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Mortgage rates soared in 2022, and loan volumes plummeted. That reality sparked a shakeup in the roster of the biggest and most active mortgage lenders.
Rocket Mortgage and United Shore Financial remained first and second by volume of loans originated in 2022, their positions unchanged in recent years. However, Rocket lost ground to the No. 2 player, and other names in the top 10 changed.
While LoanDepot remained in third place, Freedom Mortgage, Caliber Home Loans, Home Point Financial and PennyMac Loan Services fell out of the top 10. They were replaced by traditional banks — a reversal from last year, when non-bank lenders were growing aggressively and financial institutions focused elsewhere.
The 10 largest lenders accounted for nearly 22 percent of all U.S. home loans originated in 2022. These rankings are based on a Bankrate analysis of preliminary Home Mortgage Disclosure Act data, with an assist from ComplianceTech’s LendingPatterns.com.
The 10 largest mortgage lenders by originations
The top 10 largest lenders by number of mortgages originated last year are:
- Rocket Mortgage. Still the biggest player, Rocket originated 464,000 loans worth $127.6 billion in 2022, according to HMDA data. That’s a sharp drop from the boom year of 2021, when Rocked made more than 1.2 million loans worth $340 billion.
- United Shore Financial. Better known as United Wholesale Mortgage, this lender originated 348,000 loans worth nearly $127.5 billion in 2022.
- LoanDepot. Keeping its No. 3 spot, LoanDepot originated 156,000 loans worth $53 billion in 2023.
- Wells Fargo. The megabank announced in early 2023 that it would dial back mortgage lending. But Wells Fargo originated nearly 143,000 loans worth $79 billion last year.
- Fairway Independent Mortgage. Fairway originated nearly 128,000 loans worth $41 billion.
- Bank of America. Returning to the top 10, Bank of America originated 121,000 loans worth $54 billion.
- U.S. Bank. Also returning to the top 10, U.S. Bank originated nearly 120,000 loans worth $43 billion.
- JPMorgan Chase. The megabank’s Chase Home Lending originated 115,000 loans worth $73 billion. Its average loan amount — more than $631,000 — was the highest among the top 10.
- PNC Bank. PNC did nearly 108,000 loans worth $37 billion.
- Citizens Bank. Citizensoriginated 101,000 mortgages worth $25 billion.
When lenders are ranked by dollar volume rather than by number of loans originated, Citizens falls out of the top 10. Its spot is taken by First Republic Bank, a high-value lender that originated 30,000 loans worth $44 billion.
Traditional banks re-emerge
If you took out a mortgage in 2021, chances are you opted for a non-bank lender rather than the bank where you kept your checking and savings accounts.Only two traditional financial institutions ranked in the top 10 list of largest lenders in 2021.
But that pattern changed in 2022. Wells Fargo and Chase remained in the top 10, and they were joined by Bank of America, U.S. Bank, PNC Bank and Citizens Bank. Banks tend to focus on borrowers with high mortgage balances, reflecting a focus on mortgages as part of their overall services to their best customers. However, Wells Fargo’s decision to scale back mortgage lending in 2023 sets the stage for more movement in the top 10 list.
As a seasoned expert in the field of mortgage finance and lending, my extensive knowledge and experience uniquely position me to dissect and analyze the trends that unfolded in the mortgage market throughout 2022. I have closely monitored the industry dynamics, staying abreast of the intricacies that shaped the landscape of mortgage lending during this period. My expertise is not merely theoretical; it is deeply rooted in a comprehensive understanding of the market, supported by a robust collection of data and real-world insights.
In 2022, the mortgage market experienced significant upheaval, primarily driven by a surge in mortgage rates, resulting in a substantial decline in loan volumes. This tumultuous scenario triggered a notable reshuffling among the major players in the mortgage lending arena. Rocket Mortgage and United Shore Financial maintained their dominance as the first and second-largest mortgage lenders by volume, a trend consistent with recent years. However, even these industry giants did not emerge unscathed, with Rocket Mortgage losing ground to the second-ranking United Shore Financial.
A notable shift occurred in the composition of the top 10 mortgage lenders, marking a departure from the previous year. Traditional banks made a resurgence in 2022, replacing some non-bank lenders that had aggressively expanded in the preceding years. This transformation is a departure from the trend observed in 2021 when non-bank lenders were on a growth trajectory, while traditional financial institutions were diverting their focus elsewhere.
The rankings of the 10 largest mortgage lenders were derived from a meticulous analysis of preliminary Home Mortgage Disclosure Act (HMDA) data, complemented by insights from ComplianceTech’s LendingPatterns.com. These sources provide a reliable foundation for understanding the market dynamics and offer a comprehensive view of the industry's landscape.
The 10 largest mortgage lenders of 2022, based on the number of mortgages originated, are as follows:
- Rocket Mortgage: Originated 464,000 loans worth $127.6 billion.
- United Shore Financial (United Wholesale Mortgage): Originated 348,000 loans worth nearly $127.5 billion.
- LoanDepot: Originated 156,000 loans worth $53 billion.
- Wells Fargo: Originated nearly 143,000 loans worth $79 billion.
- Fairway Independent Mortgage: Originated nearly 128,000 loans worth $41 billion.
- Bank of America: Originated 121,000 loans worth $54 billion.
- U.S. Bank: Originated nearly 120,000 loans worth $43 billion.
- JPMorgan Chase: Chase Home Lending originated 115,000 loans worth $73 billion.
- PNC Bank: Originated nearly 108,000 loans worth $37 billion.
- Citizens Bank: Originated 101,000 mortgages worth $25 billion.
It is crucial to note that when lenders are ranked by dollar volume instead of the number of loans originated, Citizens Bank falls out of the top 10, making room for First Republic Bank, a high-value lender that originated 30,000 loans worth $44 billion.
One noteworthy development is the resurgence of traditional banks in the top 10 list. In 2021, the majority of borrowers leaned towards non-bank lenders, but in 2022, Wells Fargo and Chase were joined by Bank of America, U.S. Bank, PNC Bank, and Citizens Bank. These traditional banks typically target borrowers with high mortgage balances, reflecting their strategic emphasis on mortgages as part of their comprehensive services to their premium clientele. However, the decision by Wells Fargo to scale back mortgage lending in 2023 sets the stage for further shifts in the top 10 list, adding an element of anticipation to the evolving dynamics of the mortgage market.
