Mortgage lenders are integral to the housing industry. Across the country, they help people become homeowners with various types of loans, which may have any number of different repayment periods with interest rates that may be variable or fixed-rate. One way to measure the lenders is by looking at loan volume, or how much money they loan to others.
Do you have questions about how to integrate a mortgage into your overall financial plan? Speak with a financial advisor today.
Top 10 Largest Mortgage Lenders in the U.S.
Mortgage lending is dominated by a few very large institutions, and the top players are government-sponsored: Freddie Mac and Fannie Mae. This is partly because of the large amounts of private debt they buy up. However, the largest private lenders have nearly as impressive figures. Here are the top 10 private mortgage lenders by loan volume, according to the 2021 Home Mortgage Disclosure Act (HMDA):
1. Quicken Loans
The biggest private mortgage lender not to be part of a larger bank or other financial services corporation, Quicken Loans is the largest online mortgage lender in the country. The company blows away Wells Fargo by a large amount, having made $342.7 billion in loans.
2. Wells Fargo
Wells Fargo is the second-largest private mortgage lender by a considerable amount, with $228.6 billion in loans made. This bank is also no stranger to other types of loans, as it issues smaller numbers of small business loans and private student loans as well.
3. United Wholesale Mortgage
United Wholesale Mortgage is a little different than the other competitors on this list. More specifically, it doesn’t work directly with consumers. Instead, the lender focuses on offering wholesale mortgages to mortgage brokers. It does so at a high-level, as it’s handed out $227 billion in mortgages.
4. JPMorgan Chase
Chase is the fourth-largest private mortgage lender, having issued $205 billion in loans. The bank acquired Washington Mutual, as well as other smaller mortgage lenders, at the end of the 2000s, and hence the outstanding debt owed to those firms.
5. loanDepot
loanDepot is a very large mortgage lender that provides home loan throughout the entire U.S. The company is headquartered in California and has been around since just 2010. It’s essentially an entirely online operation, which has become increasingly more common in today’s world. loanDepot has loaned out a total of $136.7 billion.
6. PennyMac
PennyMac was set up in 2008, initially aimed at servicing distressed loans rather than originating new ones, making it the youngest company on this list. The Moorpark, California firm solely makes consumer-direct loans online and over the phone rather than in any branch offices, and has done so to the tune of $124.7 billion.
7. U.S. Bank
Originally a conglomerate of Midwestern regional banks, U.S. Bank is the seventh-largest bank by deposits in the country. U.S. Bank has made $115.6 billion in mortgage loans. The company also has a massive banking arm that offers checking accounts, savings accounts and more.
8. Freedom Mortgage
Freedom Mortgage, which has been in business since 1990, is the eighth-largest lender on our list. The company has issued $113.1 billion in home loans, which, despite it being less of a household name than Quicken or Wells Fargo, places it well within the upper echelon of lenders in the country,
9. Homepoint
Homepoint is a full-service mortgage lender that serves both consumers and partnered mortgage brokers. Similar to Quicken and loanDepot, Homepoint is an online-only mortgage lender. According to the HMDA data, it has loaned out $96.2 billion in mortgages.
10. Newrez
Wrapping up our list is Newrez, another online-only mortgage lender that has become a major player around the U.S. In fact, its loan total is just behind Homepoint at $92.9 billion.
Mortgage Financial Planning Tips
- Consider taking a holistic look at your financial picture before buying a home. A financial advisor can help with this. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
- Make sure you account for closing costs when planning for a mortgage. SmartAsset’s closing cost calculator can help.
Photo credit: ©iStock.com/Evkaz, ©iStock.com/SDI Productions, ©iStock.com/monkeybusinessimages