Today we’ll check out who the top mortgage lenders in Louisiana were based on the most recent year’s loan volume.
In 2021, more than 600 banks and lenders originated nearly $39 billion in home loans in the Pelican State, per HMDA data.
It was a good year for most lenders, but one company managed to outpace the rest of the pack quite easily.
And it was a hometown bank headquartered in the state, not a big national lender.
Read on to see who it was and to view the complete list of the largest mortgage lenders in Louisiana.
Top Mortgage Lenders in Louisiana (Overall)
| Ranking | Company Name | 2021 Loan Volume |
| 1. | GMFS | $2.7 billion |
| 2. | Rocket Mortgage | $1.8 billion |
| 3. | Pennymac | $1.5 billion |
| 4. | Freedom Mortgage | $1.2 billion |
| 5. | UWM | $1.1 billion |
| 6. | AmeriHome Mortgage | $1.0 billion |
| 7. | First Horizon Bank | $978 million |
| 8. | Homepoint | $933 million |
| 9. | Hancock Whitney | $932 million |
| 10. | Assurance Financial | $890 million |
Just like in 2020, GMFS Mortgage was the top mortgage lender in Louisiana with $2.7 billion funded, per HMDA data from Richey May.
The Baton Rouge-based lender was founded in 1999 and only operates in 12 states, mostly in the South.
They were trailed by overall #1 Rocket Mortgage with $1.8 billion, and SoCal-based Pennymac in third with $1.5 billion.
Fourth and fifth went to Freedom Mortgage and United Wholesale Mortgage (UWM) with $1.2 billion and $1.1 billion, respectively.
The rest of the top ten included AmeriHome Mortgage, First Horizon Bank, Homepoint, Hancock Whitney Bank, and Assurance Financial.
In total, two of the top 10 lenders are Louisiana-based, GMFS Mortgage and Assurance Financial.
Top Mortgage Lenders in Louisiana (for Home Buyers)
| Ranking | Company Name | 2021 Loan Volume |
| 1. | GMFS | $1.3 billion |
| 2. | Pennymac | $980 million |
| 3. | UWM | $647 million |
| 4. | AmeriHome Mortgage | $626 million |
| 5. | Assurance Financial | $549 million |
| 6. | Fidelity Bank | $549 million |
| 7. | Homepoint | $500 million |
| 8. | First Horizon Bank | $484 million |
| 9. | Gulf Coast Bank | $480 million |
| 10. | Movement Mortgage | $439 million |
If we shift our attention to home purchase transactions only, GMFS Mortgage is still the leader, though by a smaller margin.
GMFS funded $1.3 billion in home purchase loans in 2021 in Louisiana, followed by Pennymac with $980 million.
In third was UWM with $647 million, a company that operates exclusively via the mortgage broker channel.
Fourth and fifth went to AmeriHome and Assurance Financial, with $626 million and $549 million funded.
Places six through 10 went to Fidelity Bank (LA), Homepoint, First Horizon Bank, Gulf Coast Bank and Trust, and Movement Mortgage.
This brought the Louisiana-based lender total to four: GMFS, Assurance Financial, Fidelity Bank, Gulf Coast Bank and Trust.
It’s not unusual to see more homegrown banks and lenders dominate the home purchase loan list.
Generally, home buyers will work with a local company they know well to ease their nerves.
Top Refinance Lenders in Louisiana (for Existing Homeowners)
| Ranking | Company Name | 2021 Loan Volume |
| 1. | Rocket Mortgage | $1.4 billion |
| 2. | GMFS | $1.3 billion |
| 3. | Freedom Mortgage | $956 million |
| 4. | Chase | $521 million |
| 5. | Pennymac | $491 million |
| 6. | UWM | $473 million |
| 7. | Hancock Whitney | $461 million |
| 8. | First Horizon Bank | $457 million |
| 9. | loanDepot | $434 million |
| 10. | Homepoint | $433 million |
Now let’s talk refis. Existing homeowners tend to care less about working with local banks and lenders.
After all, they’re simply adjusting the rate/term of their loan, as opposed to financing a home purchase.
This might explain why Rocket Mortgage took the top spot with $1.4 billion funded, followed by GMFS with $1.3 billion in refi volume.
In third was VA loan specialist Freedom Mortgage with $1.3 billion, followed by Chase and Pennymac with about a half billion each.
Others landing in the top-10 list included UWM, Hancock Whitney Bank, First Horizon Bank, loanDepot, and Homepoint.
As you can see, only one Louisiana-based mortgage lender made this list.
Top Mortgage Lenders in Baton Rouge
| Ranking | Company Name | 2021 Loan Volume |
| 1. | GMFS | $1.1 billion |
| 2. | Assurance Financial | $492 million |
| 3. | Rocket Mortgage | $370 million |
| 4. | Pennymac | $340 million |
| 5. | Freedom Mortgage | $283 million |
| 6. | UWM | $278 million |
| 7. | AmeriHome Mortgage | $239 million |
| 8. | Hancock Whitney | $232 million |
| 9. | Homepoint | $216 million |
| 10. | Chase | $189 million |
Top Mortgage Lenders in New Orleans
| Ranking | Company Name | 2021 Loan Volume |
| 1. | GMFS | $799 million |
| 2. | Rocket Mortgage | $636 million |
| 3. | Gulf Coast Bank | $581 million |
| 4. | Hancock Whitney | $571 million |
| 5. | First Horizon Bank | $563 million |
| 6. | Fidelity Bank | $516 million |
| 7. | Chase | $469 million |
| 8. | Pennymac | $443 million |
| 9. | AmeriHome Mortgage | $419 million |
| 10. | UWM | $379 million |
Who Are the Best Louisiana Mortgage Lenders?
Biggest and best aren’t always synonymous. Just because a company does the most business doesn’t mean it’s the leader in customer service.
But sometimes both can coexist. I typically check out reviews on Zillow to see how lenders are rated by their customers.
GMFS Mortgage seems to be a big player in Louisiana and well-received, with a 4.96/5-star rating on Zillow from nearly 500 customer reviews.
Compare that to Rocket Mortgage’s 4.48/5, Pennymac’s 4.40, Freedom Mortgage’s 4.85/5, Assurance Financial’s 4.96/5, and Gulf Coast Bank’s 4.94/5.
Other local lenders listed on Zillow include the Metairie, LA branch of Movement Mortgage, rated 4.95/5, Shreveport, LA’s Draper and Kramer Mortgage (4.96/5), and Lafayette, LA’s Castille Mortgage Company (5/5).
There are many other lenders and individual mortgage brokers that operate in the state as well.
Take the time to see what’s available both nearby and nationally, and be sure to compare service, mortgage rates, and fees.
(photo: formulanone)
Source: thetruthaboutmortgage.com