December 2025 Agency Mortgage Lender Rankings by Origination Count

This chart offers a critical view of the secondary market landscape as we close out the year.

The leadership of UWM and PennyMac highlights the triumph of the wholesale and correspondent loan channel models in 2025. Their dominance confirms that in a constrained origination environment, the ability to aggregate production from smaller lenders (Broker/Non-Del) is the most effective path to volume. For smaller lenders, this reinforces the need to maintain strong relationships with these top two liquidity providers.

The list is solidly dominated by Independent Mortgage Bankers (IMBs). This chart is just the tip of the iceberg. What is the product strategy of these lenders? Where is their lending activity concentrated? How does this compare to your own strategy? Perhaps you target only FTHB, or condominiums, or loan amount of $125,000 and under, and so on. Go to Polygon Pulse MBS Pivot now to find the answers for your own business or client.