Top Mortgage Lenders of 2023: UWM Finally #1 After Rocket’s Reign Comes to an End

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We’ve finally got data for 2023 and United Wholesale Mortgage (UWM) left no doubt that it was the top mortgage lender during the year. And by a wide margin.

The Pontiac, Michigan-based company mustered an impressive $108.5 billion in home loan volume, despite only operating in the wholesale lending channel.

That was more than enough to unseat Rocket Mortgage from the top spot, with their crosstown rivals only able to originate about $76.3 billion.

It then dropped off significantly, with third place Chase closing just $38.4 billion in home loans.

In total, more than 5,000 mortgage companies nationwide funded roughly $1.8 trillion in home loans during 2023, a sizable drop from the $2.3 trillion seen in 2022.

Last year was a very difficult year for the mortgage industry, with rapidly rising mortgage rates wreaking havoc on refis and challenging home buyer affordability.

Still, some companies managed to increase market share and climb the leaderboard. Read on to see who else made the top 10.

Top Mortgage Lenders of 2023 (Overall Leaders)

Ranking Company Name 2023 Loan Volume
1. United Wholesale Mortgage $108.5 billion
2. Rocket Mortgage $76.3 billion
3. Chase $38.4 billion
4. Wells Fargo $32.1 billion
5. CrossCountry Mortgage $29.6 billion
6. Bank of America $28.5 billion
7. Fairway Independent $26.9 billion
8. U.S. Bank $25.7 billion
9. DHI Mortgage $21.7 billion
10. loanDepot $21.5 billion

As noted, UWM claimed the #1 spot in the country after coming in second place last year, per freshly released HMDA data from Richey May.

And their annual loan volume only slipped to $108.3 billion from $128.8 billion in 2022. Not bad considering the rapid ascent of mortgage rates during that time.

They operate solely in the wholesale channel, meaning borrowers must be working with a mortgage broker to use them.

But the fact that they came in first place illustrates the strength of the mortgage broker model, which post early 2000s mortgage crisis was all but done and dusted.

It’s doubly impressive because second place Rocket Mortgage also operates a wholesale division (Rocket Pro TPO) in addition to their wildly popular retail unit.

Speaking of, they dropped one spot from 2022 after sitting atop the rankings for several years. And their volume fell more drastically, to $76.3 billion from $128.9 billion.

In third was Chase, which may have been helped along somewhat by their acquisition of failed bank First Republic Bank. They climbed one spot from a year earlier.

Prior to its collapse, FRC was one of the largest mortgage lenders in the nation, specializing in jumbo loans (often adjustable-rate mortgages) to wealthy clients.

This may allow Chase to grow larger if they continue to offer these types of loans post-acquisition.

In fourth was Wells Fargo, which swapped places with Chase, likely because it announced that it was reducing its mortgage footprint.

After being number one for many years prior to Rocket’s reign, the company announced an exit from correspondent lending while choosing to focus on bank clients and minority borrowers.

They funded just $32.1 billion in home loans, down from $124.8 billion in 2022.

Fifth place was claimed by CrossCountry Mortgage, which wasn’t even in the top 10 a year earlier, thanks to volume of $29.6 billion.

The Brecksville, Ohio-based direct lender managed this feat despite the closure of Costco Mortgage, for which it was the main partner.

The rest of the top 10 for 2023 included Bank of America, Fairway Independent Mortgage, U.S. Bank, DHI Mortgage, and loanDepot.

Top Home Purchase Lenders of 2023

Ranking Company Name 2022 Loan Volume
1. United Wholesale Mortgage $94 billion
2. Rocket Mortgage $44.8 billion
3. Chase $27.9 billion
4. CrossCountry Mortgage $27.2 billion
5. Fairway Independent $25.7 billion
6. Wells Fargo $21.9 billion
7. DHI Mortgage $21.7 billion
8. Guaranteed Rate $19.4 billion
9. U.S. Bank $19.3 billion
10. Movement Mortgage $18.5 billion

If we focus our attention to home purchase loans only, which held about a 75% share, the list doesn’t look too different.

UWM still held the top spot, more than doubling the volume of second place Rocket Mortgage.

And Chase still managed to come in third, though CrossCountry grabbed fourth while Wells Fargo fell in sixth.

In between them was Fairway Independent Mortgage, all originating just over $25 billion in home purchase loans each.

Seventh place went to DHI Mortgage, which is the captive lender of D.R. Horton, the nation’s largest home builder.

It’s common for home builders to have their own financing department, and lately they’ve been hard to beat because of the massive interest rate buydowns they’re offering.

Chicago-based Guaranteed Rate took the eighth spot, followed by U.S. Bank and nonbank lender Movement Mortgage.

No major surprises here given the large share of purchase loans. And those on this list have proven that they are adaptable to a mortgage market with very few refinances.

Top Mortgage Refinance Lenders of 2023

Ranking Company Name 2023 Loan Volume
1. Rocket Mortgage $29.5 billion
2. United Wholesale Mortgage $14.5 billion
3. Wells Fargo $9.1 billion
4. PNC Bank $8.8 billion
5. Bank of America $8.2 billion
6. Chase $7.9 billion
7. Citizens Bank $6.5 billion
8. loanDepot $5.1 billion
9. U.S. Bank $4.8 billion
10. Mr. Cooper $4.6 billion

As we all know, mortgage refinance activity has plummeted thanks to a 30-year fixed that rose from around from 3% to over 8%, before settling down a bit.

This has virtually destroyed rate and term refinance volume, and has made cash out refinances only feasible for those in desperate need of cash.

Still, mortgage companies nationwide managed to fund over $400 billion in refinance loans during the year.

The leader was Rocket Mortgage, which led in 2022 as well. The company funded roughly $30 billion in refis, followed by UWM with about half of that.

Wells Fargo snagged the third spot with about $9 billion, with PNC Bank right on their heels with $8.8 billion.

Rounding out the top five was Bank of America with $8.2 billion in refinances funded.

The bottom half of the top 10 refinance lenders list included the likes of Chase, Citizens Bank, loanDepot, U.S. Bank, and Mr. Cooper.

Depository banks seemed to dominate this list other than the top two names.

Looking ahead, it seems likely UWM will retain its lead in 2024 as well barring some major unexpected change.

And loan volume is looking fairly similar, with high mortgage rates and limited housing inventory continuing to dampen loan volume.

You can also blame the mortgage rate lock-in effect, which has disincentivized millions of existing homeowners from moving and listing their homes.

Note: The totals above include both retail and wholesale loan origination volume, but not correspondent lending figures.

https://www.highcpmgate.com/f0c2i8ki?key=d7778888e3d5721fde608bfdb62fd997

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