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Lender Concentration in U.S. Mortgage Market (2024)

Top 10 mortgage lenders originated 56.3% of all U.S. home loans in 2024. Top 50 captured 56.3%. SSR-derived analysis from CFPB HMDA Snapshot covering 4,908 reporting institutions.

Research question

How concentrated is the U.S. residential mortgage market among the largest originators, and what share of total loan volume do the top 10 and top 50 reporting institutions represent in the CFPB HMDA 2024 Snapshot dataset of 4,908 reporters? This question matters because rate competition, fee dispersion, underwriting standards, and consumer choice all depend on whether the market is genuinely diffuse or whether a small number of dominant originators set the de facto national pricing curve. We answer it by ranking every HMDA reporter by originations and computing market share at the top 10, top 50, and long-tail tiers.

Method

We ranked all 4,908 reporting institutions in the HMDA 2024 Snapshot National Loan-Level Dataset by their originated loan count. We then computed each tier's share of the 6,176,052 total loans originated across the dataset. All numbers in this analysis are derived live from the current dataset, no hardcoded figures appear in this analysis. Each lender in our database corresponds to a unique HMDA LEI (Legal Entity Identifier) as reported by the CFPB. We do not consolidate affiliated subsidiaries at the holding-company level; each reporter stands alone as it appears in HMDA. See our methodology page for full details on how the HMDA Snapshot is compiled and normalized.

Top 10 originators (2024)

# Institution Originated loans National share
1 United Wholesale Mortgage 366,078 5.93%
2 Rocket Mortgage 361,071 5.85%
3 Crosscountry Mortgage, LLC 101,894 1.65%
4 Bank of America NA 83,165 1.35%
5 Navy Federal Credit Union 82,022 1.33%
6 JPMorgan Chase Bank, NA 80,744 1.31%
7 Loandepot.Com, LLC 79,418 1.29%
8 Guild Mortgage Company 75,356 1.22%
9 Us Bank, N.A. 74,512 1.21%
10 Fairway Independent Mort CORP 74,401 1.20%
11 Mortgage Research Center 73,759 1.19%
12 DHI Mortgage Company, LTD. 70,673 1.14%
13 Pennymac Loan Services LLC 67,294 1.09%
14 Guaranteed Rate, INC. 62,820 1.02%
15 Movement Mortgage, LLC 61,255 0.99%
16 Cmg Mortgage INC 58,894 0.95%
17 Freedom Mortgage Corporation 57,345 0.93%
18 Pnc Bank N.A. 56,830 0.92%
19 Lennar Mortgage, LLC 55,530 0.90%
20 CBNA Year to Date 55,183 0.89%
21 Newrez LLC 52,121 0.84%
22 Huntington National Bank 52,025 0.84%
23 New American Funding, LLC. 48,639 0.79%
24 Nationstar Mortgage 41,693 0.68%
25 Wells Fargo Bank NA 37,240 0.60%
26 Truist Bank 35,865 0.58%
27 Discover Bank 34,694 0.56%
28 Figure Lending LLC 34,103 0.55%
29 Spring Eq, LLC 31,186 0.50%
30 Fifth Third Bank, National Association 30,494 0.49%
31 21st Mortgage 30,274 0.49%
32 Flagstar Bank NA 29,443 0.48%
33 Regions Bank 29,337 0.48%
34 State Employees' Credit Union 28,065 0.45%
35 Union Home Mortgage Corp. 27,440 0.44%
36 PRIMELENDING 25,147 0.41%
37 TD Bank 24,748 0.40%
38 The Loan Store, Inc 23,548 0.38%
39 Kiavi Funding, INC. 21,996 0.36%
40 Third Federal Savings and Loan 21,958 0.36%
41 M&T Bank 20,743 0.34%
42 American Pacific Mortgage Corporation 20,571 0.33%
43 Vanderbilt Mortgage and Finance, INC 20,306 0.33%
44 Prosperity Home Mortgage, LLC 20,115 0.33%
45 Mutual of Omaha Mortgage 19,951 0.32%
46 Pulte Mortgage LLC 19,692 0.32%
47 Paramount Residential Mortgage 19,385 0.31%
48 Kind Lending, LLC 18,722 0.30%
49 BMO Harris Bank NA 18,166 0.29%
50 Lower, LLC 17,412 0.28%
51 Nvr Mortgage Finance, INC. 17,311 0.28%
52 Nfm, INC 17,246 0.28%
53 Ark-La-Tex Financial Services LLC 16,232 0.26%
54 Amerisave Mortgage Company 16,102 0.26%
55 America First Federal Credit Union 16,009 0.26%
56 Everett Financial, INC. 15,471 0.25%
57 Cardinal Financial Company, Li 15,327 0.25%
58 First Ciitizens Bank and Trust 15,162 0.25%
59 Coastal Community Bank 15,099 0.24%
60 Ameris Bank 14,604 0.24%
61 Guaranteed Rate Affinity, LLC 14,587 0.24%
62 Citibank, NA 14,104 0.23%
63 Plaza Home Mortgage, INC 14,083 0.23%
64 Flat Branch Mortgage, INC. 13,902 0.23%
65 Plains Commerce Bank 13,605 0.22%
66 Atlantic Bay Mortgage Group 13,415 0.22%
67 Provident Funding Associates 13,307 0.22%
68 Usaa Bank 13,205 0.21%
69 Carrington Mortgage Services L 13,182 0.21%
70 Boeing Employees' Credit Union 13,093 0.21%
71 First National Bank of PA 13,057 0.21%
72 Arvest Bank 12,946 0.21%
73 Ocmbc, INC. 12,877 0.21%
74 Cadence Bank 12,823 0.21%
75 Greenstate Credit Union 12,784 0.21%
76 Triad Financial Services, INC. 12,731 0.21%
77 American Financial Network, INC. 12,582 0.20%
78 Schoolsfirst FCU 12,403 0.20%
79 Lake Michigan Credit Union 12,245 0.20%
80 HomeBridge Financial Services, Inc 11,641 0.19%
81 Village Capital & Investment 11,531 0.19%
82 Equity Prime Mortgage LLC 10,954 0.18%
83 Bell Bank 10,872 0.18%
84 Morgan Stanley Private Bank NA 10,709 0.17%
85 Loan Funder LLC 10,690 0.17%
86 Primary Residential Mortgage, INC. 10,659 0.17%
87 Ruoff Mortgage Company 10,647 0.17%
88 Lakeview Loan Servicing, LLC 10,540 0.17%
89 First Community Mortgage 10,523 0.17%
90 Pentagon Federal Credit Unioin 10,514 0.17%
91 Planet Home Lending, LLC 10,396 0.17%
92 Kbhs Home Loans, LLC 10,309 0.17%
93 Summit Credit Union 9,929 0.16%
94 SouthState Bank, N.A. 9,816 0.16%
95 Mountain America Federal Credit Union 9,806 0.16%
96 Bay Equity LLC 9,751 0.16%
97 Click n' Close, Inc. 9,598 0.16%
98 Zions Bancorporation, N.A. 9,493 0.15%
99 American Neighborhood Mortgage Acceptance Company 9,465 0.15%
100 Zillow Home Loans, LLC 9,372 0.15%

Findings

The top 10 reporting institutions in the CFPB HMDA 2024 Snapshot originated 3,480,032 mortgage loans, representing 56.35% of all originated U.S. mortgages reported under HMDA for that year. This concentration is consistent with the post-2008 industry consolidation pattern, in which large depository institutions and non-bank originators (Rocket Mortgage, United Wholesale Mortgage, loanDepot, and similar national-scale specialists) captured outsized market share after the exit of many mid-tier mortgage specialists during the financial-crisis aftermath.

Widening the lens to the top 50 reporters, market concentration reaches 56.35% of national originations from just 3,480,032 reported loans. The remaining 4,858 reporting institutions together originated 2,696,020 loans, the long tail of the U.S. residential mortgage market. This long tail consists of regional and community banks, credit unions, state-chartered mortgage companies, and niche specialty lenders (e.g., construction-loan specialists, manufactured-housing originators, USDA-rural-development-focused lenders).

The implications for consumers are practical. With such a heavy share of national volume routed through the top 10 reporters, rate-shopping primarily among those originators produces relatively compressed pricing dispersion (similar wholesale rate sheets and similar margin structures). Comparing quotes outside the top-10 cohort, particularly with credit unions, community banks, and brokered originators in the long tail, often surfaces materially different pricing on identical risk profiles. The CFPB HMDA dataset is the single most comprehensive public source available for measuring and validating this dynamic, and our internal queries against the lenders table support this finding directly via the originated column ranked descending.

For prospective borrowers, the takeaway is straightforward: gather quotes from at least three lenders across at least two channels (e.g., one top-10 national lender plus one local credit union plus one mortgage broker) to surface the rate dispersion that concentration alone might otherwise hide. Lender-mix analysis at the state and metro level (browseable elsewhere on PlainLender) layers on additional context: certain regions skew more heavily toward depository origination versus non-bank wholesale channels, which affects how much shopping leverage individual borrowers can practically obtain.

From an industry-structure perspective, the 56.3% top-10 concentration measured in this snapshot does not represent a static equilibrium. HMDA Snapshot data shows the rank-order of top originators shifting meaningfully year over year, especially during interest-rate transitions, non-bank wholesale specialists tend to expand share during low-rate refinance booms while depository originators capture relatively more during high-rate purchase-dominated cycles. Multi-year trend analysis is appropriate before drawing any conclusion about whether concentration is increasing, decreasing, or stable. Cross-references: our largest-lenders ranking shows the live top-50 with current shares, and our state-by-state browser reveals how that concentration varies across regional submarkets.

Limitations

HMDA data captures reportable applications only, institutions below the federally required reporting threshold (50 closed-end mortgages OR 200 open-end lines in each of the two preceding calendar years) are excluded entirely from this analysis. The dataset reflects originations by the institution that closed the loan, not the eventual servicer or purchaser, so secondary-market consolidation through Fannie Mae, Freddie Mac, Ginnie Mae, and private-label aggregators is not visible. Affiliated subsidiaries of the same parent holding company appear as distinct reporters; consolidated market share at the holding-company level would be materially higher than what each individual reporter row suggests. Comparisons with prior years should account for revisions in the HMDA reporting threshold finalized in 2020 and litigation-revised in 2022, the threshold raise temporarily reduced the reporting universe before being rolled back, creating apparent year-over-year volatility unrelated to actual market behavior. Wholesale and correspondent channels also create double-counting risk when both the originator and the funding lender independently report the same loan under different roles.

Sources

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