Origination Market Shares from 2025 Show UWM and RKT Still Dominating

Recently-released 2025 loan-level origination data show United Wholesale (UWM) and Rocket / Mr. Cooper (RKT) held on to their top two rankings, with UWM again being the market leader in first-lien purchase originations and RKT in first-lien refinances as well as closed-end second liens. 

You can explore more data on our website, where we have loan-level data on more than 300 million originations back to 1990.  

For this analysis, we use Home Mortgage Disclosure Act (HMDA) data, which includes over 90% of origination volumes but does not always include originations from very small lenders and/or loans made in rural areas. We measure market share using unit originations by the “lender of record” as disclosed in the data, which can differ from volumes disclosed independently by lenders. While, generally speaking, the definition of the “originator” is typically consistent for loans made in the retail and wholesale channels, in the correspondent channel, the “lender of record” may be either the aggregators buying loans from its correspondent lenders, or it may be the correspondent lenders themselves. For instance, HMDA data will exclude most of the loans PennyMac and Mr. Cooper acquire in their correspondent channels so more closely aligns with retail and wholesale originations.

In addition, when assessing market share in mortgage originations, it’s important to keep in mind that lenders are constantly balancing market share, profitability and riskiness of the mortgages and, for example, may voluntarily choose to cede market share by focusing on more profitable and/or less risky loans.

With all this in mind, the first-lien purchase market leaders include United Wholesale (UWM), Rocket Mortgage / Mr. Cooper (RKT) and CrossCountry Mortgage with shares of 7.0%, 4.2% (excluding vast majority of Mr. Cooper correspondent volume) and 2.8%, respectively. PennyMac, while ranking 14th with 1.1% share (again, mostly excluding correspondent), gained 23 basis points versus the prior year, making it the largest share gainer. Mortgage Research Center, which focuses on VA loans (92% of purchase originations in 2025), gained the second most share at 20 basis points, leaving it with 2.0%.

RKT and UWM, as mentioned, maintained their top two positions in first-lien refinances, garnering 14.0% and 12.3% of volume, respectively. UWM gained the most share versus the prior year, adding 146 basis points, while PennyMac gained the second-most at 49 basis points, leaving it with 3.1% share. On a related note, RKT also remained the dominant closed-end second lien originator with 20.2% share. The company appears to be gaining traction amongst borrowers that want to keep their first-lien mortgages — likely because they have an attractive rate — but would like to tap their home equity, as 99% of RKT's closed-end home equity originations were classified as cash-out refinances. The progress in home equity is especially notable since RKT only re-entered the second-lien space in 2021.