Each year, I compile the top 10 mortgage refinance companies by loan volume.
This means the mortgage lenders closing the most refinance loans in the country versus the competition.
The undisputed leader was United Wholesale Mortgage, or UWM for short, based on the just released data.
Despite being a lender that only works for mortgage brokers, they topped the list for the second year in a row, beating out bitter rival Rocket Mortgage.
Read on to see who else made the top-10 list of mortgage refinance lenders.
Top Mortgage Refinance Lenders (Overall)
| Ranking | Company Name | 2025 Loan Volume |
| 1. | UWM | $68.5 billion |
| 2. | Rocket Mortgage | $54.0 billion |
| 3. | Freedom Mortgage | $19.7 billion |
| 4. | Pennymac | $15.8 billion |
| 5. | Chase | $13.1 billion |
| 6. | Newrez | $10.2 billion |
| 7. | CrossCountry | $9.6 billion |
| 8. | U.S. Bank | $9.6 billion |
| 9. | Bank of America | $9.2 billion |
| 10. | loanDepot | $8.4 billion |
As noted, Pontiac, Michigan-based United Wholesale Mortgage was the best based on closed refinance volume for 2025 (latest year available using HMDA data).
The company relied on mortgage brokers nationwide to fund a whopping $68.5 billion in mortgage refinance loans last year.
That was easily enough to best fellow Michigan-based mortgage lender Rocket Mortgage, which funded just $54 billion.
Rocket is typically #1 in refis, but UWM got their number yet again.
In third was Freedom Mortgage, which specializes in refinances of FHA loans and VA loans. They funded $19.7 billion.
Pennymac and Chase took fourth and fifth with $15.8 billion and $13.1 billion funded, respectively.
The rest of the top-10 list included Newrez, CrossCountry Mortgage, U.S. Bank, Bank of America, and loanDepot.
Top Rate and Term Refinance Lenders
| Ranking | Company Name | 2025 Loan Volume |
| 1. | UWM | $49.6 billion |
| 2. | Rocket Mortgage | $26.6 billion |
| 3. | Freedom Mortgage | $14.0 billion |
| 4. | Pennymac | $10.9 billion |
| 5. | Chase | $8.5 billion |
| 6. | U.S. Bank | $7.6 billion |
| 7. | Bank of America | $6.8 billion |
| 8. | CrossCountry | $6.6 billion |
| 9. | Newrez | $6.5 billion |
| 10. | Wells Fargo | $4.9 billion |
If we fine-tune the top refinance lenders list to rate and term refinances only, UWM still takes the top spot with $49.6 billion funded.
Again, they beat out Rocket Mortgage, which funded $26.6 billion and Freedom Mortgage’s $14 billion.
Fourth and fifth went to Pennymac and Chase, which isn’t surprising because most refinances lately have been rate and term as opposed to cash out.
The rest of the best included U.S. Bank, Bank of America, CrossCountry, Newrez, and Wells Fargo.
You don’t see Wells Fargo in top mortgage lists much anymore, so good for them to sneak back in there.
Top Cash-Out Refinance Lenders
| Ranking | Company Name | 2025 Loan Volume |
| 1. | Rocket Mortgage | $27.3 billion |
| 2. | UWM | $18.9 billion |
| 3. | Freedom Mortgage | $5.7 billion |
| 4. | loanDepot | $4.9 billion |
| 5. | Pennymac | $4.9 billion |
| 6. | Chase | $4.6 billion |
| 7. | Newrez | $3.7 billion |
| 8. | Mr. Cooper | $3.3 billion |
| 9. | CrossCountry | $3.0 billion |
| 10. | Armstrong Bank | $2.4 billion |
Finally, we have the top cash-out refinance lenders based on loan volume. This is when you tap equity while refinancing as opposed to simply adjusting your interest rate or loan term.
You knew Rocket Mortgage was going to win something and this is the category they dominated, as always.
The Detroit-based lender funded $27.3 billion in cash-out refis, taking out UWM and their $18.9 billion in the process.
In third was Freedom Mortgage again, followed by loanDepot and Pennymac.
The lower half of the top 10 included Chase, Newrez, Mr. Cooper (now owned by Rocket), CrossCountry, and Muskogee, Oklahoma-based Armstrong Bank. Didn’t expect that one.
So overall not a lot of diversity in these lists, with just a small handful of large mortgage lenders taking most of the refinance business in 2025.
Do the Top Lenders Have the Best Mortgage Refinance Rates?
Chances are there are cheaper options if you’re looking for the best mortgage refinance rates. And by best I mean lower.
Why? Because smaller, so-called no-name lenders without massive advertising budgets can pass on more savings (from less spending) to their customers.
This is especially true for online mortgage lenders with less overhead that aren’t household names.
So if you’re looking for cheap refinance rates, take the time to look beyond just the names you see on TV or the Internet.
This is no different than shopping for insurance where they rely upon celebrity endorsements to sell you what amounts to a commodity.
Once your mortgage is funded, it’s no different than a mortgage from any other company, other than the interest rate and fees you paid to obtain said rate.
Chances are it’ll be a 30-year fixed that’s the exact same as one you could have obtained elsewhere.
The only difference will be the rate/fees. Do you want to pay more for the same loan, or go with a smaller, competent lender or broker that can help you snag a lower rate?
And one that saves you money each month you hold your loan, which could be years and years.
Read on: Why are refinance rates higher?
Before creating this site, I worked as an account executive for a wholesale mortgage lender in Los Angeles. My hands-on experience in the early 2000s inspired me to begin writing about mortgages 19 years ago to help prospective (and existing) home buyers better navigate the home loan process. Follow me on X for hot takes.