essentially the most lending in Alabama, you’d in all probability guess proper.

That’s as a result of the nation’s high mortgage lender total was additionally the largest lender in Bama. Sure, I’m speaking about Rocket Mortgage, which funded $3 billion, in accordance with HMDA knowledge from Richey May.

That was 150% greater than their closest competitor, Pennymac, which got here in second with $2 billion.

Birmingham, Alabama-based Areas Financial institution snagged third with an analogous $2 billion, a constructive improvement for native mortgage firms.

In fourth was Freedom Mortgage with $1.5 billion, adopted by Fairway Unbiased Mortgage with a comparable complete.

The underside half of the highest 10 included San Francisco-based Wells Fargo, Trustmark Nationwide Financial institution, United Wholesale Mortgage, Renasant Financial institution, and Homepoint.

Trustmark is headquartered in close by Jackson, Mississippi, whereas Renasant Financial institution is positioned in Tupelo, MS.

So simply one of many high 10 mortgage firms within the state of Alabama is homegrown.

High Alabama Mortgage Lenders (for Dwelling Consumers)

Rating Firm Title 2021 Mortgage Quantity
1. Pennymac $1.2 billion
2. Fairway Unbiased $1.1 billion
3. Areas Financial institution $901 million
4. Trustmark $828 million
5. FirstBank $765 million
6. Renasant Financial institution $660 million
7. Rocket Mortgage $614 million
8. Wells Fargo $598 million
9. UWM $588 million
10. Homepoint $542 million

The image modifications fairly a bit once we look solely at residence buy lending. Then Pennymac takes the highest spot with $1.2 billion funded.

In second was Wisconsin-based Fairway Unbiased with $1.1 billion, adopted by Areas Financial institution with $901 million.

The following three spots all went to banks, together with Trustmark, FirstBank, and Renasant Financial institution.

That is smart since residence patrons typically flip to brick-and-mortar establishments or firms they already do enterprise with.

The remainder of the highest 10 included Rocket Mortgage, Wells Fargo, UWM, and Homepoint.

High Refinance Lenders in Alabama (for Present Householders)

Rating Firm Title 2021 Mortgage Quantity
1. Rocket Mortgage $2.3 billion
2. Freedom Mortgage $1.3 billion
3. Areas Financial institution $911 million
4. Wells Fargo $829 million
5. Pennymac $828 million
6. loanDepot $662 million
7. Mr. Cooper $641 million
8. UWM $615 million
9. Homepoint $562 million
10. Renasant Financial institution $511 million

After we filter out the acquisition loans and concentrate on mortgage refinances, Rocket Mortgage simply takes the highest spot with $2.3 billion funded.

That was a full billion greater than second place Freedom Mortgage, and far more than Area Financial institution’s $911 million.

Two different heavyweights rounded out the highest 5, together with Wells Fargo and Pennymac.

And spots six via 10 went to loanDepot, Mr. Cooper, UWM, Homepoint, and Renasant Financial institution.

No actual surprises, and just one Alabama-based firm within the record.

Who Are the Finest Alabama Mortgage Lenders?

If we contemplate buyer evaluations versus complete mortgage quantity, we would have the ability to decide the most effective vs. high lenders within the state.

In fact, evaluations are subjective and there are various evaluation web sites on the market. However I sometimes take a look at Zillow to see which lenders are faring the most effective in every state.

Seems Birmingham-based SouthPoint Financial institution has the most effective ranking, a 4.99 out of a potential 5 from about 170 evaluations.

Not far off is fellow Birmingham-based lender MortgageRight with a 4.97/5 from roughly 550 evaluations, a a lot greater complete.

In the meantime, Tuscaloosa-based First Federal Financial institution has a 4.97/5 ranking from practically 200 evaluations.

These large names on the record even have Zillow rankings, together with Rocket’s 4.48/5 , Pennymac’s 4.40/5, Freedom Mortgage’s 4.85/5, and Fairway Unbiased Mortgage’s 4.95/5.

Take the time to contemplate lenders each large and small, and nationwide or native to search out the fitting match on your residence mortgage wants.

You may additionally wish to converse to a mortgage dealer or two, who can store your mortgage with a number of firms directly.

(photograph: formulanone)