If you need an FHA loan, you may be curious about who the best FHA lenders are. By top I mean biggest.
While biggest certainly does not mean best, or cheapest for that matter, it can be useful to know the major players.
If nothing else, these companies should at least have a good understanding of the FHA loan process and a decent track record of closing such loans.
This can be especially important if you are buying a house and need a competent lender who will actually get you there.
But the smaller shops (and even mortgage brokers) could also be a perfectly viable option, provided they are well-versed in FHA lending.
Top FHA Lenders (Overall)
| Ranking | Company name | Loan quantity 2024 |
| 1. | UWM | 26.6 billion dollars |
| 2. | Rocket Pant | 17.6 billion dollars |
| 3. | DHI Mortgage | 10.3 billion dollars |
| 4. | Cross-country skiing | 7.1 billion dollars |
| 5. | Freedom Pledge | 6.8 billion dollars |
| 6. | loanDepot | 6.5 billion dollars |
| 7. | Guild Pledge | 5.5 billion dollars |
| 8. | Lennar Mortgage | 5.5 billion dollars |
| 9. | Pennymac | 4.9 billion dollars |
| 10. | Fairway | 4.6 billion dollars |
Last year, more than a quarter trillion ($250 billion) in FHA loans were originated by 1,200+ banks, credit unions and independent mortgage lenders.
But some companies did much more volume than others and dominated the FHA lending space.
That brings us to the top-10 list, which is based on 2024 HMDA data compiled by consulting firm Richey May.
The number one spot for 2024 was claimed by United Wholesale Mortgage (UWM) with $26.6 billion in FHA loan volume, easily knocking out of town rival Rocket Mortgage, previously the top FHA lender.
Third place went to homebuilder lender DHI Mortgage, which originated $10B+ in FHA loans to new home buyers.
And fourth and fifth were Freedom Mortgage (an FHA specialist) and loanDepot, the latter of which operates several joint ventures with homebuilders.
Recently acquired Guild Mortgage came in sixth with $5.5 billion in financing, matching seventh-place Lennar Mortgage, another homebuilder’s tied financing unit.
Rounding out the top 10 were Pennymac and Fairway Home Mortgage, each with just under $5B in FHA loans over the year.
Pennymac operates a large correspondent lending (B2B) business and also operates a retail channel. Many former nationwide managers are involved.
Fairway Mortgage is a top-10 mortgage lender overall with a strong focus on home equity loans, which often involve FHA financing.
Top FHA Purchase Lenders (for Home Buyers)
| Ranking | Company name | Loan quantity 2024 |
| 1. | UWM | 19.6 billion dollars |
| 2. | DHI Mortgage | 10.3 billion dollars |
| 3. | Rocket Pant | $7.6 billion |
| 4. | Cross-country skiing | 5.9 billion dollars |
| 5. | Lennar Mortgage | 5.5 billion dollars |
| 6. | Guild Pledge | 4.9 billion dollars |
| 7. | loanDepot | 4.3 billion dollars |
| 8. | Fairway | 4.2 billion dollars |
| 9. | CMG Mortgage | 3.5 billion dollars |
| 10. | Movement Pledge | 3.3 billion dollars |
Now let’s break it down by transaction type and separate home purchase loans from refinance loans.
Some lenders specialize in mortgage refinancing for existing homeowners, while others focus on home buyers.
The top FHA lender for home purchases was again UWM, with $19.6 billion in total volume.
They easily beat their closest competitor, DHI Mortgage, which is the nation’s largest homebuilder and big on offering homebuyers these days.
Third was Rocket Mortgage and its $7.6 billion in FHA purchase loans, a strong showing for a lender more focused on refinancing.
In fourth place was CrossCountry Mortgage with $5.9 billion in production, followed by Lennar Mortgage with $5.5 billion.
The rest of the best included Guild, loanDepot, Fairway, CMG Mortgage and Movement Mortgage.
These are the mortgage lenders that may be suitable for a home buyer looking to finance their purchase with an FHA loan.
Why? Because they close thousands of these types of home loans annually, so they should know what they’re doing.
As long as mortgage rates remain high and the refinancing market remains weak, more banks and lenders will want to be on this list.
Top FHA Refinance Lenders (For Existing Homeowners)
| Ranking | Company name | Loan quantity 2024 |
| 1. | Rocket Pant | 9.7 billion dollars |
| 2. | UWM | $7.0 billion |
| 3. | Freedom Pledge | 4.0 billion dollars |
| 4. | Pennymac | 2.7 billion dollars |
| 5. | loanDepot | 2.0 billion dollars |
| 6. | Mutual in Omaha | 1.7 billion dollars |
| 7. | Mr. Cooper | 1.4 billion dollars |
| 8. | Newrez | 1.2 billion dollars |
| 9. | Lakeview | 1.2 billion dollars |
| 10. | Cross-country skiing | 1.2 billion dollars |
Now let’s talk about who closes most FHA refinance loans, which are reserved for existing homeowners.
These folks typically refinance to get a lower mortgage rate, usually through the FHA’s Streamline Refinance Program, which makes it fairly easy to qualify.
The undisputed king of FHA refis was Rocket Mortgage last year, with a whopping $9.7 billion in total production. However, their total fell somewhat compared to the period 2020-2021.
The nation’s number one mortgage lender was still quite a ways off, with UWM making only $7.0 billion of these types of loans.
They were followed by Freedom Mortgage with $4.0 billion, Pennymac with $2.7 billion and loanDepot with $2.0 billion. So the totals dropped quite dramatically here.
Others who cracked the top-10 refi list included Mutual of Omaha, Mr. Cooper (now owned by Rocket), Newrez, Lakeview Loan Servicing and finally CrossCountry Mortgage.
With interest rate and maturity refinances expected to rise slightly in 2025, those totals are likely to increase, though it’s unclear if the names on this list will change much.
I could see Rocket dominating the channel even more with Mr. Cooper now under their control.
To summarize, it doesn’t matter how big a bank or mortgage institution is, as long as they are financially sound and operationally competent.
You can have a great experience with a local mortgage broker or a massive custodian bank. You may also have a bad experience with either.
Take the time to research the lender or person you plan to work with, whether it’s an FHA loan or another type of home loan.
And make sure they specialize in the type of financing you need. Oh, and you should know what type of loan you want before you talk to any interested parties.
