In order to survive the year lenders just came through, they were forced to dominate 2020 mortgage refinances to meet the boom brought on by low interest rates.
While purchase originations were up, driven by an unprecedented demand for new homes, refinances were the product that truly dominated mortgage lending in 2020. The refinancing share of total originations by dollar volume increased to 55 percent in 2020 from 34 percent in 2019, according to the Mortgage Bankers Association’s Annual Mortgage Bankers Performance Report.
For the mortgage industry as a whole, the MBA estimates production volume at $3.83 trillion in 2020 – the highest annual volume ever reported and up significantly from $2.25 trillion in 2019.
For comparison, the lender with the highest level of purchase volume reported $60.12 billion in purchase originations, while the lender with the highest level of refinance volume reported $274.14 in purchase originations.
Using 2020 HMDA data, iEmergent determined the top mortgage lenders in refinances by volume, excluding multi-family loans. The analysis includes single-family 1-4 residential loans as well as manufactured homes.
Here are the top 10 lenders that dominated refinance lending in 2020:
10. U.S. Bank – $33.69 billion
- Total refinances: 101,144
- Average refi loan size: $333,078
- Percent volume increase from 2019: 73.9 percent
9. Mr Cooper – $35.09 billion
- Total refinances: 141,869
- Average refi loan size: $247,331
- Percent volume increase from 2019: 86.9 percent
8. Caliber Home Loans – $38.96 billion
- Total refinances: 125,885
- Average refi loan size: $309,499
- Percent volume increase from 2019: 11.9 percent
7. Bank of America – $47 billion
- Total refinances: 100,557
- Average refi loan size: $467,423
- Percent volume increase from 2019: 329.2 percent
6. JPMorgan Chase – $62.96 billion
- Total refinances: 155,804
- Average refi loan size: $404,067
- Percent volume increase from 2019: 248.3 percent
5. Wells Fargo – $63.39 billion
- Total refinances: 182,062
- Average refi loan size: $348,163
- Percent volume increase from 2019: 190.1 percent
4. loanDepot – $72.43 billion
- Total refinances: 209,661
- Average refi loan size: $345,480
- Percent volume increase from 2019: 61.2 percent
3. Freedom Mortgage Corp. – $92.85 billion
- Total refinances: 366,928
- Average refi loan size: $253,045
- Percent volume increase from 2019: 255 percent
2. United Wholesale Mortgage – $139.83 billion
- Total refinances: 427,719
- Average refi loan size: $326,932
- Percent volume increase from 2019: 140.8 percent
1. Rocket Mortgage – $274.14 billion
- Total refinances: 997,523
- Average refi loan size: $274,816
- Percent volume increase from 2019: 170.1 percent
To see the top 10 lenders overall for 2020, click here.
Top 10 mortgage lenders by 2020 refinance dollar volume
Source: iEmergent.
