High Mortgage Lenders in Utah

In the event you’re curious who the highest mortgage lenders in Utah are, I’ve obtained some solutions.

Final yr, greater than 500 lenders in The Beehive State originated almost $100 billion in dwelling 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’d say {that a} legion of mortgage brokers is #1, as wholesale lenders depend on these intermediaries to generate all their enterprise.

What’s shocking 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 dwelling 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 usually that you just see three of the highest 5 lenders of a specific state headquartered inside 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 had 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 might be some sort of a file for a person state.

High Utah Mortgage Lenders (for Residence 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

Once we fine-tune the record to solely take into account dwelling buy lending, UWM as soon as once more tops the record with $3.1 billion funded.

Whereas nonetheless largely 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 want 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.

A whole lot of large, nationwide manufacturers in there after bearing in mind 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 current 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 an enormous 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 the most effective included First Colony, America First, Wells Fargo, Freedom Mortgage, and Pennymac.

Who Are the Greatest Utah Mortgage Lenders?

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

That will 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 4.48-star ranking on Zillow, whereas third placed-Intercap has a stellar 4.97-star ranking.

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 companies. Each are credit score unions.

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

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

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

In different phrases, there are many good choices on the market, each large 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 call on one.

(picture: Pedro Szekely)