High Mortgage Lenders by Quantity in 2021: Rocket Zooms Highest As soon as Once more with $100 Billion Hole

Now that the Residence Mortgage Disclosure Act (HMDA) information is out, we will take a look at the highest mortgage lenders of 2021.

As you will have guessed, Rocket Mortgage took the highest spot but once more, beating out its long-time adversary Wells Fargo.

Coming in third was Rocket’s crosstown rival United Wholesale Mortgage, which additionally secured the third place in 2020.

Chase remained in 4th for 2021, because it did in 2020, whereas loanDepot usurped Freedom Mortgage to take fifth.

Collectively, residential mortgage lenders had a banner yr with greater than $4 trillion in mortgage quantity final yr.

High Mortgage Lenders Total in 2021

Rocket Mortgage mustered a staggering $342.7 billion in mortgage quantity final yr, up from roughly $314 billion a yr earlier, per information deconstructed by Richey Might.

As soon as once more, it was greater than sufficient to carry off depository financial institution Wells Fargo, which may solely provide you with $228.6 billion.

The San Francisco-based financial institution truly noticed its manufacturing fall year-over-year from $267 billion.

But it surely was simply sufficient to carry off United Wholesale Mortgage ($227B), which works solely with mortgage brokers through the wholesale lending channel.

Chase ($205B) was considered one of simply three banks to land within the prime ten, and got here out nicely forward of loanDepot ($136.7B) in fifth.

Huge correspondent lender Pennymac grabbed the sixth spot, adopted by U.S. Financial institution, Freedom Mortgage, Homepoint, and Newrez.

There’s probability this listing will look fairly a bit totally different after being pretty regular, due to a lot larger mortgage charges.

That can tip the dimensions towards dwelling buy loans, which not all banks concentrate on.

Talking of, let’s break down 2021 quantity by product sort to see what that appeared like.

High Mortgage Lenders for Purchases in 2021

Whereas Wells Fargo not sits atop the general rankings, it’s nonetheless the trusted alternative of dwelling consumers nationwide.

That is evidenced by their $95.3 billion in dwelling buy mortgage quantity, which bested UWM’s $87.4 billion and Chase’s $85.9 billion.

The nation’s #1 mortgage lender, Rocket, was fairly far behind within the class with $63.2 billion in buy loans.

One other depository, U.S. Financial institution, took the fifth spot with $57 billion in mortgage quantity, one other signal that customers appear to love huge banks in relation to dwelling buy loans.

Pennymac, Fairway Impartial Mortgage, Caliber Residence Loans, Assured Charge, and loanDepot made up the remainder of one of the best on this class.

This listing may nicely resemble the general prime mortgage lenders listing in 2022 given the sturdy buy market anticipated this yr.

Nonetheless, we would see extra of an effort from the massive guys to pivot to buy, realizing refinance apps received’t be what they had been in recent times.

High Mortgage Lenders for Refinancing in 2021

When it got here to refinances, Rocket Mortgage was additionally king, with whole mortgage quantity ($274.7B) not far off $300 billion.

They greater than doubled their nearest competitor, UWM, which introduced in a powerful $139.6 billion through solely the wholesale channel.

Wells Fargo as soon as once more had a powerful presence, bringing in $125.5 billion, adopted by fellow financial institution Chase with $113.2 billion, and nonbank loanDepot with $97.7 billion.

The highest VA lender (and #2 FHA lender), Freedom Mortgage, chalked a strong $94.1 billion, however that didn’t go away a lot left over for purchases.

In actual fact, roughly 83% of their whole manufacturing was made up of refis, which everyone knows aren’t going to maintain flowing as they’ve with mortgage charges now nearer to five.5%.

Finishing the highest ten listing had been Pennymac, Homepoint, Nationstar, and Newrez.

Nationstar has additionally been fairly refi-heavy, with about 77% of manufacturing coming through such loans.

As famous, with mortgage charges rather a lot larger, fee and time period refinances will likely be onerous to come back by, and even money out refinances will likely be a troublesome promote.

Do I Must Use a Huge, Family Identify Lender to Get My Mortgage?

I at all times take the time to distinguish greatest and finest, as the 2 aren’t at all times synonymous.

It’s attention-grabbing to know who originated essentially the most dwelling loans in a given yr, however this isn’t essentially a buyer satisfaction listing.

Positive, you may have an important expertise utilizing one of many nation’s largest mortgage lenders.

However there are additionally numerous smaller firms on the market which are additionally completely good selections, together with mom-and-pop mortgage brokers.

In the end, it’s going to come right down to desire, and if you happen to’re a house purchaser, maybe who your agent recommends.

The important thing, whichever path you select, is to place within the time to comparability store and vet the lenders.

That method you’ll know if there’s a greater deal on the market, or just a greater match.

Some of us could choose the private contact of a mortgage dealer, whereas others could take consolation in utilizing an enormous family identify to get their dwelling mortgage.

There is no such thing as a common proper reply so long as you do your due diligence.