Now we’ll check out the top mortgage lenders in Virginia, which like many other states, was led by Rocket Mortgage.
The nation’s #2 overall mortgage lender had little trouble beating out the rest of the competition in the state of Virginia.
This isn’t always the case, but Rocket tends to “win” several states nationally, and the Old Dominion was one of them in 2024.
Wells Fargo had been the top lender in the state in 2020, but barely landed in the top-30 last year.
Read on to see which other mortgage companies did the most business in Virginia.
Top Mortgage Lenders in Virginia (Overall)
| Ranking | Company Name | 2024 Loan Volume |
| 1. | Rocket Mortgage | $3.1 billion |
| 2. | UWM | $2.9 billion |
| 3. | Navy FCU | $1.5 billion |
| 4. | Veterans United | $1.4 billion |
| 5. | Movement Mortgage | $1.4 billion |
| 6. | Atlantic Bay | $1.3 billion |
| 7. | Atlantic Coast | $1.3 billion |
| 8. | Freedom Mortgage | $1.3 billion |
| 9. | First Heritage | $1.3 billion |
| 10. | Truist | $1.2 billion |
As noted, Rocket Mortgage led the way with $3.1 billion funded, per HMDA data from business intelligence company Richey May.
That was enough to beat out second place United Wholesale Mortgage, which originated $2.9 billion in home loans.
All of UWM’s business comes via the wholesale channel, meaning their loan products are resold via a legion of independent mortgage brokers.
In third place was large credit union Navy Federal with $1.5 billion funded, followed by fourth placed Veterans United and fifth placed Movement Mortgage.
Others landing in the top ten included Atlantic Bay Mortgage, Atlantic Coast Mortgage, Freedom Mortgage, First Heritage Mortgage, and Truist Bank.
So nearly half the list was made up of local Virginia-based mortgage companies, which is nice to see.
Top Mortgage Lenders in Virginia (for Home Buyers)
| Ranking | Company Name | 2024 Loan Volume |
| 1. | UWM | $1.7 billion |
| 2. | Rocket Mortgage | $1.6 billion |
| 3. | Movement Mortgage | $1.3 billion |
| 4. | Navy FCU | $1.2 billion |
| 5. | First Heritage | $1.2 billion |
| 6. | Atlantic Bay | $1.2 billion |
| 7. | Atlantic Coast | $1.2 billion |
| 8. | Veterans United | $1.2 billion |
| 9. | NVR Mortgage | $1.0 billion |
| 10. | Truist | $843 million |
If we single out home purchase lending only, the list changes pretty substantially. We have a new leader and some fresh names.
This time, UWM tops the list with $1.7 billion funded, beating out Rocket’s $1.6 billion in loan origination volume.
Movement Mortgage managed to grab third place with $1.3 billion in home purchase loans funded, followed by five lenders with $1.2 billion each.
Then we have NVR Mortgage, which is the captive lender for NVR Inc., a major home builder.
Rounding out the top 10 was Truist with $843 million, which happens to be a big bank in the Southeast.
Top Refinance Lenders in Virginia (for Existing Homeowners)
| Ranking | Company Name | 2024 Loan Volume |
| 1. | Rocket Mortgage | $1.4 billion |
| 2. | UWM | $1.3 billion |
| 3. | Freedom Mortgage | $690 million |
| 4. | Pennymac | $514 million |
| 5. | Village Capital | $288 million |
| 6. | Truist | $267 million |
| 7. | loanDepot | $253 million |
| 8. | Veterans United | $253 million |
| 9. | Navy FCU | $236 million |
| 10. | Newrez | $228 million |
If we only consider mortgage refinances, the list changes again, though it’s mostly just a reshuffling of existing names.
As expected, Rocket Mortgage topped this list with $1.4 billion in refinance loans. They tend to dominate refinance lists, though they’re actively working on upping their purchase lending too.
That was just enough to distance themselves from the pack, with second place UWM only able to muster $1.3 billion in refinances.
Freedom Mortgage grabbed third and CA-based Pennymac came in fourth with $514 million funded.
Much of Pennymac’s business comes via the correspondent channel, meaning their loan products are resold via smaller banks and credit unions.
Interestingly, the company was founded by a handful of ex-Countrywide employees after it went belly up.
In fifth was Village Capital, a government loan refinance specialist, followed by Truist, loanDepot (the official mortgage provider of Major League Baseball), Veterans United, Navy FCU, and Newrez.
No major surprises here, with a mix of big banks and national mortgage brands taking the lion’s share of business.
Only one Virginia-based company made this list, Navy FCU. That makes sense as refinances are typically driven by price, not an existing relationship or referral.
Top Mortgage Lenders in Richmond
| Ranking | Company Name | 2024 Loan Volume |
| 1. | Rocket Mortgage | $510 million |
| 2. | UWM | $441 million |
| 3. | Truist | $249 million |
| 4. | C&F Mortgage | $245 million |
| 5. | Capital Center | $239 million |
| 6. | First Heritage | $237 million |
| 7. | Virginia CU | $236 million |
| 8. | Movement Mortgage | $226 million |
| 9. | NVR Mortgage | $225 million |
| 10. | United Bank | $222 million |
Top Mortgage Lenders in Virginia Beach
| Ranking | Company Name | 2024 Loan Volume |
| 1. | Veterans United | $732 million |
| 2. | UWM | $729 million |
| 3. | Atlantic Bay | $650 million |
| 4. | American Neighborhood | $553 million |
| 5. | Rocket Mortgage | $511 million |
| 6. | Freedom Mortgage | $473 million |
| 7. | Navy FCU | $442 million |
| 8. | Southern Trust | $316 million |
| 9. | Movement | $310 million |
| 10. | Towne Bank | $249 million |
The Best Virginia Mortgage Lenders Might Not Be Listed
Only a few names on the lists above are Virginia-based companies. This is mainly because the biggest lenders out there are national brands with nationwide reach.
Those behemoths could be the best option for you if the pricing is right and the service great.
But if you’re looking for a local bank or lender, they might not be featured here and that’s fine too.
Everyone has different preferences and what suits one home buyer or homeowner might not work for another.
Some consumers only feel comfortable working with a major bank or billion-dollar lender, while others gravitate toward a more local, boutique experience.
Either way, it might be worth your while to look beyond the big household names to ensure you exhaust all your options.
You might get more attention and a more competitive rate, especially if any lack of advertising budget is passed onto customers.
(photo: Doug Kerr)
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