Despite being a big banking hub, the top mortgage lenders in North Carolina are mostly nonbanks.
In fact, just three of the top 10 are depository banks, with one credit union and the rest nonbank direct lenders.
However, several of the top lenders in the state also happen to be headquartered in North Carolina.
Those names include Bank of America, Truist Financial, and State Employees’ Credit Union.
Read on to see who topped the list in 2021 for mortgage lending overall.
Top Mortgage Lenders in North Carolina (Overall)
| Ranking | Company Name | 2021 Loan Volume |
| 1. | Rocket Mortgage | $11.5 billion |
| 2. | Wells Fargo | $8.1 billion |
| 3. | State Employees CU | $7.3 billion |
| 4. | Truist | $6.3 billion |
| 5. | Movement Mortgage | $5.3 billion |
| 6. | Pennymac | $4.7 billion |
| 7. | Freedom Mortgage | $4.0 billion |
| 8. | UWM | $3.5 billion |
| 9. | loanDepot | $3.1 billion |
| 10. | Bank of America | $2.8 billion |
Yep, you probably guessed right. Rocket Mortgage was the top mortgage lender in North Carolina last year with $11.5 billion funded, per HMDA data from Richey May.
In second was San Francisco-based bank Wells Fargo with $8.1 billion, followed by Raleigh based-State Employees’ Credit Union with $7.3 billion.
Next up was Charlotte-based Truist Financial with $6.3 billion, formerly two companies (BB&T and SunTrust Bank).
Completing the top five was Movement Mortgage with $5.3 billion, a South Carolina-based direct lender.
The rest of the best included Pennymac, Freedom Mortgage, United Wholesale Mortgage (UWM), loanDepot, and Bank of America.
UWM is a wholesale lender that works exclusively with mortgage brokers, meaning you can’t work with them directly.
Top Mortgage Lenders in North Carolina (for Home Buyers)
| Ranking | Company Name | 2021 Loan Volume |
| 1. | Movement Mortgage | $3.7 billion |
| 2. | Wells Fargo | $3.2 billion |
| 3. | Truist | $2.9 billion |
| 4. | State Employees CU | $2.9 billion |
| 5. | Rocket Mortgage | $2.5 billion |
| 6. | Pennymac | $2.3 billion |
| 7. | Atlantic Bay Mortgage | $1.9 billion |
| 8. | Fairway Independent | $1.7 billion |
| 9. | Chase | $1.4 billion |
| 10. | Guaranteed Rate | $1.4 billion |
If we focus solely on home purchase lending, Fort Mill-based Movement Mortgage was the top dog with $3.7 billion funded.
It was more than enough to beat out Wells Fargo’s $3.2 billion, often the purchase loan king.
In third and fourth were NC’s own Truist and State Employees’ Credit Union, both with about $2.9 billion funded.
In a more distant fifth place was Rocket Mortgage with $2.5 billion in loan origination volume.
The other players in the top 10 included Pennymac, Atlantic Bay Mortgage, Fairway Independent Mortgage, Chase, and Guaranteed Rate.
Top Refinance Lenders in North Carolina (Existing Homeowners)
| Ranking | Company Name | 2021 Loan Volume |
| 1. | Rocket Mortgage | $8.9 billion |
| 2. | Wells Fargo | $4.7 billion |
| 3. | State Employees CU | $4.1 billion |
| 4. | Freedom Mortgage | $3.3 billion |
| 5. | Truist | $3.0 billion |
| 6. | Pennymac | $2.4 billion |
| 7. | loanDepot | $2.3 billion |
| 8. | UWM | $2.2 billion |
| 9. | Better Mortgage | $1.9 billion |
| 10. | Mr. Cooper | $1.8 billion |
Now a look at the mortgage refinance leaders in the state of North Carolina.
Unsurprisingly, national #1 mortgage lender Rocket took the top spot with $8.9 billion funded.
That was nearly double second place Wells Fargo, which managed just $4.7 billion in refinance loan volume.
Once again, State Employees’ Credit Union had a strong showing, taking third place with $4.1 billion.
Florida-based refinance specialist Freedom Mortgage took fourth with $3.3 billion, while Truist grabbed fifth with $3.0 billion funded.
Others in the top 10 included Pennymac, loanDepot, UWM, under-fire Better Mortgage, and Mr. Cooper.
It was mostly household names on this list, as it usually is. State Employees’ Credit Union did a good job of keeping it local, despite refinances being mainly price driven.
Those who rely too much on refis might have trouble in coming years as the market leans heavily on purchase transactions.
Top Mortgage Lenders in Charlotte
| Ranking | Company Name | 2021 Loan Volume |
| 1. | Rocket Mortgage | $4.3 billion |
| 2. | Wells Fargo | $3.0 billion |
| 3. | Movement Mortgage | $2.6 billion |
| 4. | Truist | $1.8 billion |
| 5. | Bank of America | $1.7 billion |
| 6. | UWM | $1.5 billion |
| 7. | loanDepot | $1.3 billion |
| 8. | Pennymac | $1.2 billion |
| 9. | Freedom Mortgage | $1.1 billion |
| 10. | American Security Mtg | $1.1 billion |
Top Mortgage Lenders in Raleigh
| Ranking | Company Name | 2021 Loan Volume |
| 1. | Rocket Mortgage | $2.4 billion |
| 2. | Wells Fargo | $1.8 billion |
| 3. | State Employees CU | $1.4 billion |
| 4. | Truist | $1.4 billion |
| 5. | UWM | $972 million |
| 6. | Pennymac | $885 million |
| 7. | loanDepot | $841 million |
| 8. | Movement Mortgage | $779 million |
| 9. | Better Mortgage | $752 million |
| 10. | Freedom Mortgage | $690 million |
You May Have Never Heard of the Best North Carolina Mortgage Lenders
Size isn’t everything. It can be advantageous to be large to get things done in the mortgage industry, but it may also prove to be a nuisance if you’re too big.
Sometimes, a nimbler lending partner, such as a mortgage broker or credit union, could get you to the finish line faster, with fewer headaches along the way.
I understand that when it comes to financial decisions, using a big, household name can feel like the safe move, but consider all your options.
Obviously take the time to vet any company or individual first, but know there are many different ways to get a mortgage.
Whether it’s an individual broker, local bank, online lender, credit union, or major financial institution.
Chances are there are some really highly-rated mortgage companies out there that probably don’t advertise or get much press.
And that’s just fine, as long as they’ve got good reviews, offer competitive pricing, and provide quality service.
(photo: Mark Clifton)
Source: thetruthaboutmortgage.com