Michigan is the hub of the mortgage world, but local industry giants faced stiff competition for homebuyers within their own borders from out-of-state players.

Companies whose headquarters dot the Motor City and surrounding neighborhoods still captured the most in-state originations in 2022, including giants Rocket Mortgage and United Wholesale Mortgage. However, a local credit union outpaced many major firms in working with homeowners across the state, while volume among the smallest originators grew year-over-year.

National Mortgage News ranked the top-10 mortgage lenders in Michigan in 2022, from an analysis of S&P Global data, which itself is gathered from the firm's analysis of millions of property deeds each month. The list includes totals for originations in 2022 through December, and excludes multifamily loans, which S&P categorizes under commercial loans.

Mortgage lenders combined originated $54.5 billion in volume last year in Michigan across 279,597 mortgages, according to S&P. The average mortgage amount across the state was $195,106, while business was down 41% from the year prior.