March 23, 2023

Now it’s time to take a look at the highest mortgage lenders in DC, the capital of the USA.

In 2021, practically 800 mortgage firms originated roughly $139 billion in residence loans in The District.

That was one of many larger totals for a state, though the District of Columbia isn’t truly a state

Anyway, there might be just one…prime mortgage lender to rule the remaining. And as you will have guessed, it was Rocket Mortgage.

Some native firms made the top-10 lists as effectively. Learn on to see who.

Prime Mortgage Lenders in DC (Total)

Rating Firm Title 2021 Mortgage Quantity
1. Rocket Mortgage $8.4 billion
2. Pennymac $6.4 billion
3. Freedom Mortgage $5.5 billion
4. Truist $5.4 billion
5. Wells Fargo $5.1 billion
6. loanDepot $4.7 billion
7. Mr. Cooper $3.3 billion
8. McLean Mortgage $3.1 billion
9. Intercoastal Mortgage $3.1 billion
10. UWM $3.1 billion

In 2021, Rocket Mortgage led the District of Columbia with a strong $8.4 billion funded, per HMDA knowledge from Richey May.

They have been trailed by Los Angeles-based Pennymac with $6.4 billion, which is a prime correspondent lender.

In third was Freedom Mortgage with an in depth $5.4 billion, adopted by Truist with $5.1 billion and Wells Fargo with $4.7 billion.

The underside half of the highest 10 included loanDepot, Mr. Cooper, McLean Mortgage, Intercoastal Mortgage, and United Wholesale Mortgage.

Each McLean Mortgage and Intercoastal Mortgage might be thought-about native firms as each name Fairfax, Virginia residence.

At all times good to see some homegrown lenders shake it up with the large nationwide manufacturers.

Prime Mortgage Lenders in Washington DC (for Dwelling Patrons)

Rating Firm Title 2021 Mortgage Quantity
1. Truist $2.5 billion
2. Pennymac $2.4 billion
3. McLean Mortgage $1.9 billion
4. Wells Fargo $1.8 billion
5. Intercoastal Mortgage $1.7 billion
6. Chase $1.4 billion
7. Caliber Dwelling Loans $1.4 billion
8. Atlantic Coast Mortgage $1.4 billion
9. U.S. Financial institution $1.4 billion
10. George Mason Mortgage $1.3 billion

If we concentrate on residence patrons, the checklist adjustments fairly a bit, each with new names and a brand new order.

In first was Truist with $2.5 billion funded, not an enormous shock as residence patrons typically flip to banks over nonbank lenders for an vital residence buy.

Nonetheless, Pennymac was a really shut second with $2.4 billion funded, adopted by McLean Mortgage with $1.9 billion.

Dwelling patrons additionally appear to love utilizing native choices because it in all probability offers them peace of thoughts.

In fourth was Wells Fargo with $1.8 billion, and Intercoastal Mortgage rounded out the highest 5 with $1.7 billion.

Others included within the prime 10 have been Chase, Caliber Dwelling Loans, Atlantic Coast Mortgage, U.S. Financial institution, and George Mason Mortgage.

All of them had surprisingly shut residence buy totals to 1 one other.

Prime Refinance Lenders in DC (for Current Householders)

Rating Firm Title 2021 Mortgage Quantity
1. Rocket Mortgage $7.1 billion
2. Freedom Mortgage $4.5 billion
3. Pennymac $4.1 billion
4. loanDepot $4.0 billion
5. Wells Fargo $3.1 billion
6. Truist $2.8 billion
7. Mr. Cooper $2.5 billion
8. UWM $2.0 billion
9. Navy FCU $1.9 billion
10. Newrez $1.8 billion

What about current owners trying to a refinance a mortgage? Effectively, that checklist was totally different too.

Like the general checklist, Rocket Mortgage was king with $7.1 billion funded. That was a superb chunk of their general quantity.

In second was Freedom Mortgage with $4.5 billion, generally known as a VA mortgage specialist.

Pennymac took third with $4.1 billion, adopted carefully by loanDepot with $4 billion and Wells Fargo with $3.1 billion.

The remainder of the most effective included Truist, Mr. Cooper, United Wholesale Mortgage, Vienna, VA-based Navy FCU, and Newrez.

It’s not unusual for current owners to make use of out-of-state lenders for a refinance, which sums up this checklist.

The Greatest Mortgage Lenders in Washington DC

Now let’s discuss the most effective mortgage lenders within the District of Columbia based mostly on buyer opinions.

As all the time, I flip to Zillow to take a look at buyer opinions. For DC, it’s a bit distinctive as not one of the lenders are literally in DC.

However they’re native firms in close by states, together with Maryland and Virginia.

McLean Mortgage is available in with a wonderful 4.99/5 rating from practically 3,000 buyer opinions, which is mainly unbeatable.

Chevy Chase-based Forbright Financial institution has the second largest variety of opinions (about 1,500) and a 4.82/5 score. Fairly strong.

Then there’s Bethesda, Maryland’s Presidential Financial institution and its superior 4.99/5 score, which is clearly practically flawless. That’s from about 750 opinions.

McLean-based Aurora Monetary has the same variety of opinions however a 4.7/5 score, whereas Navy Federal Credit score Union has a 4.22/5 from simply over 100 opinions.

There’s additionally Bethesda-based Mortgagestar, which has an ideal 5/5 score from over 200 opinions and Alexandria, VA-based Potomac Belief Mortgage’s 4.91/5.

So loads of good choices for a house mortgage in The District. Don’t neglect to incorporate native mortgage brokers in your search as effectively.