With mortgage rates down from their late-2023 highs, refinancing has once again become a practical option for many homeowners. Some are lowering their monthly payments or shortening their loan term, while others are tapping into the equity that they've built to fund renovations, consolidate debt, or cover other major expenses.
According to the latest Home Mortgage Disclosure Act (HMDA) data accessed through Polygon Research's HMDAVision, nearly 2 million homeowners refinanced their mortgages in 2025. While this remains well below the record levels seen during the ultra-low mortgage rate environment of 2020 and 2021, it represents a notable rebound after the past couple of years of reduced demand.
Although thousands of lenders offer refinance loans, the market remains dominated by a relatively small group of companies. In fact, just ten lenders accounted for more than one-third of all refinance loans originated in 2025.
To identify the industry's biggest players, Mortgage Research Network analyzed 2025 HMDA data and ranked the nation's largest residential lenders based on their combined rate-and-term and cash-out refinance originations.
Largest Refinance Lenders in 2025
In 2025, a total of 4,623 lenders issued a cumulative 1,973,816 refinance loans. However, 3,276 – nearly 71% of them – completed fewer than 100 refis. The top ten largest lenders were responsible for 36.9% of all refinances originated.
| Rank | Lender | Refinances Completed | Market Share | Average Refinance Amount |
|---|---|---|---|---|
| 1 | Rocket Mortgage | 274,007 | 13.88% | $227,904 |
| 2 | United Wholesale Mortgage | 184,470 | 9.35% | $383,463 |
| 3 | Freedom Mortgage | 58,681 | 2.97% | $335,137 |
| 4 | Pennymac | 46,092 | 2.34% | $351,548 |
| 5 | Newrez | 40,034 | 2.03% | $280,853 |
| 6 | LoanDepot | 30,706 | 1.56% | $294,122 |
| 7 | JPMorgan Chase | 24,521 | 1.24% | $499,028 |
| 8 | Citizens Bank | 24,501 | 1.24% | $288,082 |
| 9 | AmeriSave | 23,562 | 1.19% | $140,753 |
| 10 | CrossCountry Mortgage | 22,196 | 1.12% | $435,141 |
Breaking Down the 10 Largest Refinance Lenders
Who dominated the refinance market in 2025? Here's a closer look at the ten largest lenders.
1. Rocket Mortgage
As one of the country's best-known online lenders, Rocket Mortgage claimed the top spot with 274,007 refinance loans originated in 2025 – nearly one out of every seven nationwide. Known for its digital-first approach to lending, the Detroit-based company also boasts an impressive servicing portfolio of nearly 10 million loans.
2. United Wholesale Mortgage
Unlike most of the other lenders on our list, United Wholesale Mortgage does not work directly with borrowers. Instead, the company connects with consumers through a nationwide network of independent mortgage brokers and lending partners. Thanks to its broad reach, UWM ranked second with 184,470 refinance loans originated in 2025. In addition, it was the largest FHA purchase loan lender for the year.
3. Freedom Mortgage
Freedom Mortgage originated 58,681 refinance loans in 2025, earning the third spot on our list. Since its founding in 1990, the company has worked with millions of homebuyers and existing homeowners through its retail, wholesale, and correspondent lending businesses. It also ranked third nationwide for VA loan originations in 2025.
4. Pennymac
With 46,092 refinance loans originated in 2025, Pennymac ranked fourth among the nation's largest refinance lenders. Founded in 2008 in the wake of the subprime mortgage crisis, the company's original mission was to help stabilize the housing market by purchasing distressed loans. Today, Pennymac has grown into one of the country's largest mortgage lenders, employing approximately 4,700 people.
5. Newrez
Newrez has expanded significantly in recent years through the acquisition of numerous lenders and loan servicers. The Fort Washington, Pennsylvania-based company, founded as New Penn Financial in 2008, operates both wholesale and direct-to-consumer lending channels, a diversified approach that helped it originate 40,034 refinances in 2025.
6. LoanDepot
Since its founding in 2010, LoanDepot has focused on helping homeowners refinance through a digital-first lending experience. The company has funded a total of more than $584 billion in home loans across nearly 2 million borrowers. In 2025, LoanDepot originated 30,706 refinance loans.
7. JPMorgan Chase
JPMorgan Chase is the largest financial institution in the country, with a whopping $4.4 trillion in total assets. Formed through more than two centuries of consolidations, the company, which was officially founded in 2000, can trace its roots all the way back to 1799. Last year, JPMorgan Chase ranked seventh on our list, originating 24,521 refinance loans. However, the company ranked #1 in 2025 for the most mortgages over $1 million.
8. Citizens Bank
Citizens Bank originated 24,501 refinance loans in 2025, placing eighth on our list. Originally founded in 1828 as High Street Bank, the Rhode Island-based institution has grown into one of the country's best-known financial institutions and mortgage lenders. Today, the company offers refinance loans in 46 states and the District of Columbia.
9. AmeriSave
Atlanta-based AmeriSave has been in business since 2002 and originated as one of the pioneers of the online lending experience. With no physical locations, AmeriSave operates a digital-first approach that has led it to finance more than $130 billion in home loans across nearly 750,000 borrowers. In 2025, the company issued 23,562 residential refinances.
10. CrossCountry Mortgage
Rounding out the top ten list is Ohio-based CrossCountry Mortgage, with a total of 22,196 refinances originated last year. In business since 2003, the company operates primarily as a retail, direct-to-consumer lender, and also ranked third for residential investment property purchase loans in 2025.
Biggest Refi Lenders for Investment Properties
The refinance market for investment properties looks very different from the market for owner-occupied homes. While investment property refinances account for only a small fraction of all refinance loans, the lenders that lead this segment are largely different.
Only two companies – United Wholesale Mortgage and Rocket Mortgage – appeared on both top-ten lists. The remaining eight lenders focus more heavily on financing investment properties, suggesting their products and expertise are tailored to real estate investors.
If you're refinancing a rental property or other investment real estate, these lenders may be worth considering. Specialized lenders often have loan programs and underwriting guidelines designed specifically for investors, which can differ substantially from traditional primary or secondary residence refinance loans.
| Rank | Lender | Refinances Completed | Market Share | Average Refinance Amount |
|---|---|---|---|---|
| 1 | United Wholesale Mortgage | 14,879 | 7.40% | $266,376 |
| 2 | Kiavi | 6,679 | 3.32% | $221,522 |
| 3 | Rocket Mortgage | 4,941 | 2.46% | $293,723 |
| 4 | The Loan Store | 4,610 | 2.29% | $375,649 |
| 5 | BPL Mortgage | 4,580 | 2.28% | $190,784 |
| 6 | Champions Funding | 4,453 | 2.21% | $386,161 |
| 7 | HomeXpress Mortgage | 3,978 | 1.98% | $321,468 |
| 8 | Loan Funder LLC | 3,939 | 1.96% | $323,340 |
| 9 | Velocity Commercial Capital | 3,801 | 1.89% | $280,846 |
| 10 | OCMBC, Inc. | 3,272 | 1.63% | $334,881 |
Choosing the Right Type of Refinance
Not all refinances are designed to accomplish the same goal. While some homeowners refinance to lower their interest rate or monthly payment, others want to use their home equity to finance major expenses. Understanding the differences between the two primary refinance options can help you determine which loan best fits your needs.
Rate-and-Term Refinance
A rate-and-term refinance replaces your existing mortgage with a new loan that changes your interest rate, loan term, or both. In 2025, just over half (52%) of all HMDA-reported refinance loans were rate-and-term refinances.
Some of the best reasons to do a rate-and-term refinance include:
Lowering your interest rate
Lowering your monthly payment
Reducing the term of your loan
Switching between an adjustable-rate and fixed-rate mortgage
Removing mortgage insurance by refinancing into a conventional loan
Adding or removing a borrower
Cash-Out Refinance
A cash-out refinance replaces your current mortgage with a larger loan, allowing you to borrow against your home equity and receive the difference as a lump sum of cash at closing. Like a rate-and-term refinance, it can also change your interest rate or loan term.
Some common reasons why homeowners choose to do a cash-out refinance include:
Funding home improvements and renovations
Consolidating higher-interest debt
Covering major expenses, such as medical bills or college tuition
Purchasing a second home or investment property
Starting or growing a business
Comparing Refinance Lenders
Regardless of whether you're refinancing to lower your monthly payment, pay off your mortgage sooner, or tap into your home's equity, choosing the right lender can impact both your costs and overall experience.
The companies on this list have a proven track record of originating refinance loans, but size alone shouldn't determine who you work with. Interest rates, closing costs, customer service, and loan options can vary drastically from one lender to the next. Before refinancing, compare quotes from multiple lenders and choose the one that best fits your financial goals – not necessarily the company with the largest market share.
All figures based on 2025 Home Mortgage Disclosure Act (HMDA) data provided by the Consumer Financial Protection Bureau (CFPB) and accessed July 5, 2026, through PolygonResearch.com HMDAVision.
