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Top Mortgage Lenders in Indiana

Indiana

Now let’s talk about the top mortgage lenders in Indiana, based on their most recent year’s loan volume.

In 2021, nearly 900 mortgage companies funded about $73 billion in home loans there, with the average loan amount about $199,000.

But two lenders stood above the rest, and made the race for first place a very close one.

However, the nation’s top lender, Rocket Mortgage, managed to hold off a much smaller competitor, just barely.

Read on to see which other mortgage companies were some of the largest in Indiana.

Top Mortgage Lenders in Indiana (Overall)

RankingCompany Name2021 Loan Volume
1.Rocket Mortgage$3.5 billion
2.Ruoff Mortgage$3.4 billion
3.Caliber Home Loans$2.4 billion
4.Chase$2.1 billion
5.Freedom Mortgage$1.9 billion
6.3Rivers FCU$1.9 billion
7.Huntington Bank$1.5 billion
8.Wells Fargo$1.3 billion
9.Fifth Third Bank$1.3 billion
10.Newrez$1.3 billion

Last year, Rocket Mortgage funded $3.5 billion in home loans in the state of Indiana, per HMDA data from Richey May.

That was just enough to hold off second place Ruoff Mortgage, which put up a very good fight with $3.4 billion funded.

The company is based in Fort Wayne, IN, and did their best to take the top spot in their home state.

In third was Coppell, TX-based Caliber Home Loans with an admirable $2.4 billion, followed by Chase with $2.1 billion and Freedom Mortgage with $1.9 billion.

The other big players in The Hoosier State included 3Rivers Federal Credit Union, Huntington Bank, Wells Fargo, Fifth Third Bank, and Newrez.

Just two of the top 10 are headquartered in the state of Indiana (Ruoff and 3Rivers), though two others are based in Ohio (Huntington and Fifth Third).

Top Indiana Mortgage Lenders (for Home Buyers)

RankingCompany Name2021 Loan Volume
1.Ruoff Mortgage$2.2 billion
2.Caliber Home Loans$1.3 billion
3.GVC Mortgage$854 million
4.Fairway Independent$843 million
5.Chase$762 million
6.AmeriHome Mortgage$761 million
7.Rocket Mortgage$742 million
8.Newrez$684 million
9.U.S. Bank$676 million
10.Pennymac$618 million

About half of total mortgage volume consisted of home purchase loans in the state of Indiana.

And when we only consider these types of loans, hometown favorite Ruoff Mortgage takes the cake with $2.2 billion funded.

That was way more than any other company in the state, with second place Caliber Home Loans only managing $1.3 billion.

In third was Pendleton, IN-based GVC Mortgage with $854 million, followed by Madison, WI-based Fairway Independent Mortgage and NYC-based Chase.

The rest of the best included AmeriHome Mortgage, Rocket Mortgage, Newrez, U.S. Bank, and Pennymac.

All big, household names other than the two Indiana-based lenders (Ruoff and GVC).

Typically, you’ll get more local brands when it comes to home purchase loans, but not the case in Indiana.

Top Refinance Lenders in Indiana (Existing Homeowners)

RankingCompany Name2021 Loan Volume
1.Rocket Mortgage$2.8 billion
2.Freedom Mortgage$1.7 billion
3.3Rivers FCU$1.5 billion
4.Chase$1.3 billion
5.Ruoff Mortgage$1.2 billion
6.Caliber Home Loans$1.1 billion
7.Fifth Third Bank$869 million
8.Union Savings Bank$856 million
9.Huntington Bank$804 million
10.loanDepot$745 million

There’s less loyalty, or need for face-to-face interaction when it comes to mortgage refinances. So typically the biggest national brands lead the way.

This was the case in Indiana, where Rocket Mortgage led with $2.8 billion in refis during 2021.

Freedom Mortgage was somewhat close with $1.7 billion in second place, followed by 3Rivers FCU with $1.5 billion.

In fourth was Chase with $1.3 billion, followed by Ruoff Mortgage with $1.2 billion in fifth.

Others in the top 10 included Caliber Home Loans, Fifth Third Bank, Union Savings Bank, Huntington Bank, and loanDepot.

Oddly, there were more local-ish brands in the refi category than the home purchase category.

Who Are the Best Indiana Mortgage Lenders?

There are literally thousands of reviews for the big, national mortgage companies and banks.

But what about the more local options, and specifically those headquartered in the state of Indiana?

Well, Ruoff Mortgage has an excellent 4.98/5 on Zillow from about 825 customer reviews, which is nearly perfect.

And GVC Mortgage has a 4.99/5 from over 200 reviews. Meanwhile, Evansville, IN-based Mortgage Masters of Indiana, Inc. has a perfect 5-star rating from nearly 1,300 reviews.

They aren’t on the big volume lists above, yet have an unheard of customer satisfaction score in Zillow.

There’s also Evansville Teachers FCU with a 4.99/5 from 400 reviews, First Savings Bank out of Jeffersonville with a 4.96-star rating, and Fishers, IN-based First Internet Bank of Indiana with a 4.70-star rating.

So clearly there are a lot of excellent mortgage options in the state of Indiana to choose from, whether big, medium, or small.

And while you’re searching for a home loan provider, don’t forget local, independent mortgage broker as well.

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