There’s a brand new No. 1 atop the checklist of the nation’s largest mortgage lenders.
United Wholesale Mortgage pushed previous Rocket Mortgage, the champ and the most important participant within the discipline by a large margin for the previous six years, to say the highest spot.
Elsewhere on the checklist, LoanDepot fell from third to tenth within the rankings, giving up its spot to Financial institution of America, whereas Wells Fargo and Chase Residence Lending dropped from the highest 10 altogether. Wells Fargo’s exit displays its choice to cut back mortgage lending in 2023.
How one can clarify the dramatic shift? Mortgage charges stored rising in 2023, and mortgage volumes plummeted. That actuality sparked a shakeup within the roster of the most important and most lively home-loan lenders.
The ten largest mortgage lenders by originations
Whereas greater than 5,000 lenders originated mortgages final yr, many of the exercise is concentrated on the high: The ten largest mortgage lenders accounted for practically 21 % of all U.S. house loans originated in 2023. These rankings are primarily based on a Bankrate evaluation of preliminary Residence Mortgage Disclosure Act information, with an help from ComplianceTech’s LendingPatterns.com.
The highest 10 largest lenders by variety of mortgages originated final yr are:
- United Wholesale Mortgage. This lender originated 294,000 loans price practically $108.5 billion in 2023, in accordance with HMDA information.
- Rocket Mortgage. Rocket originated practically 289,000 loans price $78 billion in 2023. That’s a pointy drop from the growth yr of 2021, when Rocket made greater than 1.2 million loans price $340 billion.
- Financial institution of America. The megabank originated 92,000 loans price $28 billion.
- Fairway Unbiased Mortgage. Fairway originated 86,000 loans price $27 billion.
- CrossCountry Mortgage. CrossCountry Mortgage made 83,000 loans with a mixed worth of practically $30 billion.
- U.S. Financial institution. U.S. Financial institution originated 72,000 loans price $26 billion.
- Navy Federal Credit score Union. This military-oriented credit score union originated 71,000 loans price $14.8 billion.
- Residents Financial institution. Residents originated practically 68,000 mortgages price $15.6 billion.
- PNC Financial institution. PNC did 67,000 loans price $19 billion.
- LoanDepot. This lender originated 65,000 loans price $21.5 billion in 2023.
When lenders are ranked by greenback quantity slightly than by variety of loans originated, the checklist modifications. Wells Fargo and Chase Residence Lending are nonetheless within the high 5. Wells Fargo had the most important common mortgage quantity, at $626,752, adopted by Chase at $599,195. Navy Federal had the bottom common mortgage quantity, at $207,222. Additionally within the high 10 by greenback quantity is DHI Mortgage, an affiliate of homebuilder D.R. Horton.
Conventional banks re-emerge
For those who took out a mortgage a number of years in the past, likelihood is you opted for a non-bank lender slightly than the financial institution who dealt with your checking and financial savings accounts. Solely two conventional monetary establishments ranked within the high 10 checklist of largest lenders in 2021.
However that sample has modified in 2022 and 2023. Financial institution of America, U.S. Financial institution, PNC Financial institution and Residents Financial institution stay within the high 10. Banks are inclined to deal with debtors with excessive mortgage balances, reflecting a deal with mortgages as a part of their general companies to their greatest clients.
