The Largest Mortgage Providers in the U.S.

The Largest Mortgage Suppliers within the U.S.

Greater than 11,000 establishments originated a mortgage loan in 2019. That covers about 9.2 million loans. However the largest mortgage lenders make up an enormous proportion of that quantity. The highest 25 lenders account for over 88% of the loans originated.

We appeared on the high 25 mortgage lenders from 2019 to seek out out which originated essentially the most loans, closed essentially the most {dollars}’ price of loans, did the best proportion of their enterprise with minorities and low-income debtors, and extra.

Key findings

  • Nearly 5,500 lenders reported statistics underneath the Residence Mortgage Disclosure Act in 2019.
  • Quicken Loans originated 541,000 buy loans in 2019, essentially the most of any lender.
  • Wells Fargo closed loans price over $305 billion in 2019, 73% greater than the closest competitor.
  • Dealer Options and Financial institution of America originated virtually a 3rd of their loans to minority debtors in 2019.
  • Dealer Options, Motion Mortgage, and CrossCountry Mortgage originated virtually a 3rd of their 2019 loans to low- or moderate-income debtors.
  • Over half of mortgages from Nationstar, Freedom Mortgage, Quicken Loans, and loanDepot in 2019 have been refinances.

The Residence Mortgage Disclosure Act (HMDA)

A lot of our information on the biggest mortgage suppliers comes from the 2019 Mortgage Market Exercise and Traits report, which studies information collected underneath the Residence Mortgage Disclosure Act (HMDA).

Nearly 5,500 banks, financial savings associations, credit score unions, and nondepository mortgage lenders reported their lending exercise to the federal government in 2019.

Solely monetary establishments with belongings of $46 million or extra have been required to report their mortgage exercise in 2019.

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Want some context for that quantity? Wells Fargo had belongings of $1.9 trillion on the conclusion of 2019.

The CFPB estimates that the 5,500 monetary establishments who report underneath the HMDA signify about 88% of closed-end mortgages originated in the US, or 8.1 million loans. (Most mortgages are closed-end mortgages; residence fairness traces of credit score, or HELOCs, should not.)

The info reported underneath the HMDA helps regulators be certain that mortgage lenders are serving their communities and never discriminating in opposition to debtors.

The 2019 Mortgage Market Exercise and Traits report consists of information on the 25 largest mortgage lenders within the nation. Listed here are some highlights from that information (scroll to the desk on the backside for an inventory of all 25 largest mortgage suppliers):

Largest mortgage supplier by buy originations: Quicken Loans

  1. Quicken Loans: 541,000
  2. United Shore Monetary*: 339,000
  3. Wells Fargo: 232,000
  4. Chase: 168,000
  5. Fairway Impartial Mortgage: 147,000

* United Shore Monetary is often known as United Wholesale Mortgage, however as a result of they’re listed within the HMDA as United Shore, we’re utilizing that identify right here, too.

These 5 lenders issued 17.59% of all HMDA-reported mortgages in 2019. The highest 25 lenders mixed issued 37.17% of all HMDA-reported mortgages.

Scroll all the way down to see all the record of largest mortgage lenders by buy originations.

Largest mortgage supplier by complete quantity of closed standard loans: Wells Fargo

  1. Wells Fargo: $305,626,315,000
  2. Chase: $177,079,000,000
  3. Quicken Loans: $145,878,710,000
  4. United Shore Monetary: $99,006,645,00
  5. U.S. Financial institution: $79,313,290,000

This rating consists of all loan varieties recognized by the HMDA: buy, refinance, cash-out refinance, residence enchancment, different, and “not relevant.”

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Largest variety of buy originations to minority debtors: United Shore

The Client Monetary Safety Bureau defines “minority debtors” as those that establish as “nonwhite . . . or Hispanic white.”

  1. United Shore Monetary Companies: 41,648
  2. Wells Fargo: 25,200
  3. Quicken Loans: 22,646
  4. Financial institution of America: 20,336
  5. Fairway Impartial Mortgage: 18,800

HMDA-reported buy originations to minority debtors in 2019 totaled 848,526.

Largest proportion of buy originations to minority debtors: Dealer Options

  1. Dealer Options*: 32.9%
  2. Financial institution of America: 32.8%
  3. loanDepot: 31.2%
  4. Freedom Mortgage: 30.7%
  5. Chase: 28.4%

22.7% of HMDA-reported buy originations went to minority debtors in 2019.

* Dealer Options is often known as New American Funding, however as a result of they’re listed within the HMDA as Dealer Options we’re utilizing that identify right here, too.

Largest variety of buy originations to low- or moderate-income (LMI) debtors: United Shore

Low- or moderate-income (LMI) debtors earn lower than 80% of the estimated present space median household revenue (AMFI). In 2019, AMFI was $70,500 in Baton Rouge; $97,300 in Camden, New Jersey; and $69,500 in Duluth, Minnesota.

  1. United Shore Monetary Companies: 45,752
  2. Quicken Loans: 37,252
  3. Fairway Impartial Mortgage: 29,986
  4. Caliber Residence Loans: 21,371
  5. Wells Fargo: 17,024

HMDA mortgage lenders originated about 1.07 million residence buy loans to low- or moderate-income debtors in 2019.

Largest proportion of buy originations to LMI debtors: Dealer Options

  1. Dealer Options: 33.2%
  2. Motion Mortgage: 32.6%
  3. CrossCountry Mortgage: 32.3%
  4. Fairway Impartial Mortgage: 31.9%
  5. PrimeLending: 31.4%

28.6% of all HMDA-reported buy originations went to LMI debtors.

Largest variety of refinance originations to minority debtors: Quicken

  1. Quicken Loans: 50,292
  2. United Shore Monetary Companies: 38,720
  3. Chase: 20,960
  4. Wells Fargo: 19,964
  5. Freedom Mortgage: 17,630
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Round 545,000 HMDA-reported refinance loans have been taken out by minority debtors in 2019.

Largest proportion of refi originations to minority debtors: Homebridge

  1. Homebridge: 31.2%
  2. TIE Financial institution of America: 29.0%
  3. TIE Navy Federal Credit score Union: 29.0%
  4. Chase: 26.2%
  5. United Shore Monetary Companies: 24.2%

Amongst all HMDA-reporting establishments, the proportion of refinance mortgage originations that went to minority debtors was 17.7%.

Largest variety of refi originations to LMI debtors: Quicken

  1. Quicken Loans: 95,631
  2. United Shore Monetary Companies: 47,840
  3. loanDepot: 20,250
  4. Chase: 16,960
  5. Wells Fargo: 15,272

The full variety of refinance loan originations reported underneath the HMDA for 2019 was 3,081,000.

Largest proportion of refinance originations to LMI debtors: Homebridge

  1. Homebridge Monetary Companies: 31.2%
  2. Chase: 26.2%
  3. United Shore Monetary Companies: 24.2%
  4. Dealer Options: 23.6%
  5. Nationstar Mortgage: 23.4%

23.8% of refinancing originations from all HMDA-reporting establishments went to LMI debtors in 2019.

Most refinances by proportion of complete originations: Nationstar

  1. Nationstar Mortgage: 80.95%
  2. Freedom Mortgage: 74.55%
  3. Quicken Loans: 70.43%
  4. loanDepot: 55.48%
  5. Homebridge: 49.0%

Refinance loans made up greater than half of all originations for less than 4 lenders: Nationstar, Freedom Mortgage, Quicken Loans, and loanDepot.

Most buy mortgages by proportion of complete originations: Mortgage Analysis Middle

  1. Mortgage Analysis Middle: 77.27%
  2. PrimeLending: 69.49%
  3. Motion Mortgage: 68.12%
  4. Navy Federal Credit score Union: 67.65%
  5. CrossCountry Mortgage: 64.71%

Whereas many lenders concentrate on buy originations, solely Mortgage Analysis Middle originated greater than 70% of its HMDA-reported loans for purchases.

Prime 25 largest mortgage lenders in 2019

Knowledge supply: Client Monetary Safety Bureau (2020).