Best Mortgage Lenders of 2023: UWM Finally No. 1 After Rocket’s Reign Ends

We finally have data for 2023 and United Wholesale Mortgage (UWM) leaves no doubt that it was the largest mortgage lender of the year. And by a wide margin.

The Pontiac, Michigan-based company has amassed a staggering $108.5 billion in residential loan volume, though it only operates in the wholesale lending channel.

That was more than enough to knock Rocket Mortgage off the top spot, as its crosstown rivals could only raise about $76.3 billion.

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

In total, more than 5,000 mortgage companies across the country financed nearly $1.8 trillion in home loans during 2023, a significant decline from the $2.3 trillion expected in 2022.

Last year was an extremely difficult year for the mortgage industry, as rapidly rising mortgage rates wreaked havoc on refinancing and made affordability difficult for homebuyers.

However, some companies have managed to increase their market share and climb the leaderboard. Read on to find out who made the top ten.

Top Mortgage Lenders of 2023 (Overall Leaders)

classification Company Name Loan volume 2023
1. United Wholesale Mortgage $108.5 billion
2. Rocket mortgage $76.3 billion
3. Chasing $38.4 billion
4. Wells Fargo $32.1 billion
5. Mortgage across the country $29.6 billion
6. American bank $28.5 billion
7. Independent corridor $26.9 billion
8. us bank $25.7 billion
9. DHI Mortgage $21.7 billion
10. LoanDepot $21.5 billion

As noted, UWM has earned the top spot in the country after placing second last year, according to newly released HMDA data from Richie May.

Their annual loan volume fell to just $108.3 billion from $128.8 billion in 2022. That’s not bad considering the rapid rise in mortgage rates over that period.

They only operate in the wholesale channel, which means borrowers must work with a mortgage broker to use them.

But the fact that they took first place demonstrates the strength of the mortgage broker model, which was dead after the subprime crisis of the early 2000s.

It’s doubly impressive because second-place Rocket Mortgage also runs a wholesale division (Rocket Pro TPO) in addition to its hugely popular retail unit.

Speaking of which, they have dropped one point from 2022 after remaining at the top of the rankings for several years. Its volume fell more sharply to $76.3 billion from $128.9 billion.

In third place was Chase, which was perhaps helped somewhat by their acquisition of the failed First Republic Bank. They are up one point from the previous year.

Before its collapse, FRC was one of the country’s largest mortgage lenders, specializing in jumbo loans (often adjustable-rate mortgages) for wealthy clients.

This could allow Chase to grow further if it continues to offer these types of loans after the acquisition.

In fourth place was Wells Fargo, which swapped places with Chase, likely because it announced it would reduce its mortgage footprint.

After being the No. 1 company for many years before Rocket’s era, the company announced an exit from correspondent lending while choosing to focus on bank clients and minority borrowers.

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

CrossCountry Mortgage, which wasn’t even in the top 10 the year before, took fifth place, thanks to $29.6 billion in trading volume.

The Brecksville, Ohio-based direct lender pulled off the feat despite the closure of Costco Mortgage, of which it was a senior partner.

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

Best Home Lenders of 2023

classification Company Name Loan volume for 2022
1. United Wholesale Mortgage 94 billion dollars
2. Rocket mortgage $44.8 billion
3. Chasing $27.9 billion
4. Mortgage across the country $27.2 billion
5. Independent corridor $25.7 billion
6. Wells Fargo $21.9 billion
7. DHI Mortgage $21.7 billion
8. Guaranteed price $19.4 billion
9. us bank $19.3 billion
10. Mortgage movement $18.5 billion

If we focus our attention only on home equity loans, which account for about 75%, the list doesn’t look very different.

UWM still maintains the top spot, doubling its second-place rocket in mortgage volume.

Chase still managed to finish third, though Cross Country finished fourth and Wells Fargo fell to sixth.

Between them was Fairway Independent Mortgage, which together originated just over $25 billion in home equity loans each.

Seventh place went to DHI Mortgage, the lending subsidiary of DR Horton, the country’s largest homebuilder.

It’s common for home builders to have their own financing department, and lately they’ve become harder to beat because of the huge interest rate buyouts they offer.

Chicago-based Guaranteed Rate ranked eighth, followed by U.S. Bank and non-bank lender Motion Mortgage.

There are no big surprises here given the large share of purchase loans. Those on this list have proven that they can adapt to the mortgage market with very few refinances.

Best Mortgage Refinancing Lenders of 2023

classification Company Name Loan volume 2023
1. Rocket mortgage $29.5 billion
2. United Wholesale Mortgage $14.5 billion
3. Wells Fargo $9.1 billion
4. BNC Bank $8.8 billion
5. American bank $8.2 billion
6. Chasing $7.9 billion
7. Citizens Bank $6.5 billion
8. LoanDepot $5.1 billion
9. us bank $4.8 billion
10. Mr. Cooper $4.6 billion

As we all know, mortgage refinancing activity declined thanks to a 30-year fixed that rose from about 3% to over 8%, before leveling off a bit.

This has virtually destroyed the refinancing rate and volume, making cash-out refinances possible only for those who need cash the most.

However, mortgage companies across the country were able to finance more than $400 billion in refinancing loans during the year.

The leader was Rocket Mortgage, which topped the list in 2022 as well. The company has funded nearly $30 billion in refinancings, followed by UWM with about half that amount.

Wells Fargo Bank took third place with about $9 billion, closely followed by PNC Bank with $8.8 billion.

Bank of America came in fifth place with $8.2 billion in refinancing operations.

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

Deposit banks seem to dominate this list other than the first two names.

Looking ahead, it seems likely that UWM will retain its lead in 2024, barring some major unexpected changes.

Loan volumes look fairly similar, with higher mortgage rates and limited housing stock continuing to reduce loan volumes.

You can also blame the impact of mortgage rate stabilization, which has discouraged millions of current homeowners from moving and listing their homes.

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