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Top Mortgage Lenders in Tennessee

Tennessee

Today we’ll take a hard look at the top mortgage lenders in Tennessee by loan volume.

Last year, nearly 1,200 mortgage companies battled it out for first place, but only one could claim the top spot.

Collectively, these lenders funded about $102 billion in mortgages in The Volunteer State, which was likely an annual record.

Despite being located a couple states due north of Tennessee, Rocket Mortgage was the top lender in the state.

Read on to see who else made the top 10 list.

Top Mortgage Lenders in Tennessee (Overall)

RankingCompany Name2021 Loan Volume
1.Rocket Mortgage$5.6 billion
2.Pennymac$3.6 billion
3.U.S. Bank$2.7 billion
4.Wells Fargo$2.6 billion
5.Mortgage Investors Group$2.6 billion
6.Pinnacle Bank$2.3 billion
7.FirstBank$2.2 billion
8.AmeriHome Mortgage$2.2 billion
9.Freedom Mortgage$2.2 billion
10.loanDepot$2.1 billion

Rocket Mortgage came in first with $5.6 billion in home loan volume in the state of Tennessee during 2021, per HMDA data from Richey May.

The Detroit-based company had no problem beating out the competition, with second place Pennymac only able to muster $3.6 billion in annual loan volume.

They were trailed by U.S. Bank with $2.7 billion and Wells Fargo with $2.6 billion funded.

In fifth was Knoxville, Tennessee’s own Mortgage Investors Group (MIG) with $2.6 billion.

The rest of the top 10 included Nashville-based Pinnacle Bank and FirstBank, AmeriHome Mortgage, Freedom Mortgage, and loanDepot.

Overall, three of the top 10 mortgage companies in Tennessee are based in the state.

Top Tennessee Mortgage Lenders (for Home Buyers)

RankingCompany Name2021 Loan Volume
1.Mortgage Investors Group$1.9 billion
2.Pennymac$1.8 billion
3.Movement Mortgage$1.4 billion
4.U.S. Bank$1.3 billion
5.Pinnacle Bank$1.1 billion
6.AmeriHome Mortgage$1.1 billion
7.Rocket Mortgage$1.1 billion
8.Wells Fargo$1.1 billion
9.FirstBank$1.0 billion
10.Veterans United$983 million

When we focus on home buyers only, Mortgage Investors Group (MIG) took the cake with $1.9 billion funded.

As I always say, home buyers tend to gravitate toward local companies because it’s such a big financial moment.

In second was Pennymac with a close $1.8 billion, followed by Movement Mortgage with $1.4 billion funded.

Fourth went to U.S. Bank with $1.3 billion in loan origination volume, while local Pinnacle Bank snagged fifth with $1.1 billion.

The bottom half of the top 10 included AmeriHome Mortgage, Rocket Mortgage, Wells Fargo, FirstBank, and Veterans United Home Loans.

Again, three of the top 10 were actually headquartered in the state of Tennessee.

Top Refinance Lenders in Tennessee

RankingCompany Name2021 Loan Volume
1.Rocket Mortgage$4.5 billion
2.Freedom Mortgage$1.9 billion
3.Pennymac$1.8 billion
4.Wells Fargo$1.5 billion
5.loanDepot$1.4 billion
6.U.S. Bank$1.3 billion
7.Mr. Cooper$1.3 billion
8.UWM$1.1 billion
9.AmeriHome Mortgage$1.1 billion
10.Regions Bank$1.0 billion

When we turn our attention to mortgage refinances, reserved for existing homeowners, Rocket Mortgage really blasts off.

The company funded $4.5 billion in refis in the state last year, more than doubling the volume of second placed Freedom Mortgage’s $1.9 billion.

In third was Pennymac with $1.8 billion – the SoCal based company acts mostly as a correspondent lender, meaning their product is resold by smaller banks and credit unions.

Taking fourth was former #1 (nationally) Wells Fargo with $1.5 billion funded, followed by loanDepot with $1.4 billion.

In sixth was U.S. Bank, followed by Mr. Cooper, United Wholesale Mortgage (UWM), AmeriHome Mortgage, and Regions Bank.

When it came to refis, no Tennessee-based company made the top-10 list. This isn’t a huge surprise since they’re price-driven as opposed to relationship-driven.

The Best Tennessee Mortgage Lenders

When we turn our attention to customer reviews instead of loan volume, we can get a better guess regarding who the best Tennessee mortgage lenders are.

After all, a big company can originate a lot of loans and still have mediocre customer service.

So I headed to Zillow to check out the reviews for Tennessee-based mortgage lenders.

The only one from the list above was Mortgage Investors Group (MIG). And they had a solid 4.97/5 rating from over 2,700 reviews.

Others not on the lists above included Acopia Home Loans (4.95/5), Churchill Mortgage (4.96/5), Accurate Mortgage Group (4.98/5), and Bank of Tennessee (4.99/5).

If you want to stay local, there are plenty of highly-rated mortgage lenders in the state.

But if you don’t, many of the companies in the lists above also come with stellar reviews.

As always, take the time to do your research and comparison shop to ensure you find the right fit for your situation.

(photo: andrew prickett)

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