At present we’ll check out the highest mortgage lenders in Pennsylvania primarily based on their annual mortgage quantity.
The state of Pennsylvania is exclusive in that it borders each the Midwest and the Northeast.
This implies shoppers may gravitate towards a giant NYC-based financial institution or a smaller, impartial mortgage lender positioned nearer to say Ohio.
Regardless of these regional nuances, the nation’s prime mortgage lender additionally grabbed the highest spot in The Keystone State.
Learn on to see who the opposite large mortgage gamers are in Pennsylvania.
Prime Mortgage Lenders in Pennsylvania (General)
| Rating | Firm Identify | 2021 Mortgage Quantity |
| 1. | Rocket Mortgage | $7.9 billion |
| 2. | Wells Fargo | $7.3 billion |
| 3. | Residents Financial institution | $5.0 billion |
| 4. | Allied Mortgage Group | $4.1 billion |
| 5. | Pennymac | $3.2 billion |
| 6. | CrossCountry Mortgage | $3.0 billion |
| 7. | AmeriHome Mortgage | $3.0 billion |
| 8. | PNC Financial institution | $2.9 billion |
| 9. | Newrez | $2.9 billion |
| 10. | Freedom Mortgage | $2.6 billion |
You guessed it. The highest mortgage lender in Pennsylvania was none apart from Rocket Mortgage, which by the way can also be the nation’s #1 lender.
The Detroit-based firm originated $7.9 billion in dwelling loans final 12 months, per HMDA information from Richey Could.
That was sufficient to beat out second place Wells Fargo, which got here shut with $7.3 billion funded throughout the 12 months.
In third place was Windfall, Rhode Island-based Residents Financial institution with $5 billion in dwelling mortgage quantity.
Allied Mortgage Group grabbed fourth with $3.2 billion, whereas large correspondent lender Pennymac took fifth with $3 billion.
Others within the prime 10 included CrossCountry Mortgage, AmeriHome Mortgage, PNC Financial institution, Newrez, and Freedom Mortgage.
Three of the businesses are literally primarily based in Pennsylvania, together with Allied Mortgage Group (Bala Cynwyd), PNC Financial institution (Pittsburgh), and Newrez (Fort Washington).
Prime Pennsylvania Mortgage Lenders (for House Patrons)
| Rating | Firm Identify | 2021 Mortgage Quantity |
| 1. | Wells Fargo | $3.0 billion |
| 2. | Allied Mortgage | $2.4 billion |
| 3. | CrossCountry Mortgage | $2.0 billion |
| 4. | Residents Financial institution | $1.8 billion |
| 5. | AmeriHome Mortgage | $1.6 billion |
| 6. | Pennymac | $1.6 billion |
| 7. | Rocket Mortgage | $1.5 billion |
| 8. | Assured Price | $1.4 billion |
| 9. | Prosperity House | $1.2 billion |
| 10. | Chase | $1.1 billion |
If we focus solely on dwelling buy loans, Wells Fargo topped the record with $3 billion funded within the state of Pennsylvania.
They had been adopted by Allied Mortgage Group with $2.4 billion and Ohio-based CrossCountry Mortgage with $2 billion.
It is smart that each these firms did so properly as dwelling patrons have a tendency to show to native lenders when it entails a house buy.
Residents Financial institution took fourth with $1.8 billion, whereas AmeriHome got here in an in depth fifth with $1.6 billion.
The remainder of the highest 10 included Pennymac, Rocket Mortgage, Assured Price, Prosperity House Mortgage, and Chase.
Prime Pennsylvania Refinance Lenders (for Current Owners)
| Rating | Firm Identify | 2021 Mortgage Quantity |
| 1. | Rocket Mortgage | $6.2 billion |
| 2. | Wells Fargo | $4.0 billion |
| 3. | Residents Financial institution | $2.8 billion |
| 4. | Freedom Mortgage | $2.1 billion |
| 5. | PNC Financial institution | $2.1 billion |
| 6. | loanDepot | $1.8 billion |
| 7. | Newrez | $1.8 billion |
| 8. | Allied Mortgage | $1.7 billion |
| 9. | Pennymac | $1.6 billion |
| 10. | Mr. Cooper | $1.6 billion |
If we filter the record to solely embody mortgage refinances, Rocket Mortgage was the highest canine with $6.2 billion funded.
That was greater than sufficient to beat out second place Wells Fargo’s $4 billion, and Citizen Financial institution’s $2.8 billion.
In fourth was Freedom Mortgage with $2.1 billion, adopted by Pennsylvania’s personal PNC Financial institution with an analogous quantity.
loanDepot, Newrez, Allied Mortgage Group, Pennymac, and Mr. Cooper rounded out the highest 10.
So no main surprises right here as present householders usually use large banks and family name-lenders when in search of a refinance.
The Finest Pennsylvania Mortgage Lenders Could or Could Not Be Listed Above
It’s vital to distinguish prime and finest, as one refers to dimension and the opposite buyer satisfaction.
On the identical time, the 2 phrases can apply to 1 firm, assuming it’s each giant and liked by its purchasers.
If we use the J.D. Energy satisfaction survey as a barometer, Rocket was second on that record in 2021 (solely overwhelmed by Guild Mortgage), whereas Wells Fargo and Residents had been under the trade common.
In the meantime, PNC was merely common, Pennymac under common, and Newrez was on the backside of the record when it comes to satisfaction.
Conversely, CrossCountry Mortgage ranked close to the highest simply behind Rocket, and loanDepot additionally had stable marks.
In different phrases, firm dimension and excessive scores don’t all the time go hand-in-hand, so it’s worthwhile to put within the time to analysis.
Bear in mind, you’re not shopping for a washer, you’re getting a mortgage that would stick with you for 30 years.
Take the time to learn firm critiques, take a look at third-party scores web sites, and ask for referrals from family and friends.
As I all the time say, you may discover a small, native credit score union or mortgage dealer that may be a higher match than a large lender. Otherwise you may need to go together with a family identify.
Both approach, collect a couple of quotes and communicate to a handful of various firms so you will get a greater really feel for what’s on the market.
(picture: Doug Kerr)