Mortgage borrowers in 2025 chose online-first lenders over traditional banks with thousands of retail locations. Online-first lenders typically focus exclusively on mortgages and offer convenience, affordability and speed.
Online mortgage lender Rocket Mortgage was the largest mortgage originator by loan volume in 2025: It inked 429,332 loans totaling a whopping $116.2 billion, according to LendingPatterns analysis of Home Mortgage Disclosure Act Data, published by Bankrate. Rocket Mortgage best United Wholesale Mortgage for the top spot, moving up the ranks from second place in 2024.
The top three largest lenders by loan volume — Rocket, United Wholesale Mortgage and CrossCountry — are all online lenders. They accounted for more than 14% of all loan origination volume combined in 2025. Of the 10 largest mortgage originators in 2025, just four were big banks with a full suite of financial services.
Read on to learn more about the 10 biggest mortgage lenders by loan volume in 2025.
Top 10 largest mortgage lenders of 2025
Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent availability.
10–30 years
620
5% for conventional loans, 3.5% for FHA loans, 0% for VA loans, 10.01% for jumbo loan
10, 15 or 30 years for fixed-term conventional loans, 30-year VA and FHA loans. Custom mortgages with fixed-rate terms from 8 to 29 years.
620 for conventional, 500 for FHA
0% for VA, 1% for RocketONE+, 3% for conventional, 3.5% for FHA, 10% to 15% for jumbo
Are you living paycheck to paycheck, or do you have a financial success you're comfortable sharing with a reporter? Please fill out this quick form.
No. 1: Rocket Mortgage
- Offers a 1% down mortgage, making it a great option for first-time homebuyers who don't have enough saved up for a down payment.
- Above average scores for customer satisfaction from J.D. Power, meaning you'll be in great hands from application to closing day.
- With an average closing time of 22 days — nearly half the industry average — homeowners will be able to get the keys to their home as soon as possible.
- Rocket will give you a rebate of up to $10,000 for buying with Rocket Homes, which pairs homeowners with a real estate agent.
- No USDA mortgages, construction loans or HELOCs
- Hard credit check required for customized rate
- No physical branches
Rocket Mortgage's total originations accounted for 6.36% of the entire market. Additionally, its loans made up 5.48% market share by dollar volume.
- Ranked No. 1 on J.D. Power's 2025 Mortgage Servicer Satisfaction Study
- Verified approval available in as little as two hours
- ONE+ loan by Rocket only requires 1% down with no mortgage insurance.
No. 2: United Wholesale Mortgage
United Wholesale Mortgage
Annual Percentage Rate (APR)
Apply online for personalized rates
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
Terms
30-year fixed rate and more.
Credit needed
620 for conventional, 500 for FHA loans, 660 for jumbo
Minimum down payment
3% for conventional loans, 3.25% for FHA loans, 0% for VA and 0% Down Purchase mortgage
Pros
- Low down payment options
- Non-qualifying mortgages that accept alternative forms of credit
- Virtual closings are available
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 one of the largest mortgage originators in the U.S., with 422,120 loans signed in 2025, totaling $164.3 billion. The Pontiac, Michigan-based wholesaler's originations made up 6.25% of the overall market and it held 7.75% of the market by dollar volume.
- Homebuyers must work with third-party brokers
- Borrowers approved for UWM's Conventional 1% Down mortgage get an additional 2% from UWM, starting them with 3% equity.
- Virtual and hybrid closings are available in some states
No. 3: CrossCountry Mortgage
- $6,500 in down payment assistance
- High scores for customer satisfaction
- May be able to close within 10 days
- Higher-than-average rates
- Rates not available online
CrossCountry scored the third spot for the second year in a row, originating 125,099 home loans in 2025, totaling $49.1 billion — meaning it funded 1.85% of loan originations and 2.32% of loan volume overall.
- Borrowers can close in as few as 10 days
- $6,500 down payment grant available for first-time buyers with no income restrictions
- Accepts non-traditional credit for some mortgages
No. 4: Pennymac
- Borrowers can get $1,000 for closing costs with BuyerReady Certification
- Up to $9,500 available for using Pennymac Home Connect agent
- Available in all 50 states
- Borrowers can lock their rate for 90 days
- No brick-and-mortar locations
- Does not offer HELOCs
Pennymac moved into the top 10 lenders by originations last year after missing it in 2024. It inked 100,816 mortgages totaling $35.4 billion — meaning it funded 1.49% of all originations and held 1.67% of the mortgage market by volume.
- Will provide borrowers with cash through programs like Pennymac Home Connect and BuyerReady Certification
- Competitive rates
No. 5: Chase Bank
- Existing Chase customers can get a rate reduction
- Above-average customer satisfaction scores, meaning you're likely to get stellar service and customer service pros who are ready to answer your questions and guide you through the process
- Closing timeline guarantee so you won't have to worry about whether or not you'll close on time.
- Homebuyer grants of up to $7,500, a huge cash infusion that homebuyers can put towards closing costs and down payments.
- The Chase DreaMaker℠ loan only requires 3% down payment for qualifying homebuyers, lower than the typical 5% minimum required for a conventional mortgage, making it a great option for those who haven't saved much for a down payment.
- No USDA loans or HELOCs
- No closing guarantee for refinancing
- Chase homebuyer grant only available in select areas.
Chase, the largest bank in the U.S., moved up the ranks from seventh in 2024. It issued 94,243 loans totaling $66.3 billion, nearly doubling its dollar volume from the year prior (making up 3.13 of the market by this metric) and signing 1.40% of all loans that year. It's one of only four traditional banks on this year's list.
- Over 4,500 branches in 48 states
- DreaMaker loan allows qualifying homebuyers to put as little as 3% down.
- Current Chase customers can get a 0.25% rate reduction on a mortgage.
No. 6: LoanDepot
- $1,000 on-time close guarantee
- Existing LoanDepot borrowers can refinance with no lender fees
- More than 200 branches nationwide
- Rates and fees not listed online
- Doesn't offer USDA loans
- 5% down required on conforming mortgages
Irvine, California-based fintech company LoanDepot funded 91,730 mortgages totaling $25.7 billion and claimed 1.36 of all mortgage originations and 1.21% of all dollars funded. Founded in 2010, LoanDepot is among the youngest lenders on this list.
- $1,000 on-time closing guarantee
- Waives lender fees for existing borrowers who refinance with LoanDepot
- Claims borrowers can close in as little as seven days
No. 7: Bank of America
- 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
- Lender fees not disclosed
- No USDA loans, home equity loans or reverse mortgages
Bank of America fell several spots on the list this year. It lent 88,530 loans totaling $37.3 billion, snagged 1.31% of the origination total and provided 1.76% of all dollars funded for mortgages in the U.S.
- 3,800 branches across 39 states and Washington, D.C.
- BoA customers with $20,000 in deposits can get a $200 discount on closing costs.
- The zero-down Community Affordable Loan Solution is available to homebuyers in predominantly Black and Hispanic neighborhoods.
- Up to $10,000 in down payment assistance is available to eligible borrowers.
No. 8: Guild Mortgage
- Offers a wide range of uncommon loans, so you're more likely to find one that fits your needs than with other lenders.
- Boasts several down payment assistance programs, making it a great lender for first-time homebuyers who may not have much saved up for a down payment.
- Some loans closes can receive a 17 day closing guarantee, which can ensure you get the keys to your home in quicker than half the average timeline.
- E-closings available so you may be able to finalize your mortgage paperwork from your couch.
- Rates are not available online
- Does not issue mortgages in New York
San Diego-based lender Guild Mortgage moved up the list this year, originating 86,111 loans totaling $26.9 billion. Guild's mortgages accounted for 1.28% of all mortgage originations and 1.27% of all mortgage dollar volume in 2025.
- Borrowers with just 1% down can be approved for 2% in down payment assistance.
- Offers bridge loans and non-qualifying mortgages
- Guild does not lend in New York
No. 9: Veterans United Home Loans
- Specializes in home loans for members of the military, so as a active service member or veteran, you know you're working with people who are uniquely knowledgable about your set of needs as a mortgage borrower.
- Offeres a 24/7 customer service line, so you can get in touch no matter the time of day with any question you may have.
- Available in all 50 states, so you'll be able to apply for one of their loans wherever you live in the U.S.
- Partners with a slew of other charities and organizations working to better the lives of servicemembers, veterans and military families.
- Physical locations in only 17 states
Veterans United, the biggest VA loan lender, funded 82,764 home loans totaling $27.5 billion in 2025. It originated 1.23% of all home loans and funded 1.30% of all mortgage volume by dollars that year.
- Excellent customer satisfaction scores from J.D. Power
- Offers low rates
- Wide array of VA loan options, but not much publicly available information on non-VA options
- Will provide free credit counseling to veterans and has a sister organization that raises money to support organizations helping military families
No. 10: Navy Federal Credit Union
Navy Federal Credit Union originated 80,547 mortgages worth $18.5 billion in 2025, making up 1.19% of all mortgage originations and 0.87% of all mortgage volume by dollar total.
- Only available to service members, veterans, DoD employees and their families.
- The Military Choice loan lets sellers contribute up to 6% of the down payment.
- Borrowers can take advantage of lower rates without refinancing for a $250 fee
Calculate your monthly mortgage payment
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. However, 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.
Mortgage lender FAQs
Who is the largest mortgage lender in the U.S.?
Rocket Mortgage was the largest mortgage lender in the U.S. in 2025. It originated 429,332 mortgages in 2025, totaling $116.2 billion.
What's the difference between a bank lender and a nonbank lender?
A bank lender has a full banking license and can offer a wider 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. In 2024, the most recent year available, originated 61,182 VA loans, totalling $19.2 billion.
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.
Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox. Sign up here.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every mortgage article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of mortgage products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties and we pride ourselves on our journalistic standards and ethics.
Catch up on CNBC Select's in-depth coverage of credit cards, banking and money and follow us on TikTok, Facebook, Instagram and Twitter to stay up to date.
