Top mortgage lenders post big gains in 2025 as originations grow

The volume of mortgage loans originated by all US lenders rose 18.3% year over year in 2025.

Funded loans climbed to $2.407 trillion from $2.034 trillion in 2024, according to an S&P Global Market Intelligence analysis based on recently released Home Mortgage Disclosure Act information. It was the second consecutive yearly increase in origination volume.

UWM Holdings Corp. and Rocket Mortgage LLC were the largest originators once again, with market shares of 6.83% and 4.83%, respectively. JPMorgan Chase Bank NA, the leading bank among mortgage lenders, gained slightly on the nonbank leaders as its market share ticked up to 2.75% from 2.49% in 2024.

For all funded loans, 59.2% of origination volume in 2025 came from nonbanks, down from 59.7% in 2024.

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Trendlines

The top five lenders in 2025 were the same as in 2024, with CrossCountry Mortgage LLC and Wells Fargo Bank NA rounding out the group. Bank of America NA and PennyMac Financial Services Inc. jumped ahead of U.S. Bank NA, which had been 2024's sixth-ranked mortgage lender. It fell to eighth in the 2025 rankings with a relatively modest 9.9% increase in funded loans.

There were five banks among the top 20 mortgage lenders, up from four in 2024. Citizens Bank NA joined the group with a 39.9% year-over-year increase in funded loans.

The only two lenders in the top 20 that saw year-over-year declines in funded loans were linked to homebuilders. DHI Mortgage Co. Ltd., a unit of D.R. Horton Inc., posted a 2.4% decline, with a 6.0-percentage-point lower loan approval rate. Lennar Corp. subsidiary Lennar Mortgage LLC posted a 0.5% decline and an 0.3-percentage-point lower loan approval rate.

Navy FCU, the only credit union among the top 20 mortgage lenders in 2024, dropped off the list for last year.

JPMorgan's 29.1-percentage-point year-over-year decline in loan approval rate, to 25.81%, followed a 24.8-point increase in the rate the prior year. Both swings were far out of sync with group medians for the top 20 lenders.