Safe Rate Rankings

Best Conventional Mortgage Lenders in Waterloo

Updated May 22, 2026

⚖️ The 4 PsRankings are calculated based on observed lender differences on closed loans across Pricing, Pull-through, Product, and Place.

🛡️ No Pay to PlayLenders cannot buy their way to the top. Rankings are 100% earned.

📊 HMDA 2024Built using publicly available originated loan data from the federal government.

🎯 Peer BenchmarkedPerformance is normalized and benchmarked against peer institutions.

Market

Total Lenders18

Total Loans1,773

Median Rate Spread0.15%

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Rank	Lender	Overall	Pricing	Product	Pull Through	Place	Avg Fees	Rate Spread	# of Loans
1	VERIDIAN CREDIT UNIONCredit Union	Exceptional	Exceptional	Exceptional	Exceptional	Exceptional	$376Fees	0.195%Below	771
2	GREENSTATE Credit UnionCredit Union	Exceptional	Exceptional	Exceptional	Exceptional	Exceptional	$13Credit	0.170%Below	435
3	IOWA BANKERS MORTGAGE CORPORATIONIndependent Mortgage Company	Exceptional	Exceptional	Exceptional	Exceptional	Strong	$947Fees	0.203%Below	53
4	DUPACO COMMUNITYCredit Union	Exceptional	Exceptional	Exceptional	Exceptional	Strong	$1,786Fees	0.111%Below	39
5	WEST GATE BANKBank	Exceptional	Exceptional	Exceptional	Exceptional	Sound	$1,297Fees	0.076%Below	12
6	Fidelity Bank & TrustBank	Exceptional	Exceptional	Strong	Exceptional	Sound	$827Fees	0.550%Below	16
7	Farmers State BankBank	Exceptional	Exceptional	Sound	Strong	Strong	$1,007Fees	0.040%Above	83
8	U.S. Bank National AssociationBank	Exceptional	Strong	Exceptional	Strong	Sound	$746Fees	0.104%Above	11
9	Lincoln Savings BankBank	Strong	Strong	Sound	Strong	Strong	$1,351Fees	0.283%Above	67
10	MidWestOne BankBank	Strong	Strong	Strong	Strong	Sound	$951Fees	0.002%Below	10
11	Empeople Credit UnionCredit Union	Strong	Strong	Strong	Sound	Sound	$967Fees	0.115%Below	34
12	ROCKET MORTGAGE, LLCIndependent Mortgage Company	Strong	Acceptable	Exceptional	Exceptional	Sound	$3,084Fees	0.543%Above	59
13	UNITED WHOLESALE MORTGAGE, LLCIndependent Mortgage Company	Strong	Acceptable	Exceptional	Exceptional	Sound	$1,753Fees	0.612%Above	19
14	PENNYMAC LOAN SERVICES, LLCIndependent Mortgage Company	Strong	Sound	Exceptional	Sound	Sound	$2,749Fees	0.261%Above	15
15	NEW AMERICAN FUNDING, LLCIndependent Mortgage Company	Strong	Acceptable	Exceptional	Sound	Sound	$2,934Fees	0.737%Above	17
16	AMERICAN PACIFIC MORTGAGE CORPORATIONIndependent Mortgage Company	Sound	Mediocre	Exceptional	Strong	Sound	$3,093Fees	0.441%Above	48

How We Rank Lenders

Our rankings use geometric mean scoring across equally-weighted categories. This rewards lenders who perform consistently well across all metrics, not just excel in one area.

Our Point System (Max 40 Points)

Pricing

Rate and fee competitiveness (25%)

Pull Through

Reliability in closing loans (25%)

Product

Specialization in the loan type (25%)

Place

Local market expertise (25%)

Data Integrity & Updates

Data is updated quarterly based on the latest HMDA filings and proprietary SafeRate analysis. All metrics are calculated using standardized methodologies to ensure fair comparison across lenders.