Now it’s time to take a look at the top refinance companies in the country, based on who closed the most loans last year.
As you may have guessed, Rocket Mortgage (formerly known as Quicken Loans) led the way by a mile.
And by a mile, I mean $100+ billion over their nearest competitor, United Wholesale Mortgage.
It’s no surprise really seeing that they were the top mortgage lender overall in 2021 as well.
Read on to see which other mortgage companies made the top 10.
Top Refinance Companies (Overall)
| Ranking | Company Name | 2021 Loan Volume |
| 1. | Rocket Mortgage | $275.7 billion |
| 2. | UWM | $139.6 billion |
| 3. | Wells Fargo | $126.0 billion |
| 4. | Chase | $113.6 billion |
| 5. | loanDepot | $97.7 billion |
| 6. | Freedom Mortgage | $94.1 billion |
| 7. | Pennymac | $71.4 billion |
| 8. | Homepoint | $66.4 billion |
| 9. | Mr. Cooper | $65.0 billion |
| 10. | Newrez | $58.2 billion |
As mentioned, Detroit-based mega lender Rocket Mortgage easily took first place in the refinance category with $275.7 billion funded in 2021, per Richey May’s HMDA data.
There are two main types of mortgage refinances: the rate and term refinance (used to lower your rate and/or change your loan type/term) and the cash out refinance, utilized to tap equity.
Rocket shined in both categories as scores of homeowners sought both lower mortgage rates and cash.
Their total was nearly double second place United Wholesale Mortgage (UWM), a company that works exclusively with mortgage brokers.
In third was Wells Fargo with $126 billion in refinance loans, slightly better than fourth place Chase with $113.6 billion.
Completing the top five was direct lender loanDepot with $97.7 billion funded during the year.
Others in the top 10 included Freedom Mortgage, Pennymac, Homepoint, Mr. Cooper, and Newrez.
No huge surprises as these are all either big commercial banks or household names in the mortgage industry.
Top Refinance Companies (Conventional Loans)
| Ranking | Company Name | 2021 Loan Volume |
| 1. | Rocket Mortgage | $231.7 billion |
| 2. | UWM | $127.5 billion |
| 3. | Wells Fargo | $122.0 billion |
| 4. | Chase | $113.5 billion |
| 5. | loanDepot | $87.4 billion |
| 6. | Homepoint | $59.0 billion |
| 7. | Bank of America | $55.8 billion |
| 8. | U.S. Bank | $53.2 billion |
| 9. | Mr. Cooper | $52.8 billion |
| 10. | Newrez | $48.6 billion |
If we filter out government-backed home loans, including FHA loans, VA loans, and USDA loans, the list changes slightly, though not by much.
That’s because mortgage lenders primarily originate conventional loans, including conforming loans backed by Fannie Mae and Freddie Mac, along with jumbo loans.
Rocket still easily took #1 with almost $232 billion in conventional refinance loans, followed by UWM with about $128 billion, and Wells Fargo with $122 billion.
Chase and loanDepot retained their fourth and fifth spots with $113.5 billion and $87.4 billion funded, respectively.
The bottom half of the top 10 was the only thing different, with Homepoint, Bank of America, U.S. Bank, Mr. Cooper, and Newrez included.
But only Bank of America and U.S. Bank were new names, with Freedom and Pennymac falling out.
Top VA Refinance Companies
| Ranking | Company Name | 2021 Loan Volume |
| 1. | Freedom Mortgage | $50.1 billion |
| 2. | Pennymac | $30.2 billion |
| 3. | Rocket Mortgage | $25.9 billion |
| 4. | loanDepot | $9.0 billion |
| 5. | UWM | $9.0 billion |
| 6. | Veterans United | $8.0 billion |
| 7. | Lakeview Loan Servicing | $7.9 billion |
| 8. | Navy FCU | $6.9 billion |
| 9. | Caliber Home Loans | $6.8 billion |
| 10. | Village Capital | $5.9 billion |
If we focus solely on VA refinance loans, Freedom Mortgage was tops with over $50 billion funded.
That was more than enough to beat out #2 Pennymac’s $30 billion and third place Rocket’s $26 billion.
It then dropped off quite a bit with loanDepot and UWM in fourth and fifth with about $9 billion funded each.
The rest of the best included Veterans United Home Loans, Lakeview Loan Servicing, Navy FCU, Caliber Home Loans, and Village Capital.
Most VA loans that are refinanced are done so via the streamlined IRRRL program, which requires less documentation than typical mortgage loans.
Also be sure to check out the top VA lenders for all loan types.
Top FHA Refinance Companies
| Ranking | Company Name | 2021 Loan Volume |
| 1. | Freedom Mortgage | $24.6 billion |
| 2. | Rocket Mortgage | $18.2 billion |
| 3. | Pennymac | $10.9 billion |
| 4. | Lakeview Loan Servicing | $8.6 billion |
| 5. | Mr. Cooper | $7.5 billion |
| 6. | Newrez | $4.8 billion |
| 7. | Caliber Home Loans | $4.0 billion |
| 8. | United Wholesale Mortgage | $3.1 billion |
| 9. | American Advisors Group | $3.0 billion |
| 10. | Planet Home Lending | $2.5 billion |
When it came to FHA refinances, Freedom Mortgage blew away the competition with $24.6 billion funded last year.
Government-backed lending is clearly their specialty, especially when it comes to refinancing.
Rocket snagged second with $18.2 billion, followed by Pennymac with $10.9 billion funded.
Lakeview Loan Servicing took fourth with $8.6 billion, and Mr. Cooper grabbed fifth with $7.5 billion in FHA refinances.
Others in the top 10 included Newrez, Caliber Home Loans, UWM, AAG, and Planet Home Lending.
I would add a category for the top USDA refinance companies, but loan volumes are just too low. It’d be mostly pointless.
The majority homeowners with USDA loans probably either refinance out of the program, keep their loan to maturity, or sell their home before refinancing.
Check out the top FHA loan lenders across all transaction types for more.
Who Are the Best Refinance Companies Out There?
If you want to change the terms of your existing home loan, you might be wondering who the best refinance companies are.
After all, “best” generally equates to excellent service and perhaps the lowest mortgage rates and lender fees.
The lists above feature the largest refinance companies in the country based on loan volume, not necessarily the best lenders out there.
Some large companies might have mediocre ratings while smaller companies could have 5-star reviews across multiple ratings websites.
Take the time to read reviews/complaints and research the companies you’ve got your eye on before you proceed to apply.
While large companies have proven the ability to close lots of refinance loans (which is a good thing if you want to get to the finish line), they may not be the cheapest option, or the best choice for you.
Consider refinance companies large and small, whether it’s a local credit union, large commercial bank, direct lender, or mortgage broker.
