United Wholesale Mortgage leads the way in two areas: HMDA data

United Wholesale Mortgage will more than double as the market leader by 2023, according to preliminary vendor analysis of new products. Home Mortgage Disclosure Act Data released this week by the Consumer Financial Protection Bureau.

While the interpretation of modified loan application registrations may vary slightly depending on the methodology used by different companies, all 2023 reports reviewed by this publication as of the deadline ranked UWM at the top of both lists.

UWM leads in loan units in 2023, displacing Rocket Mortgage in the category as overall originations decline, according to reports from Asurity, Polygon Research and Recursion. Leading in USD volume last year.

Overall, the industry recorded a drop in the number of closed mortgages from more than 8.39 million in 2022 to nearly 5.69 million last year, Asurity data shows. The number of recorded applications was approximately 11.47 million, down from 16.08 million in 2022.

While UWM maintained its lead in dollar volume last year in a challenging market, there are signs Rocket Mortgage is still competing with it in terms of unit market share, as the two weren’t that great in that metric. Far away.

Recursive discovery of HMDA data reported under the name of the former’s parent company (United Shore Financial Services) and data under the latter’s original name (Quicken Loans) shows UWM’s share at 5.3%. Rocket’s share is 5.2%. This indicates a significant change in these numbers from 2022 when Rocket holds a unit market share lead of 5.7% compared to UWM’s 4.2%.

These numbers suggest that not all of UWM’s market share gains are coming from its fierce competitors.

Another notable year-to-year change in unit rankings is the sharp decline in Loandepot, Exit wholesale In the second half of 2022, Polygon and Recursion both ranked No. 3 by number of loans that year. In 2023, Polygon ranked No. 10. According to Recursion, it fell out of the top 10 entirely.

Wells Fargo Bank, which Announced at the beginning of last year to withdraw from the corresponding channelAnd JPMorgan Chase is no longer ranked in the top 10 by Polygon or Recursion.

Following UWM and Rocket, the top 10 companies are Bank of America, Fairway Independent, Crosscountry, US Bank, Navy Federal Credit Union, Citizens and PNC Bank.

In addition to the different vendor approaches, Polygon Research and the CFPB said there are some caveats that should be considered when reviewing the revised LAR profile, as opposed to the national profile to be released later this year, which qualifies the profile based on tenant privacy. Adjustment.

Certain numbers related to loan amounts and property values ​​are roughly rounded, and Polygon makes adjustments to exclude certain fields not immediately available using published CFPB algorithms. The qualifying loan amount may be estimated due to missing fields.

At press time, additional analysis based on the just-released 2023 HMDA was still pending, including rejection rate These are the information fields in the report that are used to examine whether a financial institution may be engaging in discriminatory lending practices.

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