Top Mortgage Lenders in Ohio

Today we’ll take a look at the top mortgage lenders in Ohio.

Last year, nearly 1,000 mortgage companies originated about $113 billion in home loans there.

But one company dominated the rest by a fairly large margin.

Surprisingly, it wasn’t the nation’s top mortgage lender, but rather a depository bank.

Read on to see who took the top spot and what other companies did a lot of business in The Buckeye State.

Top Mortgage Lenders in Ohio (Overall)

Ranking Company Name 2021 Loan Volume
1. Huntington Bank $7.8 billion
2. Rocket Mortgage $6.4 billion
3. Union Savings Bank $4.1 billion
4. Fifth Third Bank $3.9 billion
5. Chase $3.2 billion
6. U.S. Bank $3.0 billion
7. Wells Fargo $2.4 billion
8. Third Federal $2.3 billion
9. Freedom Mortgage $2.1 billion
10. Union Home Mortgage $2.1 billion

The top mortgage lender in Ohio last year was Huntington Bank, a company founded all the way back in 1866.

In 2021, the Columbus, Ohio-based company funded $7.8 billion in home loans, per HMDA data from Richey May.

That was more than enough to hold off Rocket Mortgage’s $6.4 billion, the nation’s top overall mortgage lender.

In third was Cincinnati, Ohio-based Union Savings Bank with $4.1 billion funded, followed by fellow Cincinnati-based bank Fifth Third with $3.9 billion in loan volume.

Rounding out the top five was JPMorgan Chase with $3.2 billion funded. Chase was the only entry not located in the Midwest.

The rest of the top 10 consisted of U.S. Bank, Wells Fargo, Third Federal Mortgage (Cleveland, OH), Freedom Mortgage, and Union Home Mortgage (Strongsville, OH).

So it seems Ohioans like to keep it local when obtaining a home loan.

Top Ohio Mortgage Lenders (for Home Buyers)

Ranking Company Name 2021 Loan Volume
1. Huntington Bank $2.8 billion
2. U.S. Bank $1.6 billion
3. CrossCountry Mortgage $1.5 billion
4. Rocket Mortgage $1.3 billion
5. Union Home Mortgage $1.3 billion
6. Chase $1.2 billion
7. Fairway Independent $1.2 billion
8. Fifth Third $1.1 billion
9. Wells Fargo $1.1 billion
10. Pennymac $979 million

When it came to home purchase lending, Huntington Bank once again led the charge with $2.8 billion funded.

They were followed by Minneapolis, Minnesota-based U.S. Bank with $1.6 billion and CrossCountry Mortgage (Brecksville, OH) with $1.5 billion funded.

The nation’s top lender, Rocket Mortgage, took fourth with $1.3 billion in purchase loan origination volume, trailed by Union Home Mortgage with a similar $1.3 billion.

Places six through 10 went to Chase, Fairway Independent Mortgage, Fifth Third Bank, Wells Fargo, and Pennymac.

No big surprises here, with more local companies and big household names making the list.

Top Refinance Lenders in Ohio (for Existing Homeowners)

Ranking Company Name 2021 Loan Volume
1. Rocket Mortgage $4.9 billion
2. Huntington Bank $4.6 billion
3. Union Savings Bank $3.1 billion
4. Fifth Third Bank $2.6 billion
5. Chase $1.9 billion
6. Freedom Mortgage $1.8 billion
7. PNC Bank $1.4 billion
8. Wells Fargo $1.2 billion
9. U.S. Bank $1.2 billion
10. Third Federal $1.2 billion

When we shift focus to mortgage refinance loans, Rocket Mortgage is king with $4.9 billion funded.

Per usual, homeowners are happy to look at non-local options as they go for the lowest rate, as opposed to a familiar face.

In second was Huntington Bank with a close $4.6 billion funded, followed by Union Savings Bank with $3.1 billion.

Fifth Third took fourth (confusing) with $2.6 billion in refinance volume, followed by Chase with $1.9 billion.

The remaining companies in the top 10 included Freedom Mortgage, PNC Bank, Wells Fargo, U.S. Bank, and Third Federal.

All in all, more of the same, Ohio-based mortgage companies and big national brands/banks.

Who Are the Best Ohio Mortgage Lenders?

While the Huntington Bank was Ohio’s largest mortgage lender, its reviews are pretty mixed, with a lot of 3-star ratings across different review websites.

It’s difficult to determine if that’s due to mortgage lending or other bank services offered by the company.

Regardless, there are other mortgage companies in Ohio with far superior ratings, even if they aren’t as large.

For example, CrossCountry Mortgage has an excellent 4.97-star rating on Zillow from a staggering 18,000 customer reviews.

Meanwhile, Revolution Mortgage has a 4.96 rating, has a 4.92-rating, Union Home Mortgage has a 4.89-rating, and Nations Lending has a 4.81 score.

The highest rated Ohio-based mortgage company on Zillow is a tie between American Mortgage Service Company and Equity Resources, Inc., both with a 4.98 score.

So it’s clear there are plenty of highly-rated Ohio mortgage companies that aren’t necessarily the biggest of the bunch.

At the same time, you may also find that working with a mortgage broker or local credit union is the way to go.

Regardless of what option you choose, do your research and take your time to ensure you obtain quality service at a competitive price.

(photo: tlarrow)

Comments are closed.