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Thursday, February 2, 2023

Top Mortgage Lenders in Georgia


It’s time to check out the top mortgage lenders in Georgia based on their 2021 loan volume.

These mortgage companies outranked more than one thousand other lenders to take the top honors.

Overall, about $160 billion in home loans was funded in The Peach State last year, making it one of the bigger states volume-wise nationwide.

And taking the #1 spot was Rocket Mortgage, also the nation’s largest mortgage lender.

Read on to see which other companies ranked in the top 10.

Top Mortgage Lenders in Georgia (Overall)

RankingCompany Name2021 Loan Volume
1.Rocket Mortgage$12.2 billion
2.Pennymac$6.6 billion
3.Wells Fargo$5.3 billion
4.Truist$4.7 billion
5.UWM$4.7 billion
6.Ameris Bank$4.0 billion
7.Newrez$3.9 billion
8.Freedom Mortgage$3.8 billion
9.AmeriHome Mortgage$3.5 billion
10.Fairway Independent$3.1 billion

Detroit-based Rocket Mortgage, the nation’s biggest mortgage lender, originated an impressive $12.2 billion in home loans in Georgia last year.

That was nearly double their nearest competitor, Pennymac, per HMDA data from advisory company Richey May.

SoCal based Pennymac funded about $6.6 billion in the state last year, and only about a third of it came via the retail channel.

They mostly dole out loans via the correspondent lending channel (via smaller banks and credit unions), and through mortgage brokers in the wholesale channel.

In other words, your loan may have been originated by a different company, but backed by Pennymac.

In third was San Francisco-based Wells Fargo with $5.3 billion funded, another good showing despite their controversies.

They were followed closely by Truist Financial and United Wholesale Mortgage (UWM), both with about $4.7 billion funded.

In sixth was Atlanta, Georgia’s own Ameris Bank with a healthy $4 billion in home loan volume.

Newrez was a close seventh with $3.9 billion, followed by Freedom Mortgage, AmeriHome, and Fairway Independent Mortgage.

Top Mortgage Lenders in Georgia (for Home Buyers)

RankingCompany Name2021 Loan Volume
1.Pennymac$3.5 billion
2.Rocket Mortgage$2.6 billion
3.Ameris Bank$2.4 billion
4.UWM$2.3 billion
5.Homestar Financial$2.2 billion
6.Truist$2.1 billion
7.Fairway Independent$2.1 billion
8.Wells Fargo$1.9 billion
9.Newrez$1.9 billion
10.AmeriHome Mortgage$1.9 billion

If we consider only home purchase lending, the list changes quite a bit and new names surface.

Pennymac was the #1 home purchase lender in Georgia with $3.5 billion funded, followed by Rocket Mortgage with $2.6 billion.

Ameris Bank took third with $2.4 billion, meaning about 60% of their total mortgage business is home purchase loans.

In fourth was UWM with $2.3 billion, followed by Gainesville, GA-direct lender Homestar Financial with $2.2 billion in origination volume.

Others in the top 10 included Truist Financial, Fairway Independent, Wells Fargo, Newrez, and AmeriHome.

Top Refinance Lenders in Georgia (for Existing Homeowners)

RankingCompany Name2021 Loan Volume
1.Rocket Mortgage$9.5 billion
2.Freedom Mortgage$3.3 billion
3.Pennymac$3.1 billion
4.Wells Fargo$3.1 billion
5.UWM$2.4 billion
6.Truist$2.2 billion
7.loanDepot$2.2 billion
8.Mr. Cooper$2.0 billion
9.Newrez$2.0 billion
10.Better Mortgage$1.8 billion

Now let’s talk about the biggest refinance lenders in Georgia. As expected, Rocket Mortgage absolutely dominated with $9.5 billion funded.

That was nearly triple second place Freedom Mortgage’s $3.3 billion, a testament to how active they are in the state.

In third was Pennymac with $3.1 billion, followed closely by Wells Fargo with roughly the same amount funded.

In fifth was UWM with $2.4 billion, a strong showing since they only work with mortgage brokers via the wholesale channel.

The rest of the top 10 included Truist Financial, loanDepot, Mr. Cooper, Newrez, and struggling lender Better Mortgage.

Top Mortgage Lenders in Atlanta

RankingCompany Name2021 Loan Volume
1.Rocket Mortgage$8.7 billion
2.Pennymac$4.2 billion
3.Wells Fargo$4.0 billion
4.UWM$3.7 billion
5.Truist$3.7 billion
6.Ameris Bank$3.1 billion
7.Newrez$3.1 billion
8.AmeriHome Mortgage$2.6 billion
9.Freedom Mortgage$2.4 billion
10.loanDepot$2.4 billion

Who Are Georgia’s Best Mortgage Lenders?

I typically head over to Zillow and check customer reviews to determine which mortgage companies are faring best in a particular state.

Here’s what I found for Georgia. Atlanta-based AmeriSave has a 4.68/5 rating from over 2,400 reviews. Not the best rating, but the most reviews by far.

Then there’s Atlanta’s Silverton Mortgage, which has a superior 4.94/5 rating from about 1,200 reviews.

Even better is Ameris Bank’s 4.95/5 rating from nearly 900 customer reviews, and fellow Atlanta lender First Option Mortgage’s 4.97/5 from about 1,000 reviews.

Honorable mention goes to Capital City Home Loans and its 4.96/5 score from 300 reviews.

As for the big, national brands, Rocket has a 4.48/5, Pennymac a 4.4/5, and Wells Fargo a 4.95/5.

So it appears there are plenty of solid options, whether you use a local, Georgia-based mortgage lender or a national brand.

Also be sure to check out some local mortgage brokers to see what they can offer.

(photo: sailn1)



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