The top 10 mortgage lenders in the United States.

In 2023, nonbank lenders held a larger share of the mortgage market, with many of them ranking among the top 10 mortgage originators in the U.S., according to an analysis by Motley Fools of Home Mortgage Disclosure Act data. Out of the top mortgage lenders, only four were banks that offered a full range of financial services. Bank of America, a traditional bank, ranked third, positioned between two nonbank lenders, Rocket Mortgage and Fairway Independent Mortgage Corporation. Chase and Wells Fargo, two banking giants, were excluded from the top 10 mortgage originators in 2023.

1. United Wholesale Mortgage

United Wholesale Mortgage, based in Pontiac, Michigan, is the largest mortgage lender in the U.S., with 294,387 mortgages signed in 2023, totaling $108.5 billion. The company has a 5.17% share of the mortgage market.

2. Rocket Mortgage

In 2023, Rocket Mortgage, a former division of Quicken Loans, originated 288,558 mortgages worth $76.2 billion, which represented a 5.07% market share. This was a significant decline from the previous year when it held the top spot with 464,000 loans worth nearly $128 billion.

3. Bank of America

In 2023, Bank of America moved up three spots from its ranking of No. 6 in 2022 to No. 3. The bank originated a total of 91,846 home loans, worth $28.5 billion, with about a third of these being purchase mortgages. As the second largest bank in the U.S., BoA is responsible for 1.51% of all mortgages.

4. Fairway Independent Mortgage Corporation

In 2023, Fairway Independent Mortgage Corporation issued 86,334 loans, which were mostly purchase mortgages, totaling $27 billion in home loans.

5. CrossCountry Mortgage

In 2023, CrossCountry Mortgage issued 83,452 home loans worth $29.6 billion, with over 90% being purchase mortgages.

6. U.S. Bank

U.S. Bank, founded in 1864, is the fifth-largest bank in the country and the second-highest on our list. In 2023, the bank originated 72,124 mortgages, with about 34,000 of those being purchase mortgages.

The lender in Minneapolis approved $25.7 billion in mortgage applications.

7. Navy Federal Credit Union

In 2023, Navy Federal Credit Union first appeared on the list, having originated 71,421 mortgages worth $14.8 billion. Out of these loans, only 28,977 were for purchasing homes.

8. Citizens Bank

In 2023, Citizens Bank maintained its No. 10 ranking from the previous year, with a total of 67,550 approved mortgages worth $15.6 billion. Despite being the 15th largest bank in the U.S., Citizens Bank is the third-largest on our list and holds a 1.19% market share in mortgages.

9. PNC Bank

In 2023, PNC Bank, the sixth largest bank in the nation, originated 66,913 mortgages worth $19.2 billion, capturing 1.18% of the mortgage origination market.

10. LoanDepot

In 2023, LoanDepot fell from the No. 3 spot it held in 2022 to the 10th position, despite approving 65,388 mortgages worth $21.5 billion, which accounted for 1.15% of the entire mortgage market. As the youngest lender on this list, LoanDepot is based in Irvine, California.

Mortgage origination vs. mortgage servicing

The process of mortgage origination involves the processing, underwriting, and funding of a home loan, which begins with an application and concludes on closing day. In contrast, mortgage servicing entails the management of a mortgage throughout the loan term, mainly by collecting mortgage payments, property taxes, and homeowners insurance premiums.

While many large lenders act as both mortgage originators and servicers, it's common for lenders to sell mortgages to third-party servicers for management. Although your balance, interest rate, and terms won't change, you'll need to direct payments to a new company.

If you need assistance with your loan, such as recasting your mortgage or requesting a forbearance or loan adjustment, you must contact your new servicer.

Borrowers must be notified by lenders within 15 days of a loan sale, and the new servicer must provide contact information within 30 days. There is a 60-day grace period after a transfer to a new servicer, so payments sent to the old lender will not result in penalties.

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