There was a new top mortgage lender in Illinois in 2022, per the latest HMDA data.
And it was Chicago’s very own Guaranteed Rate, which was able to knock JPMorgan Chase off its perch.
The company funded a strong $5.6 billion in the Land of Lincoln, beating out other national brands and hometown lenders.
They grabbed a 6.5% market share in the process, despite volume being down considerably from a year earlier.
Read on to learn more about the biggest mortgage lenders in the state of Illinois.
Top Illinois Mortgage Lenders (Overall)
| Ranking | Company Name | 2022 Loan Volume |
| 1. | Guaranteed Rate | $5.6 billion |
| 2. | Chase | $5.4 billion |
| 3. | U.S. Bank | $2.9 billion |
| 4. | Wells Fargo | $2.7 billion |
| 5. | Huntington Bank | $2.5 billion |
| 6. | Rocket Mortgage | $2.3 billion |
| 7. | UWM | $2.2 billion |
| 8. | Fifth Third Bank | $1.5 billion |
| 9. | loanDepot | $1.5 billion |
| 10. | Pennymac | $1.3 billion |
As mentioned, Guaranteed Rate led the pack with nearly $6 billion in home loan origination volume in 2022, per Richey May’s HMDA data.
That was just enough to overtake Chase, which is the nation’s fourth largest mortgage lender overall.
Unfortunately, volume was nearly half what it was in 2021, when Guaranteed Rate mustered $10.6 billion in home loan origination.
Coming in a distant third was Minneapolis-based depository U.S. Bank with $2.9 billion.
In fourth was Wells Fargo with $2.7 billion. Despite their controversies, they continue to be the mortgage lender of choice for many.
And in fifth was Columbus, Ohio-based Huntington Bank with $2.5 billion.
Others in the top ten included Rocket Mortgage, United Wholesale Mortgage (UWM), Fifth Third, loanDepot, and Pennymac.
Top Illinois Mortgage Lenders (for Home Buyers)
| Ranking | Company Name | 2022 Loan Volume |
| 1. | Guaranteed Rate | $4.9 billion |
| 2. | Chase | $3.5 billion |
| 3. | U.S. Bank | $2.2 billion |
| 4. | Wells Fargo | $1.8 billion |
| 5. | UWM | $1.7 billion |
| 6. | Huntington Bank | $1.6 billion |
| 7. | CrossCountry Mortgage | $1.1 billion |
| 8. | Rocket Mortgage | $1.1 billion |
| 9. | Fairway Independent | $1.1 billion |
| 10. | loanDepot | $1.0 billion |
If we look at just home purchase loans, Guaranteed Rate was once again #1 with $4.9 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 $3.5 billion in purchase loans.
It then dropped off quite a bit with U.S. Bank’s $2.2 billion, Wells Fargo’s $1.8 billion, and UWM’s $1.7 billion.
Other mortgage brands in the top-10 list were Huntington Bank, CrossCountry Mortgage, Rocket Mortgage, Fairway Independent Mortgage, and loanDepot.
Top Refinance Mortgage Lenders in Illinois (for Existing Homeowners)
| Ranking | Company Name | 2022 Loan Volume |
| 1. | Chase | $1.7 billion |
| 2. | Rocket Mortgage | $1.2 billion |
| 3. | Wells Fargo | $778 million |
| 4. | Huntington Bank | $763 million |
| 5. | Guaranteed Rate | $724 million |
| 6. | U.S. Bank | $624 million |
| 7. | BMO Harris | $528 million |
| 8. | Mr. Cooper | $515 million |
| 9. | PNC | $492 million |
| 10. | Fifth Third Bank | $478 million |
If you’re an existing homeowner, you might be wondering who helped the most borrowers refinance their home loans.
Those who guessed Chase were correct. It’s pretty rare to see one company sweep all three categories, something the bank pulled off in 2021.
So it appears Illinoisans are now split between loving Guaranteed Rate and Chase, at least when it comes to mortgage banking.
Their $1.7 billion was more than enough to run away with this category, despite Rocket Mortgage’s best efforts with $1.2 billion.
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 Wells Fargo with $778 million, while Huntington Bank funded a similar $763 million in fourth.
Guaranteed Rate closed out the top five with $724 million.
The rest of the top ten included U.S. Bank, BMO Harris, Mr. Cooper, PNC, and Fifth Third Bank.
Those relying primarily on this category will need to pivot quite a bit in 2023 to capture more of the waning mortgage market.
Finally, we’ve got the battle for Chicagoland, which was neck-and-neck between Guaranteed Rate and Chase. But the locals took the cake just barely.
Top Mortgage Lenders in Chicago
| Ranking | Company Name | 2022 Loan Volume |
| 1. | Guaranteed Rate | $4.3 billion |
| 2. | Chase | $4.3 billion |
| 3. | Huntington Bank | $1.9 billion |
| 4. | Wells Fargo | $1.8 billion |
| 5. | U.S. Bank | $1.8 billion |
| 6. | UWM | $1.5 billion |
| 7. | Rocket Mortgage | $1.3 billion |
| 8. | Fifth Third Bank | $1.1 billion |
| 9. | loanDepot | $1.1 billion |
| 10. | Bank of America | $978 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.