KEY POINTS
- NON-BANKS LEAD: Non-bank financial institutions dominate the U.S. mortgage market, with the top three lenders in 2022 being Rocket Mortgage, United Shore Financial Services, and loanDepot.
- MARKET SHARE DROPS: The top 25 mortgage lenders accounted for 35% of both closed-end mortgages and mortgage refinance loans in 2022, a decline from 44% and 53% respectively in 2021.
- INDUSTRY SHIFT: The rapid rise in interest rates since late 2021 led to decreased mortgage originations and a notable presence of large banks like Bank of America and JPMorgan Chase in the top 10 lenders of 2022.
Key findings are powered by ChatGPT and based solely off the content from this article. They are reviewed by Jack Caporal, our research director. The author and editors take ultimate responsibility for the content.
Rocket Mortgage, United Shore Financial Services, and loanDepot are the three largest mortgage lenders in the United States -- and all three are non-bank financial institutions. The top three are unchanged from 2021 to 2022.
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 2022.
Overall, the top 25 mortgage lenders were responsible for 35% of closed-end mortgages and 35% of mortgage refinance loans. That's down from 44% and 53% respectively in 2021.
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. Rocket Mortgage
Rocket Mortgage -- formally Quicken Loans -- has been the largest mortgage lender by number of originations for years.
In 2022, Rocket Mortgage originated 464,363 mortgages worth $127.6 billion, giving it a 5.5% share of the market by origination. That's down from roughly 1.2 million originations in 2021 worth nearly $290 billion.
Rocket Mortgage provides competitive mortgage rates, award-winning customer service, and a seamless fully digital, online-only mortgage application process.
| Mortgage provider | Institution type | Total originations | Total loan volume | Origination market share | Loan volume market share |
|---|---|---|---|---|---|
| Rocket Mortgage | Independent mortgage company | 464,363 | $127,577,000,000 | 5.53% | 4.49% |
Data source: Federal Financial Institutions Examination Council.
2. United Wholesale Mortgage (United Shore Financial Services)
United Wholesale Mortgage is the second-largest mortgage company, originating 348,415 mortgages in 2022 worth $127.5 billion.
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 Corporation, the fifth-largest lender.
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% towards the down payment, up to $4,000.
| Mortgage provider | Institution type | Total originations | Total loan volume | Origination market share | Loan volume market share |
|---|---|---|---|---|---|
| United Shore Financial Services | Independent mortgage company | 348,415 | $127,514,000,000 | 4.15% | 4.49% |
Data source: Federal Financial Institutions Examination Council.
3. 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.
LoanDeport is one of the largest VA mortgage lenders.
| Mortgage provider | Institution type | Total originations | Total loan volume | Origination market share | Loan volume market share |
|---|---|---|---|---|---|
| loanDepot | Independent mortgage company | 156,126 | $52,531,740,000 | 1.86% | 1.85% |
Data source: Federal Financial Institutions Examination Council.
The company originated 156,126 mortgages in 2022, worth $52.5 billion.
4. 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 2023.
Under the new strategy, Wells Fargo will reduce mortgage lending and focus on serving bank customers and minority communities.
In addition to offering an array of loan terms and products, Wells Fargo can accommodate low-income borrowers seeking flexible credit requirements.
| Mortgage provider | Institution type | Total originations | Total loan volume | Origination market share | Loan volume market share |
|---|---|---|---|---|---|
| Wells Fargo | Large bank | 142,769 | $78,976,195,000 | 1.70% | 2.78% |
Data source: Federal Financial Institutions Examination Council.
Despite originating 142,769 mortgages in 2022 -- some 13,000 fewer than loanDepot -- those mortgages were valued at roughly $79 billion, some $16.5 billion more than the value of mortgages provided by loanDepot.
5. Fairway Independent Mortgage Corporation
Rising two spots from 2021, Fairway Independent Mortgage Corporation originated 127,965 mortgages in 2022, worth $40.8 billion.
Fairway Independent Mortgage has consistently high customer satisfaction, in part due to its hundreds of branches across the country.
| Mortgage provider | Institution type | Total originations | Total loan volume | Origination market share | Loan volume market share |
|---|---|---|---|---|---|
| Fairway Independent Mortgage Corporation | Independent mortgage company | 127,965 | $40,808,695,000 | 1.52% | 1.44% |
Data source: Federal Financial Institutions Examination Council.
6. Bank of America
Bank of America jumped up nine spots from 2021, originating 121,486 mortgages worth $53.5 billion in 2022.
Bank of America 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 | Institution type | Total originations | Total loan volume | Origination market share | Loan volume market share |
|---|---|---|---|---|---|
| Bank of America | Large bank | 121,486 | $53,522,050,000 | 1.45% | 1.88% |
Data source: Federal Financial Institutions Examination Council.
7. U.S. Bank
Propelled by 119,747 mortgage originations worth $42.5 billion, U.S. Bank is the seventh-largest mortgage lender, up seven places from 2021.
Customers who bank with U.S. Bank receive a large discount on mortgage closing costs.
| Mortgage provider | Institution type | Total originations | Total loan volume | Origination market share | Loan volume market share |
|---|---|---|---|---|---|
| U.S. Bank | Large bank | 119,747 | $42,530,125,000 | 1.43% | 1.50% |
Data source: Federal Financial Institutions Examination Council.
8. JPMorgan Chase
The largest bank and one of the biggest stock brokers in the U.S., JPMorgan Chase is the eighth-largest mortgage lender by number of originations, down two spots from 2021.
Chase provides mortgages through Chase Home Lending.
| Mortgage provider | Institution type | Total originations | Total loan volume | Origination market share | Loan volume market share |
|---|---|---|---|---|---|
| JPMorgan Chase | Large bank | 115,033 | $72,661,605,000 | 1.37% | 2.56% |
Data source: Federal Financial Institutions Examination Council.
9. PNC
PNC originated 107,904 mortgages in 2022 worth $37 billion, making it the ninth-largest mortgage lender by originations.
PNC offers a wider variety of mortgages to a broader range of customers than most other mortgage lenders.
| Mortgage provider | Institution type | Total originations | Total loan volume | Origination market share | Loan volume market share |
|---|---|---|---|---|---|
| PNC | Large bank | 107,904 | $37,350,450,000 | 1.29% | 1.32% |
Data source: Federal Financial Institutions Examination Council.
10. Citizens Bank
A newcomer to the top 25 list of mortgage lenders, Citizens Bank originated 101,366 mortgages in 2022 worth $25.3 billion.
| Mortgage provider | Institution type | Total originations | Total loan volume | Origination market share | Loan volume market share |
|---|---|---|---|---|---|
| Citizens Bank | Large bank | 101,366 | $25,374,430,000 | 1.21% | 0.89% |
Data source: Federal Financial Institutions Examination Council.
Mortgage lending trends
2022 brought changes to the mortgage industry.
The number of mortgages originated and the overall value of those mortgages dropped significantly from 2021 as interest rates quickly rose starting at the end of 2021 and through 2022.
At the same time, fewer non-bank mortgage lenders made it into the top 25 and top 10 mortgage lenders in 2022 than 2021. Heavyweight banks including Bank or America, JPMorgan Chase, and PNC made their way into the top 10 largest mortgage lenders while non-bank lenders dropped out of the top 10.
More changes to the mortgage market are likely in store with the Federal Reserve’s interest rate path uncertain, the housing market cooling, and a resurgence of big banks in mortgage lending.
FAQs
The Ascent has 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.
Rocket Mortgage is the largest mortgage lender in the United States, originating 464,363 mortgages worth $127.6 billion in 2022.
Rocket Mortgage is the largest non-bank mortgage lender in the United States and largest overall, originating 464,363 mortgages worth $127.6 billion in 2022.
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.
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."
