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In the state-by-state rankings of most active mortgage lenders, it’s Quicken and everyone else.
Quicken Loans was the top mortgage lender in 30 states in 2020. Quicken’s dominant position is no surprise — it’s the largest mortgage lender in the nation, originating more than 1 million home loans nationally in 2020.
Underscoring its market-leading position, Quicken Loans was the second-largest mortgage lender in an additional 12 states.
But here’s a twist: No other mortgage lender had pole position in more than one state last year. Every one of the 20 states where Quicken wasn’t No. 1 had a different No. 1 lender.
These rankings are based on a Bankrate analysis of preliminary Home Mortgage Disclosure Act data, with an assist from ComplianceTech’s LendingPatterns.com.
States where Quicken leads the pack
Quicken was the top lender in all five of the most populous states — California, Texas, Florida, New York and Pennsylvania. And Quicken was the biggest mortgage originator in such major states as George, North Carolina, Michigan (Quicken’s home turf), New Jersey and Virginia.
Quicken clearly is focusing on states with the biggest numbers of borrowers. The company originated the most loans in 14 of the 16 largest states.
States where Quicken isn’t No. 1
Despite its dominance, there are two large states where Quicken doesn’t hold the top spot. In Illinois, first place was occupied by Guaranteed Rate.
Reflecting its efforts to market to consumers, Guaranteed Rate owns the naming rights to the ballpark of the Chicago White Sox. Chase ranked No. 2 in Illinois by number of loans originated in 2020, while Quicken placed third.
And in Ohio, Huntington National Bank, based in Columbus, was the state’s top mortgage originator in 2020. Quicken was No. 2 in the state.
In the states where Quicken isn’t No. 1, the top spot often is held by a local player. Bangor Savings Bank is the biggest originator in Maine, Glacier Bank is tops in Montana and Summit Credit Union is No. 1 in Wisconsin.
Here are the top lenders in every state based on mortgage originations in 2020:
|State||Top lender||Originations||No. 2 lender|
|Alaska||Residential Mortgage||4,509||Alaska USA|
|District of Columbia||First Savings||2,165||Quicken|
|Hawaii||Bank of Hawaii||5,845||First Hawaiian|
|Iowa||Greenstate Credit Union||16,922||Iowa Bankers|
|Maine||Bangor Savings Bank||6,125||Quicken|
|Montana||Glacier Bank||5,228||Stockman Bank|
|Nebraska||First National Bank of Omaha||6,646||Quicken|
|New Jersey||Quicken||31,547||Wells Fargo|
|North Carolina||Quicken||40,474||State Employees|
|North Dakota||Gate City Bank||3,498||First International Bank|
|Ohio||Huntington National Bank||41,084||Quicken|
|Oklahoma||Quicken||6,846||First United Bank|
|Rhode Island||Citizens Bank||4,075||Quicken|
|South Dakota||Plains Commerce Bank||4,831||First Premier|
|Vermont||New England Federal CU||4,518||Quicken|
|Washington||Quicken||36,844||Caliber Home Loans|
|West Virginia||Quicken||4,076||City National Bank|
|Wisconsin||Summit CU||16,616||University of Wisconsin CU|
|Wyoming||First Interstate Bank||3,052||Quicken|
What you can do to get a better mortgage rate
Should you go with the biggest lender in your state for a refinance or a purchase mortgage? That depends.
Before committing to a lender, do your research. To secure the most favorable mortgage rate, take these steps:
- Compare offers. Get offers from at least three lenders. If you live in an area with limited competition among local banks, that might require you to shop online. The good news: Comparison shopping can save you thousands of dollars. Bankrate’s rate tables are a great place to start your search.
- Look beyond brick-and-mortar lenders. The bank or credit union where you keep your cash might offer the best deal on a home loan, but make sure you do some comparison shopping. Rates and closing costs can vary widely by lender.
- Spruce up your credit score. It’s the best way to lower your rate, and more effective than boosting your down payment or improving your debt-to-income ratio.
- Mortgage rate forecast for 2021
- How to get the best mortgage rate
- Everything you should know about getting preapproved for a mortgage
Correction: The original version of this story listed the University of Wisconsin Credit Union as the No. 1 lender in Wisconsin, and Summit Credit Union as No. 2. However, those figures omitted originations through preapprovals, an active channel for Summit Credit Union.