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 the top-rated ones (though those two things can coexist).
Despite being a less populated state, more than 800 lenders still managed to fund more than $51 billion in home loans there.
But like 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 topped the list in the state of Alabama last year.
Top Mortgage Lenders in Alabama (Overall)
| Ranking | Company Name | 2024 Loan Volume |
| 1. | UWM | $1.2 billion |
| 2. | Rocket Mortgage | $1.0 billion |
| 3. | DHI Mortgage | $755 million |
| 4. | Regions Bank | $614 million |
| 5. | Trustmark | $588 million |
| 6. | Veterans United | $587 million |
| 7. | Fairway | $475 million |
| 8. | Movement | $450 million |
| 9. | Renasant Bank | $442 million |
| 10. | Guild Mortgage | $384 million |
If you had to guess which mortgage company did the most lending in Alabama, you’d probably guess right.
That’s because the nation’s top mortgage lender overall was also the biggest lender in Bama.
Yes, I’m talking about United Wholesale Mortgage, which funded $1.2 billion, according to HMDA data from Richey May.
That was $200 million more than their closest competitor, Rocket Mortgage, which came in second with $1.0 billion funded.
In third was D.R. Horton’s DHI Mortgage, a lender that’s been hard to beat lately because it offers massive mortgage buydowns to home buyers.
Birmingham, Alabama-based Regions Bank snagged fourth with a similar $614 million, a positive development for local mortgage companies.
In fifth was Mississippi-based Trustmark, followed by Veterans United, and Fairway Home Mortgage.
The bottom of the top 10 included Movement Mortgage, Renasant Bank, and Cadence Bank.
Trustmark is headquartered in nearby Jackson, Mississippi, while Renasant Bank is located in Tupelo, MS.
So just one of the top 10 mortgage companies in the state of Alabama is homegrown.
Top Alabama Mortgage Lenders (for Home Buyers)
| Ranking | Company Name | 2024 Loan Volume |
| 1. | UWM | $755 million |
| 2. | DHI Mortgage | $755 million |
| 3. | Trustmark | $542 million |
| 4. | Veterans United | $492 million |
| 5. | Fairway | $458 million |
| 6. | Regions Bank | $406 million |
| 7. | Movement | $404 million |
| 8. | Rocket Mortgage | $403 million |
| 9. | Renasant Bank | $351 million |
| 10. | Guild Mortgage | $347 million |
The picture changes quite a bit when we look only at home purchase lending.
UWM still takes the top spot with $755 million funded, but DHI Mortgage grabbed second and Trustmark third.
The next three spots went to Veterans United, Fairway Home Mortgage, and Regions Bank.
All the way down the list was Rocket Mortgage, followed by Renasant Bank and Guild Mortgage.
Banks tend to do well with home purchase loans because home buyers often turn to brick-and-mortar institutions or companies they already do business with.
Top Refinance Lenders in Alabama (for Existing Homeowners)
| Ranking | Company Name | 2024 Loan Volume |
| 1. | Rocket Mortgage | $600 million |
| 2. | UWM | $477 million |
| 3. | Freedom Mortgage | $270 million |
| 4. | Regions Bank | $172 million |
| 5. | Pennymac | $167 million |
| 6. | Veterans United | $94 million |
| 7. | loanDepot | $91 million |
| 8. | Mr. Cooper | $89 million |
| 9. | Renasant Bank | $85 million |
| 10. | Newrez | $78 million |
When we filter out the purchase loans and focus on mortgage refinances, Rocket Mortgage easily takes the top spot with $600 million funded.
That was a full hundred million more than second place UWM, and much more than third place Freedom Mortgage.
Two other heavyweights rounded out the top five, including Regions Bank and Pennymac.
And spots six through 10 went to Veterans United, loanDepot, Mr. Cooper, Renasant Bank, and Newrez.
No real surprises, and only one Alabama-based company in the list.
Top Mortgage Lenders in Birmingham
| Ranking | Company Name | 2024 Loan Volume |
| 1. | UWM | $316 million |
| 2. | Regions Bank | $263 million |
| 3. | Rocket Mortgage | $209 million |
| 4. | Fairway | $201 million |
| 5. | Cadence Bank | $180 million |
| 6. | DHI Mortgage | $147 million |
| 7. | FirstBank | $128 million |
| 8. | Renasant Bank | $115 million |
| 9. | Trustmark | $111 million |
| 10. | Movement | $104 million |
Top Mortgage Lenders in Huntsville
| Ranking | Company Name | 2024 Loan Volume |
| 1. | UWM | $280 million |
| 2. | Lennar Mortgage | $184 million |
| 3. | Rocket Mortgage | $169 million |
| 4. | DHI Mortgage | $135 million |
| 5. | Redstone CU | $131 million |
| 6. | FirstBank | $129 million |
| 7. | Freedom Mortgage | $120 million |
| 8. | Trustmark | $100 million |
| 9. | Canopy Mortgage | $95 million |
| 10. | Davidson Homes | $89 million |
Who Are the Best Alabama Mortgage Lenders?
If we consider customer reviews as opposed to total loan volume, we might be able to determine the best vs. top lenders in the state.
Of course, reviews are subjective and there are many review websites out there. But I typically check out Zillow to see which lenders are faring the best in each state.
Turns out Birmingham-based SouthPoint Bank has the best rating, a 4.99 out of a possible 5 from about 170 reviews.
Not far off is fellow Birmingham-based lender MortgageRight with a 4.97/5 from roughly 550 reviews, a much higher total.
Meanwhile, Tuscaloosa-based First Federal Bank has a 4.97/5 rating from 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 big and small, and nationwide or local to find the right fit for your home loan needs.
You may also want to speak to a mortgage broker or two, who can shop your loan with multiple companies at once.
(photo: formulanone)
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