Now let’s check out the top mortgage lenders in Massachusetts, based on loan volume.
In 2021, roughly $164 billion in home loans were originated in The Bay State, making it one of the more productive states in the nation.
As to who led the way, it wasn’t the nation’s number one mortgage lender, Rocket Mortgage.
It was Chicago-based Guaranteed Rate, which outmuscled the competition despite being only the 13th largest mortgage lender nationwide.
Read on to see who else topped the mortgage lending charts in Massachusetts.
Top Mortgage Lenders in Massachusetts (Overall)
| Ranking | Company Name | 2021 Loan Volume |
| 1. | Guaranteed Rate | $7.9 billion |
| 2. | Rocket Mortgage | $7.2 billion |
| 3. | Chase | $6.1 billion |
| 4. | Leader Bank | $5.9 billion |
| 5. | Citizens Bank | $5.2 billion |
| 6. | U.S. Bank | $4.7 billion |
| 7. | Fairway Independent | $3.7 billion |
| 8. | UWM | $3.6 billion |
| 9. | Bank of America | $3.5 billion |
| 10. | Newrez | $3.5 billion |
Taking the top spot overall was Chicago, Illinois-based direct lender Guaranteed Rate with $7.9 billion funded, per HMDA data from Richey May.
That was more than enough (although it was close) to beat out Rocket Mortgage, which came in second with $7.2 billion.
New York City-based JPMorgan Chase took third with $6.1 billion funded, decent but perhaps it could have been better given their proximate location.
A pair of banks, Leader Bank and Citizens Bank, took fourth and fifth with $5.9 billion and $5.2 billion, respectively.
The rest of the top 10 included U.S. Bank, Fairway Independent Mortgage, United Wholesale Mortgage (UWM), Bank of America, and Newrez.
Note that Leader Bank was the only Massachusetts-based company in the top 10.
Top Massachusetts Mortgage Lenders (for Home Buyers)
| Ranking | Company Name | 2021 Loan Volume |
| 1. | Guaranteed Rate | $3.5 billion |
| 2. | Leader Bank | $2.9 billion |
| 3. | Chase | $2.7 billion |
| 4. | Fairway Independent | $1.9 billion |
| 5. | U.S. Bank | $1.8 billion |
| 6. | First Republic Bank | $1.6 billion |
| 7. | UWM | $1.6 billion |
| 8. | CrossCountry Mortgage | $1.5 billion |
| 9. | Guild Mortgage | $1.4 billion |
| 10. | Citizens Bank | $1.3 billion |
When we turn our attention to home purchase lending, Guaranteed Rate retains its hold on the top spot with $3.5 billion funded.
But Leader Bank climbs the ranks to nab the second spot with $2.9 billion funded. As I always say, home buyers tend to gravitate to local companies for home purchase financing.
This was also true of third place Chase, being headquartered in the Northeast, which managed $2.7 billion in purchase loans.
A pair of Midwestern companies, Fairway Independent and U.S. Bank, took fourth and fifth with $1.9 billion and $1.8 billion, respectively.
The other home purchase leaders were jumbo loan specialist First Republic Bank, UWM, CrossCountry Mortgage, Guild Mortgage, and Citizens Bank.
Top Massachusetts Refinance Lenders (for Existing Homeowners)
| Ranking | Company Name | 2021 Loan Volume |
| 1. | Rocket Mortgage | $6.0 billion |
| 2. | Guaranteed Rate | $4.5 billion |
| 3. | Citizens Bank | $3.4 billion |
| 4. | Chase | $3.3 billion |
| 5. | Leader Bank | $2.9 billion |
| 6. | loanDepot | $2.9 billion |
| 7. | U.S. Bank | $2.8 billion |
| 8. | Newrez | $2.4 billion |
| 9. | Bank of America | $2.2 billion |
| 10. | Mr. Cooper | $2.0 billion |
Per usual, Rocket Mortgage came in first when purchase loans were filtered out from the top lender list.
They are typically the refinance leaders (aside from also being #1 nationally) and had no problem topping the Massachusetts list with $6 billion funded.
In second was Guaranteed Rate with $4.5 billion, followed by Citizens Bank with $3.4 billion.
Chase was a close fourth with $3.3 billion, and local Leader Bank grabbed fifth with $2.9 billion.
In sixth through 10 was loanDepot, U.S. Bank, Newrez, Bank of America, and Mr. Cooper.
No huge surprises, and once again only one Massachusetts-based company thanks to Leader Bank.
Who Are the Best Massachusetts Mortgage Lenders?
So now we know which banks and mortgage lenders originated the most home loans in the state of Massachusetts in 2021.
But are the biggest players also the best out there, or are there better options in terms of customer satisfaction, pricing, and so on?
While it’s hard to know, given the many different ratings websites and criteria, I did a little bit of digging.
As noted, Guaranteed Rate was #1 in the state, and that might be largely due to Waltham, MA-based top producer Shant Banosian.
He’s been the top producing loan officer in the country (overall) for several years and his personal rating on Zillow is a 4.99/5 from around 330 reviews.
His company as a whole has a 4.96/5 rating overall from nearly 20,000 reviews.
Meanwhile, Massachusetts’ own Leader Bank has a 4.98/5 rating on Zillow from over 800 customer reviews.
Rocket Mortgage also has a solid 4.48/5 rating on Zillow from about 8,000 reviews, while Chase’s mortgage division has a 4.95/5 from 7,000+ reviews and Citizens Bank has a 4.96/5 from over 2,000 reviews.
So it’s clear that many of largest lenders in the state of Massachusetts also have excellent customer satisfaction ratings.
But as I always say, take the time to consider lenders large and small, local and remote.
You might find a good fit with a small credit union, boutique lender, discount online lender, or a mortgage broker.
Either way, be sure to gather a few quotes during the discovery process to ensure you get a good idea of what’s out there when it comes to pricing and service.
(photo: David Wilson)
