There was a new top mortgage lender in Illinois in 2024, per the latest HMDA data.
And it was Chicago’s very own Guaranteed Rate (now known simply as Rate), which was able to knock UWM off its perch.
The company funded a strong $2.9 billion in the Land of Lincoln, beating out other national brands and hometown lenders.
They grabbed nearly 6.5% market share in the process, despite volume being down considerably from a couple years earlier.
Read on to learn more about the biggest mortgage lenders in the state of Illinois.
Top Illinois Mortgage Lenders (Overall)
| Ranking | Company Name | 2024 Loan Volume |
| 1. | Guaranteed Rate | $2.9 billion |
| 2. | UWM | $2.7 billion |
| 3. | Chase | $2.5 billion |
| 4. | Rocket Mortgage | $1.9 billion |
| 5. | CrossCountry | $1.6 billion |
| 6. | Fairway | $1.0 billion |
| 7. | Huntington Bank | $985 million |
| 8. | loanDepot | $838 million |
| 9. | Truist | $818 million |
| 10. | U.S. Bank | $778 million |
As mentioned, Guaranteed Rate led the pack with nearly $3 billion in home loan origination volume in 2024, per Richey May’s HMDA data.
That was just enough to overtake UWM, which is the nation’s largest mortgage lender overall.
Unfortunately, volume was a fraction of what it was in 2021, when Guaranteed Rate mustered $10.6 billion in home loan origination.
Coming in a close third was NYC-based depository Chase Bank with $2.5 billion.
In fourth was Rocket Mortgage with $1.9 billion. Perhaps they’ll climb the rankings with their acquisition of Redfin and Mr. Cooper.
And in fifth was Cleveland, Ohio-based CrossCountry Mortgage with $1.6 billion.
Others in the top ten included Fairway, Huntington Bank, loanDepot, Truist, and U.S. Bank.
Top Illinois Mortgage Lenders (for Home Buyers)
| Ranking | Company Name | 2024 Loan Volume |
| 1. | Guaranteed Rate | $2.5 billion |
| 2. | Chase | $1.9 billion |
| 3. | UWM | $1.8 billion |
| 4. | CrossCountry | $1.3 billion |
| 5. | Rocket Mortgage | $989 million |
| 6. | Fairway | $899 million |
| 7. | Huntington Bank | $774 million |
| 8. | Truist | $665 million |
| 9. | loanDepot | $600 million |
| 10. | U.S. Bank | $586 million |
If we look at just home purchase loans, Guaranteed Rate was once again #1 with $2.5 billion funded, a top pick for home buyers in the state.
They created more breathing space from Chase in this department, with the NYC-based bank only funding $1.9 billion in purchase loans.
In a close third was UWM’s $1.8 billion, followed by CrossCountry’s $1.3 billion, and Rocket Mortgage’s $989 million.
Other mortgage brands in the top-10 list were Fairway, Huntington Bank, Truist, loanDepot, and U.S. Bank.
Chances are Rate will extend its lead in Illinois and beyond thanks to a recent merger between Compass and Anywhere Real Estate.
Rate is the preferred lender for both outfits and should benefit tremendously if its real estate agents recommend them above other options.
Top Refinance Mortgage Lenders in Illinois (for Existing Homeowners)
| Ranking | Company Name | 2024 Loan Volume |
| 1. | UWM | $879 million |
| 2. | Rocket Mortgage | $807 million |
| 3. | Chase | $569 million |
| 4. | Guaranteed Rate | $389 million |
| 5. | CrossCountry | $253 million |
| 6. | Freedom Mortgage | $231 million |
| 7. | loanDepot | $222 million |
| 8. | Pennymac | $215 million |
| 9. | BMO | $202 million |
| 10. | Huntington Bank | $194 million |
If you’re an existing homeowner, you might be wondering who helped the most borrowers refinance their home loans.
Those who guessed UWM were correct. It’s pretty rare to see one company sweep all three categories, something Chase pulled off in 2021. But Rate couldn’t manage.
So it appears Illinoisans are now split between loving Guaranteed Rate and UWM, at least when it comes to mortgage banking.
Their $879 million was more than enough to run away with this category, despite Rocket Mortgage’s best efforts with $807 million.
For comparison sake, Chase funded $8.9 billion in refis in Illinois in 2021 (and Rocket did $4.5 billion) so it was quite the drop-off.
In third was Chase with $569 million, while Rate funded a lesser $389 million in fourth.
CrossCountry closed out the top five with $253 million.
The rest of the top ten included Freedom Mortgage, loanDepot, Pennymac, BMO, and Huntington Bank.
Those relying primarily on this category in recent years have needed to pivot quite a bit thanks to much higher mortgage rates.
Finally, we’ve got the battle for Chicagoland, which was neck-and-neck between Guaranteed Rate and Chase. But the locals took the cake.
Top Mortgage Lenders in Chicago
| Ranking | Company Name | 2024 Loan Volume |
| 1. | Guaranteed Rate | $2.4 billion |
| 2. | Chase | $2.1 billion |
| 3. | UWM | $1.9 billion |
| 4. | CrossCountry | $1.2 billion |
| 5. | Rocket Mortgage | $1.1 billion |
| 6. | Huntington Bank | $805 million |
| 7. | Fairway | $715 million |
| 8. | loanDepot | $631 million |
| 9. | Truist | $607 million |
| 10. | Proper Rate | $564 million |
Who Is the Best Mortgage Lender in Illinois?
While we discussed the top mortgage lenders in the state in terms of loan volume, the best one may or may not be on the lists above.
For example, your best option could be a local mortgage broker, or a small credit union.
And what’s best for one home buyer or existing homeowner might not be the right fit for another individual.
Take the time to compare the many mortgage companies available to you. Consider their mortgage rates, their fees, loan program options, and any perks they offer.
Also factor in your personality – do you prefer a lot of hands-on attention from a smaller company, or is technology and self-service your thing?
If speed is a biggie for you, Guaranteed Rate’s Same Day Mortgage can generate approvals in just one business day.
Once you investigate these things you’ll be able to find a mortgage lender that is best suited for you and your specific needs.
That could mean service over lowest price, or vice versa. If you put in the time, you should be able to get the best of both worlds.
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