The mortgage industry is going to see a significant shift in 2022. Although rates are still near all time lows, the simple truth is the industry is out of borrowers to refinance.
There have been more than $8 Trillion in mortgages originated over 2020 and 2021. For context, total mortgage debt in the United States is $12 Trillion.
We analyzed more than 26,000,000 mortgages over recent years to predict how the market divvies up the volume in 2022. We did this in 3 steps:
Methodology
1) First, we looked at each company’s market share. In order to account for the shift away from refinance, we split this by purchase and refinance.
2) Then, we looked at how each company has trended in recent years to account for expected continued gains or losses in market share.
3) Lastly, we applied these market share estimates to the most recent Mortgage Market Forecast published by the Mortgage Bankers Association, specifically by Purchase and Refinance.
Example
As an example, Rocket Mortgage, the country’s largest lender had an 8% total market share in 2020. The story changes when you break it down by mortgage loan purpose. They had an 11% market share in refinance, but only a 2.7% market share in purchase.
Since Rocket had a much higher share of refinance originations in 2020 compared to the industry (88% vs 65%, respectively), they will see a larger than average drop in total mortgage originations in 2022 as refinance volume dries up.
We also took recent trends in market share gains and applied them to each company. Sticking with our example, Rocket has been gaining market share in refinance and we extend that trend into 2022. This marginally offsets the impact from the overall market decline.
Results
| 2022 Est. Rank | Mortgage Company | 2022 Est. Volume ($B) | 2020 Volume ($B) | Change ($B) | 2022 Refi % | 2020 Refi % |
|---|---|---|---|---|---|---|
| 1 | ROCKET MORTGAGE | $143.8 | $313.2 | ($169.3) | 68% | 88% |
| 2 | UNITED WHOLESALE MORTGAGE | $105.6 | $178.4 | ($72.8) | 50% | 77% |
| 3 | WELLS FARGO BANK NA | $82.4 | $125.0 | ($42.5) | 20% | 52% |
| 4 | FAIRWAY INDEPENDENT MORT CORP | $69.6 | $63.1 | $6.6 | 19% | 43% |
| 5 | GUARANTEED RATE INC. | $69.4 | $69.8 | ($0.4) | 31% | 57% |
| 6 | LOANDEPOT LLC | $66.4 | $96.5 | ($30.1) | 34% | 72% |
| 7 | CALIBER HOME LOANS INC | $58.1 | $70.1 | ($12.0) | 27% | 55% |
| 8 | CROSSCOUNTRY MORTGAGE INC. | $51.7 | $42.6 | $9.1 | 28% | 56% |
| 9 | FREEDOM MORTGAGE CORPORATION | $47.1 | $99.2 | ($52.1) | 87% | 94% |
| 10 | BANK OF AMERICA NA | $41.5 | $69.2 | ($27.6) | 33% | 68% |
| 11 | HOME POINT FINANCIAL CORPORATION | $39.4 | $39.0 | $0.4 | 37% | 68% |
| 12 | VETERANS UNITED | $34.7 | $25.9 | $8.8 | 10% | 29% |
| 13 | MOVEMENT MORTGAGE, LLC | $34.0 | $29.9 | $4.1 | 21% | 42% |
| 14 | US BANK, N.A. | $33.4 | $53.2 | ($19.8) | 20% | 63% |
| 15 | JPMORGAN CHASE BANK, NA | $30.8 | $89.9 | ($59.0) | 42% | 70% |
| 16 | GUILD MORTGAGE COMPANY | $27.2 | $34.9 | ($7.6) | 33% | 54% |
| 17 | CARDINAL FINANCIAL COMPANY LP | $25.2 | $26.9 | ($1.7) | 36% | 68% |
| 18 | NEW AMERICAN FUNDING | $24.9 | $30.2 | ($5.3) | 37% | 65% |
| 19 | PENNYMAC LOAN SERVICES LLC | $23.5 | $34.9 | ($11.4) | 60% | 87% |
| 20 | CBNA | $21.9 | $26.5 | ($4.5) | 19% | 58% |
| 21 | CITIBANK, N.A. | $21.4 | $27.3 | ($5.9) | 11% | 54% |
| 22 | DHI MORTGAGE COMPANY LIMITED | $21.3 | $13.3 | $8.0 | 0% | 1% |
| 23 | PROSPERITY HOME MORTGAGE LLC | $21.2 | $13.8 | $7.3 | 13% | 32% |
| 24 | HOMEBRIDGE FINANCIAL SERVICES, INC. | $20.0 | $26.0 | ($6.1) | 19% | 58% |
| 25 | FLAGSTAR BANK | $19.4 | $36.5 | ($17.1) | 29% | 64% |
| 26 | PRIMELENDING | $18.8 | $22.5 | ($3.8) | 19% | 42% |
| 27 | CMG MORTGAGE INC. | $18.3 | $18.6 | ($0.2) | 20% | 50% |
| 28 | AMERICAN PACIFIC MORTGAGE CORPORATION | $18.3 | $19.7 | ($1.5) | 29% | 57% |
| 29 | LENNAR MORTGAGE, LLC | $17.5 | $13.1 | $4.4 | 0% | 5% |
| 30 | FINANCE OF AMERICA MORTGAGE LLC | $15.8 | $28.9 | ($13.1) | 48% | 66% |
| 31 | FIRST REPUBLIC BANK | $15.0 | $22.2 | ($7.2) | 17% | 61% |
| 32 | SUPREME LENDING/ EVERETT FINANCIAL INC. | $14.9 | $16.0 | ($1.1) | 21% | 47% |
| 33 | BETTER MORTGAGE CORPORATION | $14.8 | $18.8 | ($4.1) | 72% | 89% |
| 34 | AMERISAVE MORTGAGE CORPORATION | $14.0 | $23.7 | ($9.7) | 100% | 99% |
| 35 | PARAMOUNT RESIDENTIAL MORTGAGE GROUP INC. | $13.9 | $14.0 | ($0.1) | 22% | 50% |
| 36 | NAVY FEDERAL CREDIT UNION | $12.5 | $23.4 | ($10.9) | 20% | 49% |
| 37 | AMERIS BANK | $12.2 | $9.6 | $2.6 | 25% | 52% |
| 38 | NEWREZ LLC | $11.9 | $22.3 | ($10.4) | 78% | 87% |
| 39 | PRIMARY RESIDENTIAL MORTGAGE INC. | $11.9 | $11.6 | $0.3 | 23% | 47% |
| 40 | AMERICAN FINANCIAL NETWORK INC. | $11.5 | $13.2 | ($1.7) | 31% | 64% |
| 41 | TRUIST BANK | $11.3 | $25.5 | ($14.2) | 19% | 59% |
| 42 | LAKEVIEW LOAN SERVICING, LLC | $11.2 | $15.0 | ($3.9) | 89% | 97% |
| 43 | FIFTH THIRD BANK | $11.1 | $9.6 | $1.5 | 26% | 66% |
| 44 | CORNERSTONE HOME LENDING, INC. | $10.8 | $11.0 | ($0.2) | 25% | 47% |
| 45 | ACADEMY MORTGAGE CORPORATION | $10.8 | $15.1 | ($4.3) | 28% | 48% |
| 46 | NFM, INC | $10.7 | $8.0 | $2.6 | 23% | 47% |
| 47 | TD BANK | $10.2 | $11.8 | ($1.6) | 6% | 54% |
| 48 | REGIONS BANK | $10.0 | $13.6 | ($3.5) | 19% | 58% |
| 49 | KELLER MORTGAGE LLC | $9.6 | $5.6 | $4.0 | 12% | 31% |
| 50 | MR COOPER | $9.1 | $35.7 | ($26.6) | 78% | 97% |
| 51 | SUN WEST MORTGAGE COMPANY INC. | $9.0 | $9.1 | ($0.0) | 33% | 72% |
| 52 | DRAPER AND KRAMER MORTGAGE CORP. | $8.6 | $9.3 | ($0.7) | 46% | 71% |
| 53 | ARK-LA-TEX FINANCIAL SERVICES LLC | $8.4 | $7.8 | $0.6 | 25% | 48% |
| 54 | RESIDENTIAL MORTGAGE SERVICES | $8.3 | $8.2 | $0.1 | 21% | 42% |
| 55 | GATEWAY FIRST BANK | $8.2 | $8.7 | ($0.5) | 24% | 50% |
| 56 | PULTE MORTGAGE LLC | $8.1 | $6.1 | $2.0 | 0% | 1% |
| 57 | CHERRY CREEK MORTGAGE CO. INC. | $7.9 | $9.6 | ($1.6) | 39% | 63% |
| 58 | KEYBANK NATIONAL ASSOCIATION | $7.9 | $10.3 | ($2.4) | 4% | 64% |
| 59 | NORTHPOINTE BANK | $7.9 | $7.2 | $0.7 | 33% | 62% |
| 60 | SUMMIT FUNDING INC. | $7.7 | $7.5 | $0.3 | 21% | 46% |
| 61 | BAY EQUITY HOME LOANS | $7.6 | $9.1 | ($1.5) | 32% | 58% |
| 62 | MUTUAL OF OMAHA MORTGAGE, INC | $7.6 | $10.1 | ($2.5) | 62% | 83% |
| 63 | PNC BANK N.A. | $7.6 | $20.1 | ($12.5) | 6% | 70% |
| 64 | UNION HOME MORTGAGE COMPANY | $7.5 | $8.0 | ($0.5) | 31% | 54% |
| 65 | CLOSINGMARK HOME LOANS | $7.3 | $3.1 | $4.1 | 0% | 2% |
| 66 | MORGAN STANLEY PRIVATE BANK NA | $7.2 | $11.4 | ($4.2) | 2% | 65% |
| 67 | SWBC MORTGAGE CORPORATION | $7.2 | $6.8 | $0.3 | 30% | 57% |
| 68 | SOUTH STATE BANK, N.A. | $7.0 | $4.7 | $2.3 | 16% | 44% |
| 69 | COMMERCE HOME MORTGAGE LLC | $6.8 | $7.0 | ($0.2) | 40% | 67% |
| 70 | NOVA FINANCIAL & INVESTMENT CORPORATION DBA: NOVA HOME LOANS | $6.7 | $7.8 | ($1.1) | 37% | 61% |
| 71 | ATLANTIC BAY MORTGAGE GROUP LLC | $6.7 | $6.7 | ($0.0) | 22% | 43% |
| 72 | VANDERBILT MORTGAGE AND FINANCE, INC | $6.6 | $4.1 | $2.4 | 10% | 24% |
| 73 | FBC MORTGAGE LLC | $6.2 | $6.3 | ($0.1) | 14% | 38% |
| 74 | BANK OF ENGLAND | $6.2 | $6.0 | $0.2 | 20% | 48% |
| 75 | RUOFF HOME MORTGAGE | $6.0 | $5.5 | $0.6 | 25% | 47% |
| 76 | BELL BANK | $6.0 | $5.9 | $0.1 | 28% | 53% |
| 77 | MCLEAN MORTGAGE CORPORATION | $6.0 | $5.6 | $0.4 | 32% | 55% |
| 78 | PROVIDENT FUNDING ASSOCIATES | $6.0 | $13.7 | ($7.7) | 69% | 89% |
| 79 | THE FEDERAL SAVINGS BANK | $5.9 | $11.3 | ($5.3) | 56% | 82% |
| 80 | USAA FEDERAL SAVINGS BANK | $5.9 | $14.1 | ($8.3) | 23% | 49% |
| 81 | INTERCAP LENDING INC | $5.8 | $4.8 | $1.0 | 32% | 62% |
| 82 | FIRST UNITED BANK AND TRUST CO | $5.7 | $4.7 | $1.0 | 13% | 39% |
| 83 | SECURITYNATIONAL MORTGAGE COMPANY | $5.7 | $5.4 | $0.3 | 22% | 48% |
| 84 | ALLY BANK | $5.6 | $4.7 | $0.9 | 42% | 73% |
| 85 | HIGHLANDS RESIDENTIAL MORTGAGE | $5.6 | $4.8 | $0.8 | 25% | 50% |
| 86 | BARRINGTON BANK & TRUST | $5.6 | $8.0 | ($2.4) | 44% | 65% |
| 87 | NVR MORTGAGE FINANCE INC | $5.6 | $5.3 | $0.3 | 0% | 0% |
| 88 | DAS ACQUISITION COMPANY, LLC | $5.6 | $4.8 | $0.7 | 20% | 44% |
| 89 | SYNOVUS BANK | $5.3 | $4.5 | $0.8 | 18% | 54% |
| 90 | EQUITY PRIME MORTGAGE LLC | $5.2 | $3.8 | $1.4 | 20% | 47% |
| 91 | LEADERONE FINANCIAL CORP. | $5.2 | $5.4 | ($0.2) | 31% | 56% |
| 92 | NJ LENDERS CORP. | $5.1 | $4.6 | $0.5 | 30% | 57% |
| 93 | MID AMERICA MORTGAGE INC. | $5.1 | $4.8 | $0.3 | 24% | 49% |
| 94 | PLAINS COMMERCE BANK | $5.0 | $4.5 | $0.5 | 40% | 69% |
| 95 | V.I.P. MORTGAGE INC. | $5.0 | $4.9 | $0.1 | 32% | 59% |
| 96 | AMCAP MORTGAGE LTD. | $5.0 | $4.3 | $0.7 | 13% | 35% |
| 97 | HUNTINGTON NATIONAL BANK | $4.9 | $14.4 | ($9.6) | 7% | 67% |
| 98 | HOMESIDE FINANCIAL LLC | $4.9 | $5.0 | ($0.2) | 26% | 62% |
| 99 | PLANET HOME LENDING LLC | $4.9 | $5.7 | ($0.9) | 48% | 79% |
| 100 | LEADER BANK NA | $4.8 | $5.4 | ($0.5) | 38% | 61% |
| 101 | EVERGREEN MONEYSOURCE MORTGAGE COMPANY | $4.8 | $5.6 | ($0.8) | 21% | 48% |
| 102 | FLAT BRANCH MORTGAGE INC. | $4.8 | $3.5 | $1.3 | 17% | 41% |
| 103 | FIRST HOME MORTGAGE | $4.8 | $5.7 | ($0.9) | 29% | 47% |
| 104 | PLAZA HOME MORTGAGE INC. | $4.8 | $7.1 | ($2.3) | 33% | 59% |
| 105 | SIERRA PACIFIC MORTGAGE | $4.7 | $8.8 | ($4.1) | 41% | 66% |
| 106 | RENASANT BANK | $4.7 | $5.0 | ($0.4) | 16% | 49% |
| 107 | LAKE MICHIGAN CREDIT UNION | $4.6 | $5.6 | ($1.0) | 30% | 53% |
| 108 | HOMETOWN LENDERS INC | $4.4 | $3.2 | $1.2 | 19% | 48% |
| 109 | UMPQUA BANK | $4.4 | $8.0 | ($3.6) | 26% | 59% |
| 110 | FIRST HERITAGE MORTGAGE, LLC | $4.4 | $3.7 | $0.6 | 21% | 43% |
| 111 | CELEBRITY HOME LOANS, LLC | $4.3 | $4.4 | ($0.1) | 36% | 72% |
| 112 | FIRST SAVINGS BANK | $4.2 | $4.0 | $0.3 | 47% | 76% |
| 113 | TCF NATIONAL BANK | $4.2 | $3.2 | $1.0 | 25% | 58% |
| 114 | COMPASS BANK | $4.2 | $5.9 | ($1.7) | 3% | 50% |
| 115 | GEORGE MASON MORTGAGE LLC | $4.2 | $5.8 | ($1.6) | 35% | 56% |
| 116 | CHURCHILL MORTGAGE CORPORATION | $4.1 | $4.4 | ($0.3) | 31% | 60% |
| 117 | GMFS LLC | $4.1 | $4.1 | $0.0 | 29% | 57% |
| 118 | ATLANTIC COAST MORTGAGE LLC | $4.1 | $3.7 | $0.4 | 29% | 50% |
| 119 | HOMESTAR FINANCIAL CORPORATION | $4.1 | $3.2 | $0.9 | 10% | 26% |
| 120 | NORTH AMERICAN SAVINGS BANK | $4.0 | $5.3 | ($1.3) | 45% | 73% |
| 121 | AMERICAN NEIGHBORHOOD MORTGAGE DBA ANNIEMAC HOME MORTGAGE | $4.0 | $4.7 | ($0.7) | 31% | 53% |
| 122 | WATERSTONE MORTGAGE CORP | $4.0 | $4.5 | ($0.5) | 21% | 39% |
| 123 | PENTAGON FEDERAL CREDIT UNION | $4.0 | $4.1 | ($0.1) | 12% | 52% |
| 124 | EMBRACE HOME LOANS, INC. | $3.9 | $5.5 | ($1.6) | 23% | 60% |
| 125 | MEGA CAPITAL FUNDING INC | $3.9 | $4.4 | ($0.5) | 69% | 89% |
| 126 | INTERCOASTAL MORTGAGE COMPANY | $3.9 | $3.6 | $0.2 | 35% | 60% |
| 127 | FIRST SAVINGS MORTGAGE CORPORATION | $3.8 | $4.3 | ($0.5) | 39% | 61% |
| 128 | MUFG UNION BANK, NA | $3.8 | $5.9 | ($2.1) | 37% | 68% |
| 129 | STRONG HOME MORTGAGE, LLC | $3.8 | $4.4 | ($0.6) | 73% | 91% |
| 130 | TOTAL MORTGAGE SERVICES LLC | $3.8 | $2.8 | $1.0 | 19% | 46% |
| 131 | THE MORTGAGE FIRM, INC. | $3.7 | $3.5 | $0.3 | 17% | 38% |
| 132 | TOWNEBANK | $3.7 | $4.4 | ($0.7) | 21% | 48% |
| 133 | MORTGAGE INVESTORS GROUP | $3.7 | $3.7 | $0.0 | 18% | 41% |
| 134 | ENVOY MORTGAGE LTD | $3.7 | $5.1 | ($1.4) | 30% | 49% |
| 135 | NBKC BANK | $3.7 | $7.2 | ($3.5) | 70% | 76% |
| 136 | INSPIRE HOME LOANS | $3.7 | $2.0 | $1.6 | 4% | 11% |
| 137 | HOMESTEAD FUNDING CORP. | $3.6 | $3.9 | ($0.3) | 33% | 56% |
| 138 | KBHS HOME LOANS, LLC | $3.6 | $2.5 | $1.2 | 1% | 3% |
| 139 | FULTON BANK, N.A. | $3.6 | $3.1 | $0.5 | 18% | 47% |
| 140 | CHARLES SCHWAB BANK | $3.6 | $6.6 | ($3.0) | 59% | 83% |
| 141 | HSBC BANK USA, NA | $3.6 | $4.8 | ($1.3) | 22% | 58% |
| 142 | IBERIABANK | $3.5 | $5.1 | ($1.6) | 8% | 50% |
| 143 | S1L INC | $3.5 | $2.4 | $1.1 | 29% | 60% |
| 144 | MORTGAGE SOLUTIONS OF COLORADO LLC | $3.4 | $3.3 | $0.1 | 24% | 54% |
| 145 | NATIONS LENDING CORPORATION | $3.3 | $4.5 | ($1.1) | 32% | 67% |
| 146 | AMERIFIRST FINANCIAL CORPORATION | $3.3 | $3.3 | $0.0 | 24% | 44% |
| 147 | FIRST GUARANTY MORTGAGE CORPORATION | $3.3 | $4.7 | ($1.4) | 59% | 83% |
| 148 | STOCKTON MORTGAGE CORPORATION | $3.3 | $2.6 | $0.7 | 27% | 55% |
| 149 | LENDUS LLC DBA RPM MORTGAGE | $3.3 | $7.2 | ($3.9) | 52% | 61% |
| 150 | 21ST MORTGAGE | $3.2 | $2.3 | $1.0 | 0% | 1% |