The Largest Mortgage Providers in the U.S.
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Rocket Mortgage, United Wholesale Mortgage, and loanDepot are the three largest mortgage lenders in the United States and also happen to be non-bank financial institutions.
Non-bank mortgage lenders now make up a significant share of mortgage lending. Nineteen of the 25 largest mortgage lenders are non-bank, non-credit-union financial institutions.
Overall, the top 25 lenders were responsible for 44% of closed-end mortgages and 53% of mortgage refinance loans in 2021. They provided 15 million mortgages that year, according to the Federal Financial Institutions Examination Council.
Read on for a deeper dive into the biggest mortgage companies.
Key findings
- The top three mortgage lenders are Rocket Mortgage, United Shore Financial Services, and loanDepot -- all non-bank financial institutions.
- 4,338 financial institutions provided 15 million mortgages in 2021.
- Nineteen of the 25 largest mortgage lenders are non-bank, non-credit union financial institutions.
Top 25 largest mortgage lenders by originations
| Mortgage provider | Institution type | Total originations (thousands) | Total loan volume |
|---|---|---|---|
| Rocket Mortgage | Independent mortgage company | 1,236 | $288,349,875,000 |
| United Shore Financial Services | Independent mortgage company | 654 | $281,022,410,000 |
| loanDepot.com | Independent mortgage company | 390 | $190,096,000,000 |
| Wells Fargo | Large bank | 376 | $327,840,000,000 |
| Freedom Mortgage Corporation | Independent mortgage company | 361 | $184,714,000,000 |
| JPMorgan Chase | Large bank | 274 | $249,576,000,000 |
| Fairway Independent Mortgage Corporation | Independent mortgage company | 236 | $98,649,275,000 |
| Caliber Home Loans | Independent mortgage company | 232 | $117,594,000,000 |
| Home Point Financial Corporation | Independent mortgage company | 209 | $116,902,000,000 |
| PennyMac Loan Services | Independent mortgage company | 209 | $164,070,000,000 |
| Guaranteed Rate | Independent mortgage company | 195 | $121,396,000,000 |
| Nationstar Mortgage | Independent mortgage company | 180 | $103,387,000,000 |
| Crosscountry Mortgage | Independent mortgage company | 156 | $73,404,860,000 |
| U.S. Bank National Association | Large bank | 154 | $146,879,000,000 |
| Bank of America | Large bank | 141 | $137,519,000,000 |
| Newrez | Independent mortgage company | 137 | $153,955,000,000 |
| Better Mortgage | Independent mortgage company | 133 | $85,554,250,000 |
| AmeriSave Mortgage Corporation | Independent mortgage company | 128 | $128,758,000,000 |
| Guild Mortgage Company | Independent mortgage company | 118 | $48,245,935,000 |
| Movement Mortgage | Independent mortgage company | 111 | $44,187,890,000 |
| Flagstar Bank | Large bank | 108 | $65,949,410,000 |
| Mortgage Research Center | Independent mortgage company | 108 | $63,022,705,000 |
| Cardinal Financial Company | Independent mortgage company | 106 | $65,592,750,000 |
| Broker Solutions | Independent mortgage company | 104 | $55,603,460,000 |
| Navy Federal Credit Union | Credit union | 81 | $51,733,730,000 |
The 10 largest mortgage lenders: Market insight
Top mortgage lenders by originations over time
Rocket Mortgage
Rocket Mortgage -- formally Quicken Loans -- has been the largest mortgage lender by originations for years.
In 2021, Rocket Mortgage originated 1,236,000 mortgages worth nearly $290 billion, giving it a 9% share of the mortgage market.
| Mortgage provider | Institution type | Total originations (thousands) | Total loan volume | Market share (percent) | Total purchases (thousands) |
|---|---|---|---|---|---|
| Rocket Mortgage | Independent mortgage company | 1,236 | $288,349,875,000 | 8.8% | 15 |
Rocket Mortgage also is home to the most lower-middle income borrowers (341,000) and most minority borrowers (283,000).
The Detroit-based company also provides the most refinance loans (979,000) and provides more refinance loans to lower-middle income borrowers (339,000) and minority borrowers (218,000) than any other mortgage lender.
United Wholesale Mortgage
United Wholesale Mortgage is the second-largest mortgage company, originating 654 thousand mortgages in 2021 worth roughly $280 billion.
United Wholesale Mortgage went public in January 2022 via SPAC. The company will not work with brokers or banks that work with two of its major competitors -- Rocket Mortgage and Fairway Independent Mortgage Group.
| Mortgage provider | Institution type | Total originations (thousands) | Total loan volume | Market share (percent) | Total purchases (thousands) |
|---|---|---|---|---|---|
| United Shore Financial Services | Independent mortgage company | 654 | $281,022,410,000 | 4.7% | <1 |
United Wholesale Mortgage served the second-most lower-middle income borrowers (187,000) in 2021 and second-most minority borrowers (208,000).
Headquartered just 30 miles north of its rival Rocket Mortgage, United Wholesale Mortgage provided mortgage refinance loans to 161,000 middle income borrowers and 168,000 minority borrowers in 2021 -- also good for second-most in each category.
loanDepot
LoanDepot is the third-largest mortgage lender by origination, rising three spots since 2019. The independent mortgage company was founded in 2009 and went public in 2021.
| Mortgage provider | Institution type | Total originations (thousands) | Total loan volume | Market share (percent) | Total purchases (thousands) |
|---|---|---|---|---|---|
| loanDepot.com | Independent mortgage company | 390 | $190,096,000,000 | 2.8% | <1 |
LoanDepot served 93,000 lower-middle income borrowers and 134,000 minority borrowers in 2021. That year, it also provided mortgage refinances to 83,000 lower-middle income borrowers and 73,000 minority borrowers.
Wells Fargo
Banking behemoth Wells Fargo is the fourth-largest mortgage lender by originations, dropping a spot since 2019 amid a new strategy towards mortgage lending announced in January.
Under the new strategy, Wells Fargo will reduce mortgage lending and focus on serving bank customers and minority communities.
| Mortgage provider | Institution type | Total originations (thousands) | Total loan volume | Market share (percent) | Total purchases (thousands) |
|---|---|---|---|---|---|
| Wells Fargo | Large bank | 376 | $327,840,000,000 | 2.7% | 249 |
Despite originating 376,000 mortgages in 2021, Wells Fargo posted the largest total loan volume -- $328 billion -- of any mortgage lender.
Wells Fargo provided mortgages to 63,000 lower-middle income borrowers and 96,000 minority borrowers. The company provided mortgage refinances to 85,000 lower-middle income borrowers and 72,000 minority borrowers.
Freedom Mortgage Corporation
Freedom Mortgage Corporation originated 361,000 mortgages in 2021, making it the fifth-largest mortgage lender -- up four spots from 2019. The mortgage lender focuses on VA loans.
| Mortgage provider | Institution type | Total originations (thousands) | Total loan volume | Market share (percent) | Total purchases (thousands) |
|---|---|---|---|---|---|
| Freedom Mortgage Corporation | Independent mortgage company | 361 | $184,714,000,000 | 26.0% | 73 |
Freedom Mortgage Corporation provided mortgages to 116,000 lower-middle income borrowers and 108,000 minority borrowers. The independent mortgage company provided mortgage refinances to 25,000 lower-middle income customers and 82,000 minority borrowers.
JPMorgan Chase
The largest bank and one of the biggest stock brokers in the U.S., JPMorgan Chase is the sixth-largest mortgage lender by originations, down two spots from 2019.
| Mortgage provider | Institution type | Total originations (thousands) | Total loan volume | Market share (percent) | Total purchases (thousands) |
|---|---|---|---|---|---|
| JPMorgan Chase | Large bank | 274 | $249,576,000,000 | 2.0% | 175 |
JPMorgan Chase provided mortgages to 54,000 lower-middle income borrowers and 86,000 minority borrowers. The bank also provided mortgage refinance loans to 65,000 lower-middle income borrowers and 67,000 minority borrowers.
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation provided 236,000 mortgages in 2021, making it the seventh-largest mortgage company, down two spots from 2019.
| Mortgage provider | Institution type | Total originations (thousands) | Total loan volume | Market share (percent) | Total purchases (thousands) |
|---|---|---|---|---|---|
| Fairway Independent Mortgage Corporation | Independent mortgage company | 236 | $98,649,275,000 | 1.7% | <1 |
Fairway Independent Mortgage Corporation provided mortgages to 74,000 lower-middle income borrowers and 86,000 minority borrowers. The independent mortgage company provided mortgage refinance loans to 65,000 lower-middle income borrowers and 67,000 minority borrowers.
Caliber Home Loans
Caliber Home Loans provided 232,000 mortgages in 2021, worth roughly $118 billion.
| Mortgage provider | Institution type | Total originations (thousands) | Total loan volume | Market share (percent) | Total purchases (thousands) |
|---|---|---|---|---|---|
| Caliber Home Loans | Independent mortgage company | 232 | $117,594,000,000 | 1.7% | 38 |
The independent mortgage company serviced mortgages to 74,000 lower-middle income borrowers and 67,000 minority borrowers. Caliber Home Loans provided mortgage refinance loans to 50,000 lower-middle income customers and 43,000 minority customers.
Home Point Financial Corporation
Founded in 2015, Home Point Financial Corporation provided 209,000 mortgages worth $117 billion in 2021, making it the ninth-largest mortgage lender by originations.
| Mortgage provider | Institution type | Total originations (thousands) | Total loan volume | Market share (percent) | Total purchases (thousands) |
|---|---|---|---|---|---|
| Home Point Financial Corporation | Independent mortgage company | 209 | $116,902,000,000 | 1.5% | 71 |
Home Point provided mortgages to 63,000 lower-middle income borrowers and 58,000 minority borrowers. The independent mortgage company serviced mortgage refinances for 49,000 lower-middle income customers and 50,000 minority customers.
PennyMac Loan Services
Founded in 2008 during the subprime mortgage crisis, PennyMac Loan Services provided 209,000 mortgages in 2021.
| Mortgage provider | Institution type | Total originations (thousands) | Total loan volume | Market share (percent) | Total purchases (thousands) |
|---|---|---|---|---|---|
| PennyMac Loan Services | Independent mortgage company | 209 | $164,070,000,000 | 1.5% | 232 |
PennyMac Loan Services provided 48,000 mortgages to lower-middle income borrowers and 51,000 mortgages to minority borrowers. The independent mortgage company provided mortgage refinance loans to 26,000 lower-middle income customers and 52,000 minority customers.
FAQs
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The Ascent has a list of some of the best mortgage lenders, whether you're looking for a streamlined online application process, VA loans, excellent customer service, or any number of other criteria.
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The largest mortgage lender in the United States is Rocket Mortgage. The independent mortgage company originated 1,236,000 mortgages (worth nearly $290 billion), giving it a 9% share of the mortgage market in 2021.
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Rocket Mortgage is the largest non-bank mortgage lender in the U.S. The independent mortgage company originated 1,236,000 mortgages (worth nearly $290 billion), giving it a 9% share of the mortgage market in 2021.
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A mortgage lender is a financial institution that provides a mortgage. A mortgage broker helps a prospective home buyer find a mortgage, taking care of the communication and negotiation with the mortgage lender on behalf of their client, for a fee.
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There are pros and cons to each type of mortgage provider. A large bank may come with a sense of security, as well as more physical locations for in-person service. A big non-bank lender can probably offer a speedy online application process. A smaller, local lender may know your specific area better and have more time to spend with you on your application. Think about what is most important to you, then explore lenders that excel in those areas.
Sources
- Consumer Financial Protection Bureau (2022). "Data Point: 2021 Mortgage Market Activity and Trends."
- Federal Financial Institutions Examination Council. "Home Mortgage Disclosure Act."
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