At present we’ll check out the highest mortgage lenders in Alabama, based mostly on their most up-to-date 12 months’s mortgage quantity.
It is a checklist of the most important 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 corporations topped the checklist within the state of Alabama final 12 months.
Prime Mortgage Lenders in Alabama (Total)
| 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 |
In the event you 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 prime mortgage lender general was additionally the largest lender in Bama. Sure, I’m speaking about Rocket Mortgage, which funded $3 billion, in response to HMDA information from Richey Might.
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 the same $2 billion, a optimistic improvement for native mortgage corporations.
In fourth was Freedom Mortgage with $1.5 billion, adopted by Fairway Unbiased Mortgage with a comparable whole.
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 situated in Tupelo, MS.
So simply one of many prime 10 mortgage corporations within the state of Alabama is homegrown.
Prime 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 adjustments 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 subsequent three spots all went to banks, together with Trustmark, FirstBank, and Renasant Financial institution.
That is sensible since residence patrons typically flip to brick-and-mortar establishments or corporations they already do enterprise with.
The remainder of the highest 10 included Rocket Mortgage, Wells Fargo, UWM, and Homepoint.
Prime Refinance Lenders in Alabama (for Present Owners)
| 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 |
Once we filter out the acquisition loans and deal with 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 rather 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 by means of 10 went to loanDepot, Mr. Cooper, UWM, Homepoint, and Renasant Financial institution.
No actual surprises, and just one Alabama-based firm within the checklist.
Who Are the Finest Alabama Mortgage Lenders?
If we take into account buyer opinions versus whole mortgage quantity, we would be capable to decide the most effective vs. prime lenders within the state.
After all, opinions are subjective and there are a lot of evaluation web sites on the market. However I usually 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 opinions.
Not far off is fellow Birmingham-based lender MortgageRight with a 4.97/5 from roughly 550 opinions, a a lot larger whole.
In the meantime, Tuscaloosa-based First Federal Financial institution has a 4.97/5 ranking from practically 200 opinions.
These massive names on the checklist even have Zillow scores, 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 massive and small, and nationwide or native to search out the best match in your residence mortgage wants.
You may additionally need to converse to a mortgage dealer or two, who can store your mortgage with a number of corporations without delay.
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