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Top Mortgage Lenders in Pennsylvania

Pennsylvania

Today we’ll take a look at the top mortgage lenders in Pennsylvania based on their annual loan volume.

The state of Pennsylvania is unique in that it borders both the Midwest and the Northeast.

This means consumers might gravitate toward a big NYC-based bank or a smaller, independent mortgage lender located closer to say Ohio.

Despite these regional nuances, the nation’s top mortgage lender also grabbed the top spot in The Keystone State.

Read on to see who the other big mortgage players are in Pennsylvania.

Top Mortgage Lenders in Pennsylvania (Overall)

RankingCompany Name2021 Loan Volume
1.Rocket Mortgage$7.9 billion
2.Wells Fargo$7.3 billion
3.Citizens Bank$5.0 billion
4.Allied Mortgage Group$4.1 billion
5.Pennymac$3.2 billion
6.CrossCountry Mortgage$3.0 billion
7.AmeriHome Mortgage$3.0 billion
8.PNC Bank$2.9 billion
9.Newrez$2.9 billion
10.Freedom Mortgage$2.6 billion

You guessed it. The top mortgage lender in Pennsylvania was none other than Rocket Mortgage, which incidentally is also the nation’s #1 lender.

The Detroit-based company originated $7.9 billion in home loans last year, per HMDA data from Richey May.

That was enough to beat out second place Wells Fargo, which came close with $7.3 billion funded during the year.

In third place was Providence, Rhode Island-based Citizens Bank with $5 billion in home loan volume.

Allied Mortgage Group grabbed fourth with $3.2 billion, while big correspondent lender Pennymac took fifth with $3 billion.

Others in the top 10 included CrossCountry Mortgage, AmeriHome Mortgage, PNC Bank, Newrez, and Freedom Mortgage.

Three of the companies are actually based in Pennsylvania, including Allied Mortgage Group (Bala Cynwyd), PNC Bank (Pittsburgh), and Newrez (Fort Washington).

Top Pennsylvania Mortgage Lenders (for Home Buyers)

RankingCompany Name2021 Loan Volume
1.Wells Fargo$3.0 billion
2.Allied Mortgage$2.4 billion
3.CrossCountry Mortgage$2.0 billion
4.Citizens Bank$1.8 billion
5.AmeriHome Mortgage$1.6 billion
6.Pennymac$1.6 billion
7.Rocket Mortgage$1.5 billion
8.Guaranteed Rate$1.4 billion
9.Prosperity Home$1.2 billion
10.Chase$1.1 billion

If we focus solely on home purchase loans, Wells Fargo topped the list with $3 billion funded in the state of Pennsylvania.

They were followed by Allied Mortgage Group with $2.4 billion and Ohio-based CrossCountry Mortgage with $2 billion.

It makes sense that both those companies did so well as home buyers tend to turn to local lenders when it involves a home purchase.

Citizens Bank took fourth with $1.8 billion, while AmeriHome came in a close fifth with $1.6 billion.

The rest of the top 10 included Pennymac, Rocket Mortgage, Guaranteed Rate, Prosperity Home Mortgage, and Chase.

Top Pennsylvania Refinance Lenders (for Existing Homeowners)

RankingCompany Name2021 Loan Volume
1.Rocket Mortgage$6.2 billion
2.Wells Fargo$4.0 billion
3.Citizens Bank$2.8 billion
4.Freedom Mortgage$2.1 billion
5.PNC Bank$2.1 billion
6.loanDepot$1.8 billion
7.Newrez$1.8 billion
8.Allied Mortgage$1.7 billion
9.Pennymac$1.6 billion
10.Mr. Cooper$1.6 billion

If we filter the list to only include mortgage refinances, Rocket Mortgage was the top dog with $6.2 billion funded.

That was more than enough to beat out second place Wells Fargo’s $4 billion, and Citizen Bank’s $2.8 billion.

In fourth was Freedom Mortgage with $2.1 billion, followed by Pennsylvania’s own PNC Bank with a similar amount.

loanDepot, Newrez, Allied Mortgage Group, Pennymac, and Mr. Cooper rounded out the top 10.

So no major surprises here as existing homeowners often use big banks and household name-lenders when seeking a refinance.

The Best Pennsylvania Mortgage Lenders May or May Not Be Listed Above

It’s important to differentiate top and best, as one refers to size and the other customer satisfaction.

At the same time, the two terms can apply to one company, assuming it is both large and loved by its clients.

If we use the J.D. Power satisfaction survey as a barometer, Rocket was second on that list in 2021 (only beaten by Guild Mortgage), while Wells Fargo and Citizens were below the industry average.

Meanwhile, PNC was merely average, Pennymac below average, and Newrez was at the bottom of the list in terms of satisfaction.

Conversely, CrossCountry Mortgage ranked near the top just behind Rocket, and loanDepot also had solid marks.

In other words, company size and high ratings don’t always go hand-in-hand, so you need to put in the time to research.

Remember, you’re not buying a washing machine, you’re getting a mortgage that could stay with you for 30 years.

Take the time to read company reviews, check out third-party ratings websites, and ask for referrals from friends and family.

As I always say, you might find a small, local credit union or mortgage broker that is a better fit than a giant lender. Or you might want to go with a household name.

Either way, gather a few quotes and speak to a handful of different companies so you can get a better feel for what’s out there.

(photo: Doug Kerr)

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