Quicken Loans originated the highest number of home purchase loans in 2019, more than any other lender, according to a new analysis from Ascent, a personal finance resource produced by The Motley Fool. Wells Fargo closed loans totaling more than $305 billion in 2019, 73% higher than its nearest competitor.
Ascent looked at the top mortgage lenders from 2019 to determine who was originating the most loans, closing the most dollars’ worth of loans, and completing the highest percentage of their business with minorities and low-income borrowers.
Of more than 11,000 lending institutions, the top 25 issued 88% of the loans originated last year.
The largest mortgage providers by purchase originations in 2019 were:
- Quicken Loans: 541,000
- United Shore Financial Services (also known as United Wholesale Mortgage): 339,000
- Wells Fargo: 232,000
- Chase: 168,000
- Fairway Independent Mortgage: 147,000
But the largest mortgage providers by total value of closed conventional loans was Wells Fargo, at more than $305 billion, followed by Chase at $177 billion and Quicken Loans at nearly $146 billion.
Ascent found that the largest number of purchase originations to minority borrowers was from United Shore Financial Services (41,648); Wells Fargo (25,200); Quicken Loans (22,646); Bank of America (20,336); and Fairway Independent Mortgage (18,800).
The largest number of purchase originations to low- or moderate-income borrowers—those who earn less than 80% of the estimated current area’s median family income—were by United Shore Financial Services (45,752), Quicken Loans (37,252), and Fairway Independent Mortgage (29,986).
Source: Realtor Magazine, “The Largest Mortgage Providers in the U.S.,” The Ascent (Dec. 28, 2020)