Top Mortgage Lenders in Maryland
Today we’ll have a look at the top mortgage lenders in Maryland based on their annual loan volume.
Like other states in the nation, it wasn’t a big shock that America’s largest lender also topped the charts in Maryland.
Yes, I’m referring to Rocket Mortgage, which had no problem beating out another 750 or so banks, mortgage lenders, and credit unions to take the #1 spot.
Collectively, these mortgage companies originated about $140 billion in home loans in the Old Line State last year.
Read on to see who else ranked in the top 10, including some local names.
Top Mortgage Lenders in Maryland (Overall)
| Ranking | Company Name | 2021 Loan Volume |
| 1. | Rocket Mortgage | $8.7 billion |
| 2. | Pennymac | $6.0 billion |
| 3. | Truist Financial | $5.7 billion |
| 4. | Freedom Mortgage | $5.1 billion |
| 5. | Wells Fargo | $4.1 billion |
| 6. | First Home Mortgage | $3.9 billion |
| 7. | Mr. Cooper | $3.6 billion |
| 8. | U.S. Bank | $3.5 billion |
| 9. | UWM | $3.1 billion |
| 10. | Caliber Home Loans | $2.9 billion |
As stated, Rocket Mortgage led the way in Maryland with an admirable $8.7 billion in home loan volume in 2021, per HMDA data courtesy of Richey May.
That was more than enough to beat out second place Pennymac’s $6 billion. Many consumers may not even recognize Pennymac as they do a lot of business via the correspondent channel.
This means their product is resold by smaller companies, whether it’s a local credit union or bank.
In third was Truist with a very close $5.7 billion – the bank is also headquartered relatively close to Maryland in Charlotte, North Carolina.
Freedom Mortgage took the fourth slot with $5.1 billion, while Wells Fargo grabbed fifth with $4.1 billion.
The rest of top 10 included First Home Mortgage, Mr. Cooper, U.S. Bank, United Wholesale Mortgage (UWM), and Caliber Home Loans.
First Home Mortgage is a local mortgage lender based in Baltimore, MD.
Top Maryland Mortgage Lenders (for Home Buyers)
| Ranking | Company Name | 2021 Loan Volume |
| 1. | Truist Financial | $2.5 billion |
| 2. | First Home Mortgage | $2.5 billion |
| 3. | Pennymac | $2.4 billion |
| 4. | U.S. Bank | $2.2 billion |
| 5. | Caliber Home Loans | $1.5 billion |
| 6. | Wells Fargo | $1.4 billion |
| 7. | Rocket Mortgage | $1.4 billion |
| 8. | AmeriHome Mortgage | $1.2 billion |
| 9. | UWM | $1.2 billion |
| 10. | NVR Mortgage | $1.1 billion |
If we only take into account home purchase loans, Truist holds top honors in the state with $2.5 billion funded.
It appeared to be just enough to prevent local lender First Home Mortgage (also rounded up to $2.5 billion) from being #1 for home buyers in Maryland.
Third placed-Pennymac was also right on their heels with $2.4 billion in home purchase loans funded last year.
U.S. Bank was also in the mix with $2.2 billion funded, followed by Caliber Home Loans with $1.5 billion.
The other five in the top 10 included Wells Fargo, Rocket Mortgage, AmeriHome Mortgage, UWM, and NVR Mortgage.
NVR Mortgage is actually a wholly-owned subsidiary of home builder NVR, Inc., the parent company of Ryan Homes, NVHomes, and Heartland Homes.
Top Maryland Refinance Lenders (for Existing Homeowners)
| Ranking | Company Name | 2021 Loan Volume |
| 1. | Rocket Mortgage | $7.3 billion |
| 2. | Freedom Mortgage | $4.2 billion |
| 3. | Pennymac | $3.7 billion |
| 4. | Truist Financial | $3.1 billion |
| 5. | Mr. Cooper | $2.6 billion |
| 6. | Wells Fargo | $2.5 billion |
| 7. | loanDepot | $2.4 billion |
| 8. | Newrez | $2.0 billion |
| 9. | UWM | $1.9 billion |
| 10. | AmeriHome Mortgage | $1.5 billion |
When we filter out the loans to home buyers, and focus solely on mortgage refinances to existing homeowners, Rocket Mortgage is easily the top lender in the state of Maryland.
The Detroit-based mortgage giant funded $7.3 billion in refis there last year, nearly doubling the volume of second place Freedom Mortgage.
Pennymac had another strong showing with $3.7 billion funded for third place, followed by Truist with $3.1 billion and Mr. Cooper with $2.6 billion.
Places six through 10 went to Wells Fargo, loanDepot, Newrez, UWM, and AmeriHome Mortgage.
All in all, there weren’t a lot of shockers here, with big national brands taking all the top spots.
Perhaps the only surprise is that no Maryland-based mortgage lenders made the list.
Who Is the Best Mortgage Lender in Maryland?
If we’re talking best, and not the biggest, as seen in the lists above, different names could take the cake.
While First Home Mortgage does have a stellar 4.98-star rating on Zillow from over 7,500 customer reviews, other Maryland-based mortgage companies like NFM Lending and Homespire Mortgage do too.
In fact, Homespire has a 4.98-star rating also, and NFM has a 4.96-star rating. Meanwhile, Rockville, MD-based Apex Home Loans holds a superior 4.99-star rating.
Similarly strong ratings can be found at Homeside Financial and Direct Mortgage Loans, LLC, both natives of Maryland.
So while big is one thing, best might be another. Or you might get lucky and find the best of both worlds in one lender.
Either way, take the time to look at more than one lender if you want to find the best fit and pricing for your home loan needs.
(photo: Lee Cannon)
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