Top Mortgage Lenders in Alabama

Today we’ll take a look at the top mortgage lenders in Alabama, based on their most recent year’s loan volume.

This is a list of the largest mortgage lenders in the state, not necessarily top rated (though those two things can co-exist).

Despite being a sparsely populated state, over 800 lenders have still managed to accumulate over $51 billion in home loans there.

But like in the other 49 states, one company managed to beat out the competition, and by a wide margin at that.

Read on to see which companies came out on top in the state of Alabama last year.

Top Mortgage Lenders in Alabama (Overall)

grade name of the company 2021 loan amount
1. rocket hostage $3.0 billion
2. pennymac $2.0 billion
3. regional bank $2.0 billion
4. liberty mortgage $1.5 billion
5. fairway independent $1.5 billion
6. Wells Fargo $1.5 billion
7. Trustmark $1.3 billion
8. uwm $1.2 billion
9. Renaissance Bank $1.2 billion
10. home point $1.1 billion

If you had to guess which mortgage company lends the most in Alabama, you would probably guess right.

That’s because the nation’s top mortgage lender was also the largest lender in Bama. yes i am talking rocket hostageAccording to data from HMDA, which funded $3 billion richie may,

This was 150% more than his nearest competitor, pennymacJoe came in second with $2 billion.

Birmingham, Alabama-based Regions Bank ranked third with the same $2 billion, a positive development for local mortgage companies.

was in fourth liberty mortgage with $1.5 billion, then fairway independent mortgage with a comparable total.

The bottom half of the top 10 includes San Francisco-based Wells Fargo, Trustmark National Bank, United Wholesale Mortgage, Renascent Bank and HomePoint.

Trustmark is headquartered in nearby Jackson, Mississippi, while Renaissance Bank is based in Tupelo, MS.

So one of the top 10 mortgage companies in the state of Alabama is Domestic.

Top Alabama Mortgage Lenders (For Home Buyers)

grade name of the company 2021 loan amount
1. pennymac $1.2 billion
2. fairway independent $1.1 billion
3. regional bank $901 million
4. Trustmark $828 million
5. firstbank $765 million
6. Renaissance Bank $660 million
7. rocket hostage $614 million
8. Wells Fargo $598 million
9. uwm $588 million
10. home point $542 million

The picture changes drastically when we lend only for the purchase of a house. Then PennyMac is in the top spot with $1.2 billion in funding.

In second place was Wisconsin-based Fairway Independent with $1.1 billion, followed by Regions Bank with $901 million.

The next three spots went to all banks including Trustmark, FirstBank and Renascent Bank.

This is understandable as home buyers often turn to brick-and-mortar institutions or companies with whom they already do business.

The rest of the top 10 included Rocket Mortgage, Wells Fargo, UWM and home point,

Top Refinance Lenders in Alabama (For Existing Homeowners)

grade name of the company 2021 loan amount
1. rocket hostage $2.3 billion
2. liberty mortgage $1.3 billion
3. regional bank $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. home point $562 million
10. Renaissance Bank $511 million

When we filter out purchase loans and focus on mortgage refinances, Rocket Mortgage easily takes the top spot with $2.3 billion funded.

That was a billion more than second-place Freedom Mortgage, and more than Regions Bank’s $911 million.

Two other giants rounded out the top five, including Wells Fargo and PennyMac.

and spots went from six to 10 loandepot, mr cooperUWM, Homepoint, and Renasant Bank.

No real surprise, and only one Alabama-based company is on the list.

Who Are The Best Alabama Mortgage Lenders?

If we consider customer reviews as opposed to total loan volume, we may be able to determine the best versus top lenders in the state.

Of course, reviews are subjective and there are many review websites out there. But I usually look to Zillow to see which lenders are performing best in each state.

Birmingham-based Southpoint Bank has the best rating, 4.99 out of a possible 5 based on nearly 170 reviews.

With 4.97/5 from nearly 550 reviews is fellow Birmingham-based lender MortgageRight, a very high overall.

Meanwhile, Tuscaloosa-based First Federal Bank has a 4.97/5 rating based on nearly 200 reviews.

Those big names on the list also have Zillow ratings, including Rocket’s 4.48/5, PennyMac’s 4.40/5, Freedom Mortgage’s 4.85/5 and Fairway Independent Mortgage’s 4.95/5.

Take the time to consider lenders both large and small, and nationwide or local, to find the right fit for your home loan needs.

you may also want to talk to a mortgage broker Or two, which can buy your loan from multiple companies at once.

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