U.S. Mortgage Loan Originations by Lender Type, 2018–2025

Credit Unions

Origination Trends

Line chart by Polygon Research showing U.S. mortgage loan originations and mortgage trends from 2018 to 2025. Data highlights a 10% jump in 2025 originations, with independent mortgage banks (IMBs) leading at 3.7M units, supporting a 2026 mortgage forecast

Chart Download and Page Share

Share or Download

Data Points

In Millions Number of Loans 2018 2019 2020 2021 2022 2023 2024 2025 Independent 3.4 4.8 8.9 9.2 4.3 2.7 3.2 3.7 Bank 3.1 3.5 4.4 4.3 2.7 1.9 1.8 1.9 Credit Union 0.9 1.0 1.3 1.4 1.2 0.9 0.9 1.0 Other/Affiliates/Subsidiaries 0.2 0.0 0.0 0.2 0.1 0.2 0.2 0.2 Total Count of Originations (in millions) 7.7 9.3 14.6 15.1 8.4 5.7 6.2 6.8

Date Published:

April 3, 2026

Date Updated:

April 3, 2026

Chart type:

Line Chart

Suggested Citation:

Polygon Research. "U.S. Mortgage Loan Originations by Lender Type: 2018-2025." Polygon Vision - HMDAVision, accessed April 2026. Based on full 2025 HMDA data ingestion.

Key Insight and Commentary

U.S. mortgage loan originations reached 6.8 million in 2025, representing a 10% year-over-year growth led by Independent Mortgage Banks (IMBs), with a projected path to 7.5 million in 2026.

The primary takeaway from the 2025 data is a resilient 10% year-over-year jump in total originations compared to 2024. This growth was led overwhelmingly by IMBs, which reached 3.7 million originations in 2025. While Banks and Credit Unions remained stable, IMBs have captured the majority of the market "thaw," proving more agile in a purchase-heavy environment.

For lenders and analysts, this trend marks the definitive end of the post-pandemic contraction. With total volume hitting 6.8 million units in 2025, Polygon Research projects this momentum will continue, with a 2026 mortgage forecast of 7.5 million originations.

This shift confirms that entry-level and purchase-driven demand is increasingly flowing through non-bank channels. As detailed in our official ranking of top U.S. mortgage lenders, institutional agility and data-driven targeting remain the key differentiators in this recovering market. Read the full Press Release: Polygon Research Releases 2025 HMDA Analysis in HMDAVision, Ranking Top U.S. Mortgage Lenders

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.

Ready to Continue? Get Your Exact Market Answers.

Go beyond generic insights. Polygon's interactive tools and limitless filtering empower you to tailor market data to your specific strategy.
Start your 7-day free trial.

Unlock My Custom Insights Now - Free Trial