Today we’ll take a look at the top mortgage lenders in Colorado.
Interestingly, the top lender in the state isn’t a direct lender or a depository bank.
In fact, aspiring home buyers and existing homeowners can’t even work with this company directly.
Instead, they’ll need to work with an intermediary to access the loan programs offered by this behemoth of a mortgage company.
This company was also the top mortgage lender in the state of Arizona, giving them a strong foothold in the Mountain West region of the United States.
Top Mortgage Lenders in Colorado (Overall)
Ranking
Company Name
2021 Loan Volume
1.
UWM
$11.7 billion
2.
Rocket Mortgage
$9.5 billion
3.
Chase
$8.5 billion
4.
Wells Fargo
$4.6 billion
5.
U.S. Bank
$4.6 billion
6.
Homepoint
$4.5 billion
7.
Fairway Independent
$4.2 billion
8.
American Financing
$4.1 billion
9.
Pennymac
$4.0 billion
10.
loanDepot
$3.9 billion
As alluded to, the top Colorado mortgage lender last year was actually a wholesale lender that works with mortgage brokers.
This runs counter to the more traditional retail lending channel offered by big banks and household lenders like Rocket Mortgage.
Yet somehow United Wholesale Mortgage (UWM) managed to beat the competition quite easily with $11.7 billion in loan origination volume, per HMDA data from Richey May.
That was more than enough to take out national #1 overall Rocket Mortgage’s $9.5 billion, and JPMorgan Chase’s $8.5 billion.
In order to work with UWM, you’d need to enlist a mortgage broker that is approved to do business with UWM.
Seeing that UWM is the largest wholesale mortgage lender in the nation, most mortgage brokers are.
Another advantage to using a mortgage broker is that they will likely be approved with several companies, so it may turn out that they have a better option beyond UWM.
For the record, Rocket Mortgage also operates a wholesale unit so a broker could be working with both simultaneously and send your loan to the one offering the best price.
Moving on, a pair of depository banks took fourth and fifth, Wells Fargo and U.S. Bank, both with roughly $4.6 billion each.
The rest of the top 10 featured a slew of nonbank lenders, including Homepoint, Fairway Independent Mortgage, American Financing Corp., Pennymac, and loanDepot.
American Financing Corp. is the only Colorado-based mortgage lender on the list, headquartered in Aurora, just east of Denver.
Top Mortgage Lenders in Colorado (for Home Buyers)
Ranking
Company Name
2021 Loan Volume
1.
UWM
$4.7 billion
2.
Chase
$3.9 billion
3.
Fairway Independent
$2.7 billion
4.
FirstBank
$2.1 billion
5.
U.S. Bank
$2.1 billion
6.
Cherry Creek Mortgage
$1.9 billion
7.
Rocket Mortgage
$1.7 billion
8.
Wells Fargo
$1.6 billion
9.
loanDepot
$1.5 billion
10.
Guaranteed Rate
$1.4 billion
If you’re thinking about buying a home, you might be curious who the top lenders are for home purchase loans.
Some mortgage lenders specialize in both purchase loans and refinances, while others focus on just one.
When we narrow it down to just purchase transactions, UWM still retained the lead with $4.7 billion funded.
That was enough to keep Chase’s $3.9 billion at bay, and more than enough to conquer Fairway Independent Mortgage’s $2.7 billion.
Coming in fourth was Colorado’s own FirstBank with $2.1 billion, which has over 100 locations in The Centennial State.
U.S. Bank snagged fifth with roughly the same amount funded during the year.
Local mortgage banker Cherry Creek Mortgage took sixth with $1.9 billion, followed by Rocket Mortgage, Wells Fargo, loanDepot, and Guaranteed Rate.
Always good to see some local names on these lists – and it makes more sense to be in this category as home buyers tend to gravitate to more native companies for big life decisions.
Top Refinance Lenders in Colorado (for Existing Homeowners)
Ranking
Company Name
2021 Loan Volume
1.
Rocket Mortgage
$7.7 billion
2.
UWM
$7.0 billion
3.
Chase
$4.5 billion
4.
American Financing
$3.7 billion
5.
Freedom Mortgage
$3.3 billion
6.
Homepoint
$3.3 billion
7.
Wells Fargo
$2.9 billion
8.
Pennymac
$2.7 billion
9.
loanDepot
$2.5 billion
10.
Newrez
$2.4 billion
When it came to mortgage refinancing, Detroit-based Rocket Mortgage ruled the roost with $7.7 billion funded last year in the state.
However, their crosstown rival UWM (also from Michigan) wasn’t far off with $7.0 billion funded.
If Rocket served more home buyers in Colorado, they could have challenged the top spot overall.
Coming in third was Chase with $4.5 billion, followed by local mortgage banker American Financing Corp. with $3.7 billion.
And rounding out the top five was Freedom Mortgage with $3.3 billion. They tend to excel when it comes to refinance loans.
Others in the top 10 refinance list included Homepoint, Wells Fargo, Pennymac, loanDepot, and Newrez.
Top Mortgage Lenders in Denver
Ranking
Company Name
2021 Loan Volume
1.
UWM
$7.2 billion
2.
Rocket Mortgage
$5.4 billion
3.
Chase
$5.2 billion
4.
American Financing
$3.0 billion
5.
Fairway Independent
$2.8 billion
6.
U.S. Bank
$2.8 billion
7.
Homepoint
$2.8 billion
8.
Wells Fargo
$2.4 billion
9.
loanDepot
$2.3 billion
10.
Newrez
$2.0 billion
Top Mortgage Lenders in Colorado Springs
Ranking
Company Name
2021 Loan Volume
1.
Ent Credit Union
$1.8 billion
2.
UWM
$1.4 billion
3.
Freedom Mortgage
$1.3 billion
4.
Pennymac
$1.2 billion
5.
Rocket Mortgage
$1.2 billion
6.
NBH Bank
$615 million
7.
Cherry Creek Mortgage
$557 million
8.
Homepoint
$493 million
9.
loanDepot
$468 million
10.
Chase
$450 million
Top Mortgage Lenders in Fort Collins
Ranking
Company Name
2021 Loan Volume
1.
UWM
$550 million
2.
Cornerstone Home Lending
$543 million
3.
Rocket Mortgage
$510 million
4.
Chase
$344 million
5.
First National Bank of Omaha
$342 million
6.
U.S. Bank
$275 million
7.
Elevations CU
$267 million
8.
First Western Trust Bank
$259 million
9.
Homepoint
$258 million
10.
loanDepot
$249 million
Top Mortgage Lenders in Boulder
Ranking
Company Name
2021 Loan Volume
1.
Elevations CU
$1.2 billion
2.
Chase
$720 million
3.
UWM
$558 million
4.
Rocket Mortgage
$510 million
5.
Cherry Creek Mortgage
$398 million
6.
Wells Fargo
$348 million
7.
FirstBank
$305 million
8.
Homepoint
$259 million
9.
Guaranteed Rate
$247 million
10.
loanDepot
$216 million
Are Colorado’s Top Mortgage Lenders Also the Best Choice for Homeowners?
While size can matter when it comes to choosing a mortgage lender, it isn’t always a major consideration.
As noted, the top mortgage lender in Colorado isn’t even a retail company. They operate solely via the business-to-business, wholesale lending channel.
This means working with a smaller mortgage brokerage if you get a loan from UWM, which could be a single individual running their own shop.
Additionally, only one Colorado-based lender made the top-10 list, American Financing Corp.
So if you want a local lender, they might not even feature in these lists. And that’s totally fine, as long as they’re financially sound and above board.
Sure, you might find that the largest lender is also the one you like best, but they don’t necessarily need to be big to get the job done.
As always, take your time, do your research, obtain multiple quotes, and ask lots of questions before you proceed.
Today we’ll take a look at the top mortgage lenders in Oregon, based on total loan volume.
Nearly 700 different mortgage companies duked it out last year in a bid to take first place in Oregon, originating about $91 billion in home loans in the process.
And like many other states in the nation, a certain Rocket Mortgage topped the rankings in The Beaver State.
That doesn’t come as much of a surprise given their dominance throughout the country, and their national #1 ranking.
Read on to see who else made the top 10 lists for home purchase lending and mortgage refinancing.
Top Mortgage Lenders in Oregon (Overall)
Ranking
Company Name
2021 Loan Volume
1.
Rocket Mortgage
$4.6 billion
2.
UWM
$3.5 billion
3.
Guild Mortgage
$3.2 billion
4.
Umpqua Bank
$3.2 billion
5.
U.S. Bank
$3.1 billion
6.
Caliber Home Loans
$3.0 billion
7.
Chase
$2.8 billion
8.
OnPoint Community CU
$2.7 billion
9.
Wells Fargo
$2.5 billion
10.
loanDepot
$2.1 billion
As stated, Detroit-based Rocket Mortgage took the top spot in Oregon with $4.6 funded in 2021, per HMDA stats from Richey May.
Their crosstown rival United Wholesale Mortgage (UWM) was on their tail with $3.5 billion in second place.
Third went to San Diego, California-based Guild Mortgage with a close $3.2 billion funded during the year.
In fourth we finally see a hometown lender represented, Portland-based Umpqua Bank and their $3.2 in loan origination volume.
Taking fifth was another depository, Minnesota-based U.S. Bank with $3.1 billion in home loan volume.
Others in the top 10 included Caliber Home Loans, Chase, Portland-based OnPoint Community Credit Union, Wells Fargo, and loanDepot.
So just two of the top 10 are native Oregon companies, and both are headquartered in Portland.
Top Oregon Mortgage Lenders (for Home Purchases)
Ranking
Company Name
2021 Loan Volume
1.
Guild Mortgage
$1.7 billion
2.
Caliber Home Loans
$1.5 billion
3.
UWM
$1.5 billion
4.
Umpqua Bank
$1.5 billion
5.
Chase
$1.2 billion
6.
U.S. Bank
$1.1 billion
7.
OnPoint Community CU
$922 million
8.
Fairway Independent
$902 million
9.
Wells Fargo
$875 million
10.
Finance of America
$773 million
When we filter out the refis and focus only on home purchase loans, Guild Mortgage took the cake with $1.7 billion funded in the state of Oregon.
That makes them the go-to lender for Oregon home buyers, despite being located in Southern California.
In second was Caliber Home Loans with $1.5 billion funded, just slightly better than UWM’s similar $1.5 billion in purchase loan volume.
Umpqua Bank again took fourth place with $1.5 billion, followed by JPMorgan Chase’s $1.2 billion.
The rest of the top 10 included U.S. Bank, OnPoint Community CU, Fairway Independent Mortgage, Wells Fargo, and Finance of America.
Similar to the list above, just two Oregon-based companies made the top 10 list, surprising since home buyers typically gravitate to local lending institutions.
Top Refinance Lenders in Oregon (for Existing Homeowners)
Ranking
Company Name
2021 Loan Volume
1.
Rocket Mortgage
$3.8 billion
2.
UWM
$2.0 billion
3.
U.S. Bank
$1.8 billion
4.
OnPoint Community CU
$1.7 billion
5.
Wells Fargo
$1.6 billion
6.
Umpqua Bank
$1.6 billion
7.
Chase
$1.6 billion
8.
loanDepot
$1.5 billion
9.
Guild Mortgage
$1.5 billion
10.
Caliber Home Loans
$1.5 billion
When we single out mortgage refinances, such as rate and term refis and cash out refis, Rocket Mortgage easily took #1 with $3.8 billion funded.
They were again trailed by UWM with $2.0 billion funded and U.S. Bank’s $1.8 billion in refi loans.
Once again, an Oregon-based lender took fourth, OnPoint Community CU, with $1.7 billion funded.
Rounding out the top five was San Francisco-based Wells Fargo, which is fairly closely located to the Oregon border.
The rest of the best included Umpqua Bank, Chase, loanDepot, Guild Mortgage, and Caliber Home Loans.
In this list, we saw the two previously mentioned Oregon-based mortgage companies represented again.
Top Mortgage Lenders in Portland, OR
Ranking
Company Name
2021 Loan Volume
1.
UWM
$3.0 billion
2.
Rocket Mortgage
$2.9 billion
3.
OnPoint Community CU
$2.5 billion
4.
Chase
$2.3 billion
5.
Guild Mortgage
$2.2 billion
6.
U.S. Bank
$2.1 billion
7.
Umpqua Bank
$2.0 billion
8.
Wells Fargo
$1.9 billion
9.
Caliber Home Loans
$1.8 billion
10.
Pennymac
$1.4 billion
Did the Best Oregon Mortgage Lenders Make the List?
While many of the names mentioned above have good or even excellent ratings overall from customer reviews, not many Oregon-based companies made the lists.
However, there are lots of highly-rated loan officers from both Umpqua Bank and OnPoint Community CU based on their Zillow reviews.
If you prefer to keep it local, you may want to look beyond the biggest names, at least in terms of loan volume.
For example, Willamette Valley Bank has an impressive 4.98-star rating on Zillow from over 2,200 reviews, and PacRes Mortgage has an even better 4.99-star rating from 1,100+ reviews.
Both are Oregon-based mortgage companies. The same is true of Portland-based Mortgage Express and Tualatin-based Capital Hill Mortgage.
There are lots of home loan lending options in the state of Oregon, so take a moment to see what’s out there before simply jumping at a big name.
Sometimes the best lender isn’t a household name, but instead a small, local shop.
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.
Top Mortgage Lenders in Cincinnati
Ranking
Company Name
2021 Loan Volume
1.
Union Savings Bank
$2.0 billion
2.
Huntington Bank
$1.4 billion
3.
Fifth Third Bank
$1.4 billion
4.
Rocket Mortgage
$1.2 billion
5.
Guardian Savings Bank
$1.1 billion
6.
U.S. Bank
$1.1 billion
7.
Guaranteed Rate
$645 million
8.
Wells Fargo
$639 million
9.
Freedom Mortgage
$597 million
10.
PNC Bank
$539 million
Top Mortgage Lenders in Cleveland
Ranking
Company Name
2021 Loan Volume
1.
Rocket Mortgage
$1.6 billion
2.
Huntington Bank
$1.5 billion
3.
Third Federal
$1.1 billion
4.
CrossCountry Mortgage
$1.0 billion
5.
Fifth Third Bank
$780 million
6.
KeyBank
$714 million
7.
First Federal Savings
$569 million
8.
Chase
$566 million
9.
Wells Fargo
$550 million
10.
Citizens Bank
$518 million
Top Mortgage Lenders in Columbus (OH)
Ranking
Company Name
2021 Loan Volume
1.
Huntington Bank
$2.4 billion
2.
Chase
$1.4 billion
3.
Union Savings Bank
$1.4 billion
4.
Rocket Mortgage
$1.3 billion
5.
Fifth Third Bank
$945 million
6.
U.S. Bank
$898 million
7.
Union Home Mortgage
$722 million
8.
Wells Fargo
$637 million
9.
Mr. Cooper
$535 million
10.
Freedom Mortgage
$535 million
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, Lower.com 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.
Now that tapping home equity is back in fashion, I figured it’d be helpful to see who the top HELOC lenders are.
Last year, banks and mortgage lenders doled out nearly one million home equity lines of credit (HELOCs), per HMDA data.
A total of 962,000 HELOCs were opened in 2021, up 10.7% from the 869,000 originated in 2020, the first annual increase in three years.
I expect HELOC originations to rise again in 2022 now that mortgage rates on existing first mortgages are so low relative to what’s available today.
Read on to see who the top HELOC originators were last year.
Top HELOC Lenders
Ranking
Company Name
2021 Loan Count
1.
Citizens Bank
48,992
2.
PNC Bank
40,566
3.
Truist
40,088
4.
U.S. Bank
34,470
5.
Bank of America
31,375
6.
Huntington Bank
27,783
7.
Third Federal
16,449
8.
Figure Lending
14,726
9.
Regions Bank
13,266
10.
Boeing Employees CU
13,202
11.
Mountain America CU
12,241
12.
Zions Bank
11,127
13.
State Employees CU
11,053
14.
PenFed
10,362
15.
KeyBank
10,238
16.
Fifth Third
10,194
17.
TD Bank
9,536
18.
First Citizens
9,518
19.
M&T Bank
9,287
20.
America First CU
9,065
21.
BMO Bank
8,870
22.
Bank of the West
8,395
23.
Alliant CU
7,992
24.
Idaho Central CU
7,413
25.
Ent CU
7,399
Last year, Citizens Bank led all HELOC lenders with nearly 50,000 lines of credit originated (48,992), representing a solid 5.1% market share, per HMDA data from the CFPB.
They were followed by PNC Bank with 40,566 HELOCs originated for a 4.2% share.
A similar total was generated by Truist Bank (40,088) for a market share of 4.2%.
U.S. Bank took third with 34,470 HELOCs opened and a 3.6% market share, followed by Bank of America with 31,375 lines of credit opened for a 3.3% market share.
In 2020, Bank of America had been the #1 HELOC lender with a 5.6% market share before falling to fifth in 2021.
Huntington Bank took sixth with a 2.9% market share, Third Federal came in seventh with a 1.7% share of the market, and newcomer Figure Lending took eighth with a 1.5% market share.
Regions Bank and Boeing Employees Credit Union rounded out the top 10 with 1.4% of the market, each.
You can see the top 25 HELOC lenders in the above table for more details. These 25 institutions alone accounted for 44% of the overall HELOC market.
Looking for a HELOC? Try a Depository Institution
If you’re in need of a HELOC, know that they’re mostly offered by depository institutions, also known as DIs.
In 2021, 809 DIs, including 271 banks and 538 credit unions, originated 934,000 HELOCs, per the HMDA data.
That represented 97.1% of all HELOC originations reported. In other words, practically every HELOC was opened by a bank or a credit union.
This differs from first mortgages, which have been dominated by nonbank lenders over the past several years.
These nonbank lenders, or non-DIs, accounted for just 2.9% of the HELOC market.
For the record, just one of the top 25 HELOC lenders was an independent mortgage company, Figure Lending.
It’s unclear if that will change in 2022 and beyond, though these companies are looking to get in on the action by offering HELOCs and home equity loans.
For example, Rocket Mortgage launched a closed-end home equity loan (HEL) in early August.
Meanwhile, wholesale lender United Wholesale Mortgage (UWM) released two HELOCs, including a standalone and a piggyback.
Regardless, there’s a good chance a local credit union (or the bank you already do business with) will offer HELOCs.
Who Are the Best HELOC Lenders?
So we know it’s mostly banks and credit unions that offer HELOCs. The question is which one is the best of the bunch?
That’s hard to quantify because banks and credit unions offer lots of different products, not just HELOCs.
As such, reading their reviews probably won’t give us a lot to chew on. Sure, we can see how they are rated on the whole.
But that might mean nothing with regard to their home equity lending.
You still want them to have favorable ratings, but that aside, I would look at the interest rate and loan term offered.
HELOC rates can range quite a bit from bank to bank, so put in the time to see who is offering what.
And pay attention to the margin (which is added to the prime rate), the loan term (how many years to draw and pay it off), and the starting interest rate.
Also take note of any perks such as the ability to lock in your rate so it’s no longer adjustable.
Though the way things are going, HELOC rates might peak in 2023 before beginning to flatten or fall as the Fed stops raising rates (and maybe even lowers them).
Either way, be sure to exhaust all your options in your HELOC search to ensure you don’t miss out on a better deal.
Today we’ll take a hard look at the top mortgage lenders in Tennessee by loan volume.
Last year, nearly 1,200 mortgage companies battled it out for first place, but only one could claim the top spot.
Collectively, these lenders funded about $102 billion in mortgages in The Volunteer State, which was likely an annual record.
Despite being located a couple states due north of Tennessee, Rocket Mortgage was the top lender in the state.
Read on to see who else made the top 10 list.
Top Mortgage Lenders in Tennessee (Overall)
Ranking
Company Name
2021 Loan Volume
1.
Rocket Mortgage
$5.6 billion
2.
Pennymac
$3.6 billion
3.
U.S. Bank
$2.7 billion
4.
Wells Fargo
$2.6 billion
5.
Mortgage Investors Group
$2.6 billion
6.
Pinnacle Bank
$2.3 billion
7.
FirstBank
$2.2 billion
8.
AmeriHome Mortgage
$2.2 billion
9.
Freedom Mortgage
$2.2 billion
10.
loanDepot
$2.1 billion
Rocket Mortgage came in first with $5.6 billion in home loan volume in the state of Tennessee during 2021, per HMDA data from Richey May.
The Detroit-based company had no problem beating out the competition, with second place Pennymac only able to muster $3.6 billion in annual loan volume.
They were trailed by U.S. Bank with $2.7 billion and Wells Fargo with $2.6 billion funded.
In fifth was Knoxville, Tennessee’s own Mortgage Investors Group (MIG) with $2.6 billion.
The rest of the top 10 included Nashville-based Pinnacle Bank and FirstBank, AmeriHome Mortgage, Freedom Mortgage, and loanDepot.
Overall, three of the top 10 mortgage companies in Tennessee are based in the state.
Top Tennessee Mortgage Lenders (for Home Buyers)
Ranking
Company Name
2021 Loan Volume
1.
Mortgage Investors Group
$1.9 billion
2.
Pennymac
$1.8 billion
3.
Movement Mortgage
$1.4 billion
4.
U.S. Bank
$1.3 billion
5.
Pinnacle Bank
$1.1 billion
6.
AmeriHome Mortgage
$1.1 billion
7.
Rocket Mortgage
$1.1 billion
8.
Wells Fargo
$1.1 billion
9.
FirstBank
$1.0 billion
10.
Veterans United
$983 million
When we focus on home buyers only, Mortgage Investors Group (MIG) took the cake with $1.9 billion funded.
As I always say, home buyers tend to gravitate toward local companies because it’s such a big financial moment.
In second was Pennymac with a close $1.8 billion, followed by Movement Mortgage with $1.4 billion funded.
Fourth went to U.S. Bank with $1.3 billion in loan origination volume, while local Pinnacle Bank snagged fifth with $1.1 billion.
The bottom half of the top 10 included AmeriHome Mortgage, Rocket Mortgage, Wells Fargo, FirstBank, and Veterans United Home Loans.
Again, three of the top 10 were actually headquartered in the state of Tennessee.
Top Refinance Lenders in Tennessee
Ranking
Company Name
2021 Loan Volume
1.
Rocket Mortgage
$4.5 billion
2.
Freedom Mortgage
$1.9 billion
3.
Pennymac
$1.8 billion
4.
Wells Fargo
$1.5 billion
5.
loanDepot
$1.4 billion
6.
U.S. Bank
$1.3 billion
7.
Mr. Cooper
$1.3 billion
8.
UWM
$1.1 billion
9.
AmeriHome Mortgage
$1.1 billion
10.
Regions Bank
$1.0 billion
When we turn our attention to mortgage refinances, reserved for existing homeowners, Rocket Mortgage really blasts off.
The company funded $4.5 billion in refis in the state last year, more than doubling the volume of second placed Freedom Mortgage’s $1.9 billion.
In third was Pennymac with $1.8 billion – the SoCal based company acts mostly as a correspondent lender, meaning their product is resold by smaller banks and credit unions.
Taking fourth was former #1 (nationally) Wells Fargo with $1.5 billion funded, followed by loanDepot with $1.4 billion.
In sixth was U.S. Bank, followed by Mr. Cooper, United Wholesale Mortgage (UWM), AmeriHome Mortgage, and Regions Bank.
When it came to refis, no Tennessee-based company made the top-10 list. This isn’t a huge surprise since they’re price-driven as opposed to relationship-driven.
Top Mortgage Lenders in Nashville
Ranking
Company Name
2021 Loan Volume
1.
Rocket Mortgage
$2.3 billion
2.
U.S. Bank
$1.5 billion
3.
FirstBank
$1.4 billion
4.
Pinnacle Bank
$1.4 billion
5.
loanDepot
$1.3 billion
6.
Pennymac
$1.2 billion
7.
Wells Fargo
$1.2 billion
8.
Chase
$1.1 billion
9.
AmeriHome Mortgage
$988 million
10.
UWM
$974 million
Top Mortgage Lenders in Memphis
Ranking
Company Name
2021 Loan Volume
1.
Rocket Mortgage
$947 million
2.
Community Mortgage Corp.
$652 million
3.
Pennymac
$641 million
4.
Wells Fargo
$592 million
5.
U.S. Bank
$491 million
6.
Freedom Mortgage
$471 million
7.
First Tennessee Bank
$360 million
8.
Patriot Bank
$355 million
9.
AmeriHome Mortgage
$344 million
10.
Pinnacle Bank
$335 million
The Best Tennessee Mortgage Lenders
When we turn our attention to customer reviews instead of loan volume, we can get a better guess regarding who the best Tennessee mortgage lenders are.
After all, a big company can originate a lot of loans and still have mediocre customer service.
So I headed to Zillow to check out the reviews for Tennessee-based mortgage lenders.
The only one from the list above was Mortgage Investors Group (MIG). And they had a solid 4.97/5 rating from over 2,700 reviews.
Others not on the lists above included Acopia Home Loans (4.95/5), Churchill Mortgage (4.96/5), Accurate Mortgage Group (4.98/5), and Bank of Tennessee (4.99/5).
If you want to stay local, there are plenty of highly-rated mortgage lenders in the state.
But if you don’t, many of the companies in the lists above also come with stellar reviews.
As always, take the time to do your research and comparison shop to ensure you find the right fit for your situation.
Today we’ll take a look at the top mortgage lenders in Missouri, based on loan volume.
This means the biggest mortgage companies that operate in the The Show-Me State, but aren’t necessarily headquartered there.
Nearly 900 different companies originated home loans there in 2021, funding more than $72 billion in the process.
But there can only be one #1 lender, and surprisingly it wasn’t the nation’s largest.
Instead, it was U.S. Bank, which calls Minneapolis, Minnesota home. Read on to see the rest.
Top Mortgage Lenders in Missouri (Overall)
Ranking
Company Name
2021 Loan Volume
1.
U.S. Bank
$3.6 billion
2.
Rocket Mortgage
$2.9 billion
3.
Wells Fargo
$2.8 billion
4.
Flat Branch Home Loans
$2.3 billion
5.
USA Mortgage
$2.3 billion
6.
Pennymac
$2.0 billion
7.
Guild Mortgage
$1.9 billion
8.
Freedom Mortgage
$1.7 billion
9.
AmeriHome Mortgage
$1.7 billion
10.
Central Bank
$1.6 billion
U.S. Bank funded $3.6 billion in home loans in the state of Missouri last year, per Richey May’s HMDA data.
That was more than enough to beat out the top lender in the United States, Rocket Mortgage.
Detroit-based Rocket only managed $2.9 billion in loan volume, which illustrates the strength of U.S. Bank in the state.
In third was another depository, San Francisco-based Wells Fargo, which funded $2.8 billion despite their mortgage controversies.
Fourth place went to homegrown lender Flat Branch Home Loans (Columbia, MO) with $2.3 billion, followed by St. Louis-based USA Mortgage with a similar amount.
Places six through 10 consisted of Pennymac, Guild Mortgage, Freedom Mortgage, AmeriHome Mortgage, and Jefferson City, MO-based Central Bank.
In all, three of the top 10 are Missouri-based companies, which is a pretty good showing for the locals.
Top Missouri Mortgage Lenders (for Home Buyers)
Ranking
Company Name
2021 Loan Volume
1.
U.S. Bank
$1.5 billion
2.
Flat Branch Home Loans
$1.5 billion
3.
USA Mortgage
$1.4 billion
4.
Pennymac
$1.1 billion
5.
Guild Mortgage
$1.1 billion
6.
Wells Fargo
$1.0 billion
7.
AmeriHome Mortgage
$824 million
8.
Chase
$810 million
9.
Central Bank
$767 million
10.
Fairway Independent
$734 million
When we filter out the refis, and focus only on home purchase loans, U.S. Bank remains king with $1.5 billion funded.
However, Flat Branch funded a nearly equal amount of home purchase loans in the state last year too.
They were trailed by USA Mortgage with about $1.4 billion. It makes sense for the local lenders to top the purchase loan rankings as home buyers tend to stay close to home for such mortgages.
In fourth was Pennymac with $1.1 billion, followed by Guild Mortgage with a similar amount funded.
Wells Fargo took sixth with roughly $1 billion funded, followed by AmeriHome Mortgage, Chase, Central Bank, and Fairway Independent Mortgage.
Somewhat surprising not to see more local names other than those already present in the overall list.
Top Refinance Lenders in Missouri (for Existing Homeowners)
Ranking
Company Name
2021 Loan Volume
1.
Rocket Mortgage
$2.4 billion
2.
U.S. Bank
$1.9 billion
3.
Wells Fargo
$1.7 billion
4.
Freedom Mortgage
$1.3 billion
5.
UWM
$911 million
6.
USA Mortgage
$898 million
7.
Pennymac
$871 million
8.
Central Bank
$833 million
9.
Mr. Cooper
$822 million
10.
AmeriHome Mortgage
$821 million
If we’re talking refinances only, Rocket Mortgage finally takes over U.S. Bank with $2.4 billion funded.
And U.S. Bank falls to second with $1.9 billion in refinance volume. So a bit of a flip flop.
In third was Wells Fargo with $1.7 billion, strong given their issues of late. Fourth went to Freedom Mortgage, a top VA loan lender, and in fifth United Wholesale Mortgage (UWM).
Somewhat surprising to see UWM only make one list as they are the nation’s third largest lender overall.
The rest of the refi leaders included USA Mortgage, Pennymac, Central Bank, Mr. Cooper, and AmeriHome Mortgage.
Top Mortgage Lenders in Kansas City
Ranking
Company Name
2021 Loan Volume
1.
Rocket Mortgage
$1.4 billion
2.
Wells Fargo
$1.4 billion
3.
CommunityAmerica CU
$1.3 billion
4.
Fairway Independent
$1.2 billion
5.
U.S. Bank
$1.1 billion
6.
First State Bank of St. Charles
$908 million
7.
Freedom Mortgage
$857 million
8.
PrimeLending
$817 million
9.
Capitol Federal Savings Bank
$770 million
10.
Pennymac
$765 million
Top Mortgage Lenders in St. Louis
Ranking
Company Name
2021 Loan Volume
1.
U.S. Bank
$2.1 billion
2.
USA Mortgage
$1.7 billion
3.
Wells Fargo
$1.6 billion
4.
Guild Mortgage
$1.5 billion
5.
Rocket Mortgage
$1.4 billion
6.
UWM
$1.2 billion
7.
Chase
$1.2 billion
8.
Stifel Bank & Trust
$1.0 billion
9.
AmeriHome Mortgage
$937 million
10.
Pennymac
$837 million
Who Are the Best Missouri Mortgage Lenders Based on Customer Reviews?
Big is one thing, best is another. Although, sometimes they can overlap.
When we adjust the criteria to reviews instead of loan volume, we find that top lender U.S. Bank has a solid 4.98/5 rating on Zillow from 11,000+ customer reviews.
Even better is Central Bank, which carries a 4.99/5 rating from over 1,000 customer reviews.
Not far behind is USA Mortgage with a 4.98/5 from 3,100+ reviews, which is arguably better given the large sample size.
Flat Branch has a similarly stellar 4.96/5 from 900+ reviews, while Rocket Mortgage has a 4.5 and Wells Fargo has a 4.95.
Others not on the lists above include Veteran United Home Loans (4.78/5), Citibank (4.83/5), North American Savings Bank (4.95/5), and Homestead Financial Mortgage (4.98/5).
Along with Commerce Bank (4.98/5), Delmar Mortgage (4.94/5), Gershman Mortgage (4.97/5) and Nutter Home Loans (4.79/5).
In other words, there are lots and lots of highly-rated Missouri-based mortgage lenders to choose from.
Take the time to explore the many options out there and gather multiple quotes to ensure you get your hands on the best pricing.
Now let’s talk about the top mortgage lenders in Indiana, based on their most recent year’s loan volume.
In 2021, nearly 900 mortgage companies funded about $73 billion in home loans there, with the average loan amount about $199,000.
But two lenders stood above the rest, and made the race for first place a very close one.
However, the nation’s top lender, Rocket Mortgage, managed to hold off a much smaller competitor, just barely.
Read on to see which other mortgage companies were some of the largest in Indiana.
Top Mortgage Lenders in Indiana (Overall)
Ranking
Company Name
2021 Loan Volume
1.
Rocket Mortgage
$3.5 billion
2.
Ruoff Mortgage
$3.4 billion
3.
Caliber Home Loans
$2.4 billion
4.
Chase
$2.1 billion
5.
Freedom Mortgage
$1.9 billion
6.
3Rivers FCU
$1.9 billion
7.
Huntington Bank
$1.5 billion
8.
Wells Fargo
$1.3 billion
9.
Fifth Third Bank
$1.3 billion
10.
Newrez
$1.3 billion
Last year, Rocket Mortgage funded $3.5 billion in home loans in the state of Indiana, per HMDA data from Richey May.
That was just enough to hold off second place Ruoff Mortgage, which put up a very good fight with $3.4 billion funded.
The company is based in Fort Wayne, IN, and did their best to take the top spot in their home state.
In third was Coppell, TX-based Caliber Home Loans with an admirable $2.4 billion, followed by Chase with $2.1 billion and Freedom Mortgage with $1.9 billion.
The other big players in The Hoosier State included 3Rivers Federal Credit Union, Huntington Bank, Wells Fargo, Fifth Third Bank, and Newrez.
Just two of the top 10 are headquartered in the state of Indiana (Ruoff and 3Rivers), though two others are based in Ohio (Huntington and Fifth Third).
Top Indiana Mortgage Lenders (for Home Buyers)
Ranking
Company Name
2021 Loan Volume
1.
Ruoff Mortgage
$2.2 billion
2.
Caliber Home Loans
$1.3 billion
3.
GVC Mortgage
$854 million
4.
Fairway Independent
$843 million
5.
Chase
$762 million
6.
AmeriHome Mortgage
$761 million
7.
Rocket Mortgage
$742 million
8.
Newrez
$684 million
9.
U.S. Bank
$676 million
10.
Pennymac
$618 million
About half of total mortgage volume consisted of home purchase loans in the state of Indiana.
And when we only consider these types of loans, hometown favorite Ruoff Mortgage takes the cake with $2.2 billion funded.
That was way more than any other company in the state, with second place Caliber Home Loans only managing $1.3 billion.
In third was Pendleton, IN-based GVC Mortgage with $854 million, followed by Madison, WI-based Fairway Independent Mortgage and NYC-based Chase.
The rest of the best included AmeriHome Mortgage, Rocket Mortgage, Newrez, U.S. Bank, and Pennymac.
All big, household names other than the two Indiana-based lenders (Ruoff and GVC).
Typically, you’ll get more local brands when it comes to home purchase loans, but not the case in Indiana.
Top Refinance Lenders in Indiana (Existing Homeowners)
Ranking
Company Name
2021 Loan Volume
1.
Rocket Mortgage
$2.8 billion
2.
Freedom Mortgage
$1.7 billion
3.
3Rivers FCU
$1.5 billion
4.
Chase
$1.3 billion
5.
Ruoff Mortgage
$1.2 billion
6.
Caliber Home Loans
$1.1 billion
7.
Fifth Third Bank
$869 million
8.
Union Savings Bank
$856 million
9.
Huntington Bank
$804 million
10.
loanDepot
$745 million
There’s less loyalty, or need for face-to-face interaction when it comes to mortgage refinances. So typically the biggest national brands lead the way.
This was the case in Indiana, where Rocket Mortgage led with $2.8 billion in refis during 2021.
Freedom Mortgage was somewhat close with $1.7 billion in second place, followed by 3Rivers FCU with $1.5 billion.
In fourth was Chase with $1.3 billion, followed by Ruoff Mortgage with $1.2 billion in fifth.
Others in the top 10 included Caliber Home Loans, Fifth Third Bank, Union Savings Bank, Huntington Bank, and loanDepot.
Oddly, there were more local-ish brands in the refi category than the home purchase category.
Top Mortgage Lenders in Indianapolis
Ranking
Company Name
2021 Loan Volume
1.
Caliber Home Loans
$1.8 billion
2.
Rocket Mortgage
$1.4 billion
3.
Chase
$1.1 billion
4.
Huntington Bank
$1.1 billion
5.
Ruoff Mortgage
$1.0 billion
6.
Freedom Mortgage
$873 million
7.
Fairway Independent
$863 million
8.
GVC Mortgage
$857 million
9.
Union Savings Bank
$783 million
10.
Newrez
$676 million
Top Mortgage Lenders in Gary
Ranking
Company Name
2021 Loan Volume
1.
Rocket Mortgage
$472 million
2.
Centier Bank
$335 million
3.
Chase
$327 million
4.
Guaranteed Rate
$319 million
5.
Freedom Mortgage
$244 million
6.
Wells Fargo
$228 million
7.
Diamond Residential
$208 million
8.
Newrez
$187 million
9.
AmeriHome Mortgage
$185 million
10.
Mr. Cooper
$181 million
Who Are the Best Indiana Mortgage Lenders?
There are literally thousands of reviews for the big, national mortgage companies and banks.
But what about the more local options, and specifically those headquartered in the state of Indiana?
Well, Ruoff Mortgage has an excellent 4.98/5 on Zillow from about 825 customer reviews, which is nearly perfect.
And GVC Mortgage has a 4.99/5 from over 200 reviews. Meanwhile, Evansville, IN-based Mortgage Masters of Indiana, Inc. has a perfect 5-star rating from nearly 1,300 reviews.
They aren’t on the big volume lists above, yet have an unheard of customer satisfaction score in Zillow.
There’s also Evansville Teachers FCU with a 4.99/5 from 400 reviews, First Savings Bank out of Jeffersonville with a 4.96-star rating, and Fishers, IN-based First Internet Bank of Indiana with a 4.70-star rating.
So clearly there are a lot of excellent mortgage options in the state of Indiana to choose from, whether big, medium, or small.
And while you’re searching for a home loan provider, don’t forget local, independent mortgage broker as well.
Let’s check out the top mortgage lenders in Minnesota based on the most recent year’s loan volume.
Around 750 mortgage companies originated roughly $91 billion in home loans in The North Star State last year.
But only one company bested the rest – and they’re actually headquartered in Minnesota!
Yes, I’m referring to U.S. Bank, which is located in Minneapolis, MN.
Read on to see which other mortgage lenders were active in the Land of 10,000 Lakes.
Top Mortgage Lenders in Minnesota (Overall)
Ranking
Company Name
2021 Loan Volume
1.
U.S. Bank
$6.4 billion
2.
Wells Fargo
$4.8 billion
3.
Bell Bank
$4.4 billion
4.
Rocket Mortgage
$3.9 billion
5.
UWM
$2.7 billion
6.
Summit Mortgage
$2.6 billion
7.
Pennymac
$2.2 billion
8.
CrossCountry Mortgage
$2.1 billion
9.
Chase
$1.7 billion
10.
loanDepot
$1.6 billion
As mentioned, U.S. Bank took the top spot in its home state with $6.4 billion in home loans funded during 2021, per HMDA data from Richey May.
That was more than enough to beat out its closest rival, Wells Fargo, which originated $4.8 billion in the state.
A third bank, Bell Bank, out of nearby Fargo, North Dakota, took third place with $4.4 billion in home loan volume.
It’s rare these days to see a depository bank lead in the mortgage world, and even more uncommon to see the top three all big banks.
Nowadays, it is nonbanks like Rocket Mortgage that tend to be the biggest players in the industry.
Speaking of, Rocket took fourth with $3.9 billion funded, followed by its rival United Wholesale Mortgage (UWM) with $2.7 billion in loan origination volume.
The rest of the top 10 included Summit Mortgage, Pennymac, CrossCountry Mortgage, Chase, and loanDepot.
Just two of the ten companies listed above are headquartered in Minnesota; U.S. Bank and Summit Mortgage, though Wells Fargo has a big presence in the state.
And many of the other companies are in the region, whether it’s Ohio, Michigan, or South Dakota.
Top Minnesota Mortgage Lenders (for Home Buyers)
Ranking
Company Name
2021 Loan Volume
1.
U.S. Bank
$3.0 billion
2.
Bell Bank
$2.4 billion
3.
Summit Mortgage
$1.6 billion
4.
Wells Fargo
$1.5 billion
5.
CrossCountry Mortgage
$1.3 billion
6.
UWM
$1.1 billion
7.
Pennymac
$897 million
8.
Prosperity Home
$862 million
9.
Alerus Financial
$788 million
10.
Fairway Independent
$782 million
If the top lenders are filtered to include home purchase loans only, the list doesn’t change too much.
Once again, U.S. Bank led the list with $3 billion funded, followed by Bell Bank with $2.4 billion, and Summit Mortgage with $1.6 billion.
In fourth was Wells Fargo with $1.5 billion and CrossCountry Mortgage took fifth with $1.3 billion.
Pontiac, Michigan-based UWM took sixth with $1.1 billion funded, pretty decent given they only work with mortgage brokers.
In seventh was SoCal-based Pennymac with $897 million, a big correspondent mortgage lender that lets smaller companies resell its products.
They were followed by Prosperity Home Mortgage, Alerus Financial (another ND company), and Fairway Independent Mortgage out of Wisconsin.
Overall, no major surprises and a good chunk of local companies from Minnesota or nearby states.
Top Refinance Lenders in Minnesota (for Existing Homeowners)
Ranking
Company Name
2021 Loan Volume
1.
Rocket Mortgage
$3.3 billion
2.
Wells Fargo
$3.2 billion
3.
U.S. Bank
$3.0 billion
4.
Bell Bank
$1.9 billion
5.
UWM
$1.6 billion
6.
Freedom Mortgage
$1.3 billion
7.
Pennymac
$1.3 billion
8.
loanDepot
$1.2 billion
9.
Chase
$1.1 billion
10.
Mr. Cooper
$953 million
When it came to mortgage refinances, Rocket Mortgage outdid the rest with $3.3 billion funded in Minnesota.
Not a surprise as they are the top mortgage lender in the U.S. and refis often aren’t dominated by local companies like purchase loans can be.
In second was Wells Fargo with a very close $3.2 billion, impressive given their multiple mortgage controversies over recent years.
U.S. Bank also wasn’t far off with $3.0 billion funded, making the top three pretty closely contested.
Bell Bank took fourth with a respectable $1.9 billion, followed by UWM with $1.6 billion funded.
Places six through 10 went to Freedom Mortgage, Pennymac, loanDepot, Chase, and Mr. Cooper.
Actually quite a few local companies in the mix, which often isn’t the case with refis.
Top Mortgage Lenders in Minneapolis-St. Paul
Ranking
Company Name
2021 Loan Volume
1.
U.S. Bank
$5.1 billion
2.
Wells Fargo
$3.9 billion
3.
Bell Bank
$3.8 billion
4.
Rocket Mortgage
$3.1 billion
5.
Summit Mortgage
$2.4 billion
6.
UWM
$2.0 billion
7.
CrossCountry Mortgage
$1.9 billion
8.
Pennymac
$1.8 billion
9.
Chase
$1.7 billion
10.
Alerus Financial
$1.5 billion
Are the Best Minnesota Mortgage Lenders Also the Biggest?
We know U.S. Bank is the top mortgage lender in Minnesota. And they’re also top rated, with a 4.98/5 rating on Zillow from about 11,000 reviews.
That’s pretty impressive as it is near perfection, and since the reviews come from Zillow, we know they are related to their home loans division, as opposed to other banking activity.
Despite its issues, Wells Fargo also scored well on Zillow too, with a 4.95/5 rating from over 4,000 reviews.
I couldn’t find a ton of reviews for Bell Bank, but they did have a 4.1/5 from about 50 Google reviews, and a 4.5/5 on WalletHub from about 250 reviews.
Local lender Summit Mortgage also has top marks on Zillow, with a 4.98/5 from about 1,500 reviews.
One lender not on the lists above is Bloomington-based AMEC Home Loans, which has a similarly solid 4.96/5 from over 2,200 customer reviews.
There’s also TruStone Financial Credit Union, which has a 4.98/5 from about 800 reviews.
And there are countless mortgage brokers, local credit unions, and independent lenders that could be a good fit as well.
At the end of day, biggest isn’t always best, so put in the time to research mortgage companies of all sizes to find the right fit.
Now we’ll rank the top mortgage lenders in Wisconsin, based on the most recent year’s completed loan volume.
These are the largest lenders in The Badger State based on available HMDA data for 2021. Collectively, more than 800 lenders funded $70 billion there during the year.
Interestingly, it appears that Wisconsinites are big on using their own local companies instead of larger, national brands.
At least when it comes to home loans, as the top three mortgage companies are all headquartered in the state.
Read on to see which company led the way in mortgage origination last year in Wisconsin.
Top Mortgage Lenders in Wisconsin (Overall)
Ranking
Company Name
2021 Loan Volume
1.
Summit CU
$2.7 billion
2.
Associated Bank
$2.4 billion
3.
UW Credit Union
$2.4 billion
4.
Rocket Mortgage
$2.3 billion
5.
Wells Fargo
$2.0 billion
6.
Chase
$1.9 billion
7.
U.S. Bank
$1.8 billion
8.
Landmark CU
$1.8 billion
9.
Fairway Independent
$1.7 billion
10.
Johnson Bank
$1.6 billion
As noted, a Wisconsin-based lender topped the charts in 2021, per HMDA data from Richey May.
It was none other than Madison-based Summit Credit Union, which funded $2.7 billion in the state of Wisconsin last year.
In second was Green Bay-based Associated Bank with a close $2.4 billion, followed by Madison-based University of Wisconsin Credit Union (UW Credit Union) with $2.4 billion.
This is interesting for a few reasons – one being that the top three are all Wisconsin-based, and the other that the top three consist of two credit unions and a bank.
That bucks the trend of nonbank mortgage lenders ruling the roost in many other states throughout the nation.
In fourth was the nation’s top mortgage lender, Rocket Mortgage, which funded $2.3 billion. They also happen to be situated fairly close to Wisconsin.
And in fifth was San Francisco-based Wells Fargo with $2.0 billion, formerly the top lender in the United States.
The rest of the top 10 included Chase, U.S. Bank, Landmark Credit Union (New Berlin, WI), Fairway Independent Mortgage (Madison, WI), and Johnson Bank (Racine, WI).
All told, six of the top 10 mortgage lenders in Wisconsin are based in the state, which is pretty impressive.
That might lead all other states in terms of the number of homegrown companies in the top-10 list.
Top Wisconsin Mortgage Lenders (for Home Buyers)
Ranking
Company Name
2021 Loan Volume
1.
Associated Bank
$1.2 billion
2.
Fairway Independent
$1.1 billion
3.
Chase
$878 million
4.
U.S. Bank
$649 million
5.
Summit CU
$640 million
6.
UW Credit Union
$633 million
7.
Johnson Bank
$610 million
8.
Wells Fargo
$608 million
9.
Rocket Mortgage
$467 million
10.
Newrez
$442 million
If we look at home purchase loans only, Associated Bank took the top spot with $1.2 billion funded, followed by nonbank lender Fairway Independent Mortgage with $1.1 billion.
In third was NYC-based Chase with $878 million, trailed by U.S. Bank with $649 million and Summit CU with $640 million.
Others in the top-10 list for home buyers included UW Credit Union, Johnson Bank, Wells Fargo, Rocket Mortgage, and Newrez.
So when it came to purchase lending, five of the top 10 were Wisconsin-based. Still pretty impressive.
Generally, consumers tend to flock toward local companies when buying a home.
Top Wisconsin Refinance Lenders (for Existing Homeowners)
Ranking
Company Name
2021 Loan Volume
1.
Summit CU
$1.8 billion
2.
Rocket Mortgage
$1.8 billion
3.
UW Credit Union
$1.7 billion
4.
Wells Fargo
$1.4 billion
5.
Landmark CU
$1.4 billion
6.
Associated Bank
$1.2 billion
7.
U.S. Bank
$1.1 billion
8.
Chase
$968 million
9.
Johnson Bank
$907 million
10.
Freedom Mortgage
$830 million
When it came to mortgage refinances, amazingly a Wisconsin-based lender still took the top spot, but just barely.
Summit CU funded roughly $1.8 billion in refis last year, just enough to beat out Rocket Mortgage’s similar tally.
UW Credit Union took third with $1.7 billion, followed by Wells Fargo with $1.4 billion and Landmark CU with $1.4 billion.
The rest of the best included Associated Bank, U.S. Bank, Chase, Johnson Bank, and Freedom Mortgage.
Once again, five of the top 10 were Wisconsin-based mortgage lenders, another feat for the home team.
Top Mortgage Lenders in Milwaukee
Ranking
Company Name
2021 Loan Volume
1.
Landmark CU
$1.4 billion
2.
Wells Fargo
$954 million
3.
Associated Bank
$943 million
4.
Chase
$902 million
5.
Newrez
$662 million
6.
Fairway Independent
$638 million
7.
UW Credit Union
$591 million
8.
Rocket Mortgage
$591 million
9.
U.S. Bank
$560 million
10.
Summit CU
$524 million
Top Mortgage Lenders in Madison
Ranking
Company Name
2021 Loan Volume
1.
Summit CU
$1.6 billion
2.
UW Credit Union
$1.5 billion
3.
Fairway Independent
$522 million
4.
The Park Bank
$394 million
5.
Truist
$349 million
6.
Thompson Kane
$288 million
7.
State Bank of Cross Plains
$278 million
8.
Oregon Community Bank
$254 million
9.
Old National Bank
$249 million
10.
Rocket Mortgage
$233 million
The Best Wisconsin Mortgage Lenders (by Customer Ratings)
Now let’s look at the top-rated Wisconsin mortgage lenders based on actual customer reviews, as opposed to mere loan volume.
While Summit CU is top overall, it’s hard to find mortgage-related reviews for credit unions. The same goes for banks, as they offer a variety of different services other than home loans.
If we consider mortgage lenders only, A+ Mortgage Services, Inc. out of Muskego has the best rating on Zillow, a 4.99/5 from over 400 reviews.
Several other Wisconsin-based lenders have 4.98/5 scores, including Waterstone Mortgage Corp., McGlone Mortgage, and Inlanta Mortgage.
Not far off is Fairway Independent Mortgage (4.95/5), Homefinity (4.95/5), and Go Mortgage (4.90/5).
Meanwhile, U.S. Bank has a 4.98/5 on Zillow, Wells Fargo and Chase have a 4.95/5, and Rocket Mortgage has a 4.48/5.
So the big guys and the local companies are all pretty well regarded. But take the time to research companies, ask for referrals from friends/family, and obtain multiple rate quotes.
Doing so should boost your chances of having a positive home loan experience.
Would you like to open a checking account, but you’re worried that your bad credit and past banking history might get in the way? With these issues, it can be difficult to open a new bank account.
20 Best Bank Accounts for Bad Credit
Regardless of your banking history, there are numerous banks and credit unions that offer bad credit checking accounts, all with unique features and benefits.
1. Chime
Our Top Pick
No minimum opening deposit or monthly service fee
Over 60,000 fee-free1 ATMs
Get paid up to 2 days early with direct deposit2
No credit check or ChexSystems
With Chime®, a bad credit score is no longer a deal-breaker. They offer an award-winning financial app and debit card with no credit check.
You can open a Chime Checking Account online with no monthly fees. And by that, we mean no overdraft fees, no monthly maintenance fees, no foreign transaction fees, and no minimum balance fees—ever.
Chime also offers a new way to build your credit with the Chime Credit Builder Secured Visa® Credit Card7. It’s a secured credit card with no annual fees, no credit checks, and no interest1 charges.
They offer access to over 60,000 MoneyPass® and Visa® Plus Alliance ATMs. Plus, you can get your paycheck up to 2 days earlier with direct deposit. You can also deposit cash for free at over 8,500 Walgreens.
Chime is definitely the best option on this list.
2. U.S. Bank
$400 sign-up bonus
Monthly service fee can be waived
Over 40,000 fee-free ATMs
$25 minimum opening deposit
U.S. Bank is now offering the Bank Smartly® Checking account, a popular choice that can be applied for online in 26 states throughout the U.S.
If you’re based in any of the following states – AR, AZ, CA, CO, IA, ID, IL, IN, KS, KY, MN, MO, MT, NC, ND, NE, NM, NV, OH, OR, SD, TN, UT, WA, WI, or WY – you’re eligible to apply.
By opening a Bank Smartly® Checking account and a Standard Savings account, and completing qualifying activities, you have the potential to earn up to $400. Subject to certain terms and limitations. Offer valid through June 20, 2023. Member FDIC.
The account itself provides a variety of benefits, including a complimentary debit card that can be locked or unlocked if ever misplaced or stolen. U.S. Bank ATMs offer free transactions, as do over 40,000 MoneyPass Network ATMs.
Although U.S. Bank uses ChexSystems, it’s typically known to be more accommodating with its regulations than many other banks. Unless there’s a history of fraud or any money owed to U.S. Bank, opening a checking account is a possibility.
The checking account requires just a $25 minimum opening deposit, with a monthly service fee of $6.95. The monthly fee can be waived by maintaining a minimum balance of $1,500, or by having a minimum monthly Direct Deposit of $1,000.
3. GO2bank
4.50% APY on savings up to $5,000
No minimum opening deposit
Build credit with no annual fees
Overdraft protection up to $200
GO2bank is a neobank developed by Green Dot, is a neobank developed by Green Dot, a well-established fintech known for its prepaid debit cards and banking services.
The bank offers a checking account with savings subaccounts known as vaults, and the best part is that there is no minimum balance required to open an account online.
The savings account offers an attractive 4.50% APY on savings up to $5,000. Additionally, you can deposit cash at any of the 90,000 retail locations or withdraw funds from any of the 19,000 fee-free ATMs.
You can also use the mobile app’s check deposit feature to deposit checks directly into your checking account.
With direct deposit, you can even receive your pay up to 2 days early or your government benefits up to 4 days early. Opt-in for overdraft protection and be eligible for up to $200 in coverage with eligible direct deposits.
Responsible use of the GO2bank Secured Visa Credit Card can also help you build your credit over time.
If you receive a payroll or government benefits direct deposit in the previous monthly statement period, your monthly fee is waived. Otherwise, it is only $5 per month.
4. Chase
$100 bonus after 10 purchases in 60 days
No credit check or ChexSystems
Over 16,000 fee-free ATMs
$4.95 monthly fee
Chase is one of the most popular banks in the U.S. And now, they offer an account called Chase Secure Banking that doesn’t require a credit check, doesn’t use ChexSystems, and doesn’t charge overdraft fees.
Account holders also get access to over 16,000 ATMs, free online bill pay, and free money orders and cashier’s checks.
With 4,700 locations across the country, this is an excellent option for anyone who prefers having access to physical branches.
Opening a Chase Secure Banking account comes with a $100 cash bonus when you use the card for 10 purchases within 60 days.
Account approval is immediate and you’ll receive your debit card within days. There is a small monthly service fee of $4.95; however, there is no minimum deposit to get started.
5. mph.bank
Earn 4.70% APY on unlimited savings
No minimum balance to open
Get paid up to two days early
Free withdrawals at over 55,000 ATMs
mph.bank, created by Liberty Savings Bank, F.S.B. and a Member FDIC, is a banking option that truly stands out for its unique approach. MPH, which stands for ‘Makes People Happy’, is not just a slogan – it’s a philosophy that permeates every aspect of their banking services.
They offer five different bank accounts, but the standout offering is their Future Account. This account lets you earn an impressive 4.70% APY on your savings, with no minimum balance to open and no maximum balance for the rate.
Alongside this, mph.bank offers a Spend account that allows you to receive your paycheck two days earlier.
Accessing your money is easy with mph.bank, as they are part of the Allpoint network, offering you free access to over 55,000 ATMs.
In addition to these features, mph.bank has a host of financial tools available. From planning for your future to managing your finances on one page, mph.bank ensures that you have the necessary resources at your fingertips.
6. Current
No credit check or ChexSystems
No minimum deposit or maintenance fees
Get paid up to two days faster
Overdraft up to $200 without any overdraft fees
Current is one of the fastest-growing mobile banking solutions in the U.S., with over one million members. However, Current is a financial technology company, not a bank. Most importantly, Current does not use ChexSystems or pull your credit.
Some features of the Current mobile app and debit card include fee-free overdraft protection of up to $100, 40,000 fee-free Allpoint ATMs, and no minimum balance or hidden fees.
You can also get paid up to two days sooner with direct deposit and earn up to 15x points, and get cashback.
7. Walmart MoneyCard
No monthly fee with direct deposits of $500 or more
Earn up to 3% cash back on purchases
Overdraft protection covering up to $200 with eligible direct deposits
2% APY on savings
The Walmart MoneyCard is a prepaid debit card that offers a robust alternative to traditional checking accounts.
This card stands out with its cash back rewards program, offering up to 3% cash back when shopping at Walmart.com, 2% at Walmart fuel stations, and 1% at Walmart stores, up to a total of $75 each year.
Users can also enjoy the peace of mind offered by the overdraft protection feature, covering up to $200 for purchase transactions with opt-in and eligible direct deposits.
The ASAP Direct Deposit feature is another great perk, allowing users to receive their pay up to two days earlier and benefits up to four days earlier.
Additionally, with the Walmart MoneyCard, you can earn a 2% APY on savings and have chances to win cash prizes each month. The monthly fee of $5.94 can be waived with a direct deposit of $500 or more in the previous monthly period.
8. Revolut
No monthly fee
Earn up to 4.25% APY on savings
Cash withdrawals at more than 55,000 ATMs
Commission-free stock trading
Revolut is a financial app that comes with a prepaid debit card from Visa or Mastercard. However, you don’t need to wait for the physical card to get started. You can use the digital card right away on Apple Pay or Google Pay.
The Revolut debit card gets you fee-free access to over 55,000 ATMs, and no cost out-of-network ATM withdrawals up to $1,200 per month. You’ll also get 10 zero-fee international transfers per month.
This account offers cashback, discounts from top brands, a savings account, and more. Plus, your funds are insured by the FDIC for up to $250,000.
* Please note that Revolut is frequently updating its products and features, see the Revolut Terms and Conditions for the latest offerings.
* Revolut is a financial technology company. Banking services provided by Metropolitan Commercial Bank, (Member FDIC).
9. TD Ameritrade
No monthly fee
Unlimited fee refunds for U.S. ATMs
Free TD Bank debit card
Free checks and unlimited check-writing capabilities
TD Ameritrade offers a brokerage account with a comprehensive cash management checking account. As a client, you get unlimited checks. Once you open the brokerage account, you can complete the checking account application online.
A Cash Management account also gives you access to free online bill pay, as well as a free debit card with nationwide rebates on all ATM fees.
In addition, there is no monthly fee if you maintain a $100 minimum daily balance. However, it’s important to note that a TD Ameritrade checking account is not FDIC-insured or bank guaranteed.
10. Albert
No minimum balance
Cash advances up to $250
No maintenance fees
Free ATMs at over 55,000 locations
Albert is an innovative fintech banking platform that presents a powerful alternative to traditional bank accounts.
It sets itself apart with its attractive cashback rewards program attached to its free Mastercard debit card, making it your perfect shopping companion.
Moreover, it offers an around-the-clock personal finance help feature, “Ask a Genius”, ensuring you’re never in the dark about your money matters.
In addition, with Albert, you can have your paycheck up to 2 days early thanks to the direct deposit feature. This takes financial planning to a whole new level by ensuring you’re always ahead.
Albert is also a cost-saving alternative. There are no minimum balance requirements, no monthly maintenance fees, and you enjoy access to more than 55,000 ATMs, fee-free if you’re a Genius subscriber.
Finally, Albert ensures your money’s safety with FDIC protection up to $250,000. This adds an extra layer of security to your funds, allowing you to bank with confidence.
11. SoFi
With the SoFi Checking and Savings account, you won’t have to worry about being charged any overdraft fees, minimum balance fees, or monthly fees.
Plus, it offers free access to ATMs at over 55,000 locations within the Allpoint® Network. Similar to Chime and Current, you can get your paycheck up to two days sooner when you set up direct deposit.
You’ll also get a 1% APY on your checking and savings accounts and up to 15% cash back at local establishments with your SoFi debit card.
12. Navy Federal Credit Union
If you are an active-duty or retired member of the military, including the Armed Forces, National Guard, Coast Guard, or Department of Defense, you may be eligible for Navy Federal Credit Union membership.
NFCU doesn’t utilize ChexSystems or EWS. They also offer a free checking account alternative with no monthly service fees for those with qualifying direct deposits.
Additionally, NFCU offers its members convenient access to over 30,000 ATMs situated at both credit unions and retail locations across the United States and Canada through the CO-OP Network.
13. Aspiration
With the Aspiration Spend & Save account, you get an online checking account and savings account that has the potential to earn up to 5% APY.
Aspiration also offers unlimited cash withdrawals at over 55,000 ATMs. The minimum initial deposit is $10. Deposits are FDIC insured and you can get paid up to two days sooner.
The Aspiration debit card is made from recycled plastic. Deposits are 100% fossil fuel-free. And this online bank even gives you the option to plant a tree with every card swipe.
14. Southwest Financial Federal Credit Union
Southwest Financial presents a reliable banking option that prioritizes the financial wellbeing of its members. With no monthly service fees, it offers a cost-effective solution to managing your everyday finances.
Opening an account is easy and requires no minimum deposit. As a member of Southwest Financial Federal Credit Union, you enjoy the convenience of accessing your funds through a shared network of ATMs.
15. FSNB
FSNB (formerly Fort Sill National Bank) offers a hassle-free Basic Checking account to its customers, with a $5 minimum deposit requirement.
With the Basic Checking account, you need to maintain a minimum daily balance of $75. Otherwise, you’ll be charged a monthly fee of $5.50.
This account comes with a host of convenient features, including a Visa CheckCard that allows you to make purchases and withdraw cash at ATMs worldwide. Additionally, FSNB offers free online banking services, giving you access to your account from the comfort of your home or office.
16. Wells Fargo
Wells Fargo’s Clear Access Banking offers a practical, accessible checking account designed to suit various banking needs. While there is a $5 monthly service fee, this fee is waived for primary account owners aged 13 to 24.
With a minimal opening deposit of just $25, setting up Clear Access Banking is straightforward and affordable. As an account holder, you’ll have the convenience of accessing your funds through Wells Fargo’s extensive network of 13,000 ATMs and 5,300 branches across the country.
17. United Bank
United Bank has locations in Maryland, Ohio, Pennsylvania, Virginia, West Virginia, and Washington, DC. You can open a bank account with a $50 minimum initial deposit. You do not have to maintain a minimum balance and they don’t charge monthly fees.
You can also upgrade to rewards checking, where you earn cashback rewards on debit card purchases. You also get discounts on movies, theme parks, and prescriptions. The monthly service charge is $10, but you can have it waived if you reach 15 purchase transactions monthly or have a minimum of $500 in regular deposits.
18. Huntington National Bank
Huntington has locations in Arizona, Colorado, Illinois, Indiana, Michigan, Minnesota, Ohio, South Dakota, and Wisconsin.
Huntington Bank uses ChexSystems, but you can still qualify for a checking account as long as you don’t owe the bank any money. However, applicants with an EWS record may not qualify.
For Huntington’s basic account, there is no minimum opening deposit and no minimum balance requirement.
19. Varo
Varo is an online-only bank that offers a hassle-free banking experience with no monthly fees. As a Varo customer, you’ll gain access to early direct deposit payments, which means that your funds will typically be available on the same day they’re received.
Varo Bank knows that just because you need second chance banking doesn’t mean you want sub-standard service. The checking account comes with a free Visa debit card, access to over 55,000 Allpoint ATMs, and free paper check mailing.
20. Regions Bank
You’ll need a minimum opening deposit of $50 to open a Simple Checking Account at Regions Bank. This account doesn’t come with too many bells and whistles. However, it’s a suitable option for anyone with bad credit who wants a basic checking account.
Regions Bank will lower your monthly maintenance fee from $8 to $5 if you sign up for online statements. And you’ll have the option to open a savings account through Regions Bank as well.
What is a bank account for bad credit?
A bank account for bad credit is a type of account designed for people with negative banking records. These people are usually turned away from traditional banks and credit unions because of past instances of bounced checks, overdrawn accounts, or unpaid non-sufficient fund fees.
Fortunately, some financial institutions provide bad credit bank accounts that offer basic banking services such as a debit card, online banking access, and check writing privileges. Direct deposit is also available with some of these bank accounts, which makes it easy to access your income sources.
Bad credit checking accounts are typically easy to open, with minimal fees and most importantly, no credit checks or ChexSystems reports.
How do banks evaluate new account applications?
Opening a bank account can be a straightforward process, but it’s not uncommon for applicants to be turned down or offered limited options. That’s because financial institutions have criteria they use to determine who qualifies for a bank account and what type of account they can offer.
One of the most important factors that banks consider when you apply for a new account is your banking history. To assess this, most banks will check your ChexSystems report, which is a database of your past banking transactions. This report includes information such as any unpaid fees or overdrafts, closed accounts due to fraudulent activity, and other negative marks.
If you have a negative history in ChexSystems, such as unpaid fees or a history of overdrafts, it can be more challenging to open a bank account. In some cases, the bank may decline your application altogether or offer you a limited account that doesn’t allow you to write checks or use a debit card.
Another factor that banks make consider is your credit history. Some banks may pull your credit report from the three major credit bureaus Equifax, Experian, and TransUnion, but most don’t.
Your credit report is typically accessed by credit card issuers and lenders to assess your creditworthiness when you apply for loans or credit cards. But for bank accounts, your ChexSystems record is generally more important.
What is ChexSystems?
ChexSystems is a consumer reporting agency that collects user data from banks and credit unions. One of the things this data is used for is to create consumer reports that financial institutions can use to screen customers.
When attempting to open a new bank account, most financial institutions will pull your ChexSystems report. This report will show your past banking history including overdrafts, bad checks, check fraud, negative balances, or excessive withdrawals.
If you’ve had any of these issues in the past five years, it will likely be on your ChexSystems record. Fortunately, there are several reputable banks that don’t use ChexSystems or check credit to qualify customers. There are also numerous banks that offer second chance checking accounts for people with bad credit.
Can you open a bank account with no credit check?
Opening a no-credit-check bank account is easier than ever, with plenty of reliable banking services to choose from. There are two types of bank accounts for bad credit: banks that don’t use ChexSystems and second chance checking accounts.
Banks that Don’t Use ChexSystems
Some banks simply do not use ChexSystems to evaluate new accounts. These banks offer no-credit-check bank accounts for people with bad credit or a negative banking history.
The good news is that these accounts come with the same features as regular bank accounts offered to everyone else. You can expect to have access to online banking, direct deposit, and a debit card.
Second Chance Checking Account
With a second chance bank account, financial institutions may conduct a credit check or refer to ChexSystems, but they’re willing to give you a second chance regardless of your banking history. Second chance bank accounts usually come with a monthly maintenance fee.
The best second chance checking accounts still have some of the same features as ChexSystems banks and credit unions, such as overdraft protection, online banking, and bill pay. Additionally, it should be possible to upgrade to a standard checking account after demonstrating responsible banking habits.
What to Look for in a Bad Credit Checking Account
If you’re struggling with poor credit history, you might be wondering how to find a checking account that meets your needs while also helping you rebuild your financial reputation. Fortunately, there are several banks that offer checking accounts for bad credit. Here are some key factors to consider:
No Credit Checks
The first thing to look for is a bank or credit union that doesn’t look at your credit report or ChexSystems record when opening a checking account.
Many institutions also offer “second chance” or “fresh start” checking accounts designed specifically for individuals with poor credit or past banking issues. These checking accounts provide an opportunity to rebuild your financial standing, and often offer the option to upgrade to a traditional checking account after a certain period of time.
Low or No Minimum Balance Requirement
When you’re trying to rebuild your credit, every dollar counts. Look for a checking account that doesn’t require you to maintain a specified balance. This way, you won’t be charged fees for falling below a certain balance threshold. This will help you keep more money in your pocket and avoid unnecessary expenses.
Reasonable Account Fees
It’s important to be aware of the fees associated with checking accounts, especially if you have bad credit. Be sure to compare the monthly maintenance fees, overdraft fees, and any other charges associated with the account.
Many online banks offer checking accounts with no monthly fees or waive them if certain conditions are met, such as maintaining a minimum account balance or setting up direct deposit.
Online and Mobile Banking Features
In today’s digital age, having access to online and mobile banking is essential. Look for a checking account that offers a user-friendly mobile app and website, enabling you to manage your money on-the-go. These features should include the ability to check your balance, transfer money, pay bills, and deposit checks remotely.
Account Alerts and Notifications
Opt for a checking account that offers customizable account alerts and notifications. These can help you stay on top of your account activity, track your spending habits, and avoid a potential overdraft fee. You can typically set up alerts for low balance, large transactions, or unusual activity.
Overdraft Protection
Overdraft fees can be a significant burden, especially for people with bad credit. Look for a checking account that offers overdraft protection, which can help you avoid costly overdraft fees. Some banks may offer linked accounts, lines of credit, or small-dollar loans to cover overdrafts.
FDIC or NCUA insurance
Ensure that your checking account is insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA). This insurance protects your cash deposits up to $250,000 per account holder in case the bank or credit union fails.
Opportunities for Financial Education
Finally, look for a financial institution that offers resources and tools to help you improve your financial literacy. This might include budgeting tools, educational articles, or workshops. The more you understand about managing your money, the better your chances of rebuilding your credit and maintaining a healthy financial future.
Bottom Line
Having poor credit doesn’t mean you can’t get a bank account. But, it does mean that your selection will be somewhat limited. We also show you how to clear your name and remove yourself from ChexSystems so that you can get a bank account anywhere.
It may take some time to get your name removed. Meanwhile, some of the banks we’ve listed above are just as good, if not better, than any account on the market right now. So, it’s a good idea to start with one of those.
Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A.; Members FDIC. Credit Builder card issued by Stride Bank, N.A.
1. Out-of-network ATM withdrawal fees may apply with Chime except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
2. Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. Chime generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
7. To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.