The Largest Mortgage Lenders in the U.S.
KEY POINTS
- Non-bank dominance: 15 of the 25 largest U.S. mortgage lenders in 2023 are non-bank financial institutions.
- Market share shift: The top 25 mortgage lenders' market share decreased to 34% in 2023 from 35% in 2022 and 44% in 2021.
- United Wholesale Mortgage: This company became the largest mortgage lender by originating 294,387 mortgages worth $108 billion in 2023.
United Wholesale Mortgage, Rocket Mortgage®, and Bank of America Mortgage are the three largest mortgage lenders in the United States -- and the top two are non-bank financial institutions.
Non-bank financial institutions account for 15 of the 25 largest mortgage lenders, according to data from the Federal Financial Institutions Examination Council on mortgages given in 2023.
The top 25 mortgage lenders were responsible for 34% of all mortgages, down from 35% in 2022 and 44% in 2021. They also provided 37% of home purchase loans in 2023.
Read on for a deeper dive into the biggest mortgage companies.
Top 25 largest mortgage lenders by originations
The 10 largest mortgage lenders: Detailed breakdown
Top mortgage lenders by originations over time
1. United Wholesale Mortgage (United Shore Financial Services)
United Wholesale Mortgage is the largest mortgage company, originating 294,387 mortgages in 2023 worth $108 billion. It overtook Rocket Mortgage® for the top spot.
United Wholesale Mortgage went public in January 2022 via SPAC.
The company has faced and initiated litigation over its policy of not working with brokers who also work with Rocket Mortgage® and Fairway Independent Mortgage, the second- and fourth-largest lenders respectively.
United Wholesale Mortgage is a wholesale lender, which means its loans are only accessible via a mortgage broker.
The lender offers a unique "Conventional 1% Down" program, where if an income-qualified borrower puts 1% down, United Wholesale Mortgage will put an additional 2% toward the down payment, up to $4,000.
| Mortgage provider | Type | Total originations | Home purchase originations | Total mortgage amount | Home purchase loan amount | Total loan origination market share | Total loan amount market share |
|---|---|---|---|---|---|---|---|
| United Wholesale Mortgage | Independent mortgage company | 294,387 | 245,032 | $108,480,000,000 | $94,025,630,000 | 5.17% | 6.11% |
2. Rocket Mortgage®
Rocket Mortgage® -- formally Quicken Loans -- was the second-largest mortgage lender in 2023 after claiming the top spot for a number of years.
In 2023, Rocket Mortgage® originated 288,558 mortgages worth $76 billion, giving it a 5.1% share of the market by origination. That's down from roughly 464,000 originations in 2022 worth nearly $128 billion.
| Mortgage provider | Type | Total originations | Home purchase originations | Total mortgage amount | Home purchase loan amount | Total loan origination market share | Total loan amount market share |
|---|---|---|---|---|---|---|---|
| Rocket Mortgage | Independent mortgage company | 288,558 | 129,883 | $76,259,060,000 | $44,799,775,000 | 5.07% | 4.29% |
3. Bank of America Mortgage
Bank of America Mortgage continues to climb the list of largest mortgage providers, moving up three spots in 2023 after jumping six spots in 2022. It originated nearly 92,000 mortgages in 2023, about a third of which were for home purchases.
Bank of America Mortgage offers low down payment mortgages and down payment assistance, plus perks for those who have bank accounts with Bank of America or invest with Merrill.
| Mortgage provider | Type | Total originations | Home purchase originations | Total mortgage amount | Home purchase loan amount | Total loan origination market share | Total loan amount market share |
|---|---|---|---|---|---|---|---|
| Bank of America | Large bank | 91,846 | 27,683 | $28,452,070,000 | $16,753,035,000 | 1.61% | 1.60% |
4. Fairway Independent Mortgage
Rising one spot from 2022, Fairway Independent Mortgage originated 86,334 mortgages in 2023, worth $27 billion. Ninety-five percent of those mortgages were for home purchases.
Fairway Independent Mortgage has consistently high customer satisfaction rates, in part due to its hundreds of branches across the country.
| Mortgage provider | Type | Total originations | Home purchase originations | Total mortgage amount | Home purchase loan amount | Total loan origination market share | Total loan amount market share |
|---|---|---|---|---|---|---|---|
| Fairway Independent Mortgage Company | Independent mortgage company | 86,334 | 81,733 | $26,928,060,000 | $25,749,815,000 | 1.52% | 1.52% |
5. CrossCountry Mortgage
CrossCountry Mortgage was the fifth-largest mortgage lender in 2023, dispensing 83,452 mortgages, the majority of which were for home purchases.
CrossCountry Mortgage has mortgages available for most types of home buyers, including those with lower credit scores and smaller down payments. The company has also leaned into automation, which saves time in applying for and closing a loan with it.
| Mortgage provider | Type | Total originations | Home purchase originations | Total mortgage amount | Home purchase loan amount | Total loan origination market share | Total loan amount market share |
|---|---|---|---|---|---|---|---|
| CrossCountry Mortgage | Independent mortgage company | 83,452 | 74,958 | $29,591,900,000 | $27,206,010,000 | 1.47% | 1.67% |
6. U.S. Bank Mortgage
Propelled by 121,486 mortgage originations worth $54 billion, U.S. Bank Mortgage is the sixth-largest mortgage lender, up one place from 2022 and eight places from 2021.
Customers who bank with U.S. Bank receive a large discount on mortgage closing costs.
| Mortgage provider | Type | Total originations | Home purchase originations | Total mortgage amount | Home purchase loan amount | Total loan origination market share | Total loan amount market share |
|---|---|---|---|---|---|---|---|
| U.S. Bank | Large bank | 72,124 | 33,963 | $25,708,780,000 | $19,308,345,000 | 1.27% | 1.45% |
7. Navy Federal Credit Union Mortgage
Navy Federal Credit Union Mortgage, the seventh-largest mortgage lender as of 2023, provided 71,421 mortgages that year worth nearly $15 billion.
If you are a member of Navy Federal Credit Union or eligible to become one, it's a top mortgage lender option. It's particularly attractive to borrowers who can only afford a low down payment, but don't want private mortgage insurance.
| Mortgage provider | Type | Total originations | Home purchase originations | Total mortgage amount | Home purchase loan amount | Total loan origination market share | Total loan amount market share |
|---|---|---|---|---|---|---|---|
| Navy Federal Credit Union | Credit union | 71,421 | 28,977 | $14,830,605,000 | $10,661,245,000 | 1.25% | 0.83% |
8. Citizens Bank
The eight-largest mortgage lender in 2023 was Citizens Bank. The company provided 67,550 mortgages that year, 16,902 of which were for home purchases.
| Mortgage provider | Type | Total originations | Home purchase originations | Total mortgage amount | Home purchase loan amount | Total loan origination market share | Total loan amount market share |
|---|---|---|---|---|---|---|---|
| Citizens Bank | Large bank | 67,550 | 16,902 | $15,615,610,000 | $6,897,040,000 | 1.19% | 0.88% |
9. PNC Mortgage
PNC Mortgage originated 66,913 mortgages in 2023 worth $19 billion, making it the ninth-largest mortgage lender by originations.
PNC Mortgage offers a wider variety of mortgages to a broader range of customers than most other mortgage lenders.
| Mortgage provider | Type | Total originations | Home purchase originations | Total mortgage amount | Home purchase loan amount | Total loan origination market share | Total loan amount market share |
|---|---|---|---|---|---|---|---|
| PNC Bank | Large bank | 66,913 | 13,569 | $19,208,095,000 | $7,628,775,000 | 1.18% | 1.08% |
10. loanDepot
LoanDepot is the 10th-largest mortgage lender by origination, dropping seven spots from 2022. The independent mortgage company was founded in 2009 and went public in 2021.
LoanDepot is one of the largest VA mortgage lenders.
| Mortgage provider | Type | Total originations | Home purchase originations | Total mortgage amount | Home purchase loan amount | Total loan origination market share | Total loan amount market share |
|---|---|---|---|---|---|---|---|
| loanDepot | Independent mortgage company | 65,388 | 43,734 | $21,479,750,000 | $15,982,000,000 | 1.15% | 1.21% |
Mortgage lending trends
Mortgage activity significantly declined in 2023 compared to 2022: 2.7 million fewer mortgages were issued and the value of mortgages issued declined by over $1 trillion, from $2.9 trillion to $1.8 trillion.
Those numbers include loans for home purchases, home improvements, refinancing, cash out refinancing, and other home loans.
Looking at just home purchase and refinance loans, the number of originations dropped from 4.8 million in 2021 to 1.5 million in 2023. Lending volume did start to pick back up in the second quarter of 2024 amid downward pressure on mortgage rates for the first time in years.
Non-bank mortgage lenders retained their market share in 2023 after large banks took back some market share in 2022.
More changes to the mortgage market are likely in store, with the Federal Reserve considering additional rate cuts while eager prospective home buyers bide their time.
FAQs
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Here's a list of some of the best mortgage lenders, whether you're looking for a streamlined online application process, specialized loan type, excellent customer service, or any number of other criteria.
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United Wholesale Mortgage is the largest mortgage lender in the United States, originating 294,387 mortgages worth $108 billion in 2023.
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United Wholesale Mortgage is the largest non-bank mortgage lender and the largest overall mortgage lender in the United States, originating 294,387 mortgages worth $108 billion in 2023.
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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
- Federal Financial Institutions Examination Council (2024). "Home Mortgage Disclosure Act."
Our Research Expert
Jack Caporal is the Research Director for The Motley Fool and Motley Fool Money.
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