Non-Bank Lenders Dominate the Top 10 Agency Lenders Ranking
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Everyone publishes lender rankings. The question is: rankings based on what data?
Most industry rankings rely on available data sources like single-agency loan volumes, self-reported figures, system aggregations, or regional samples. While useful for specific analysis, these approaches miss how lenders actually compete across the complete agency market.
Our rankings are based on comprehensive data from all three agencies: Fannie Mae, Freddie Mac, and Ginnie Mae. This matters because lenders have different strategies across agencies. Some focus heavily on conventional conforming loans (Fannie/Freddie), while others specialize in government lending (Ginnie Mae). A lender might rank #15 in conventional volume but #3 in FHA lending.
We wanted to capture the current competitive landscape with the same depth and rigor we apply when we model HMDA LAR data. That is why we analyze the complete agency universe to get a more comprehensive view into current mortgage trends in MBS Pivot. You see which lenders have built diversified agency lending businesses versus those concentrated in specific loan products. You understand total market presence, not just slice-by-slice performance. Achieving such a comprehensive view is only possible because we've invested in unlocking and standardizing loan-level data across Fannie, Freddie, and Ginnie. That's the foundation that makes these insights possible and reliable.
When I pulled the latest agency mortgage data from our MBS Pivot last week, I had to double-check the numbers. For the first time in modern banking history as I know it, all ten of the largest agency lenders (those selling/issuing the securities) are non-depositories, even though one (AmeriHome) functions as a mortgage banking subsidiary of Western Alliance Bank.
No traditional banks lending under their own charter. No credit unions.
This represents more than an interesting data point. I see it as a fundamental change in how agency lending operates, and it has real implications for everyone involved in housing finance.
What the Numbers Show
One big takeaway is the concentration of market power - something we already knew but we noticed that it has accelerated significantly over the past year. For example:
2024 (January-May) -Top 10 included 2 banks and captured 50% of agency loans
2025 (January-May) - Top 10 included zero banks but now controls 56% of the market
Here's how the current landscape looks. You can download this as a PDF here.
Important Note: AmeriHome operates as a mortgage banking subsidiary of Western Alliance Bank.
A Critical Moment for Mortgage Lenders
I think that we are witnessing the advent of a new competitive landscape where success requires either exceptional specialization or strategic convergence.
The agency lending market is increasingly dominated by large independent mortgage lenders who have redefined competition through intense focus on technology and operational efficiency at scale despite their structural disadvantage in funding costs.
The shift from bank to non-bank agency lending didn't happen overnight. It's the result of years of strategic choices by both non-bank lenders and traditional banks. But as the top players are pulling even farther ahead, smaller participants face the choice of competing directly or claiming their own ground.
One closely-watched approach is Western Alliance Bank (WAB) acquisition of AmeriHome a few years ago. Rather than trying to build mortgage capabilities internally, WAB bought the operational expertise and market relationships while providing something non-banks desperately need: low-cost funding through deposits.
The early evidence suggests that acquisition strategies like WAB's might offer banks a path back into mortgage leadership.
By contrast, half measures like simply chasing top loan officers, are increasingly untenable.
Time will tell how lenders respond and which ones climb the leader board. For now, though, the data is clear. If you want to understand the agency mortgage market, you need to understand how non-bank lenders operate. They're not just participants in the market - they are the market.
This analysis is based on MBS Pivot data tracking newly originated loans sold to Fannie Mae, Freddie Mac, and Ginnie Mae. The data includes both direct originators and loan aggregators who purchase and resell newly originated agency loans.