Due to newly-released information, it’s time to take a contemporary have a look at the highest mortgage lenders in California in 2024.
The Golden State is by far the most important marketplace for residence loans, accounting for roughly 14% of the general market in the USA.
Nowhere else even comes shut, together with heavyweights like Florida and Texas, with about 9% market share. Or New York with about 4%.
As you would possibly anticipate, the massive family names make this checklist, and plenty of are additionally on the top-10 checklist nationwide.
Let’s check out who topped the rankings, and break it down by residence buy lending and mortgage refinancing, together with a have a look at massive cities like LA and SF.
High 10 Mortgage Lenders in California (Total)
| Rating | Firm Title | 2024 Mortgage Quantity |
| 1. | UWM | $28.4 billion |
| 2. | Rocket Mortgage | $16.2 billion |
| 3. | U.S. Financial institution | $9.9 billion |
| 4. | Chase | $7.7 billion |
| 5. | Wells Fargo | $7.6 billion |
| 6. | Financial institution of America | $7.5 billion |
| 7. | Citi | $5.5 billion |
| 8. | CrossCountry | $5.4 billion |
| 9. | BMO | $4.2 billion |
| 10. | loanDepot | $3.9 billion |
In 2024, United Wholesale Mortgage was the highest mortgage lender in California, in line with HMDA information from Richey Could.
They have been additionally the prime mortgage lender total in 2024, so this got here as no actual shock.
UWM took the highest spot within the Golden State by funding a whopping $28.4 billion in residence loans.
Maybe extra spectacular, they did so through the wholesale channel solely, solely relying upon unbiased mortgage brokers to get the job completed (in addition they function Mortgage Matchup).
The Pontiac, Michigan-based firm doesn’t have a retail or direct-to-consumer enterprise, but nonetheless managed to seize practically 12% of the California mortgage market.
They handily beat out their crosstown rivals Rocket Mortgage by about $12 billion, which took the second spot.
In third was Minneapolis-based U.S. Financial institution with a a lot smaller $9.9 billion, adopted by Chase with $7.7 billion.
For the file, Union Financial institution was acquired by U.S. Financial institution, in order that seemingly helped them climb the rankings not too long ago. And Chase absorbed manufacturing from the now-defunct First Republic Financial institution.
Coming in fifth was Wells Fargo, which was #1 total for a few years earlier than enormously lowering its mortgage footprint.
Additionally within the prime 10 have been Financial institution of America, Citi, CrossCountry Mortgage, BMO, and loanDepot.
Depository banks are nonetheless doing loads of mortgage lending in California, with six of the highest 10 banks and the rest nonbanks.
Altogether, greater than $237 billion in residence loans have been originated within the state final 12 months, down significantly from the $500 billion to $1 trillion seen in recent times.
High California Mortgage Lenders (for Residence Purchases)
| Rating | Firm Title | 2024 Mortgage Quantity |
| 1. | UWM | $19.4 billion |
| 2. | Rocket Mortgage | $10.8 billion |
| 3. | U.S. Financial institution | $6.7 billion |
| 4. | Wells Fargo | $6.4 billion |
| 5. | Chase | $5.5 billion |
| 6. | Financial institution of America | $5.2 billion |
| 7. | CrossCountry | $4.4 billion |
| 8. | Citi | $4.4 billion |
| 9. | Lennar Mortgage | $3.7 billion |
| 10. | BMO | $3.4 billion |
Now let’s have a look at the highest buy mortgage lenders within the Golden State, which grabbed about 73% of the market in 2024 as refis waned.
This checklist is just a little bit totally different as a result of some lenders concentrate on residence buy financing, whereas others cater to present householders trying to refinance.
Topping this checklist was UWM with $19.4 billion. They as soon as once more beat out Rocket Mortgage’s $10.8 billion, whereas U.S. Financial institution took third with $6.7 billion.
Wells Fargo claimed the fourth spot with $6.4 billion, whereas Chase snagged fifth with $5.5 billion.
Additionally within the prime 10 have been Financial institution of America, CrossCountry Mortgage, Citi, Lennar Mortgage, and BMO.
The one lender on this checklist that wasn’t in the primary checklist was Lennar Mortgage, the captive lender for residence builder Lennar, which changed loanDepot,
Not too long ago, residence builder’s lenders have grabbed extra market share as present houses stay locked in as a consequence of excessive mortgage charges.
The previous few years, lenders have targeted on this phase of the market as a result of mortgage charges stay inflated relative to latest lows.
Merely put, it’s tough to drum up refinance enterprise when many householders have fastened charges within the 2-4% vary and the going charge is 6-7%.
High California Mortgage Lenders (for Refinance Loans)
| Rating | Firm Title | 2024 Mortgage Quantity |
| 1. | UWM | $9.0 billion |
| 2. | Rocket Mortgage | $5.0 billion |
| 3. | U.S. Financial institution | $3.0 billion |
| 4. | Financial institution of America | $1.8 billion |
| 5. | Chase | $1.7 billion |
| 6. | Wells Fargo | $1.1 billion |
| 7. | Pennymac | $1.0 billion |
| 8. | CrossCountry | $970 million |
| 9. | Citi | $905 million |
| 10. | Freedom Mortgage | $893 million |
Now let’s discuss refis, which have been all the fad in 2021, however have since fallen out of favor as a consequence of unprecedented will increase in mortgage charges.
On this class, UWM as soon as once more ran away from the competitors with an honest $9 billion in refinance mortgage origination quantity in 2024.
Their crosstown rival Rocket got here in a distant second with $5 billion in refi mortgage quantity, although their pending Redfin acquisition and Mr. Cooper buy would possibly change that in a rush.
Depository banks took spots three via six, which is spectacular, adopted by nonbanks Pennymac and CrossCountry.
The rest of the highest 10 included Citi and Freedom Mortgage, although quantity for each was sub-$1 billion.
High Mortgage Lenders in Los Angeles
| Rating | Firm Title | 2024 Mortgage Quantity |
| 1. | UWM | $5.1 billion |
| 2. | Rocket Mortgage | $3.6 billion |
| 3. | Chase | $2.0 billion |
| 4. | Citi | $1.8 billion |
| 5. | U.S. Financial institution | $1.8 billion |
| 6. | Financial institution of America | $1.4 billion |
| 7. | OCMBC | $1.3 billion |
| 8. | Wells Fargo | $1.1 billion |
| 9. | BMO | $957 million |
| 10. | Genesis Capital | $749 million |
High Mortgage Lenders in San Diego
| Rating | Firm Title | 2024 Mortgage Quantity |
| 1. | UWM | $4.2 billion |
| 2. | Rocket Mortgage | $1.6 billion |
| 3. | U.S. Financial institution | $987 million |
| 4. | CrossCountry | $954 million |
| 5. | Chase | $740 million |
| 6. | Pennymac | $571 million |
| 7. | Financial institution of America | $458 million |
| 8. | Wells Fargo | $438 million |
| 9. | Assured Fee | $396 million |
| 10. | Kiavi Funding | $376 million |
High Mortgage Lenders in San Jose
| Rating | Firm Title | 2024 Mortgage Quantity |
| 1. | Wells Fargo | $2.3 billion |
| 2. | Financial institution of America | $1.8 billion |
| 3. | U.S. Financial institution | $1.6 billion |
| 4. | HSBC | $1.5 billion |
| 5. | BMO | $1.2 billion |
| 6. | Citi | $1.0 billion |
| 7. | Rocket Mortgage | $906 million |
| 8. | Chase | $845 million |
| 9. | UWM | $733 million |
| 10. | PNC Financial institution | $592 million |
High Mortgage Lenders in San Francisco
| Rating | Firm Title | 2024 Mortgage Quantity |
| 1. | Wells Fargo | $1.2 billion |
| 2. | Financial institution of America | $899 million |
| 3. | Chase | $881 million |
| 4. | U.S. Financial institution | $659 million |
| 5. | Citi | $620 million |
| 6. | UWM | $608 million |
| 7. | HSBC | $517 million |
| 8. | Rocket Mortgage | $517 million |
| 9. | BMO | $458 million |
| 10. | Morgan Stanley | $365 million |
Does Dimension Matter When It Involves Getting a Mortgage?
As I at all times ponder with these prime lender lists, does dimension truly matter?
Does it imply something that your financial institution or lender is very large and greater than others?
Whereas that may be up for debate, as some may argue {that a} massive establishment may be extra dependable or environment friendly and even cheaper, the other is also mentioned.
Finally, it’s good to know who the massive gamers are, however your character may be higher suited to an area credit score union or mom-and-pop mortgage dealer.
The mortgage lender you select doesn’t should be the most important on the market to offer distinctive service and aggressive pricing.
Conversely, you would possibly discover a family identify that does supply all these issues talked about above.
On the finish of the day, acquiring a house mortgage is an enormous deal and it ought to be shopped accordingly.
Which means numerous analysis and a number of quotes earlier than you make your closing determination.
Earlier than creating this website, I labored as an account government for a wholesale mortgage lender in Los Angeles. My hands-on expertise within the early 2000s impressed me to start writing about mortgages 19 years in the past to assist potential (and present) residence consumers higher navigate the house mortgage course of. Comply with me on X for warm takes.