2025 ARM Refinance Top Lenders by Agency Loan Count

This table provides a snapshot of the competitive landscape for Agency ARM refinances through the third quarter of 2025, ranking top lenders by loan count. The data reveals a market heavily concentrated at the top, with United Wholesale Mortgage leading a group of four lenders that originate significantly more loans than the rest of the field.

For lenders, this data highlights a crucial strategic decision: build market share through pricing and operational efficiency, or invest in brand equity to gain pricing power. For secondary marketing and capital markets executives, this illustrates that there isn't a single market-clearing price; rather, there are distinct execution strategies that depend on the lender's business model. Understanding this is vital for effective pricing, hedging, and profitability planning in the adjustable-rate refinance space.

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