Nation’s High Mortgage Lender Funded $163 Billion in 2025, a 17% Annual Improve Pushed By Refinances

It was yr for the biggest mortgage lender within the nation, regardless of sticky-high mortgage charges.

United Wholesale Mortgage (UWM), which works solely with mortgage brokers, funded a strong $163.4 billion in house loans throughout 2025.

That was up roughly 17% from their 2024 whole of $139.4 billion, seemingly securing them the highest spot for the third yr working.

Though, we nonetheless should see what their crosstown rival Rocket Mortgage achieved throughout the yr (earnings tomorrow!).

What’s attention-grabbing although is UWM’s mortgage quantity wasn’t pushed by positive factors in house buy lending final yr.

For UWM, It Was All Concerning the Refis Final 12 months

In recent times, it has been house buy lending carrying a lot of the load for mortgage lenders.

In spite of everything, with mortgage charges surging from the three% vary all the way in which as much as 8%, it didn’t make a lot sense for many present householders to refinance.

A charge and time period refinance not often penciled, and a cash-out refinance was (or ought to have been) solely utilized in excessive conditions the place the house owner was in determined want of funds.

And so buy loans allowed the massive guys to develop whereas charges remained excessive.

That modified final yr as seen in United Wholesale Mortgage’s numbers, which turned much more refinance-heavy.

The lender noticed its refinance quantity almost double from $43.4 billion to $70.3 billion, an enormous acquire given mortgage charges have been nonetheless above 6% all year long.

The fourth quarter was notably good for refinances, with origination quantity s of $30.7 billion, up from $16.5 billion within the third quarter and $16.8 billion within the fourth quarter of 2024.

Based on UWM, it was their finest refinance yr since 2021. And all of us bear in mind how good refinances have been again then, the yr the 30-year mounted hit an all-time low.

Buy Lending Really Slowed In the course of the 12 months

That brings me to house buy lending. Whereas refinances have been scorching final yr, and could possibly be even hotter this yr, buy lending cooled at UWM.

The corporate mentioned it funded solely $93.2 billion in buy loans throughout 2025, in comparison with $96.1 billion the yr prior.

It wasn’t an enormous drop, but it surely was a drop. And that’s not an excellent signal for the housing market, which has struggled mightily of late.

Lengthy story quick, housing affordability has been actually poor and also you’re seeing it within the numbers from prime lenders like UWM.

Whereas present householders have been capable of get mortgage fee aid, we aren’t seeing new consumers bounce into the market.

Latest numbers have been even much less encouraging, with buy originations of simply $18.9 billion within the fourth quarter in comparison with $25.2 billion within the third quarter.

That was additionally down from $21.9 billion within the fourth quarter of 2024.

Will Sub-6% Mortgage Charges Change Issues for 2026?

The large query now’s what’s going to 2026 appear like for the largest mortgage lenders within the trade?

Mortgage charges lastly fell into the 5s this week and if they’ll keep there for an inexpensive period of time (or all yr!), we may see buy lending choose up.

However the truth that it’s been principally a refinance get together with decrease charges tells you there’s an actual probability house consumers may not chunk. Or gained’t chunk as a lot as anticipated.

Certain, it’s cheaper than it was final yr (and doubtless the yr earlier than that), but it surely’s nonetheless costly to purchase a house as we speak.

And in the end a charge of 5.875% versus 6% isn’t a lot completely different when it comes to math. We’re speaking $30 on a $400,000 mortgage.

Nonetheless, if consumers can afford it and the sentiment improves with decrease mortgage charges, we’d see each buy lending and refinance lending enhance in 2026.