Skip to content

Top Mortgage Lenders in Michigan

Michigan

Let’s check out the top mortgage lenders in Michigan based on the most recent year’s loan volume.

The state of Michigan is an interesting one because it’s home to two of the top three mortgage lenders in the country.

The lenders in question are none other than Rocket Mortgage, and wholesaler United Wholesale Mortgage (UWM).

Seeing that they dominate the entire nation, you’d expect them to rule their home state as well.

Read on to see if that’s the case, or if some other hometown (or non-hometown) companies gave them a run for their money.

Top Mortgage Lenders in Michigan (Overall)

RankingCompany Name2021 Loan Volume
1.Rocket Mortgage$12.0 billion
2.UWM$7.9 billion
3.Lake Michigan CU$4.8 billion
4.Huntington Bank$3.8 billion
5.Chase$3.5 billion
6.Fifth Third Bank$2.3 billion
7.Flagstar Bank$2.1 billion
8.Wells Fargo$1.8 billion
9.Mortgage 1 Inc.$1.7 billion
10.Caliber Home Loans$1.7 billion

Suspense aside, Rocket Mortgage did indeed beat out the rest of the competition in their home state last year.

It would have seemed unlikely not to given their #1 ranking nationwide. Still, you never know.

The Detroit-based mortgage behemoth funded a whopping $12 billion in home loans in Michigan in 2021, per HMDA data from Richey May.

That was more than enough to trounce their cross-town rival UWM, which happens to be located in Pontiac.

UWM, which works solely with mortgage brokers, and thus can’t generate as much business as a retail and wholesale lender, turned in a respectable $7.9 billion last year.

Another local company, Lake Michigan Credit Union, came in third with $4.8 billion. I don’t know if another state in the country has had all of the top three spots held by local lenders.

The Huntington Bank, in nearby Columbus, OH, ranked fourth with $3.8 billion, followed by Chase with $3.5 billion.

The rest of the top 10 consisted of Fifth Third Bank, Flagstar Bank (also Michigan-based), Wells Fargo, and Mortgage 1 Inc. (also Michigan), and Caliber Home Loans.

Seeing this list, it’s safe to say that Michigan homeowners like to stay local when it comes to their home loan.

Top Michigan Mortgage Lenders (for Home Buyers)

RankingCompany Name2021 Loan Volume
1.UWM$2.9 billion
2.Rocket Mortgage$2.8 billion
3.Lake Michigan CU$2.5 billion
4.Chase$1.2 billion
5.Huntington Bank$1.2 billion
6.Mortgage 1 Inc.$1.1 billion
7.Flagstar Bank$917 million
8.Caliber Home Loans$899 million
9.Independent Bank$858 million
10.AmeriHome Mortgage$850 million

When we single out home purchase loans, UWM takes the top spot with $2.9 billion funded, narrowly beating out Rocket Mortgage’s $2.8 billion.

That is certainly a feat for the wholesale lender in its home state, and a testament to the strength of mortgage brokers partnering with home buyers.

In third was Lake Michigan CU with $2.5 billion, followed by Chase and Huntington Bank, both with about $1.2 billion.

Others making the top 10 included Mortgage 1, Flagstar Bank, Caliber Home Loans, Independent Bank (also Michigan-based), and AmeriHome Mortgage.

All told, six of the top 10 are Michigan-based companies, which is notable as well.

Top Refinance Lenders in Michigan (for Existing Homeowners)

RankingCompany Name2021 Loan Volume
1.Rocket Mortgage$9.1 billion
2.UWM$4.9 billion
3.Huntington Bank$2.4 billion
4.Lake Michigan CU$2.2 billion
5.Chase$2.2 billion
6.Fifth Third Bank$1.7 billion
7.Flagstar Bank$1.2 billion
8.Mr. Cooper$1.2 billion
9.Freedom Mortgage$1.2 billion
10.Wells Fargo$1.1 billion

Now if we filter out the purchase loans and single out existing homeowners, Rocket Mortgage grabs the lead again with $9.1 billion funded.

That was nearly double UWM’s $4.9 billion, and well above Huntington Bank’s $2.4 billion.

Once again, Lake Michigan CU and Chase made their presence felt, both with $2.2 billion in refinance volume.

The rest of the list consisted of newcomers and repeats, including Fifth Third Bank, Flagstar Bank, Mr. Cooper, Freedom Mortgage, and Wells Fargo.

Who Are Michigan’s Best Mortgage Lenders?

If we’re talking the best mortgage lenders in Michigan, the list might look a little different.

After all, we have to consider customer reviews and ratings as opposed to total loan volume.

On Zillow, Rocket Mortgage has a 4.48-star rating and Flagstar Bank has a 4.97-star rating.

Then there’s Ann Arbor-based Homepoint, which isn’t even in the top 10 but has a 4.89 rating.

Other lenders not listed include Northpointe Bank and its 4.94 rating, MiMutual Mortgage’s 4.96 rating, and VanDyk Mortgage’s 4.97 rating.

Lastly, because UWM is such a big player in the state, there could be scores of highly-rated, individual mortgage brokers in the state as well, which work on behalf of the company.

Long story short, take a look at both lenders big and small, local and non-local, and of all types to find the best fit for your situation.

There are probably more than a thousand different options to choose from in the state of Michigan.

(photo: PunkToad)

Leave a Reply

Your email address will not be published.