There’s a new No. 1 atop the list of the nation’s largest mortgage lenders.
United Wholesale Mortgage pushed past Rocket Mortgage, the champ and the biggest player in the field by a wide margin for the past six years, to claim the top spot.
Elsewhere on the list, LoanDepot fell from third to 10th in the rankings, giving up its spot to Bank of America, while Wells Fargo and Chase Home Lending dropped from the top 10 altogether. Wells Fargo’s exit reflects its decision to scale back mortgage lending in 2023.
How to explain the dramatic shift?Mortgage rates kept rising in 2023, and loan volumes plummeted. That reality sparked a shakeup in the roster of the biggest and most active home-loan lenders.
The 10 largest mortgage lenders by originations
While more than 5,000 lenders originated mortgages last year, most of the activity is concentrated at the top: The 10 largest mortgage lenders accounted for nearly 21 percent of all U.S. home loans originated in 2023. These rankings are based on a Bankrate analysis of preliminary Home Mortgage Disclosure Act data, with an assist from ComplianceTech’s LendingPatterns.com.
The top 10 largest lenders by number of mortgages originated last year are:
- United Wholesale Mortgage. This lender originated 294,000 loans worth nearly $108.5 billion in 2023, according to HMDA data.
- Rocket Mortgage. Rocket originated nearly 289,000 loans worth $78 billion in 2023. That’s a sharp drop from the boom year of 2021, when Rocket made more than 1.2 million loans worth $340 billion.
- Bank of America. The megabank originated 92,000 loans worth $28 billion.
- Fairway Independent Mortgage. Fairway originated 86,000 loans worth $27 billion.
- CrossCountry Mortgage. CrossCountry Mortgage made 83,000 loans with a combined value of nearly $30 billion.
- U.S. Bank. U.S. Bank originated 72,000 loans worth $26 billion.
- Navy Federal Credit Union. This military-oriented credit union originated 71,000 loans worth $14.8 billion.
- Citizens Bank. Citizens originated nearly 68,000 mortgages worth $15.6 billion.
- PNC Bank. PNC did 67,000 loans worth $19 billion.
- LoanDepot. This lender originated 65,000 loans worth $21.5 billion in 2023.
When lenders are ranked by dollar volume rather than by number of loans originated, the lineup changes. Wells Fargo and Chase Home Lending are still in the top five. Wells Fargo had the largest average loan amount, at $626,752, followed by Chase at $599,195. Navy Federal had the lowest average loan amount, at $207,222. Also in the top 10 by dollar volume is DHI Mortgage, an affiliate of homebuilder D.R. Horton.
Traditional banks re-emerge
If you took out a mortgage a few years ago, chances are you opted for a non-bank lender rather than the bank who handled your checking and savings accounts. Only two traditional financial institutions ranked in the top 10 list of largest lenders in 2021.
But that pattern has changed in 2022 and 2023. Bank of America, U.S. Bank, PNC Bank and Citizens Bank remain in the top 10. Banks tend to focus on borrowers with high mortgage balances, reflecting a focus on home loans as part of their overall services to their best customers.
FAQs
Who is the nation's largest mortgage lender? Rocket Mortgage is the largest mortgage lender in the United States, originating 464,363 mortgages worth $127.6 billion in 2022. Who is the largest non-bank mortgage lender?
Who is the largest mortgage lender in the US? ›
Who is the nation's largest mortgage lender? Rocket Mortgage is the largest mortgage lender in the United States, originating 464,363 mortgages worth $127.6 billion in 2022. Who is the largest non-bank mortgage lender?
Who is the number one lender in America in 2024? ›
2024 Top Overall Lenders
Rank | Company | Yrs. In Biz |
---|
1 | United Wholesale Mortgage | 38 |
2 | Pennymac | 16 |
3 | AmeriHome Mortgage Co. | 11 |
4 | Newrez | 7 |
47 more rows
Who is the best mortgage lender in the United States? ›
What Are the Best Mortgage Lenders?
Lender | Learn More | Min. Credit Score |
---|
First Federal Bank 4.3 | See Offers | 620 |
Veterans United Home Loans 4 | See Offers | 620 |
Bethpage 4.4 | Read Review | 660 |
PenFed Credit Union 4.8 | See Offers | 620 |
7 more rows
Which of the following types of mortgages are the largest in the US? ›
Conventional
The most common type of mortgage is the conventional loan.
Who is the largest non bank mortgage lenders? ›
Largest Nonbank Mortgage Lenders in the U.S. by Dollar Amount, 2022, HMDA Data
Rank | Lender | Amount |
---|
1 | Rocket Mortgage | $127,577,235,000 |
2 | United Shore Financial Services (United Wholesale Mortgage) | $127,513,645,000 |
3 | loanDepot | $52,531,740,000 |
4 | Fairway Independent Mortgage Corp. | $40,808,695,000 |
6 more rowsJul 31, 2023
Which bank is the biggest mortgage lender? ›
Lloyds Banking Group remained the largest residential mortgage lender in the UK in 2022, with £52.7bn in residential mortgage lending producing a 16.8 per cent market share.
Who is the largest private lender in the US? ›
The biggest private mortgage lender not to be part of a larger bank or other financial services corporation, Quicken Loans is the largest online mortgage lender in the country. The company blows away Wells Fargo by a large amount, having made $342.7 billion in loans.
Who is the biggest borrower in the world? ›
The biggest borrowers in the past fiscal year came from two industry sectors in particular, as our chart shows. Coming out on top are automotive companies Toyota and Volkswagen with a net debt of $186 billion and $185 billion, respectively.
What is the most popular mortgage loan in the US? ›
1. Conventional loan. Conventional loans, the most popular type of mortgage, come in two flavors: conforming and non-conforming.
Lenders with the lowest mortgage rates:
- JP Morgan Chase: 4.81%
- DHI Mortgage Company: 5.58%
- State Employees' Credit Union (SECU): 5.79%
- Navy Federal Credit Union*: 6.08%
- Wells Fargo Bank: 6.12%
- Citibank: 6.20%
- Pennymac: 6.29%
- Cornerstone Home Lending: 6.29%
Which bank gives the lowest home loan rate? ›
The lowest interest rate for a house in 2024 ranges between 8.35% and 8.50%, offered by banks such as Union Bank of India, Bank of Maharashtra, Bank of Baroda, Canara Bank and State Bank of India.
What is the best bank to get a mortgage? ›
- Bank of America. ...
- Alliant Credit Union. Best for credit union home loans. ...
- Wells Fargo. Best for conventional loans. ...
- Veterans United Home Loans. Best for VA loans. ...
- BMO Bank. Best for specialty loan programs. ...
- PNC Bank. Best for first-time homebuyers. ...
- Rocket Mortgage. Best online mortgage. ...
- SoFi. Best for customer experience.
Who holds US mortgages? ›
Fannie Mae and Freddie Mac buy mortgages from lenders and either hold these mortgages in their portfolios or package the loans into mortgage-backed securities (MBS) that may be sold. Lenders use the cash raised by selling mortgages to the Enterprises to engage in further lending.
What is the largest lending agencies in the United States? ›
The 10 largest mortgage lenders by originations
- United Wholesale Mortgage. This lender originated 294,000 loans worth nearly $108.5 billion in 2023, according to HMDA data.
- Rocket Mortgage. ...
- Bank of America. ...
- Fairway Independent Mortgage. ...
- CrossCountry Mortgage. ...
- U.S. Bank. ...
- Navy Federal Credit Union. ...
- Citizens Bank.
Which loan is best for a home? ›
Comparison of 10 Best Home Loan Banks in India
S.No | Bank Name | Interest Rate |
---|
1 | Aditya Birla Capital | 9.05% onwards |
2 | Union Bank of India | 9.00% onwards |
3 | Kotak Mahindra Bank | 8.85% to 9.40% |
4 | HDFC Bank | 8.50% onwards |
6 more rows
Who is the leader in the mortgage market? ›
UWM was responsible for 48% of wholesale-broker originations in 2023, up from 37% in 2022, and over four times the volume of Rocket Mortgage, the second largest player with 12% market share, per Inside Mortgage Finance.
Who is the largest lender to the US government? ›
Which countries hold the most US debt? Over the past 20 years, Japan and China have owned more US Treasurys than any other foreign nation. Between December 2000 and April 2024, Japan grew from owning $556.3 billion to just over $1.1 trillion.
Is Rocket Mortgage the largest mortgage lender? ›
Founded by Dan Gilbert in 1985, Rocket Mortgage is America's largest retail mortgage lender.