Let’s check out the top mortgage lenders in Minnesota based on the most recent year’s loan volume.
Around 725 mortgage companies originated roughly $25 billion in home loans in The North Star State last year.
But only one company bested the rest – and no, they’re not headquartered in Minnesota.
Yes, I’m referring to United Wholesale Mortgage, which is located in nearby Pontiac, Michigan.
Read on to see which other mortgage lenders were active in the Land of 10,000 Lakes.
Top Mortgage Lenders in Minnesota (Overall)
| Ranking | Company Name | 2024 Loan Volume |
| 1. | UWM | $1.7 billion |
| 2. | Bell Bank | $1.6 billion |
| 3. | Rocket Mortgage | $1.0 billion |
| 4. | CrossCountry | $928 million |
| 5. | U.S. Bank | $709 million |
| 6. | Fairway | $666 million |
| 7. | Lennar Mortgage | $567 million |
| 8. | New American | $502 million |
| 9. | Prosperity Home | $494 million |
| 10. | Luminate | $461 million |
As mentioned, UWM took the top spot in the state of Minnesota with $1.7 billion in home loans funded during 2024 (latest year available), per HMDA data from Richey May.
That was just enough to beat out its closest rival, Bell Bank out of Fargo, North Dakota, which originated $1.6 billion in the state.
Rocket Mortgage took third place with $1.0 billion in home loan volume.
It’s rare these days to see a depository bank lead in the mortgage world, but Bell Bank nearly did it.
Nowadays, it is nonbanks like UWM and Rocket Mortgage that tend to be the biggest players in the industry.
Another nonbank, CrossCountry Mortgage took fourth with $928 million funded, followed by Minnesota’s own U.S. Bank with $709 million in loan origination volume.
The rest of the top 10 included Fairway Home Mortgage, Lennar Mortgage, New American Funding, Prosperity Home Lending, and Minneapolis-based Luminate Home Loans.
Just two of the ten companies listed above are headquartered in Minnesota; though several others are in the region, whether it’s Ohio, Michigan, or South Dakota.
Top Minnesota Mortgage Lenders (for Home Buyers)
| Ranking | Company Name | 2024 Loan Volume |
| 1. | Bell Bank | $1.5 billion |
| 2. | UWM | $1.3 billion |
| 3. | CrossCountry | $835 million |
| 4. | Fairway | $613 million |
| 5. | Rocket Mortgage | $580 million |
| 6. | Lennar Mortgage | $567 million |
| 7. | U.S. Bank | $487 million |
| 8. | Prosperity Home | $462 million |
| 9. | New American | $449 million |
| 10. | Luminate | $427 million |
If the top lenders are filtered to include home purchase loans only, the list doesn’t change too much.
However, Bell Bank led the pack with $1.5 billion funded, followed by UWM with $1.3 billion, pretty decent given they only work with mortgage brokers, and CrossCountry Mortgage with $835 million.
In fourth was Fairway with $613 million and Rocket Mortgage took fifth with $580 million.
They were followed by home builder Lennar Mortgage, U.S. Bank, Prosperity Home, New American, and Luminate
Overall, no major surprises and a good chunk of local companies from Minnesota or nearby states.
Top Refinance Lenders in Minnesota (for Existing Homeowners)
| Ranking | Company Name | 2024 Loan Volume |
| 1. | UWM | $433 million |
| 2. | Rocket Mortgage | $431 million |
| 3. | U.S. Bank | $179 million |
| 4. | Pennymac | $128 million |
| 5. | Freedom Mortgage | $126 million |
| 6. | Bell Bank | $104 million |
| 7. | CrossCounty | $90 million |
| 8. | Huntington | $77 million |
| 9. | TruStone | $76 million |
| 10. | loanDepot | $76 million |
When it came to mortgage refinances, UWM outdid the rest with $433 million funded in Minnesota.
Not a surprise as they are the top mortgage lender in the U.S. and refis often aren’t dominated by local companies like purchase loans can be.
In second was Rocket Mortgage with a very close $431 million, followed by U.S. Bank with a big dropoff.
CA-based correspondent lender Pennymac took fourth while refinance expert Freedom Mortgage came in fifth.
Places six through 10 went to Bell Bank, CrossCountry, Huntington Bank, TruStone Financial CU, and loanDepot.
Actually quite a few localish companies in the mix, which often isn’t the case with refis.
Top Mortgage Lenders in Minneapolis-St. Paul
| Ranking | Company Name | 2024 Loan Volume |
| 1. | Bell Bank | $1.4 billion |
| 2. | UWM | $1.2 billion |
| 3. | CrossCountry | $773 million |
| 4. | Rocket Mortgage | $714 million |
| 5. | Lennar Mortgage | $567 million |
| 6. | U.S. Bank | $531 million |
| 7. | Fairway | $493 million |
| 8. | Prosperity Home | $422 million |
| 9. | Luminate | $405 million |
| 10. | New American | $393 million |
Are the Best Minnesota Mortgage Lenders Also the Biggest?
We know U.S. Bank is the top mortgage lender in Minnesota. And they’re also top rated, with a 4.98/5 rating on Zillow from about 11,000 reviews.
That’s pretty impressive as it is near perfection, and since the reviews come from Zillow, we know they are related to their home loans division, as opposed to other banking activity.
Despite its issues, Wells Fargo also scored well on Zillow too, with a 4.95/5 rating from over 4,000 reviews.
I couldn’t find a ton of reviews for Bell Bank, but they did have a 4.1/5 from about 50 Google reviews, and a 4.5/5 on WalletHub from about 250 reviews.
Local lender Summit Mortgage also has top marks on Zillow, with a 4.98/5 from about 1,500 reviews.
One lender not on the lists above is Bloomington-based AMEC Home Loans, which has a similarly solid 4.96/5 from over 2,200 customer reviews.
There’s also TruStone Financial Credit Union, which has a 4.98/5 from about 800 reviews.
And there are countless mortgage brokers, local credit unions, and independent lenders that could be a good fit as well.
At the end of day, biggest isn’t always best, so put in the time to research mortgage companies of all sizes to find the right fit.
(photo: Doug Kerr)
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