If you’re curious who the top mortgage lenders in Arizona are, you’ve come to the right place.
I’ve compiled several top-10 lists for overall volume, home purchase volume, and refinance volume.
Interestingly, a wholesale mortgage lender actually topped the overall list in 2021 (the latest year available).
That’s impressive given the fact that wholesale lenders only work with mortgage brokers, as opposed to retail lenders that are consumer-facing.
Anyway, the lender in question was United Wholesale Mortgage, or UWM for short, with a solid $12.1 billion. Read on to find out who the other big players were.
Top Mortgage Lenders in Arizona (Overall)
| Ranking | Company Name | 2021 Loan Volume |
| 1. | United Wholesale Mortgage | $12.1 billion |
| 2. | Rocket Mortgage | $11.5 billion |
| 3. | Chase | $6.6 billion |
| 4. | Fairway Independent | $6.3 billion |
| 5. | loanDepot | $5.4 billion |
| 6. | Wells Fargo | $5.4 billion |
| 7. | Nova Home Loans | $4.8 billion |
| 8. | U.S. Bank | $4.8 billion |
| 9. | Freedom Mortgage | $4.0 billion |
| 10. | Pennymac | $3.8 billion |
As noted, UWM topped the charts in the Copper State with over $12 billion in home loan volume, beating out its crosstown rival Rocket Mortgage, per HMDA data from Richey May.
Rocket mustered an also impressive $11.5 billion in home loan origination volume, beating out third place Chase’s $6.6 billion quite easily.
Also in the top five were Fairway Independent Mortgage with $6.3 billion, and loanDepot with $5.4 billion.
The rest of the top-10 also consisted of big national mortgage brands, other than Nova Home Loans, which is actually an independent mortgage banker based in Arizona.
They came in 7th with a healthy $4.8 billion in loan volume, beating out U.S. Bank, Freedom Mortgage, and Pennymac.
Wells Fargo snagged sixth place with $5.4 billion, pretty strong despite ongoing headwinds at the company.
Top Mortgage Lenders in Arizona (for Home Purchase Loans)
| Ranking | Company Name | 2021 Loan Volume |
| 1. | UWM | $4.2 billion |
| 2. | Fairway Independent | $3.8 billion |
| 3. | U.S. Bank | $2.9 billion |
| 4. | Chase | $2.8 billion |
| 5. | Nova Home Loans | $2.3 billion |
| 6. | Wells Fargo | $2.1 billion |
| 7. | loanDepot | $2.1 billion |
| 8. | Rocket Mortgage | $1.9 billion |
| 9. | Lakeview Loan Servicing | $1.5 billion |
| 10. | VIP Mortgage | $1.4 billion |
Now let’s turn our attention to home purchase lending, which has become all the rage since mortgage rates practically doubled.
The top Arizona mortgage lender for home purchase loans was also UWM with $4.2 billion funded.
This time they held off second place Fairway Independent Mortgage, which originated a respectable $3.8 billion in State 48.
Coming in third was depository U.S. Bank with $2.9 billion, followed by fellow bank Chase with $2.8 billion.
In fifth was Arizona’s very own Nova Home Loans with $2.3 billion. If you live there, you’ve undoubtedly seen their many billboards along the freeway.
Others in the top 10 included Wells Fargo, loanDepot, Rocket Mortgage, Lakeview Loan Servicing, and another Arizona-based mortgage lender, VIP Mortgage.
This is an important list to watch for 2022 as the market shifts to purchase vs. refinance lending.
Those who remain on it will be the winners in the mortgage space in what otherwise might be a tough year.
Top Mortgage Lenders in Arizona (for Home Refinance Loans)
| Ranking | Company Name | 2021 Loan Volume |
| 1. | Rocket Mortgage | $9.5 billion |
| 2. | UWM | $8.0 billion |
| 3. | Chase | $3.6 billion |
| 4. | Freedom Mortgage | $3.5 billion |
| 5. | loanDepot | $3.4 billion |
| 6. | Wells Fargo | $3.1 billion |
| 7. | Nova Home Loans | $2.5 billion |
| 8. | Pennymac | $2.5 billion |
| 9. | Fairway Independent | $2.5 billion |
| 10. | Mr. Cooper | $2.4 billion |
Now let’s crown a king of refinance loans. If you guessed Rocket Mortgage, you won.
The nation’s number one mortgage lender did $9.5 billion in refis in Arizona last year.
That was well above second place UWM’s $8 billion, and in a different galaxy than third place Chase’s $3.6 billion.
Nonbank lenders Freedom Mortgage and loanDepot took fourth and fifth, respectively, with $3.5 and $3.4 billion.
Others in the top 10 included repeats Wells Fargo, Nova Home Loans, Pennymac, and Fairway Independent, along with Mr. Cooper (formerly Nationstar).
So it appears the top-10 mortgage lenders in Arizona is fairly concentrated among a small group of big names.
Top Mortgage Lenders in Phoenix
| Ranking | Company Name | 2021 Loan Volume |
| 1. | UWM | $10.6 billion |
| 2. | Rocket Mortgage | $9.2 billion |
| 3. | Chase | $5.3 billion |
| 4. | Fairway Independent | $4.9 billion |
| 5. | loanDepot | $4.3 billion |
| 6. | Wells Fargo | $3.9 billion |
| 7. | U.S. Bank | $3.7 billion |
| 8. | Freedom Mortgage | $2.9 billion |
| 9. | Pennymac | $2.6 billion |
| 10. | Mr. Cooper | $2.5 billion |
Top Mortgage Lenders in Tucson
| Ranking | Company Name | 2021 Loan Volume |
| 1. | Nova Financial | $1.8 billion |
| 2. | Rocket Mortgage | $995 million |
| 3. | Wells Fargo | $851 million |
| 4. | Chase | $727 million |
| 5. | Altitude Financial | $651 million |
| 6. | VIP Mortgage | $648 million |
| 7. | Fairway Independent | $646 million |
| 8. | Pennymac | $560 million |
| 9. | U.S. Bank | $530 million |
| 10. | loanDepot | $529 million |
It’ll be interesting to see what this list looks like for 2022.
Do You Need to Use One of Arizona’s Biggest Mortgage Lenders?
Remember, biggest isn’t always best, though it’s possible for big and best to coexist.
Ultimately, it’ll come down to your preferences and personal experience depending on your home loan needs.
The top mortgage lender in Arizona is UWM, which as noted, is a wholesale lender. This means smaller brokerages resell their products.
So it’s possible to work with a small mom-and-pop shop and still get your mortgage from the #1 lender in the state.
But it doesn’t really matter how big, small, or medium your lender is as long as they get the job done and provide a competitive rate (and fees).
Just take the time to explore the many options available and gather more than just one quote if you want the chance to save some dough.
(photo: Andy Atzert)
Source: thetruthaboutmortgage.com