The rankings are based on a Bankrate analysis of preliminary Home Mortgage Disclosure Act data, with an assist from ComplianceTech’s LendingPatterns.com.
The 10 largest FHA lenders accounted for about a third of all FHA home loans originated in 2021.
The 10 biggest FHA lenders
The top 10 FHA lenders by number of loans:
- Rocket Mortgage. Rocket originated nearly 128,000 FHA loans worth $25.5 billion in 2021, according to HMDA data.
- Freedom Mortgage. Freedom originated almost 118,000 FHA loans worth $25.5 billion in 2021.
- Caliber Home Loans. Caliber originated some 41,000 FHA mortgages worth $10.2 billion.
- United Shore Financial. Better known as United Wholesale Mortgage, this lender originated nearly 39,000 FHA loans worth $11.6 billion in 2021.
- Lakeview Loan Servicing. This lender originated 35,000 FHA mortgages with a total value of $8 billion.
- Nationstar Mortgage. This lender, now known as Mr. Cooper, originated nearly 34,000 FHA loans totaling $7 billion.
- Fairway Independent Mortgage. Fairway originated 32,000 loans worth $8 billion.
- PennyMac. PennyMac originated nearly 32,000 FHA loans valued at $6.9 billion.
- LoanDepot. LoanDepot originated 26,000 FHA loans worth $7.1 billion in 2021.
- CrossCountry Mortgage. This lender originated nearly 26,000 FHA loans worth $6.7 billion.
When FHA lenders are ranked by dollar volume rather than by number of loans originated, Freedom Mortgage just barely edges out Rocket Mortgage.
A quick guide to FHA loans
FHA loans appeal to first-time homebuyers for two main reasons: Borrowers can put down as little as 3.5 percent, and they can qualify even with credit scores in the 600s. There are downsides to FHA loans, however: They carry hefty mortgage insurance premiums, and some sellers and listing agents push FHA borrowers to the bottom of the offer pile.
An FHA loan is a government-backed mortgage insured by the Federal Housing Administration. While the government insures these loans, they are underwritten and administered by third-party mortgage lenders.
FHA loans come in 15-year and 30-year terms with fixed interest rates. The agency’s flexible underwriting standards are designed to help give borrowers who might not qualify for private mortgages a chance to become homeowners.