Now let’s take a look at the top mortgage lenders in New York, based on overall loan volume produced last year.
The state of New York is unique in that many of the top lenders are depository banks that actually hold the loans on their books.
Or at least offer checking and savings accounts to customers alongside mortgage offerings.
This counters the recent rise of nonbanks dominating the mortgage space, which has worried some market watchers.
Anyway, topping the list in 2021 (most recent year available) was JPMorgan Chase, which happens to be headquartered in New York City.
Top Mortgage Lenders in New York (Overall)
| Ranking | Company Name | 2021 Loan Volume |
| 1. | Chase | $20.9 billion |
| 2. | Wells Fargo | $19.1 billion |
| 3. | Rocket Mortgage | $11.2 billion |
| 4. | Citibank | $9.1 billion |
| 5. | Bank of America | $7.5 billion |
| 6. | Citizens Bank | $7.0 billion |
| 7. | loanDepot | $6.1 billion |
| 8. | UWM | $5.8 billion |
| 9. | First Republic Bank | $4.8 billion |
| 10. | TD Bank | $4.1 billion |
Overall, the state of New York accounted for about 4% of the nation’s home loan volume in 2021, per HMDA data presented by Richey May.
And it’s not often the top mortgage lender in a particular state is also a native of the state, but this happens to be true in the case of New York.
Chase grabbed the top spot with $20.9 billion in home loan origination volume during the year, about 10% of their national total.
It was enough to beat out Wells Fargo, which despite all its dramas managed $19.1 billion in residential mortgage volume.
Rocket Mortgage, the nation’s overall top mortgage lender, took third place with $11.2 billion, nearly half of Chase’s volume.
Fourth place also belonged to New York-based company, Citibank, which doled out $9.1 billion in home loans last year.
Bank of America took fifth with $7.5 billion in origination volume, solidifying the depositories’ dominance in the mortgage space in NY.
Citizens Bank, loanDepot, United Wholesale Mortgage, First Republic Bank, and TD Bank rounded out the top 10.
That means seven of the 10 largest mortgage lenders in New York are banks as opposed to nonbanks.
It’s probably the only state in the nation where that’s the case.
Top New York Mortgage Lenders (for Home Buyers)
| Ranking | Company Name | 2021 Loan Volume |
| 1. | Chase | $9.0 billion |
| 2. | Wells Fargo | $8.8 billion |
| 3. | Citibank | $5.0 billion |
| 4. | Citizens Bank | $4.3 billion |
| 5. | Bank of America | $3.3 billion |
| 6. | UWM | $2.9 billion |
| 7. | loanDepot | $2.8 billion |
| 8. | First Republic Bank | $2.6 billion |
| 9. | TD Bank | $2.0 billion |
| 10. | Rocket Mortgage | $1.8 billion |
Now let’s only consider home purchase loans to see how the list shakes out.
Unsurprisingly, banks held the top five spots when it came to serving home buyers in the Empire State.
Once again, Chase held the #1 spot with $9 billion funded, followed by Wells Fargo with a very close $8.8 billion, and Citi with a much lower $5 billion.
Citizens Bank and Bank of America completed the top five with $4.3 billion and $3.3 billion, respectively.
The bottom half of the top 10 included wholesale lender UWM, direct lender Rocket Mortgage, nonbank loanDepot, and two more banks, First Republic and TD Bank.
In other words, most New Yorkers turned to a big bank to get their home purchase loan, as opposed to a mortgage-only institution.
This is somewhat old school, but not a surprise given the state’s big banking presence.
Top Mortgage Lenders in New York (for Refinances)
| Ranking | Company Name | 2021 Loan Volume |
| 1. | Chase | $11.4 billion |
| 2. | Wells Fargo | $9.8 billion |
| 3. | Rocket Mortgage | $9.2 billion |
| 4. | Bank of America | $3.9 billion |
| 5. | Citibank | $3.4 billion |
| 6. | loanDepot | $3.2 billion |
| 7. | New York Community Bank | $3.0 billion |
| 8. | UWM | $2.8 billion |
| 9. | Citizens Bank | $2.5 billion |
| 10. | Mr. Cooper | $2.3 billion |
What about mortgage refinances? Generally, direct lenders win in this category since price is often the biggest factor, not relationship.
Well, once again it was New York’s own Chase that led the way with $11.4 billion in refinance loans.
And Wells Fargo once again came in second, with a fairly close $9.8 billion funded during the year.
National #1 mortgage lender Rocket Mortgage claimed third with $9.2 billion, followed by BofA with a much lesser $3.9 billion and Citi with $3.4 billion.
As you can see, things really dropped off after the top three, with the others in the top 10 funding a whole lot less.
Others in the top 10 included loanDepot, New York Community Bank, UWM, Citizens Bank, and Mr. Cooper (formerly Nationstar).
No big surprises here other than the fact that the top dogs took home much of the business as they did in other categories. Typically there’s a bit more diversity.
Top Mortgage Lenders in New York City (NYC)
| Ranking | Company Name | 2021 Loan Volume |
| 1. | Chase | $18.4 billion |
| 2. | Wells Fargo | $16.6 billion |
| 3. | Rocket Mortgage | $9.4 billion |
| 4. | loanDepot | $7.8 billion |
| 5. | Citibank | $7.2 billion |
| 6. | Bank of America | $6.7 billion |
| 7. | UWM | $5.6 billion |
| 8. | Citizens Bank | $4.7 billion |
| 9. | Newrez | $4.3 billion |
| 10. | TD Bank | $4.0 billion |
Top Mortgage Lenders in Albany
| Ranking | Company Name | 2021 Loan Volume |
| 1. | SEFCU | $774 million |
| 2. | Homestead Funding | $767 million |
| 3. | CCFCU Funding | $515 million |
| 4. | Trustco Bank | $498 million |
| 5. | Rocket Mortgage | $497 million |
| 6. | Wells Fargo | $356 million |
| 7. | KeyBank | $275 million |
| 8. | Sunmark | $269 million |
| 9. | Citizens Bank | $240 million |
| 10. | Capital Communications CU | $229 million |
Top Mortgage Lenders in Buffalo
| Ranking | Company Name | 2021 Loan Volume |
| 1. | M&T Bank | $822 million |
| 2. | Rocket Mortgage | $707 million |
| 3. | KeyBank | $688 million |
| 4. | Premium Mortgage Corp. | $459 million |
| 5. | Citizens Bank | $408 million |
| 6. | Wells Fargo | $355 million |
| 7. | Northwest Bank | $336 million |
| 8. | UWM | $262 million |
| 9. | Hunt Mortgage Corp. | $254 million |
| 10. | 1st Priority Mortgage | $224 million |
Top Mortgage Lenders in Rochester
| Ranking | Company Name | 2021 Loan Volume |
| 1. | ESL FCU | $879 million |
| 2. | Premium Mortgage Corp. | $648 million |
| 3. | Wells Fargo | $504 million |
| 4. | Home Town Funding | $473 million |
| 5. | Rocket Mortgage | $415 million |
| 6. | CNB Mortgage | $412 million |
| 7. | Genesee Regional Bank | $341 million |
| 8. | Citizens Bank | $281 million |
| 9. | M&T Bank | $224 million |
| 10. | The Lyons National Bank | $209 million |
Are the Biggest Lenders Also New York’s Best Mortgage Lenders?
The words “top” and “best” can be used interchangeably, but not always.
In other words, one of the largest lenders on the list can also be the best. But they could also be simply mediocre, or worse.
As I always say, you don’t need to use the biggest bank or mortgage lender out there to get your home loan.
You might find a better fit in a local credit union, mortgage broker, regional bank, or community bank.
Of course, you could find that one of the bigger players is your preferred lender. And that’s fine.
Just put in the time to get a few quotes from different mortgage companies to ensure you’ve at least made some effort to comparison shop.
Studies prove that those who shop for their mortgage can save real money. So no matter who tells you such and such is the best, put in your own research too.
Source: thetruthaboutmortgage.com