Let’s check out the top mortgage lenders in Massachusetts, based on loan volume for the prior completed year.
In 2024, roughly $42 billion in home loans were originated in The Bay State, making it one of the more productive states in the nation.
As to who led the way, it wasn’t the nation’s number one mortgage lender, United Wholesale Mortgage. Nor was it Rocket.
It was Chicago-based Guaranteed Rate, now known simply as Rate, which outmuscled the competition despite being only the 6th largest mortgage lender nationwide.
Read on to see who else topped the mortgage lending charts in Massachusetts.
Top Mortgage Lenders in Massachusetts (Overall)
| Ranking | Company Name | 2024 Loan Volume |
| 1. | Guaranteed Rate | $2.4 billion |
| 2. | Leader Bank | $2.2 billion |
| 3. | CrossCountry | $1.7 billion |
| 4. | UWM | $1.7 billion |
| 5. | Rocket Mortgage | $1.5 billion |
| 6. | Citizens Bank | $1.1 billion |
| 7. | Guild Mortgage | $915 million |
| 8. | Fairway | $882 million |
| 9. | Movement | $872 million |
| 10. | Bank of America | $827 million |
Taking the top spot was direct lender Rate with $2.4 billion funded, per the latest HMDA data from Richey May.
That was more than enough (although it was close) to beat out Leader Bank, which came in second with $2.2 billion.
Cleveland-based CrossCountry Mortgage took third with $1.7 billion funded, but was trail very closely by United Wholesale Mortgage and Rocket Mortgage.
The rest of the top 10 included Citizens Bank, Guild Mortgage, Fairway Home Mortgage, Movement Mortgage, and Bank of America.
Note that Leader Bank was the only Massachusetts-based company to land in the top 10.
Top Massachusetts Mortgage Lenders (for Home Buyers)
| Ranking | Company Name | 2024 Loan Volume |
| 1. | Guaranteed Rate | $2.0 billion |
| 2. | Leader Bank | $1.9 billion |
| 3. | CrossCountry | $1.5 billion |
| 4. | UWM | $1.3 billion |
| 5. | Guild Mortgage | $820 million |
| 6. | Fairway | $795 million |
| 7. | Movement | $746 million |
| 8. | Rocket Mortgage | $745 million |
| 9. | CMG Mortgage | $598 million |
| 10. | Salem Five Mtg. | $560 million |
When we turn our attention to home purchase lending, Guaranteed Rate retains its hold on the top spot with $2.0 billion funded.
But Leader Bank wasn’t far behind in the second spot with $1.9 billion funded. As I always say, home buyers tend to gravitate to local companies for home purchase financing.
In third place was CrossCountry Mortgage with $1.5 billion, despite being headquartered several states to the west.
Then we had Michigan-based UWM take fourth and CA based-Guild Mortgage in fifth with $1.3 billion and $820 million, respectively.
The other top home purchase lenders were Fairway Home Mortgage, Movement Mortgage, CMG Mortgage, and Salem Five Mortgage Co.
Top Massachusetts Refinance Lenders (for Existing Homeowners)
| Ranking | Company Name | 2024 Loan Volume |
| 1. | Rocket Mortgage | $755 million |
| 2. | Citizens Bank | $478 million |
| 3. | UWM | $447 million |
| 4. | Rate | $362 million |
| 5. | Cardinal Capital | $292 million |
| 6. | CrossCountry | $271 million |
| 7. | Leader Bank | $238 million |
| 8. | loanDepot | $205 million |
| 9. | Freedom Mortgage | $188 million |
| 10. | Bank of America | $184 million |
Per usual, Rocket Mortgage came in first when purchase loans were filtered out from the top lender list.
They are typically the mortgage refinance leaders (aside from also being #1 nationally in the past) and had no problem topping the Massachusetts list with $755 million funded.
In second was Citizens Bank with $478 million, followed by UWM with $447 million.
Rate came in fourth and local Boston company Cardinal Capital Group in fifth.
In sixth through 10 was CrossCountry, Leader Bank, loanDepot, Freedom Mortgage, and Bank of America.
No huge surprises, and only two Massachusetts-based companies made the list.
Top Mortgage Lenders in Boston
| Ranking | Company Name | 2024 Loan Volume |
| 1. | Leader Bank | $760 million |
| 2. | Rate | $722 million |
| 3. | CrossCountry | $533 million |
| 4. | UWM | $494 million |
| 5. | Rocket Mortgage | $459 million |
| 6. | Citizens Bank | $386 million |
| 7. | M&T Bank | $309 million |
| 8. | Chase | $306 million |
| 9. | Bank of America | $287 million |
| 10. | Movement | $284 million |
Who Are the Best Massachusetts Mortgage Lenders?
So now we know which banks and mortgage lenders originated the most home loans in the state of Massachusetts in 2024.
But are the biggest players also the best out there, or are there better options in terms of customer satisfaction, pricing, and so on?
While it’s hard to know, given the many different ratings websites and criteria, I did a little bit of digging.
As noted, Guaranteed Rate was #1 in the state, and that might be largely due to Waltham, MA-based top producer Shant Banosian.
He’s been the top producing loan officer in the country (overall) for several years and his personal rating on Zillow is a 4.99/5 from around 330 reviews.
His company as a whole has a 4.96/5 rating overall from nearly 20,000 reviews.
Meanwhile, Massachusetts’ own Leader Bank has a 4.98/5 rating on Zillow from over 800 customer reviews.
Rocket Mortgage also has a solid 4.48/5 rating on Zillow from about 8,000 reviews, while Chase’s mortgage division has a 4.95/5 from 7,000+ reviews and Citizens Bank has a 4.96/5 from over 2,000 reviews.
So it’s clear that many of largest lenders in the state of Massachusetts also have excellent customer satisfaction ratings.
But as I always say, take the time to consider lenders large and small, local and remote.
You might find a good fit with a small credit union, boutique lender, discount online lender, or a mortgage broker.
Either way, be sure to gather a few quotes during the discovery process to ensure you get a good idea of what’s out there when it comes to pricing and service.
(photo: David Wilson)
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