Let’s cut right to the chase. Yes, Chase was the top mortgage lender in Illinois last year, per HMDA data.
The NYC-based bank funded a strong $14.6 billion in the Land of Lincoln, beating out other national brands and hometown lenders.
They grabbed a near-10% market share despite being only the fourth largest mortgage lender nationwide.
And were able to hold off Guaranteed Rate, Wells Fargo, and even Rocket Mortgage in the process.
Read on to learn more about the biggest mortgage lenders in the state of Illinois.
Top Illinois Mortgage Lenders (Overall)
| Ranking | Company Name | 2021 Loan Volume |
| 1. | Chase | $14.6 billion |
| 2. | Guaranteed Rate | $10.6 billion |
| 3. | Wells Fargo | $6.6 billion |
| 4. | Rocket Mortgage | $6.0 billion |
| 5. | U.S. Bank | $5.6 billion |
| 6. | Huntington Bank | $4.3 billion |
| 7. | loanDepot | $3.8 billion |
| 8. | UWM | $3.5 billion |
| 9. | Newrez | $2.9 billion |
| 10. | Homepoint | $2.8 billion |
As mentioned, Chase led the pack with nearly $15 billion in home loan origination volume in 2021, per Richey May’s HMDA data.
That was plenty enough to overtake Guaranteed Rate, which is a direct lender headquartered in Chicago, Illinois.
Despite being a local brand, Guaranteed Rate only mustered $10.6 billion last year.
Coming in a distant third was San Francisco-based bank Wells Fargo with $6.6 billion. Through their controversies, they continue to be a mortgage lender of choice for many.
In fourth was Rocket Mortgage with $6 billion, somewhat lackluster given their headquarters in nearby Detroit, Michigan.
Rounding out the top five was U.S. Bank with $5.6 billion. They seem to perform well in and around their home state of Minnesota.
Others in the top ten included Huntington Bank, loanDepot, United Wholesale Mortgage (UWM), Newrez, and Homepoint.
Top Illinois Mortgage Lenders (for Home Buyers)
| Ranking | Company Name | 2021 Loan Volume |
| 1. | Chase | $5.6 billion |
| 2. | Guaranteed Rate | $5.5 billion |
| 3. | U.S. Bank | $3.0 billion |
| 4. | Wells Fargo | $2.1 billion |
| 5. | loanDepot | $1.6 billion |
| 6. | UWM | $1.6 billion |
| 7. | Huntington Bank | $1.5 billion |
| 8. | CrossCountry Mortgage | $1.5 billion |
| 9. | Caliber Home Loans | $1.4 billion |
| 10. | Rocket Mortgage | $1.4 billion |
If we look at just home purchase loans, Chase was once again #1 with $5.6 billion funded, a top pick for home buyers in the state.
However, Guaranteed Rate was breathing down their neck with $5.5 billion in purchase loans.
It then dropped off quite a bit with U.S. Bank’s $3 billion, Wells Fargo’s $2.1 billion, and loanDepot’s $1.6 billion.
Other brands in the top-10 list were UWM, Huntington Bank, CrossCountry Mortgage, Caliber
Home Loans, and Rocket Mortgage.
Top Refinance Mortgage Lenders in Illinois (for Existing Homeowners)
| Ranking | Company Name | 2021 Loan Volume |
| 1. | Chase | $8.9 billion |
| 2. | Guaranteed Rate | $5.1 billion |
| 3. | Rocket Mortgage | $4.5 billion |
| 4. | Wells Fargo | $4.4 billion |
| 5. | Huntington Bank | $2.7 billion |
| 6. | U.S. Bank | $2.4 billion |
| 7. | loanDepot | $2.2 billion |
| 8. | Mr. Cooper | $1.9 billion |
| 9. | Freedom Mortgage | $1.9 billion |
| 10. | UWM | $1.9 billion |
If you’re an existing homeowner, you might be wondering who helped the most borrowers refinance their home loans.
Those who guessed Chase were correct. It’s pretty rare to see one company sweep all three categories. So it appears Illinoisans really love Chase, at least when it comes to mortgage banking.
Their $8.9 billion was more than enough to run away with this category, despite Guaranteed Rate’s best efforts with $5.1 billion.
In third was Rocket Mortgage with a close $4.5 billion, while Wells Fargo also put up a respectable $4.4 billion in fourth.
Ohio-based Huntington Bank closed out the top five with a much smaller $2.7 billion.
The rest of the top ten included U.S. Bank, loanDepot, Mr. Cooper, Freedom Mortgage, and UWM.
Those relying primarily on this category will need to pivot in 2022 to capture more of the waning mortgage market.
Top Mortgage Lenders in Chicago
| Ranking | Company Name | 2021 Loan Volume |
| 1. | Chase | $12.2 billion |
| 2. | Guaranteed Rate | $8.8 billion |
| 3. | Wells Fargo | $4.9 billion |
| 4. | Rocket Mortgage | $3.9 billion |
| 5. | U.S. Bank | $3.9 billion |
| 6. | Huntington Bank | $3.6 billion |
| 7. | loanDepot | $3.0 billion |
| 8. | UWM | $2.6 billion |
| 9. | CrossCountry Mortgage | $2.2 billion |
| 10. | Homepoint | $2.1 billion |
Who Is the Best Mortgage Lender in Illinois?
While we discussed the top mortgage lenders in the state in terms of loan volume, the best one may or may not be on the lists above.
And what’s best for one home buyer or existing homeowner might not be the right fit for another individual.
Take the time to compare the many mortgage companies available to you. Consider their mortgage rates, their fees, loan program options, and any perks they offer.
Also factor in your personality – do you prefer a lot of hands-on attention from a smaller company, or is technology and self-service your thing?
Once you investigate these things you’ll be able to find a mortgage lender that is best suited for you and your specific needs.
That could mean service over lowest price, or vice versa. If you put in the time, you should be able to get the best of both worlds.
Source: thetruthaboutmortgage.com