In the event you’re curious who the highest VA mortgage lenders had been final yr, marvel not. The most important was Veterans United Dwelling Loans.
The Columbia, Missouri-based lender wrestled the lead away from Freedom Mortgage, a direct lender out of Boca Raton, Florida that had topped the checklist for 2 years prior.
United Wholesale Mortgage took second, adopted by Rocket Mortgage, although each had been behind by a big margin.
Dropping to fourth was Freedom Mortgage, adopted by Navy Federal FCU rounding out the highest 5.
Learn on to see the remainder of the biggest VA mortgage lenders within the nation.
High VA Mortgage Lenders in 2022
| Rating | Firm Identify | 2022 VA Mortgage Quantity |
| 1. | Veterans United | $26.5 billion |
| 2. | UWM | $18.0 billion |
| 3. | Rocket Mortgage | $16.7 billion |
| 4. | Freedom Mortgage | $14.0 billion |
| 5. | Navy Federal | $13.0 billion |
| 6. | Pennymac | $9.1 billion |
| 7. | loanDepot | $7.9 billion |
| 8. | USAA | $6.1 billion |
| 9. | Caliber Dwelling Loans | $4.7 billion |
| 10. | Fairway Unbiased | $4.7 billion |
As famous, Veterans United Dwelling Loans was the #1 VA mortgage lender within the nation in 2022, per statistics from the VA for fiscal yr 2022.
The corporate originated over $26.5 billion in VA loans, which was simply greater than the remainder of the bunch.
In actual fact, the house buy specialist held a near-$10 billion cushion above second place UWM.
However the numbers pale compared to 2021, when Freedom originated a staggering $59.6 billion in VA loans.
Apparently, Veterans United noticed their manufacturing drop minimally from $28.6 billion a yr earlier, a testomony to their give attention to house buy lending.
In the meantime, most of the others noticed large declines as mortgage charges doubled from sub-3% ranges to six%+.
The decrease half of the highest 10 included Pennymac, loanDepot, USAA, Caliber Dwelling Loans, and Fairway Unbiased.
High VA Buy Lenders
| Rating | Firm Identify | 2022 VA Mortgage Quantity |
| 1. | Veterans United | $23.2 billion |
| 2. | UWM | $10.1 billion |
| 3. | Navy Federal | $7.3 billion |
| 4. | USAA | $4.8 billion |
| 5. | Fairway Unbiased | $4.0 billion |
| 6. | Rocket Mortgage | $3.9 billion |
| 7. | DHI Mortgage | $3.3 billion |
| 8. | Caliber Dwelling Loans | $3.1 billion |
| 9. | Motion Mortgage | $2.8 billion |
| 10. | CrossCountry Mortgage | $2.7 billion |
Now let’s check out the highest VA buy lenders, those that originated essentially the most VA loans for house consumers.
These lenders helped navy clients grow to be owners, versus helping them with an current mortgage.
The checklist is kind of a bit completely different, with Veterans United Dwelling Loans simply taking the highest spot for no less than the six yr in a row, properly forward of UWM and Navy Federal Credit score Union.
You’ll discover that Freedom Mortgage and Pennymac didn’t even make the checklist, however house builder D.R. Horton’s financing division DHI Mortgage did.
This is sensible as a result of some mortgage lenders focus extra on purchases, particularly a house builder financing unit.
By the way in which, in the event you do purchase a brand new house, be sure you evaluate choices past the house builder’s financing division as properly!
That is much like testing auto mortgage financing outdoors the dealership, which could possibly be significantly higher.
High VA Refinance Lenders (IRRRL)
| Rating | Firm Identify | 2022 VA Mortgage Quantity |
| 1. | Freedom Mortgage | $6.5 billion |
| 2. | Pennymac | $5.0 billion |
| 3. | Rocket Mortgage | $2.4 billion |
| 4. | Lakeview Mortgage Servicing | $2.1 billion |
| 5. | UWM | $1.5 billion |
| 6. | Navy Federal | $1.5 billion |
| 7. | Veterans United | $1.3 billion |
| 8. | USAA | $1.1 billion |
| 9. | Mr. Cooper | $961 million |
| 10. | Village Capital | $903 million |
If you have already got a VA mortgage, the lenders above are the most probably that can assist you with a streamline refinance, also referred to as an IRRRL.
There may be the place Freedom Mortgage shines, and it’s an enormous chunk of what they do, accounting for greater than half of their total enterprise.
You’ll be able to thank the low mortgage charges which have been out there for a number of years now.
Now that rates of interest have gone up significantly, these lenders have taken an enormous hit. For perspective, in 2021 Freedom did over $56 billion in IRRRLs!
As a result of they didn’t pivot to buy lending, we’ve got a brand new largest VA lender in consequence, which I accurately predicted to be Veterans United a yr in the past.
This sector of VA lending has taken the brunt of the upper mortgage charges.
High VA Money Out Refinance Lenders
| Rating | Firm Identify | 2022 VA Mortgage Quantity |
| 1. | Rocket Mortgage | $10.4 billion |
| 2. | UWM | $6.4 billion |
| 3. | Freedom Mortgage | $5.9 billion |
| 4. | loanDepot | $4.1 billion |
| 5. | Navy Federal | $4.1 billion |
| 6. | New Day Monetary | $3.2 billion |
| 7. | Pennymac | $2.8 billion |
| 8. | The Federal Financial savings Financial institution | $2.2 billion |
| 9. | Veterans United | $2.0 billion |
| 10. | Homepoint | $1.2 billion |
Final however not least, we’ve got the highest VA money out lenders, those that assist current house owners faucet fairness.
And let’s face it, there’s an entire lot of house fairness on the market in the intervening time. It was very ripe for the taking final yr with mortgage charges nonetheless close to report lows.
That is not the case, however Rocket Mortgage nonetheless managed to develop their manufacturing from 2021.
The nation’s primary lender total cranked out $10.4 billion in VA money out refis to high this checklist in 2022, up from $7.2 billion a yr earlier.
Rocket has been the highest VA money out lender for no less than the previous six years, per VA information.
And so they obtained there by a big margin, nearly doubling the amount of their nearest competitor, UWM, which managed respectable quantity contemplating it got here by the wholesale channel solely.
Third on the checklist was Freedom Mortgage, which recouped a few of its IRRRL losses by way of a lift in money out manufacturing.
Southern California-based loanDepot snagged fourth, adopted by Navy Federal FCU.
New Day Monetary, which runs plenty of commercials on TV underneath the NewDay USA model, got here in sixth, adopted by Pennymac in seventh.
The Federal Financial savings Financial institution, Veterans United, and Homepoint rounded out the highest 10 within the money out class.
The Largest VA Lenders Aren’t Essentially the Greatest
I’ve highlighted a number of the largest VA lenders on the market, however dimension isn’t essentially synonymous with the most effective service, or the bottom rates of interest.
Simply because an organization does extra enterprise than one other doesn’t imply they’re superior. It simply means they both promote so much or have extra assets out there to them.
After all, it’s doable to be the most effective as properly in the event that they occur to high the client satisfaction rankings on the identical time.
Be sure you put within the time to comparability store by studying opinions for these lenders and others that didn’t make a top-10 checklist.
You might discover that the most effective VA house mortgage lender is an area store, small credit score union, and even a person mortgage dealer that gives wonderful customer support and product information.
Keep in mind, as soon as your mortgage funds it usually doesn’t actually matter who made it. And in lots of instances, it is going to be transferred to a brand new mortgage servicer anyway.
(Information supply: VA.gov)