Nonbank lenders continue to increase their hold on the mortgage landscape, with many taking prime spots among the top 10 mortgage originators in the U.S., according to Motley Fools’ analysis of Home Mortgage Disclosure Act data on home loans originated in 2023.
Of the list of top mortgage lenders, just four were banks with a full suite of financial services. The highest-ranking traditional bank, Bank of America, came in at No. 3, sandwiched between two nonbank lenders, online giant Rocket Mortgage and Fairway Independent Mortgage Corporation.
Two banking titans, Chase and Wells Fargo were knocked out of the top 10 altogether in 2023.
1. United Wholesale Mortgage
United Wholesale Mortgage
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Annual Percentage Rate (APR)
Apply online for personalized rates
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Types of loans
Conventional, fixed-rate, adjustable-rate, FHA loans, USDA loans, VA loans, jumbo loans non-qualifying mortgages, construction loans, refinancing, construction, bank statement, 1% down mortgages
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Terms
30-year fixed rate and more.
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Credit needed
620 for conventional, 500 for FHA loans, 660 for jumbo, none for some non-qualifying mortgages.
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Minimum down payment
0% for VA, FHA and some conventional loans.
Pros
- Low down payment options
- Non-qualifying mortgages that accept alternative forms of credit
- Virtual closings are available
- Rated above average for mortgage servicing by J.D. Power
Cons
- Must go through a third-party mortgage broker
- Rates are higher than average
- No home equity loans
Though it doesn’t deal with borrowers directly, United Wholesale Mortgage is the biggest mortgage lender in the U.S., with 294,387 mortgages signed in 2023, totaling $108.5 billion. The Pontiac, Michigan-based wholesaler has a 5.17% share of the mortgage market.
Beyond the numbers: What to know about United Wholesale Mortgage
- Borrowers approved for its Conventional 1% Down mortgage get an additional 2% from UWM, starting them with 3% equity.
- Ranked above average for mortgage servicing by J.D. Power
- Requires borrowers to work with third-party brokers
- Virtual and hybrid closings available in some states
2. Rocket Mortgage
Rocket Mortgage
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Annual Percentage Rate (APR)
Apply online for personalized rates
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Types of loans
Conventional, FHA, VA, jumbo, HomeReady, Home Possible
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Terms
10-, 15- and 30-year fixed-term conventional loans, 30-year VA and FHA loans, custom mortgages with fixed-rate terms from 8 to 29 years.
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Credit needed
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Minimum down payment
0% for VA, 1% for RocketONE+, 3% for conventional, 3.5% for FHA, 10% to 15% for jumbo
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Pros
- One of the largest home lenders in the U.S.
- Offers 1% down mortgage
- High scores for customer satisfaction from J.D. Power
- Shorter-than-average closing time
- Rebate of up to $10,000 for buying with Rocket Homes
Cons
- No USDA mortgages, construction loans or HELOCs
- Hard credit check required for customized rate
- Higher origination fees than the competition
- No physical branches
Once a division of Quicken Loans, online mortgage giant Rocket Mortgage originated 288,558 mortgages in 2023, totaling $76.2 billion and earning it a 5.07% market share. That’s a serious decline from 2022, when it held the No. 1 spot with 464,000 loans worth nearly $128 billion.
Beyond the numbers: What to know about Rocket Mortgage
- Ranked No. 1 on J.D. Power’s 2024 Mortgage Servicer Satisfaction Study
- Verified approval in as little as two hours
- Rocket ONE+ loan requires just 1% down and no mortgage insurance.
- No physical locations
3. Bank of America
Bank of America Home Mortgage Loans
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Annual Percentage Rate (APR)
Apply online for personalized rates
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Types of loans
Conventional, FHA, VA, Affordable Loan Solution® mortgage, jumbo, medical professional, refinancing, HELOC
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Terms
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Credit needed
620 for conventional, 580 for FHA, 680 for jumbo
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Minimum down payment
3% with Affordable Loan Solution®
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Offers first-time homebuyer assistance?
Pros
- Affordable Loan Solution® mortgage only requires 3% down
- Up to $10,000 in down payment assistance for eligible borrowers
- Up to $7,500 in closing cost grants in select markets
- No annual fees or closing costs for HELOCs
- Existing BoA customers eligible for discounted rates or fees
Cons
- Lender fees not disclosed
- No USDA loans, home equity loans or reverse mortgages
Bank of America moved up three spots from No. 6 in 2022 to No. 3 in 2023. It originated 91,846 home loans in 2023 totaling $28.5 billion — about a third of which were purchase mortgages. The second largest bank in the U.S. BoA is the highest-ranking bank on the list, responsible for 1.51% of all mortgages.
Beyond the numbers: What to know about Bank of America
- 3,800 branches across 39 states and Washington, D.C.
- BoA customers with $20,000 in deposits can get $200 discount on mortgage fees.
- Zero-down Community Affordable Loan Solution is available in predominantly Black and Hispanic neighborhoods.
- Up to $10,000 in down payment assistance available to eligible borrowers.
- Fined $12 million in 2023 for reporting false demographic data about mortgage clients required by the Home Mortgage Disclosure Act.
4. Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
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Annual Percentage Rate (APR)
Apply online for personalized rates; fixed-rate and adjustable-rate mortgages included
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Types of loans
Conventional, FHA, VA, USDA, physician, renovation, jumbo, refinancing, reverse mortgages
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Terms
10-, 15-, 20-, 25-, 30-year terms available for fixed-rate loans; adjustable-rate loans available with 5-, 7-, or 10-year introductory period
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Credit needed
580 for FHA loans, 620 for conventional loans
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Minimum down payment
3% for conventional, 0% for USDA and VA loans
Pros
- Rated above average for customer satisfaction by J.D. Power
- $7,000 closing-cost grant with no income limits in select areas
- Offers FHA, VA and USDA loans
Cons
- Not transparent about rates and fees online
- No home equity loans or HELOCs
- Doesn’t service all of its loans
Fairway Independent Mortgage Corporation issued 86,334 loans in 2023, nearly all of which were purchase mortgages. In all, the Madison, Wisconsin-based lender signed off on $27 billion in home loans.
Beyond the numbers: What to know about Fairway
- Offers FHA, VA and USDA mortgages, as well as physician loans and reverse mortgages
- Licensed to lend in all 50 U.S. states and Washington, D.C.
- No home equity loans or HELOCs
- Fined $1.9 million for redlining in Black neighborhoods in Birmingham, Alabama.
5. CrossCountry Mortgage
CrossCountry Mortgage
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Annual Percentage Rate (APR)
Fixed-rate and adjustable-rate mortgages available. Apply online for rates.
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Types of loans
Conventional loans, FHA loans, VA loans, USDA loans, jumbo loans, manufactured home loans
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Terms
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Credit needed
620 for conventional loans, 500 to 580 for some government-insured loans
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Minimum down payment
Pros
- Down payment grants available
- May be able to close within 10 days
Cons
- Higher-than-average rates
- Rates are not made available online
CrossCountry Mortgage originated 83,452 home loans in 2023, totaling $29.6 billion. More than 90% of those were purchase mortgages.
Beyond the numbers: What to know about CrossCountry
- Accepts non-traditional credit for some mortgages
- Borrowers can close in as little as 10 days
- $6,500 down payment grant for first-time buyers with no income restrictions.
- No mobile app
6. U.S. Bank
US Bank Mortgage
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Annual Percentage Rate (APR)
Apply online for personalized rates
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Types of loans
Conventional, FHA loans, VA loans, jumbo loans rate-and-term refinance, cash-out refinance, investment property loan, new construction loan, HELOC, home equity loan
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Terms
Fixed-rate: 10-, 15-, 20-, 30-year; adjustable-rate: 10/6, 7/6, 10/1, 7/1, 5/1
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Credit needed
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Minimum down payment
3% for conventional, 0% for FHA and VA loans
Pros
- 3% down American Dream mortgage includes up to $10,000 in assistance funds for down payment or closing costs
- Up to $1,000 off closing costs for existing U.S. Bank customers.
- About 2,000 branches nationwide.
Cons
- American Dream loan only in 26 states
- No USDA loans
- Does not disclose credit score requirements
Founded in 1864, U.S. Bank is the fifth-largest bank in the country and the second-highest on our list. It originated 72,124 mortgages in 2023, only about 34,000 of which were purchase mortgages.
In all, the Minneapolis-based lender signed off on $25.7 billion in mortgages.
Beyond the numbers: What to know about U.S. Bank
- Up to $17,500 in combined down payment and closing cost assistance available in 11 cities
- Offers both HELOCs and home equity loans
- Ranked below average on 2024 J.D. Power U.S Mortgage Origination Satisfaction Study
- Does not disclose credit score requirements
7. Navy Federal Credit Union
Navy Federal Credit Union made its debut on the list in 2023, originating 71,421 mortgages worth $14.8 billion. Of those loans, only 28,977 were purchase mortgages.
Beyond the numbers: What to know about Navy Federal
- No. 1 originator of VA loans in the U.S.
- Zero-down Military Choice loan allow sellers to contribute up to 6% of down payment.
- Borrowers can take advantage of lower rates without refinancing for a $250 fee
- Only available to active duty service members, veterans and their families.
8. Citizens Bank
Citizens™ Mortgage
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Annual Percentage Rate (APR)
Apply online for personalized rates; fixed-rate and adjustable-rate mortgages included
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Types of loans
Fixed-rate mortgage, construction loans
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Terms
-
Credit needed
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Minimum down payment
Pros
- 0.125% rate discount available to existing customers
- Buying through the Your Home Rewards from Citizens program could earn you up to $9,500
- Displays rate information online
Cons
- Rates can be higher than competitors
- Customer discount only available in 11 states
- Ranked below average for mortgage origination by J.D. Power
Citizens Bank clung onto the No. 10 spot it earned in 2022, approving 67,550 mortgages in 2023 worth $15.6 billion. While the Providence, Rhode Island-based lender is only the 15th largest bank in the U.S., it’s the third-highest bank on our list and claimed 1.19% of the mortgage market.
Beyond the numbers: What to know about Citizens Bank
- Destination Home Mortgage allows borrowers to put as little as 3% down with no PMI
- Current customers can earn 0.125% mortgage rate discount and up to $500 off closing costs
- Up to $9,500 cash reward for buying or selling through Citizens Bank partner agent
- Mixed customer satisfaction scores from J.D. Power and a B+ from the Better Business Bureau
- Only has branches in 14 states
9. PNC Bank
PNC Bank
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Annual Percentage Rate (APR)
Apply online for personalized rates
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Types of loans
Conventional, FHA, VA, USDA, physician loan, HomeReady and Home Possible, refinancing, HELOC
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Terms
Fixed: 10 – 30 years, ARM: 7/6 and 10/6
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Credit needed
620 for conventional, 640 for USDA, 620 for FHA, 680 for jumbo,
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Minimum down payment
3% for conventional, 3.5% for FHA, 0% for USDA or VA, 15% for jumbo loan
Pros
- Lower-than-average mortgage rates
- Offers USDA loans
- PNC Community Loan requires only 3% down and no PMI
- $7,500 grant for down payment or closing cost
Cons
- No home renovation or home equity loans
- High credit score requirement for FHA mortgage
- Ranked below average for customer satisfaction by J.D. Power
The sixth largest bank in the nation, PNC Bank originated 66,913 mortgages in 2023, totaling $19.2 billion and earning the Pittsburgh-based lender 1.18% of the mortgage origination market.
Beyond the numbers: What to know about PNC Bank
- Lends nationwide with branches in 29 states
- One of the largest USDA loan providers in the U.S.
- Low-down payment Community Loans and medical professional loans don’t require PMI.
- Mixed customer service rankings from J.D. Power
10. LoanDepot
LoanDepot
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Annual Percentage Rate (APR)
Apply online for personalized rates
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Types of loans
Conventional, FHA, VA, jumbo, refinancing, HELOC
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Terms
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Credit needed
500 for FHA loans with a 10% down payment; 580 for FHA loans with a 3.5% down payment
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Minimum down payment
5% on conforming mortgage, 3.5% for an FHA loan, 0% for VA loan
Pros
- $1,000 on-time close guarantee
- Existing LoanDepot borrowers can refinance with no lender fees
- More than 200 branches nationwide
Cons
- Rates and fees not listed online
- Doesn’t offer USDA loans
- 5% down required on conforming mortgages
LoanDepot just made the top 10, a tumble from the No. 3 spot it held in 2022. The online lender approved 65,388 mortgages in 2023, totaling $21.5 billion and making up 1.15% of the entire mortgage market.
The Irvine, California-based company was only founded in 2010, making it the youngest lender on this list.
Beyond the numbers: What to know about LoanDepot
- $1,000 on-time closing guarantee available
- Waives lender fees for existing borrowers who refinance with LoanDepot
- Claims it can close loans in as little as seven days
- No low-down-payment conventional mortgages
| Lender | Total loans originated | Total loan amount | Market share |
|---|---|---|---|
| United Wholesale Mortgage | 294,387 | $108.5 billion | 5.17% |
| Rocket Mortgage | 288,558 | $76.2 billion | 5.07% |
| Bank of America | 91,846 | $28.5 billion | 1.61% |
| Fairway Independent Mortgage Corporation | 86,334 | $26.9 billion | 1.52% |
| CrossCountry Mortgage | 83,452 | $29.6 billion | 1.47% |
| U.S. Bank | 72,124 | $25.7 billion | 1.27% |
| Navy Federal Credit Union | 71,421 | $14.8 billion | 1.25% |
| Citizens Bank | 67,550 | $15.6 billion | 1.19% |
| PNC Bank | 66,913 | $19.2 billion | 1.18% |
| LoanDepot | 65,388 | $21.5 billion | 1.15% |
Source: The Motley Fool
Mortgage origination vs. mortgage servicing
Mortgage origination is the processing, underwriting and funding of a home loan. It starts with an application and ends on closing day.
Mortgage servicing, on the other hand, is the management of a mortgage over the loan term, primarily through collecting mortgage payments, property taxes and homeowners insurance premiums.
Many large lenders serve as both mortgage originators and servicers, but it’s not uncommon for lenders to sell a mortgage to a third-party servicer to manage. Your balance, interest rate and terms won’t change, but you’ll need to direct payments to a new company.
If you have questions about your loan, want to recast your mortgage or request a forbearance or a loan adjustment, it’ll have to be with the new servicer.
Lenders are required to notify borrowers that their loan has been sold within 15 days and the new servicer must send contact information within 30 days. There is a 60-day grace period after a transfer to a new servicer so you won’t be penalized if you send payment to the old lender by mistake.
FAQs
Who is the largest mortgage lender in the U.S.?
United Wholesale Mortgage is the largest mortgage lender in the U.S., with 294,387 home loans originated in 2023, worth a total of $108.5 billion. UWM is not a direct lender, however: It works with independent mortgage brokers who guide borrowers on the homebuying journey.
What’s the difference between a bank lender and a nonbank lender?
A bank lender has a full banking license and can offer a broader variety of financial services, including checking and savings accounts, credit cards, as well as physical branches and ATMs. Common nonbank lenders include insurance companies and venture capitalists.
Who is the largest lender of VA loans?
Veteran United is the largest VA loan lender in the U.S. by volume, according to the Department of Veterans Affairs. It originated 377,000 VA loans in 2023.
What are the best mortgage lenders?
The best mortgage lender is different for each borrower and depends on your loan type, budget, down payment and other criteria. We’ve picked our top mortgage lenders in a variety of categories, including affordability, discounts, customer service and credit score.
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