Today we’ll do a deep dive into the top mortgage lenders in New Jersey.
Using HMDA data, we can see which companies originated the most home loans in the state last year.
I break this down by both home purchase loans and refinance loans to determine who specializes in what.
After all, the home buying experience can differ quite a bit from the mortgage refinance process, the latter of which is reserved for existing homeowners.
As you may have guessed, Rocket Mortgage topped the list in 2021. Read on to see the others in the top-10.
Top Mortgage Lenders in New Jersey (Overall)
| Ranking | Company Name | 2021 Loan Volume |
| 1. | Rocket Mortgage | $9.9 billion |
| 2. | Wells Fargo | $8.9 billion |
| 3. | Chase | $6.8 billion |
| 4. | loanDepot | $6.2 billion |
| 5. | NJ Lenders Corp. | $4.5 billion |
| 6. | Newrez | $4.3 billion |
| 7. | UWM | $4.2 billion |
| 8. | Pennymac | $3.6 billion |
| 9. | Bank of America | $3.5 billion |
| 10. | Guranteed Rate | $3.3 billion |
Detroit-based Rocket Mortgage funded $9.9 billion in home loans in New Jersey in 2021, per HMDA data from Richey May.
That was a full billion more than second place Wells Fargo, which mustered $8.9 billion in the Garden State last year.
Nearby New York-based Chase grabbed third, but was well behind the two leaders with $6.8 billion in home loan origination volume.
Far away, SoCal-based loanDepot took fourth place with $6.2 billion, beating out hometown lender NJ Lenders Corp., which funded $4.5 billion.
They were the only Jersey-based lender in the top 10, though about 80% of their overall volume came from the state.
The remaining five from the top 10 included Newrez, United Wholesale Mortgage (UWM), Pennymac, Bank of America, and Guaranteed Rate.
No big surprises on the list, with national #1 Rocket Mortgage the biggest, and the sole New Jersey-based lender NJ Lenders Corp.
Although, it should be said that Newrez is very close to Jersey, being located in nearby Fort Washington, PA.
Top New Jersey Mortgage Lenders (for Home Buyers)
| Ranking | Company Name | 2021 Loan Volume |
| 1. | Wells Fargo | $3.5 billion |
| 2. | Chase | $3.1 billion |
| 3. | NJ Lenders Corp. | $2.1 billion |
| 4. | Rocket Mortgage | $2.0 billion |
| 5. | loanDepot | $1.9 billion |
| 6. | CrossCountry Mortgage | $1.9 billion |
| 7. | Guaranteed Rate | $1.8 billion |
| 8. | Allied Mortgage Group | $1.8 billion |
| 9. | UWM | $1.6 billion |
| 10. | Pennymac | $1.6 billion |
As always, when we filter out refinances and focus solely on home purchases, the list changes quite a bit.
Wells Fargo managed to top this list with $3.5 billion funded, not a big surprise despite their many controversies.
Consumers still love to go to a big bank when buying a home, even if that bank has had troubles.
Chase took second place with $3.1 billion funded. Again, folks like big banks and Chase is local.
Speaking of local, NJ Lenders Corp. made the podium with $2.1 billion funded, a good showing for the hometown lender.
Rocket Mortgage and loanDepot rounded out the top five with $2.0 billion and $1.9 billion funded, respectively.
The rest of the top 10 included CrossCountry Mortgage, Guaranteed Rate, Allied Mortgage Group, UWM, and Pennymac.
Again, a lot of big national brands, and one almost New Jersey lender, Allied Mortgage Group, which is located just west of Philly.
Top New Jersey Refinance Lenders (for Existing Owners)
| Ranking | Company Name | 2021 Loan Volume |
| 1. | Rocket Mortgage | $7.7 billion |
| 2. | Wells Fargo | $5.2 billion |
| 3. | loanDepot | $4.3 billion |
| 4. | Chase | $3.6 billion |
| 5. | Newrez | $2.9 billion |
| 6. | UWM | $2.6 billion |
| 7. | NJ Lenders Corp. | $2.4 billion |
| 8. | Freedom Mortgage | $2.3 billion |
| 9. | Mr. Cooper | $2.1 billion |
| 10. | Homepoint | $2.0 billion |
As is often the case, when we only look at refinance transactions, Rocket Mortgage takes center stage.
And that was abundantly clear in New Jersey, with Rocket originating $7.7 billion in refinance loans.
They trounced second place Wells Fargo, which managed just $5.2 billion, along with loanDepot’s $4.3 billion.
Chase took fourth with $3.6 billion, followed by Newrez with $2.9 billion in fifth.
The five remaining lenders in the top 10 were UWM, NJ Lenders Corp., refinance specialist Freedom Mortgage, Mr. Cooper, and Homepoint.
Again, a pretty typical mix of big banks and household-name mortgage lenders.
One surprise omission was New Jersey-based PHH Mortgage, which funded over $20 billion nationally but didn’t make any of the lists above.
Are New Jersey’s Best Mortgage Lenders Listed Above?
Many highly-rated mortgage companies and banks are listed above, but they may not be #1 from a customer satisfaction standpoint.
There are many different ratings websites with varying criteria, so it’s difficult to determine who is really best.
But once you narrow down your home loan search to a handful of companies, you can research their ratings online.
Some large companies have mediocre reviews, while others excel despite serving a massive customer base.
At the end of the day, finding the right fit is key to your own personal satisfaction when it comes to getting a mortgage.
That might mean enlisting a New Jersey-based mortgage broker, visiting a local credit union, or working remotely with a big corporation.
There will never be a one-size-fits-all answer for everyone, but as long as you put in the time and obtain multiple quotes, you should be in good shape.
