If you’re curious who the top mortgage lenders in Utah are, I’ve got some answers.
Last year, more than 500 lenders in The Beehive State originated nearly $100 billion in home loans.
But one mortgage company far exceeded the others, so much so that it wasn’t even close.
Interestingly, this company isn’t headquartered in the state of Utah, nor does it operate retail locations.
I’m talking about United Wholesale Mortgage, or UWM for short. Read on to see who else ranked in the top 10.
Top Mortgage Lenders in Utah (Overall)
| Ranking | Company Name | 2021 Loan Volume |
| 1. | UWM | $9.3 billion |
| 2. | Rocket Mortgage | $4.5 billion |
| 3. | Intercap Lending | $3.6 billion |
| 4. | Mountain America CU | $2.9 billion |
| 5. | First Colony Mortgage | $2.9 billion |
| 6. | Homepoint | $2.7 billion |
| 7. | America First CU | $2.4 billion |
| 8. | Academy Mortgage | $2.2 billion |
| 9. | SecurityNational | $2.1 billion |
| 10. | Wells Fargo | $2.1 billion |
Yep, a wholesale mortgage lender topped the rankings in the state of Utah, originating about $9.3 billion there in 2021, per HMDA data from Richey May.
As such, we might say that a legion of mortgage brokers is #1, as wholesale lenders rely on these intermediaries to generate all their business.
What’s surprising is the margin above second place Rocket Mortgage, which funded just $4.5 billion there.
This meant UWM doubled the volume of its nearest competitor, who also happens to be the top lender nationwide.
In third was Draper, Utah-based Intercap Lending, which originated $3.6 billion in its home state.
In fourth was fellow Utah company Mountain America Credit Union, a Sandy-based company that funded $2.9 billion.
Rounding out the top five was Orem-based First Colony Mortgage Corp. with a similar $2.9 billion.
It’s not often that you see three of the top five lenders of a particular state headquartered within the state.
But wait, there’s more! After six placed Homepoint’s $2.7 billion came Ogden-based America First Credit Union with $2.4 billion in seventh.
They were followed by Academy Mortgage (yep, also from Utah), SecurityNational Mortgage (also Utah), and finally Wells Fargo
All told, six of the top 10 mortgage lenders in Utah are Utah-based companies, which could be some kind of a record for an individual state.
Top Utah Mortgage Lenders (for Home Buyers)
| Ranking | Company Name | 2021 Loan Volume |
| 1. | UWM | $3.1 billion |
| 2. | Intercap Lending | $2.0 billion |
| 3. | First Colony Mortgage | $1.5 billion |
| 4. | SecurityNational | $1.3 billion |
| 5. | Academy Mortgage | $1.1 billion |
| 6. | Chase | $921 million |
| 7. | Homepoint | $859 million |
| 8. | Rocket Mortgage | $791 million |
| 9. | Wells Fargo | $681 million |
| 10. | Guaranteed Rate | $677 million |
When we fine-tune the list to only consider home purchase lending, UWM once again tops the list with $3.1 billion funded.
While still mostly blowing away the competition, second place Intercap Lending narrowed the gap with $2 billion funded.
In third was First Colony Mortgage with $1.5 billion, followed by SecurityNational Mortgage with $1.3 billion and Academy Mortgage with $1.1 billion.
Once again, Utah-based lenders dominated the list, taking four of the top five spots.
This tells me Utahns really prefer to keep it local when obtaining a home loan, especially a home purchase loan.
The rest of the top 10 included Chase, Homepoint, Rocket Mortgage, Wells Fargo, and Guaranteed Rate.
A lot of big, national brands in there after taking into account the local companies.
Top Refinance Lenders in Utah (for Existing Homeowners)
| Ranking | Company Name | 2021 Loan Volume |
| 1. | UWM | $6.1 billion |
| 2. | Rocket Mortgage | $3.6 billion |
| 3. | Mountain America CU | $2.0 billion |
| 4. | Homepoint | $1.9 billion |
| 5. | America First CU | $1.8 billion |
| 6. | Intercap Lending | $1.6 billion |
| 7. | First Colony Mortgage | $1.4 billion |
| 8. | Wells Fargo | $1.3 billion |
| 9. | Freedom Mortgage | $1.3 billion |
| 10. | Pennymac | $1.2 billion |
When it came to refinances for existing homeowners, UWM once again took top honors with $6.1 billion funded, a clean sweep of all three categories.
In second was Rocket Mortgage with $3.6 billion, followed by Homepoint with $1.9 billion.
No Utah-based companies in the top three, which isn’t a big surprise as mortgage refinances are typically price-driven.
In fourth was Intercap with $1.6 billion, followed by Mountain America with $1.5 billion.
The rest of the best included First Colony, America First, Wells Fargo, Freedom Mortgage, and Pennymac.
Who Are the Best Utah Mortgage Lenders?
Seeing that the top mortgage lender in Utah was a wholesale lender, you’d need to get the ratings of all the individual mortgage brokers to determine their overall likability.
That would prove too difficult and wouldn’t really tell us much as the broker is likely more important than the lender they work.
Second placed-Rocket has a good 4.48-star rating on Zillow, while third placed-Intercap has a stellar 4.97-star rating.
Mountain America is generally well-liked (America First not as much), though hard to determine if it’s because of their mortgage lending or other banking services. Both are credit unions.
First Colony also has a 4.97-star rating on Zillow, slightly better than Academy’s 4.96 and Homepoint’s 4.89 rating. Meanwhile, SecurityNational Mortgage has a 4.88-star rating.
Then there’s Wells Fargo, which we all know has had its share of mortgage-related controversies, yet is still a go-to for many.
Other Utah-based mortgage companies not in the top 10 include SLC’s own Primary Residential Mortgage Inc. with a 4.98-rating, and Sandy’s Citywide Home Loans with a 4.96 rating.
In other words, there are plenty of good options out there, both big and small, some of which are household names and others relative unknowns.
Put in the time to research a handful of companies before making a decision on one.
(photo: Pedro Szekely)
