UWM Leads the Market

United Wholesale Mortgage (UWM) secured its position as the largest mortgage lender in the U.S. with a staggering $31.4 billion in loan originations for the first quarter of 2025. This marks a notable year-over-year increase of 14.7%. The Michigan-based firm has strategically invested in technology throughout the year and has implemented various incentives aimed at energizing its network of broker partners.

Performance of Major Players

Among the top ten lenders listed by the IMF, eight reported an increase in origination volume compared to the same period last year. The only exceptions include:

• Rocket Mortgage: 4.1% decline in volume
• Freedom Mortgage Corp: 12.8% decline in volume

Overall, the largest lenders combined to generate an impressive $355 billion in loan volume from January through March, reflecting a year-over-year growth of 10.9%.

Pennymac’s Growth

Pennymac emerged as the second-largest lender in the country, with $28.6 billion in origination volume during Q1 2025—a substantial 32.8% increase compared to the previous year. Despite a dip in quarterly profit to $76 million, CEO David Spector emphasized that Pennymac is “uniquely positioned” for future growth when mortgage rates decline.

Consistent Performer: Rocket Mortgage

Staying in third place, Rocket Mortgage recorded $18.2 billion in loans, similar to its previous ranking. The company is expected to experience future growth following its high-profile acquisitions of Mr. Cooper and Redfin.

Other Notable Lenders

Newrez ranked fourth with $12.1 billion in originations, representing an 11.8% rise from Q1 2024. Despite a decline in profits from $316 million in the fourth quarter of 2024 to $147 million in the first quarter of 2025, its parent company, Rithm Capital, is pursuing expansion with a recent $230 million fundraising effort aimed at acquiring businesses in the financial services or real estate sectors.

AmeriHome Mortgage secured fifth place with $12 billion in volume, marking a 24.6% annual increase.

Big Banks Join the Growth

In recent years, major banks have been less active in mortgage lending, but JPMorgan Chase has made a significant turnaround with $11.2 billion in Q1 2025, a remarkable 47.5% surge from last year. CEO Jamie Dimon noted that potential deregulatory measures under the current administration might reduce lending costs and stimulate borrowing activity.

Shifts in Rankings

The top ten mortgage lenders for the first quarter of 2025 include:

1. Freedom Mortgage – $10.3 billion
2. CrossCountry Mortgage – $8.6 billion
3. Mr. Cooper – $8.3 billion
4. Rate – $8.2 billion

Of significant note, Mr. Cooper has surged to ninth place from a previous volume of just $2.9 billion during Q1 2024, indicating a striking 189% growth resulting from its acquisition of Flagstar Bank’s third-party origination and servicing divisions.

Seasonal Variations in Volume

While the overall origination volumes have shown a positive yearly trend, there were quarterly decreases reflective of seasonal fluctuations in the housing market, with the total volume for the top 50 lenders dropping nearly 23% from the fourth quarter of 2024. Notably:

• Freedom Mortgage experienced a dramatic 51.9% decline
• Rocket Mortgage faced a 31.2% decline