2025 FHA Lending Market Share: Mortgage Broker vs. Retail by State

Origination Trends

“Stacked bar chart titled ‘FHA Lending by State and Loan Channel: YTD 2025’ showing the percentage mix of Retail (dark blue) and Wholesale/Broker (light purple) FHA lending by state.

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Data Points

State Texas Texas Florida Florida California California Georgia Georgia North Carolina North Carolina Ohio Ohio Arizona Arizona Tennessee Tennessee Pennsylvania Pennsylvania Indiana Indiana Illinois Illinois South Carolina South Carolina Virginia Virginia Michigan Michigan Alabama Alabama Missouri Missouri Maryland Maryland Colorado Colorado New Jersey New Jersey Washington Washington New York New York Kentucky Kentucky Louisiana Louisiana Oklahoma Oklahoma Nevada Nevada Utah Utah Arkansas Arkansas Minnesota Minnesota Oregon Oregon Mississippi Mississippi Massachusetts Massachusetts Wisconsin Wisconsin New Mexico New Mexico Idaho Idaho Kansas Kansas Connecticut Connecticut Puerto Rico Puerto Rico Iowa Iowa West Virginia West Virginia Nebraska Nebraska Delaware Delaware Maine Maine Rhode Island Rhode Island New Hampshire New Hampshire Wyoming Wyoming Montana Montana South Dakota South Dakota North Dakota North Dakota Alaska Alaska Hawaii Hawaii Vermont Vermont District of Columbia District of Columbia Channel Retail Wholesale Retail Wholesale Retail Wholesale Retail Wholesale Retail Wholesale Retail Wholesale Retail Wholesale Retail Wholesale Retail Wholesale Retail Wholesale Retail Wholesale Retail Wholesale Retail Wholesale Retail Wholesale Retail Wholesale Retail Wholesale Retail Wholesale Retail Wholesale Retail Wholesale Retail Wholesale Retail Wholesale Retail Wholesale Retail Wholesale Retail Wholesale Retail Wholesale Retail Wholesale Retail Wholesale Retail Wholesale Retail Wholesale Retail Wholesale Retail Wholesale Retail Wholesale Retail Wholesale Retail Wholesale Retail Wholesale Retail Wholesale Retail Wholesale Retail Wholesale Retail Wholesale Retail Wholesale Retail Wholesale Retail Wholesale Retail Wholesale Retail Wholesale Retail Wholesale Retail Wholesale Retail Wholesale Retail Wholesale Retail Wholesale Retail Wholesale Retail Wholesale Retail Wholesale Mix by (#) 76.64% 23.36% 64.24% 35.76% 47.71% 52.29% 73.95% 26.05% 80.03% 19.97% 82.26% 17.74% 66.98% 33.02% 77.34% 22.66% 77.56% 22.44% 83.79% 16.21% 80.82% 19.18% 79.48% 20.52% 79.07% 20.93% 71.41% 28.59% 77.88% 22.12% 84.87% 15.13% 77.63% 22.37% 66.33% 33.67% 77.69% 22.31% 77.49% 22.51% 77.83% 22.17% 76.31% 23.69% 68.50% 31.50% 85.36% 14.64% 75.98% 24.02% 66.82% 33.18% 88.73% 11.27% 75.49% 24.51% 69.82% 30.18% 82.13% 17.87% 75.97% 24.03% 80.19% 19.81% 81.33% 18.67% 82.10% 17.90% 78.04% 21.96% 75.63% 24.37% 99.55% 0.45% 83.61% 16.39% 91.26% 8.74% 87.37% 12.63% 80.37% 19.63% 80.39% 19.61% 86.19% 13.81% 74.91% 25.09% 79.46% 20.54% 83.59% 16.41% 89.66% 10.34% 84.24% 15.76% 64.16% 35.84% 61.96% 38.04% 79.53% 20.47% 79.53% 20.47%

Date Published:

January 30, 2026

Date Updated:

January 30, 2026

Chart type:

Bar Chart

Suggested Citation:

Polygon Research. “Where Are Mortgage Brokers Winning? State-by-State Breakdown of FHA Retail vs. Wholesale Lending in 2025.” Polygon Pulse – FHA Pivot. Accessed January 2026. Data scope: FHA loans, retail vs. wholesale channel, Jan-Nov 2025, state-level aggregation.

Key Insight and Commentary

This chart visualizes the distribution of FHA loan originations in 2025 across retail and wholesale (broker-driven) channels. The lighter shades represent broker dominance (wholesale), while darker hues show retail channel prevalence.

The data reveals that brokers continue to perform strongly in several western states—including Arizona, Nevada, and California—as well as southeastern markets like Florida and Georgia. These areas may reflect consumer preferences for rate shopping and personalized service, which brokers often emphasize. In contrast, retail lenders maintain stronger footholds in much of the Northeast and Midwest, where institutional relationships and brand familiarity may drive borrower behavior.

For mortgage bankers and secondary market stakeholders, understanding this distribution is crucial. Wholesale lenders may want to double down in states showing broker strength, while retail lenders might explore partnerships or competitive offerings in broker-heavy regions. FHA lending strategy and marketing should be regionally tailored based on this data.

From Analysis to Action

This analysis provides a clear blueprint for how to uncover meaningful market dynamics. Its true power is unleashed when you apply this same methodology to your own local markets. Because all real estate is local, this granular approach is essential for crafting precise strategies that effectively address the unique conditions of each community.

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