Chart of the Week: Top 10 GSE, FHA Originators and Issuers
As the industry begins to recap 2024 and looks ahead to 2025, reliable lender rankings are often of interest. In this week’s Chart of the Week, we feature GSE and FHA originator rankings that cover the first half of 2024. For the first two quarters of 2024, Rocket Mortgage was the top originator of loans delivered to the GSEs by loan count, with a market share of 8.6%, followed by United Wholesale Mortgage (UWM) at 6.7%. No other originator had a share greater than 3.0%. The top 10 originators amounted to 31.6% of total deliveries during that period.
The league table for issuers over this period showed UWM with a 9.3% share of GSE loan deliveries, followed by Rocket at 8.8% and PennyMac at 6.8%. In this category, the top ten originators accounted for 46.0% of the total market, reflecting more concentration than observed in the market for originators.
Consistent with trends from the annual Home Mortgage Disclosure Act (HMDA) data, non-depositories continue to account for a larger share of mortgage production. There was only one bank (No. 5 JP Morgan), in the list of top 10 originators of loans sold to the GSEs in the first half of 2024. There were two in the issuer league table (No. 5 JP Morgan and No.7 US Bank).
The differences in the standings for individual institutions in the sales and originations categories reflect the relative use of third-party originators (or correspondent channels) on the part of the sellers.
The top two positions in the FHA loan origination league table in the first half of 2024 were UWM coming in first (9.3%), followed by Rocket Mortgage (8.8%). PennyMac was the top issuer during that period with an 11.2% share followed by UWM at 10.0% and Rocket at 9.1%. PennyMac ranks lower in the originator table than the issuer table for both GSE and FHA, reflecting PennyMac’s reliance on smaller originators for mortgage lending activities.
For more information on these industry rankings and other available data from Recursion, please visit our website here.
Additionally, MBA members have access to a host of free data on this and other topics from MBA Research and MBA associate members available here.
Li Chang (lchang@recursionco.com), Sean Chang (schang@recursionco.com), Joel Kan (jkan@mba.org), Jenny Masoud (jmasoud@mba.org)
