Top Mortgage Lenders in Minnesota

Let’s check out the top mortgage lenders in Minnesota based on the most recent year’s loan volume.

Around 750 mortgage companies originated roughly $91 billion in home loans in The North Star State last year.

But only one company bested the rest – and they’re actually headquartered in Minnesota!

Yes, I’m referring to U.S. Bank, which is located in Minneapolis, MN.

Read on to see which other mortgage lenders were active in the Land of 10,000 Lakes.

Top Mortgage Lenders in Minnesota (Overall)

Ranking Company Name 2021 Loan Volume
1. U.S. Bank $6.4 billion
2. Wells Fargo $4.8 billion
3. Bell Bank $4.4 billion
4. Rocket Mortgage $3.9 billion
5. UWM $2.7 billion
6. Summit Mortgage $2.6 billion
7. Pennymac $2.2 billion
8. CrossCountry Mortgage $2.1 billion
9. Chase $1.7 billion
10. loanDepot $1.6 billion

As mentioned, U.S. Bank took the top spot in its home state with $6.4 billion in home loans funded during 2021, per HMDA data from Richey May.

That was more than enough to beat out its closest rival, Wells Fargo, which originated $4.8 billion in the state.

A third bank, Bell Bank, out of nearby Fargo, North Dakota, took third place with $4.4 billion in home loan volume.

It’s rare these days to see a depository bank lead in the mortgage world, and even more uncommon to see the top three all big banks.

Nowadays, it is nonbanks like Rocket Mortgage that tend to be the biggest players in the industry.

Speaking of, Rocket took fourth with $3.9 billion funded, followed by its rival United Wholesale Mortgage (UWM) with $2.7 billion in loan origination volume.

The rest of the top 10 included Summit Mortgage, Pennymac, CrossCountry Mortgage, Chase, and loanDepot.

Just two of the ten companies listed above are headquartered in Minnesota; U.S. Bank and Summit Mortgage, though Wells Fargo has a big presence in the state.

And many of the other companies are in the region, whether it’s Ohio, Michigan, or South Dakota.

Top Minnesota Mortgage Lenders (for Home Buyers)

Ranking Company Name 2021 Loan Volume
1. U.S. Bank $3.0 billion
2. Bell Bank $2.4 billion
3. Summit Mortgage $1.6 billion
4. Wells Fargo $1.5 billion
5. CrossCountry Mortgage $1.3 billion
6. UWM $1.1 billion
7. Pennymac $897 million
8. Prosperity Home $862 million
9. Alerus Financial $788 million
10. Fairway Independent $782 million

If the top lenders are filtered to include home purchase loans only, the list doesn’t change too much.

Once again, U.S. Bank led the list with $3 billion funded, followed by Bell Bank with $2.4 billion, and Summit Mortgage with $1.6 billion.

In fourth was Wells Fargo with $1.5 billion and CrossCountry Mortgage took fifth with $1.3 billion.

Pontiac, Michigan-based UWM took sixth with $1.1 billion funded, pretty decent given they only work with mortgage brokers.

In seventh was SoCal-based Pennymac with $897 million, a big correspondent mortgage lender that lets smaller companies resell its products.

They were followed by Prosperity Home Mortgage, Alerus Financial (another ND company), and Fairway Independent Mortgage out of Wisconsin.

Overall, no major surprises and a good chunk of local companies from Minnesota or nearby states.

Top Refinance Lenders in Minnesota (for Existing Homeowners)

Ranking Company Name 2021 Loan Volume
1. Rocket Mortgage $3.3 billion
2. Wells Fargo $3.2 billion
3. U.S. Bank $3.0 billion
4. Bell Bank $1.9 billion
5. UWM $1.6 billion
6. Freedom Mortgage $1.3 billion
7. Pennymac $1.3 billion
8. loanDepot $1.2 billion
9. Chase $1.1 billion
10. Mr. Cooper $953 million

When it came to mortgage refinances, Rocket Mortgage outdid the rest with $3.3 billion funded in Minnesota.

Not a surprise as they are the top mortgage lender in the U.S. and refis often aren’t dominated by local companies like purchase loans can be.

In second was Wells Fargo with a very close $3.2 billion, impressive given their multiple mortgage controversies over recent years.

U.S. Bank also wasn’t far off with $3.0 billion funded, making the top three pretty closely contested.

Bell Bank took fourth with a respectable $1.9 billion, followed by UWM with $1.6 billion funded.

Places six through 10 went to Freedom Mortgage, Pennymac, loanDepot, Chase, and Mr. Cooper.

Actually quite a few local companies in the mix, which often isn’t the case with refis.

Are the Best Minnesota Mortgage Lenders Also the Biggest?

We know U.S. Bank is the top mortgage lender in Minnesota. And they’re also top rated, with a 4.98/5 rating on Zillow from about 11,000 reviews.

That’s pretty impressive as it is near perfection, and since the reviews come from Zillow, we know they are related to their home loans division, as opposed to other banking activity.

Despite its issues, Wells Fargo also scored well on Zillow too, with a 4.95/5 rating from over 4,000 reviews.

I couldn’t find a ton of reviews for Bell Bank, but they did have a 4.1/5 from about 50 Google reviews, and a 4.5/5 on WalletHub from about 250 reviews.

Local lender Summit Mortgage also has top marks on Zillow, with a 4.98/5 from about 1,500 reviews.

One lender not on the lists above is Bloomington-based AMEC Home Loans, which has a similarly solid 4.96/5 from over 2,200 customer reviews.

There’s also TruStone Financial Credit Union, which has a 4.98/5 from about 800 reviews.

And there are countless mortgage brokers, local credit unions, and independent lenders that could be a good fit as well.

At the end of day, biggest isn’t always best, so put in the time to research mortgage companies of all sizes to find the right fit.

(photo: Doug Kerr)

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