Rocket Overtakes Uwm In 2025 Hmda Loan Count

The largest U.S. mortgage lenders retained significant market share in 2025, with the top 10 institutions accounting for roughly 23.5% of all originations. That’s according to an analysis of Home Mortgage Disclosure Act (HMDA) data released by Polygon Research.

Data published by the Consumer Financial Protection Bureau (CFPB) shows Rocket Mortgage and United Wholesale Mortgage (UWM) leading the market by loan count.

Rocket Mortgage originated 429,332 loans during the year, narrowly ahead of UWM at 422,120. The two lenders remain far ahead of the rest of the field as CrossCountry Mortgage (CCM) held third place with 125,099 loans.

PennyMac Loan Services took fourth place with 100,816 and JPMorgan Chase took fifth place with 94,243. They were followed by loanDepot, Bank of America, Guild Mortgage, Veterans United Home Loans/Mortgage Research Center and Navy Federal Credit Union.

The 2025 data points to a growing mortgage market alongside continued consolidation among lenders. Total originations rose 10.1% by loan count and 17.8% by dollar volume compared to 2024, while the number of active lenders declined year over year.

The average loan size reached $352,553 in 2025. The average property value was $610,409 and the average applicant income was $195,022. The average interest rate for the year was 6.781%.

By dollar volume, UWM ranked first with $164.3 billion in originations, outpacing Rocket at $116.2 billion. JPMorgan Chase placed third at $66.3 billion.

The next tier of lenders by volume included CCM at $49.1 billion, Wells Fargo at $48.2 billion and Bank of America at $37.3 billion. PennyMac, US Bank, Rate and Mortgage Research Center rounded out the top 10.

The rankings highlight a market in which a small group of large lenders continues to dominate production, even as thousands of smaller institutions remain active. While overall origination activity increased in 2025, the number of reporting lenders declined year over year, pointing to ongoing consolidation across the mortgage sector.

The top dogs

The top three originators based on loan count all experienced advancements in tech, expansions and talent throughout 2025.

In July, Rocket Companies completed a $1.75 billion all-stock acquisition of real estate brokerage Redfin, and in October, it completed its acquisition of Mr. Cooper Group for $14.2 billion.

As part of the deals, Mr. Cooper CEO Jay Bray became president and CEO of subsidiary Rocket Mortgage, and Redfin CEO Glenn Kelman announced his departure at the start of 2026. The company also announced layoffs in July 2025 that impacted 2% of the company and offered voluntary separation packages to select employees in March 2026.

Other longtime Rocket employees like Mike Fawaz and Dan Sogorka announced their departures from the Detroit-based company.

But the company’s operations were not at the forefront during Rocket’s full-year 2025 earnings call.

“2025 was where Rocket demonstrated who we are. We acquired Redfin. We acquired Mr. Cooper. We executed and delivered against our goals in every quarter,” CEO Varun Krishna said during the company’s earnings call. “We grew market share to 5.5% in Q4, up from 3.8% the year prior. This is no coincidence. It is the result of strategy and disciplined execution.”

Several tech moves and product announcements, including the introduction of debt-service-coverage ratio (DSCR) and bridge loans, also characterized Rocket’s 2025 business activity.

UWM, meanwhile, announced its own mergers and acquisitions plans just before the end of 2025. In December, United Holding Corp., the parent company of UWM, announced an all-stock deal to acquire real estate investment trust Two Harbors Investment Corp. for $1.3 billion to bring servicing in-house.

That deal, however, fell through after Two Harbors terminated the agreement and instead agreed to be acquired by rival CrossCountry Intermediate HoldCo in an all-cash deal valued at $10.80 per share. The deal would have been UWM’s first acquisition in company history.

UWM’s 2025 was otherwise categorized by multiple incentive programs, including a partnership with Bilt that allows UWM customers to earn Bilt Points each time they make an on-time payment. The company also relaunched its 1% down payment program, Conventional 1% Down, in June 2025 and launched a suite of AI tools ahead of its annual UWM LIVE! event.

CrossCountry continued its upward trajectory following its fourth-place ranking for 2024. The company announced an expanded partnership with digital banking platform Blend and brought on key executives like Brian Covey to drive recruiting efforts.

CrossCountry’s parent also partnered with a fund backed by Ares Alternative Credit and Hildene Capital Management to grow its nonagency mortgage asset management business. The deal included $1 billion in equity commitments, supporting about $20 billion in new investments for CCM’s non-QM platform.

The Ohio-headquartered lender is coming in hot at the start of 2026, not only by usurping UWM’s deal for Two Harbors but also by launching a dedicated builder division to capture purchase share.