Prime Mortgage Lenders in California: UWM Sweeps All Classes, Rocket Second

Because of newly-released information, it’s time to take a recent take a look at the highest mortgage lenders in California in 2024.

The Golden State is by far the most important marketplace for residence loans, accounting for roughly 14% of the general market in america.

Nowhere else even comes shut, together with heavyweights like Florida and Texas, with about 9% market share. Or New York with about 4%.

As you would possibly anticipate, the massive family names make this listing, and lots of are additionally on the top-10 listing nationwide.

Let’s check out who topped the rankings, and break it down by residence buy lending and mortgage refinancing, together with a take a look at massive cities like LA and SF.

Prime 10 Mortgage Lenders in California (General)

In 2024, United Wholesale Mortgage was the highest mortgage lender in California, based on HMDA information from Richey Could.

They had been additionally the high mortgage lender general in 2024, so this got here as no actual shock.

UWM took the highest spot within the Golden State by funding a whopping $28.4 billion in residence loans.

Maybe extra spectacular, they did so by way of the wholesale channel solely, solely relying upon impartial mortgage brokers to get the job completed (additionally they function Mortgage Matchup).

The Pontiac, Michigan-based firm doesn’t have a retail or direct-to-consumer enterprise, but nonetheless managed to seize almost 12% of the California mortgage market.

They handily beat out their crosstown rivals Rocket Mortgage by about $12 billion, which took the second spot.

In third was Minneapolis-based U.S. Financial institution with a a lot smaller $9.9 billion, adopted by Chase with $7.7 billion.

For the document, Union Financial institution was acquired by U.S. Financial institution, in order that doubtless helped them climb the rankings not too long ago. And Chase absorbed manufacturing from the now-defunct First Republic Financial institution.

Coming in fifth was Wells Fargo, which was once #1 general for a few years earlier than drastically lowering its mortgage footprint.

Additionally within the high 10 had been Financial institution of America, Citi, CrossCountry Mortgage, BMO, and loanDepot.

Depository banks are nonetheless doing loads of mortgage lending in California, with six of the highest 10 banks and the rest nonbanks.

Altogether, greater than $237 billion in residence loans had been originated within the state final yr, down significantly from the $500 billion to $1 trillion seen in recent times.

Prime California Mortgage Lenders (for Residence Purchases)

Now let’s take a look at the highest buy mortgage lenders within the Golden State, which grabbed about 73% of the market in 2024 as refis waned.

This listing is somewhat bit totally different as a result of some lenders concentrate on residence buy financing, whereas others cater to present householders seeking to refinance.

Topping this listing was UWM with $19.4 billion. They as soon as once more beat out Rocket Mortgage’s $10.8 billion, whereas U.S. Financial institution took third with $6.7 billion.

Wells Fargo claimed the fourth spot with $6.4 billion, whereas Chase snagged fifth with $5.5 billion.

Additionally within the high 10 had been Financial institution of America, CrossCountry Mortgage, Citi, Lennar Mortgage, and BMO.

The one lender on this listing that wasn’t in the principle listing was Lennar Mortgage, the captive lender for residence builder Lennar, which changed loanDepot,

Just lately, residence builder’s lenders have grabbed extra market share as present properties stay locked in as a result of excessive mortgage charges.

The previous few years, lenders have targeted on this section of the market as a result of mortgage charges stay inflated relative to latest lows.

Merely put, it’s tough to drum up refinance enterprise when many owners have mounted charges within the 2-4% vary and the going charge is 6-7%.

Prime California Mortgage Lenders (for Refinance Loans)

Now let’s discuss refis, which had been all the fad in 2021, however have since fallen out of favor as a result of unprecedented will increase in mortgage charges.

On this class, UWM as soon as once more ran away from the competitors with an honest $9 billion in refinance mortgage origination quantity in 2024.

Their crosstown rival Rocket got here in a distant second with $5 billion in refi mortgage quantity, although their pending Redfin acquisition and Mr. Cooper buy would possibly change that in a rush.

Depository banks took spots three by six, which is spectacular, adopted by nonbanks Pennymac and CrossCountry.

The rest of the highest 10 included Citi and Freedom Mortgage, although quantity for each was sub-$1 billion.

Prime Mortgage Lenders in Los Angeles

Prime Mortgage Lenders in San Diego

Prime Mortgage Lenders in San Jose

Prime Mortgage Lenders in San Francisco

Does Measurement Matter When It Involves Getting a Mortgage?

As I at all times ponder with these high lender lists, does dimension really matter?

Does it imply something that your financial institution or lender is huge and larger than others?

Whereas that may be up for debate, as some may argue {that a} massive establishment may be extra dependable or environment friendly and even cheaper, the alternative may be mentioned.

In the end, it’s good to know who the massive gamers are, however your character may be higher suited to an area credit score union or mom-and-pop mortgage dealer.

The mortgage lender you select doesn’t should be the most important on the market to offer distinctive service and aggressive pricing.

Conversely, you would possibly discover a family title that does provide all these issues talked about above.

On the finish of the day, acquiring a house mortgage is a giant deal and it must be shopped accordingly.

Which means plenty of analysis and a number of quotes earlier than you make your ultimate determination.

Earlier than creating this website, I labored as an account govt for a wholesale mortgage lender in Los Angeles. My hands-on expertise within the early 2000s impressed me to start writing about mortgages 19 years in the past to assist potential (and present) residence patrons higher navigate the house mortgage course of. Observe me on X for warm takes.

Newest posts by Colin Robertson (see all)