There’s a new number one at the top of the list of the nation’s largest mortgage lenders.
United Wholesale Mortgage has taken the top spot in loan origination by a wide margin over Rocket Mortgage, the king and biggest player in the space for the past six years.
Elsewhere on the list, Loan Depot dropped from No. 3 to No. 10 in the rankings, ceding its spot to Bank of America, while Wells Fargo and Chase Home Lending dropped out of the top 10 entirely. . Wells Fargo’s exit reflects the company’s decision to scale back its mortgage lending in 2023.
How do we explain this dramatic change? Mortgage interest rates continued to rise in 2023, and loan amounts plummeted. This reality has shaken up the roster of the largest and most active mortgage lenders.
10 Largest Mortgage Lenders by Origination
More than 5,000 lenders originated mortgages last year, but most of that activity was concentrated at the top, with the 10 largest mortgage lenders accounting for nearly 21% of all U.S. mortgages originated in 2023. Ta. These rankings are based on Bankrate analysis of interim mortgages. Mortgage Disclosure Act data powered by ComplianceTech’s LendingPatterns.com.
The top 10 companies by number of mortgage loans originated last year are:
- United Wholesale Mortgage: The lender originated 294,000 loans worth nearly $108.5 billion in 2023, according to HMDA data.
- Rocket Mortgage: Rocket originated approximately 289,000 loans valued at $78 billion in 2023. This is a significant decrease from the boom period of 2021, when Rocket made more than 1.2 million loans worth $340 billion. In J.D. Power’s latest customer satisfaction rankings for loan originators, Rocket was ranked No. 6 with a score of 747.
- Bank of America: Megabanks originated 92,000 loans worth $28 billion. Bank of America ranked third in the JD Power study with a score of 760.
- Fairway Independent Housing Loan: Fairway has originated 86,000 loans worth $27 billion. In the J.D. Power study, Bank of America ranked 7th with a score of 746.
- cross country mort gage: Cross Country Mortgage has originated 83,000 loans totaling approximately $30 billion. In JD Power’s research, this lender received a below-average score of 663.
us bank: US Bank has originated 72,000 loans worth $26 billion. The bank had a below-average score of 708 in the JD Power survey.
- Navy Federal Credit Union: The military-oriented credit union has originated 71,000 loans worth $14.8 billion. In JD Power’s research, this lender has an above-average score of 748.
- Citizens Bank: Citizens originated approximately 68,000 home loans worth $15.6 billion. In the JD Power survey, Citizens scored 723, which is below average.
- PNC Bank: PNC has made 67,000 loans worth $19 billion. The bank received an above-average score of 738 in the JD Power study.
- Loan Depot: The lender originated 65,000 loans worth $21.5 billion in 2023. In the JD Power study, loanDepot had a below average score of 704.
The lineup changes when lenders are ranked by loan amount rather than number of loans. Wells Fargo and Chase Home Lending remain 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 value is DHI Mortgage, an affiliate of homebuilder DR Horton.
Traditional banks are back
If you took out a mortgage several years ago, you may have chosen a non-bank financial institution rather than the same bank that handled your checking and savings accounts. Only two traditional financial institutions made it into the top 10 list of 2021’s largest lenders.
However, the pattern changed in 2022 and 2023. Bank of America, US Bank, PNC Bank, and Citizens Bank remain in the top 10. Banks tend to focus on borrowers with large mortgage balances, reflecting their focus on mortgages as part of their overall lending portfolio. Serve your best customers.
