Mortgage insurance

Top Mortgage Lenders in South Carolina

It’s time to check out the top mortgage lenders in South Carolina, based on who did the most business.

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Last year, more than 1,000 mortgage companies collectively funded more than $80 billion in home loans in the state.

But one particular company did a lot more business than the rest, and also happens to be the top mortgage lender in the US

Yes, I’m referring to Rocket Mortgage (formerly Quicken Loans), nearly doubling the volume of their nearest competitor.

Read on to see which other companies dominated the mortgage biz in The Palmetto State.

Top Mortgage Lenders in South Carolina (Overall)

Ranking Company Name 2021 Loan Volume
1. Rocket Mortgage $ 5.0 billion
2. Wells Fargo $2.8 billion
3. Pennymac $2.5 billion
4. Freedom Mortgage $2.2 billion
5. Trust $2.1 billion
6. SouthState Bank $1.9 billion
7. Movement Mortgage $1.9 billion
8. Guild Mortgage $1.6 billion
9. UWM $1.5 billion
10. Newrez $1.5 billion

Coming in first both in South Carolina (and nationally) was none other than Rocket Mortgage with $ 5.0 billion funded in 2021, per HMDA data from Richey May.

As noted, that was nearly double second placed-Wells Fargo, which managed just $2.8 billion during the year.

In a somewhat close third was Pennymac, a mostly correspondent lender that originated $2.5 billion.

A fourth went to Boca Raton-based Freedom Mortgage with $2.2 billion, while Charlotte-based Trust took fifth with $2.1 billion.

Another Florida-based bank, SouthState Bank, snagged sixth with $1.9 billion, followed by South Carolina’s own Movement Mortgage in 7th ($1.9B).

The rest of the top 10 included Guild Mortgage, United Wholesale Mortgage, and Newrez.

Only one hometown company in the list, but many adjacent states like Florida and North Carolina.

Top South Carolina Mortgage Lenders (for Home Buyers)

Ranking Company Name 2021 Loan Volume
1. Pennymac $1.4 billion
2. Movement Mortgage $1.4 billion
3. Wells Fargo $1.2 billion
4. SouthState Bank $1.1 billion
5. Guild Mortgage $1.0 billion
6. Rocket Mortgage $997 million
7. Trust $912 million
8. TD Bank $834 million
9. AmeriHome Mortgage $818 million
10. Newrez $773 million

The list changes quite a bit when we focus only on home purchase loans, with Pennymac grabbed the top spot with $1.4 billion funded.

They were closely followed by the Indian Land-based Movement Mortgage with a similar $1.4 billion in loan origination volume.

Wells Fargo took third with $1.2 billion, followed by SouthState Bank with $1.1 billion, and Guild Mortgage with $1 billion.

Rocket Mortgage dropped to the sixth with $997 million funded, followed by Trust with $912 million.

TD Bank, AmeriHome Mortgage, and Newrez rounded out the top 10. Again, only one SC-based mortgage company.

Top Refinance Lenders in South Carolina (for Existing Homeowners)

Ranking Company Name 2021 Loan Volume
1. Rocket Mortgage $4.0 billion
2. Freedom Mortgage $1.8 billion
3. Wells Fargo $1.4 billion
4. Pennymac $1.2 billion
5. Trust $1.0 billion
6. loanDepot $978 million
7. UWM $871 million
8. Mr. Cooper $846 million
9. Newrez $735 million
10. SouthState Bank $733 million

Once the list is filtered to only include mortgage refinances, Rocket Mortgage trounces the competition with $4.0 billion funded.

That was more than double second placed Freedom Mortgage ($1.8 billion), and more than triple third placed Wells Fargo ($1.4 billion).

About 80% of the Detroit-based company’s loan volume consisted of refis in the state of South Carolina.

A fourth went to Pennymac with $1.2 billion, while the fifth place was captured by Trust with $1.0 billion funded.

The remaining spots in the top 10 went to loanDepot, UWM, Mr. Cooper, Newrez, and SouthState Bank.

The Best South Carolina Mortgage Lenders

The most reviewed mortgage lender on Zillow in the state of South Carolina happens to be Movement Mortgage.

They also have a stellar 4.98/5 rating from about 18,000 customer reviews. That makes them a pretty highly-rated mortgage company in the state, potentially the best.

Meanwhile, Rocket has a 4.48/5, Wells Fargo has a 4.95/5, Freedom Mortgage has a 4.85/5, and Pennymac has a 4.4/5.

Many smaller, SC-based mortgage companies didn’t make the lists above, but still own excellent ratings on Zillow.

They include Columbia-based Lending Path Mortgage (4.97/5) and Foundation Mortgage Corp. (4.97/5), along with Charleston-based Tabor Mortgage Group (4.94/5).

And there are many other SC mortgage companies, including SC-based mortgage brokers, which also provide excellent service.

Take the time to check out companies both large and small, and look beyond real estate agent referrals and household names. You might find a hidden gem.

(photo: Mark Clifton)

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