Applications / Mortgage Analytics / Market share / 2025
HMDA market report · 2025 data · Jenner Analytics
US mortgage market share, 1990–2025
US lenders originated 4.3M home loans worth $1.64T in 2025, up 9% on 2024. Non-banks made 70% of them, and the 25 largest lenders 44%.
Loans originated, 2025
4.3M
+9.0% on 2024
Dollars lent, 2025
$1.64T
+14.4% on 2024
Lenders that originated, 2025
4,579
−2.5% on 2024
Share of the 25 largest
44%
of loans originated
What a loan origination is
A loan origination is a mortgage application that ended with the loan made and taken up by the borrower: HMDA action code 1, "loan originated". Mortgage originations are what market share is measured in. Applications that were denied, withdrawn, closed as incomplete or approved but not accepted are not originations, and neither are loans a lender bought from another lender.
The figures come from HMDA data: under the Home Mortgage Disclosure Act most US mortgage lenders report every application to their regulator, and the FFIEC (the regulators' joint council) publishes the records each year. We count the core home-lending market: first-lien loans on the borrower's own 1–4 family home, without home-equity lines, business-purpose loans or reverse mortgages.
§1
The market and its lenders
FIG. 1 — LOANS ORIGINATED, 1990–2025
Lending follows interest rates: 4.3M loans in 2025, against a peak of 19.7M in 2003.
- 11993Refinance boom as rates fall
- 21998Refinance wave as rates fall again
- 32003Record refinance boom: rates at 45-year lows
- 42006Housing bubble peaks
- 52008Financial crisis: Fannie Mae and Freddie Mac taken into conservatorship
- 62012Refinancing at record-low rates, helped by HARP
- 72018Expanded HMDA reporting begins
- 82020Pandemic: rates fall to record lows
- 92022Federal Reserve raises rates; refinancing collapses
SOURCE: FFIEC HMDA LOAN FILES 1990–2025; JENNER ANALYTICS WAREHOUSE
FIG. 2 — LOANS ORIGINATED BY KIND OF LENDER, 1990–2025
Non-banks now originate 70% of home loans, up from 34% in 1990.
SOURCE: FFIEC HMDA LOAN FILES; LENDER TYPE BY YEAR FROM FDIC, NCUA, FFIEC NIC AND HMDA
FIG. 3 — LOANS ORIGINATED BY KIND OF LENDER, 2025
Seven loans in ten come from non-banks; banks make 22% and credit unions 8%.
SOURCE: FFIEC HMDA LOAN FILE 2025
FIG. 4 — THE 25 LARGEST LENDERS BY LOANS ORIGINATED, 2025
United Wholesale Mortgage leads with 8.7% of the market; the 25 largest together originate 44% of all loans.
Bars: loans originated by each lender. Line: their running share of all loans originated, ending at 44%, the 25 lenders' combined share.
SOURCE: FFIEC HMDA LOAN FILE 2025
FIG. 5 — THE 25 LARGEST LENDERS BY DOLLARS LENT, 2025
Larger loans lift Citibank: it rises from outside the top 25 by loans to 22nd by dollars, with $13.1B lent.
Bars: dollars lent by each lender. Line: their running share of all dollars lent, ending at 46%, the 25 lenders' combined share.
SOURCE: FFIEC HMDA LOAN FILE 2025
FIG. 6 — CHANGE IN MARKET SHARE, 2024 TO 2025
United Wholesale Mortgage gained most (+0.61 points); Movement Mortgage lost most (-0.19).
SOURCE: FFIEC HMDA LOAN FILES 2024 AND 2025
FIG. 7 — HOME PURCHASE LOANS AS A SHARE OF EACH LENDER'S BOOK, 2025
Builders' lenders make almost nothing but purchase loans; servicers lean to refinancing.
SOURCE: FFIEC HMDA LOAN FILE 2025
§2
Market leader in each state, 2025
The largest lender by loans originated in each state, its share of the state's market, the runner-up, and the share of the five largest together.
| Texas | 406K | United Wholesale Mortgage | 9.5% | Rocket Mortgage | 6.3% | 25.4% |
| California | 331K | United Wholesale Mortgage | 14.5% | Rocket Mortgage | 8.4% | 31.0% |
| Florida | 310K | United Wholesale Mortgage | 14.1% | Rocket Mortgage | 7.1% | 30.6% |
| North Carolina | 178K | Rocket Mortgage | 7.5% | State Employees' Credit Union | 6.8% | 27.7% |
| Ohio | 163K | Rocket Mortgage | 7.8% | CrossCountry Mortgage | 6.0% | 27.0% |
| Georgia | 161K | Rocket Mortgage | 9.5% | United Wholesale Mortgage | 9.4% | 26.3% |
| Illinois | 152K | United Wholesale Mortgage | 6.5% | Rocket Mortgage | 5.8% | 26.1% |
| Pennsylvania | 144K | Rocket Mortgage | 8.4% | United Wholesale Mortgage | 5.5% | 23.6% |
| Michigan | 141K | United Wholesale Mortgage | 13.4% | Rocket Mortgage | 12.0% | 35.2% |
| Virginia | 130K | Rocket Mortgage | 7.6% | United Wholesale Mortgage | 7.0% | 23.7% |
| New York | 130K | Rocket Mortgage | 7.4% | United Wholesale Mortgage | 7.4% | 27.5% |
| Arizona | 116K | United Wholesale Mortgage | 14.6% | Rocket Mortgage | 7.6% | 31.5% |
| Tennessee | 116K | Rocket Mortgage | 7.8% | United Wholesale Mortgage | 7.2% | 23.1% |
| Indiana | 111K | Rocket Mortgage | 6.6% | Ruoff Mortgage Company | 5.7% | 23.0% |
| Washington | 107K | United Wholesale Mortgage | 8.9% | Rocket Mortgage | 6.6% | 28.1% |
| South Carolina | 100K | Rocket Mortgage | 7.0% | United Wholesale Mortgage | 5.7% | 21.4% |
| Colorado | 97.7K | United Wholesale Mortgage | 17.0% | Rocket Mortgage | 6.0% | 30.8% |
| New Jersey | 97.0K | Rocket Mortgage | 7.9% | United Wholesale Mortgage | 6.3% | 27.0% |
| Missouri | 96.3K | Flat Branch Mortgage | 7.2% | Rocket Mortgage | 5.8% | 25.7% |
| Wisconsin | 83.1K | Rocket Mortgage | 5.1% | United Wholesale Mortgage | 3.5% | 18.3% |
| Maryland | 79.0K | Rocket Mortgage | 7.8% | United Wholesale Mortgage | 6.9% | 24.2% |
| Minnesota | 78.9K | United Wholesale Mortgage | 7.9% | Bell Bank | 6.0% | 25.8% |
| Alabama | 75.0K | Rocket Mortgage | 6.8% | United Wholesale Mortgage | 6.4% | 22.0% |
| Massachusetts | 72.8K | Rocket Mortgage | 5.9% | United Wholesale Mortgage | 5.4% | 26.1% |
| Kentucky | 62.6K | United Wholesale Mortgage | 7.5% | Rocket Mortgage | 7.5% | 23.6% |
| Oregon | 53.1K | United Wholesale Mortgage | 8.3% | Guild Mortgage Company | 6.7% | 28.0% |
| Utah | 53.0K | United Wholesale Mortgage | 15.4% | Rocket Mortgage | 6.2% | 37.9% |
| Oklahoma | 52.6K | Rocket Mortgage | 6.7% | First United Bank and Trust Company | 5.1% | 24.0% |
| Louisiana | 48.7K | United Wholesale Mortgage | 8.4% | Rocket Mortgage | 5.8% | 24.4% |
| Iowa | 45.7K | GreenState Credit Union | 12.3% | Veridian Credit Union | 5.3% | 28.9% |
| Nevada | 45.1K | United Wholesale Mortgage | 10.3% | Rocket Mortgage | 6.9% | 31.5% |
| Arkansas | 43.3K | Rocket Mortgage | 7.3% | Arvest Bank | 7.3% | 25.5% |
| Connecticut | 40.8K | Rocket Mortgage | 7.4% | United Wholesale Mortgage | 6.7% | 25.7% |
| Kansas | 39.5K | Rocket Mortgage | 7.6% | Fairway Independent Mortgage | 4.4% | 22.4% |
| Mississippi | 34.7K | Rocket Mortgage | 6.7% | Trustmark Bank | 5.5% | 23.1% |
| Idaho | 33.1K | Idaho Central Credit Union | 10.3% | United Wholesale Mortgage | 8.3% | 33.3% |
| Nebraska | 27.9K | Rocket Mortgage | 6.6% | West Gate Bank | 5.4% | 26.5% |
| New Mexico | 25.9K | Rocket Mortgage | 7.9% | United Wholesale Mortgage | 7.8% | 29.7% |
| West Virginia | 20.8K | Rocket Mortgage | 9.2% | loanDepot.com | 4.2% | 24.0% |
| Maine | 19.8K | United Wholesale Mortgage | 9.2% | Bangor Savings Bank | 6.5% | 34.2% |
| New Hampshire | 19.5K | CMG Mortgage | 10.7% | United Wholesale Mortgage | 9.0% | 34.3% |
| Delaware | 16.0K | Rocket Mortgage | 7.0% | Pike Creek Mortgage Services | 6.6% | 28.2% |
| Montana | 14.5K | United Wholesale Mortgage | 8.7% | Stockman Bank of Montana | 7.9% | 33.7% |
| Puerto Rico | 12.3K | Banco Popular de Puerto Rico | 16.8% | Firstbank | 12.9% | 52.4% |
| Rhode Island | 12.3K | Movement Mortgage | 6.4% | Rocket Mortgage | 5.2% | 24.2% |
| South Dakota | 11.8K | Plains Commerce Bank | 11.9% | CMG Mortgage | 4.8% | 29.7% |
| Hawaii | 10.3K | United Wholesale Mortgage | 11.2% | Rocket Mortgage | 7.4% | 35.8% |
| North Dakota | 9.4K | Gate City Bank | 12.5% | United Wholesale Mortgage | 7.5% | 34.7% |
| Alaska | 8.9K | Residential Mortgage | 14.8% | Global Federal Credit Union | 12.3% | 47.8% |
| Wyoming | 8.9K | United Wholesale Mortgage | 10.7% | Rocket Mortgage | 9.5% | 37.5% |
| Vermont | 7.1K | EastRise Federal Credit Union | 15.9% | EMM Loans | 8.0% | 42.5% |
| District of Columbia | 6.2K | First Savings Mortgage | 6.9% | Rocket Mortgage | 5.2% | 24.7% |
| Guam | 147 | Total Mortgage Services | 61.9% | CMG Mortgage | 35.4% | 100.0% |
| U.S. Virgin Islands | 122 | Pike Creek Mortgage Services | 29.5% | Sun West Mortgage Company | 26.2% | 100.0% |
SOURCE: FFIEC HMDA LOAN FILE 2025; JENNER ANALYTICS WAREHOUSE
How the figures were checked, the data model with every field, and the program behind the charts: Data and code.