Here is a list of the top mortgage lenders in the United States ranked by loan volume. The top five home lenders originated $472 billion in mortgages during 2018.
Wells Fargo & Co (NYSE: WFC) is the largest mortgage lender in the U.S. The company recorded mortgage loan originations (or residential real estate originations) of $177 billion in 2018. Mortgage applications and total residential mortgage servicing portfolio amounted to $230 billion and $1.502 trillion, respectively. Headquartered in San Francisco, California, the company employs 260,000 people and maintains over 5,500 retail branches and 13,000 ATMs nationwide.
Based in New York, the company is the second largest home mortgage lender in the United States. In 2019, the mortgage origination volume amounted to $115.9 billion and total loans serviced were $761 billion compared with $790 billion in 2018. Chase offers 15-year term and 30-year term mortgages, adjustable-rate mortgages (ARM), FHA mortgages (loans insured by the government), VA home loans (backed by the U.S. Department of Veterans Affairs), dreamaker mortgages and jumbo loans.
Located in Detroit, Michigan, it is the third largest overall home mortgage lender as well as the largest online retail mortgage company in America. Quicken Loans reported $83.4 billion in mortgage loan generations in 2018 compared with $86 billion in 2017. The loan volume fell by 2.9%, or $2.6 billion. Founded in 1985 by Dan Gilbert, Gary Gilbert and Lindsay Gross, the company employs 17,000 people located in Detroit, San Diego (California), Phoenix (Arizona), Charlotte (North Carolina) and Cleveland, Ohio. Recently it has launched Rocket Mortgage, an online and mobile-friendly mortgage lender. You can apply for a mortgage in minutes. Quicken Loans is ranked #1 in client satisfaction nationwide by J.D. Power’s Primary Mortgage Origination Satisfaction Study. The company closed almost $500 billion of mortgage volume in 2013 - 2018.
Located in Westlake Village, California, PennyMac Loan Services, LLC is the fourth largest home mortgage originator in the U.S. PennyMac is an online mortgage lender serving over 1 million home loan customers. The company was founded in 2008 and today employs over 3,000 staff and has 14 locations including sales offices in Moorpark, Roseville, Pasadena, Sacramento (California), Plano, Texas; Eagan, Minnesota; Henderson, Nevada, and Honolulu, Hawaii. It offers FHA loans, VA loans, jumbo loans, ARM loans, investment property loans as well as 15-year fixed-rate and 30-year fixed-rate mortgages. In 2018, PennyMac’s loan production amounted to $68 billion and the servicing portfolio equaled $299 billion. The company operates as a subsidiary of PennyMac Financial Services Inc, a holding company listed on the New York Stock Exchange with a market capitalization of approximately $2.4 billion as of October 4, 2019.
Bank of America
Bank of America Corporation is the fifth largest national mortgage lender. In 2018 it originated $56 billion in mortgage loans including $41 billion of first mortgage loans and $15 billion of home equity loans. In 2017 mortgage originations were $68 billion. The company is based in Charlotte, North Carolina and serves customers through a network of over 4,000 branches and 16,000 ATMs across the country. At February 20, 2020, the company's market value was $304 billion.
|1||Wells Fargo||$177 B||$212.0 B|
|2||Chase||$86.9 B||$107.6 B|
|3||Quicken||$84.3 B||$86.0 B|
|4||PennyMac||$67.6 B||$68.5 B|
|5||Bank of America||$56.1 B||$67.5 B|
Updated as of February 21, 2020.