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Top Mortgage Lenders in Virginia

Virginia

Now we’ll check out the top mortgage lenders in Virginia, which like many other states, was led by Rocket Mortgage.

The nation’s #1 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” around 20 states nationally, and the Old Dominion was one of them in 2021.

Wells Fargo had been the top lender in the state in 2020, but could only muster third place last year.

Read on to see which other mortgage companies did the most business in Virginia.

Top Mortgage Lenders in Virginia (Overall)

RankingCompany Name2021 Loan Volume
1.Rocket Mortgage$11.6 billion
2.Pennymac$9.3 billion
3.Wells Fargo$8.6 billion
4.Freedom Mortgage$7.6 billion
5.Truist Financial$7.3 billion
6.loanDepot$5.5 billion
7.UWM$4.1 billion
8.AmeriHome$4.1 billion
9.Mr. Cooper$4.0 billion
10.Navy FCU$3.8 billion

As noted, Rocket Mortgage led the way with $11.6 billion funded, per HMDA data from business intelligence company Richey May.

That was more than enough to beat out second place Pennymac, which originated $9.3 billion in home loans.

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 third place was former #1 lender Wells Fargo, with $8.6 billion funded. Perhaps some of their under-fire business practices slowed them down a bit recently.

Fourth placed belonged to Florida-based direct lender Freedom Mortgage with $7.6 billion, while Truist Financial took fifth with $7.3 billion.

Others landing in the top ten included SoCal lender loanDepot, wholesale lender United Wholesale Mortgage, AmeriHome, Mr. Cooper, and Navy FCU.

Navy Federal was the only local company to make the list, with their corporate headquarters in Vienna, VA.

Top Mortgage Lenders in Virginia (for Home Buyers)

RankingCompany Name2021 Loan Volume
1.Pennymac$4.0 billion
2.Truist Financial$3.3 billion
3.Wells Fargo$3.0 billion
4.McLean Mortgage$2.1 billion
5.Caliber Home Loans$2.0 billion
6.Rocket Mortgage$1.9 billion
7.AmeriHome$1.9 billion
8.Atlantic Bay Mortgage$1.8 billion
9.Movement Mortgage$1.8 billion
10.George Mason Mortgage$1.8 billion

If we single out home purchase lending only, the list changes pretty substantially. We have a new leader and some fresh names.

This time, Pennymac tops the list with $4 billion funded, beating out Truist with $3.3 billion in loan origination volume.

Wells Fargo still managed to grab third place with $3 billion in home purchase loans funded, followed by McLean Mortgage with $2.1 billion.

McLean Mortgage is also a Virginia-based mortgage lender located in Fairfax County.

Rounding out the top five was Caliber Home Loans with $2 billion, which happens to be the top mortgage lender in Washington State.

The rest of the best in this category included Rocket Mortgage, AmeriHome, Atlantic Bay Mortgage, Movement Mortgage, and George Mason Mortgage.

Atlantic Bay Mortgage and George Mason Mortgage are also based in Virginia, so it appears a good chunk of Virginia home buyers like to stay local.

Top Refinance Lenders in Virginia (for Existing Homeowners)

RankingCompany Name2021 Loan Volume
1.Rocket Mortgage$9.6 billion
2.Freedom Mortgage$6.0 billion
3.Pennymac$5.3 billion
4.Wells Fargo$5.3 billion
5.loanDepot$4.7 billion
6.Truist Financial$3.7 billion
7.Mr. Cooper$2.9 billion
8.UWM$2.6 billion
9.Navy FCU$2.3 billion
10.AmeriHome$2.2 billion

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 $9.6 billion in refinance loans. They tend to dominate refinance lists, though they’re actively working on upping their purchase lending too.

That was easily enough to distance themselves from the pack, with second place Freedom Mortgage only able to muster $6 billion in refinances.

Pennymac shined once again with $4.3 billion funded, though Wells Fargo was right on their tail with about the same amount.

In fifth was loanDepot, the official mortgage provider of Major League Baseball.

Others making the top-10 list included Truist, Mr. Cooper, UWM, Navy FCU, and AmeriHome.

No major surprises here, with a mix of big banks and national mortgage brands taking the lion’s share of business.

Once again, 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.

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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