Right this moment we’ll check out the highest USDA lenders by mortgage quantity in 2024.
In case you want a refresher, USDA loans are reserved for properties positioned in rural elements of america.
They’re one of many 4 main dwelling mortgage sorts, which incorporates typical loans, FHA loans, and VA loans.
The mortgage corporations on the listing beneath managed to originate extra rural dwelling loans than the remainder of their friends.
Whereas not an enormous market relative to the opposite forms of mortgages talked about, banks and lenders nonetheless funded greater than $6 billion price of USDA loans final 12 months.
High USDA Lenders in 2024
| Rating | Firm Title | 2024 Mortgage Quantity |
| 1. | UWM | $261 million |
| 2. | DHI Mortgage | $228 million |
| 3. | Guild Mortgage | $226 million |
| 4. | Fairway Impartial | $149 million |
| 5. | Flat Department | $145 million |
| 6. | CrossCountry | $142 million |
| 7. | Union House | $130 million |
| 8. | Fairness Prime Mtg | $117 million |
| 9. | Newrez | $107 million |
| 10. | GMFS | $98 million |
The lenders above beat out about 850 different mortgage corporations to earn the excellence of top-10 USDA lender, per knowledge parsed by Richey Might.
General, 860+ lenders funded greater than $6.3 billion in USDA loans final 12 months by way of the retail and wholesale channels, with a mean mortgage quantity of $196,000.
This quantity is down markedly from the height in 2021 when USDA mortgage quantity hit $33 billion!
The primary spot simply went to United Wholesale Mortgage, which is the largest mortgage lender within the nationwide total.
They’re a wholesale lender, which suggests their product is pitched by way of smaller native unbiased mortgage brokers.
The corporate’s $261 million in USDA mortgage quantity was simply above their closest competitor, DHI Mortgage, which is definitely the captive lender of high dwelling builder D.R. Horton.
In third was San Diego-based Guild Mortgage, adopted by Fairway Impartial Mortgage and Flat Department Mortgage.
Word that this solely consists of retail/wholesale lending quantity, and in the event you embrace correspondent lending, Pennymac is the chief by far.
In the event you’re not acquainted, a handful of ex-Countrywide executives based the corporate in 2008, after the mortgage disaster worn out former #1 mortgage lender Countrywide.
Planet House Lending, Newrez, and AmeriHome are additionally large correspondent lenders within the USDA area.
High USDA Lenders (House Buy Loans)
| Rating | Firm Title | 2024 Mortgage Quantity |
| 1. | UWM | $260 million |
| 2. | DHI Mortgage | $228 million |
| 3. | Guild Mortgage | $225 million |
| 4. | Fairway Impartial | $148 million |
| 5. | Flat Department | $145 million |
| 6. | CrossCountry | $140 million |
| 7. | Union House | $127 million |
| 8. | Fairness Prime Mtg | $115 million |
| 9. | Newrez | $105 million |
| 10. | GMFS | $96 million |
As a result of USDA loans are primarily used for buy transactions, the listing above isn’t a lot totally different than the general rankings.
The truth is, only one% of USDA mortgage quantity final 12 months was refinance loans. So the listing is virtually equivalent.
Up to now, there was extra variance as a result of there was much more refinance quantity. However given the truth that mortgage charges surged in 2022 and have but to return down, refinancing has been laborious to return by.
If and when charges fall, USDA mortgage debtors may both take out one other USDA mortgage or go along with a traditional mortgage as a substitute, similar to a conforming mortgage backed by Fannie Mae or Freddie Mac.
The one distinction on this listing above is barely smaller totals as a result of it solely consists of purchases and never refis.
High USDA Lenders (Refinance Loans)
| Rating | Firm Title | 2024 Mortgage Quantity |
| 1. | Metroplex Mortgage | $4.1 million |
| 2. | Union House | $2.9 million |
| 3. | CrossCountry | $2.0 million |
| 4. | GMFS | $1.9 million |
| 5. | Newrez | $1.9 million |
| 6. | Barrington Financial institution | $1.8 million |
| 7. | Pennymac | $1.8 million |
| 8. | First Neighborhood | $1.6 million |
| 9. | Fairness Prime | $1.6 million |
| 10. | Royal United | $1.3 million |
It’s apparently not quite common to refinance a USDA mortgage into one other USDA mortgage, particularly not lately.
As an alternative, debtors will sometimes get a USDA mortgage to fund their dwelling buy with zero down and comparatively simpler underwriting necessities.
Then maybe refinance right into a typical mortgage later down the road as soon as they’ve acquired some fairness and mortgage charges are favorable.
That is evidenced by the minuscule quantity of USDA refinance loans generated by the highest ten lenders on the listing above.
Nevertheless, there are streamline refinance choices that permits present USDA mortgage debtors to get a brand new, lower-rate USDA mortgage with only a few necessities.
You don’t want an appraisal or a property inspection and within the case of the USDA Streamlined Help Program, no credit score or earnings verification is critical.
Given the very low quantity, the names on this listing aren’t essentially large gamers within the USDA mortgage area. So take it with an enormous grain of salt.
Do You Must Use a Large Title USDA Lender to Get Your House Mortgage?
The USDA mortgage is a little bit of a specialty product, so you need to discover a firm that is aware of what it’s doing.
This may embrace a number of the names on the lists above given their familiarity with the federal government mortgage program.
They are often difficult and contain some distinctive underwriting points different loans don’t, similar to earnings limits and the truth that the property should be positioned in a rural space.
That being stated, it is likely to be doable to discover a mortgage dealer that is aware of their means across the program, or perhaps a smaller regional financial institution or credit score union.
As you’d (ought to) some other sort of mortgage, put within the time to analysis the corporate and/or particular person.
There’ll all the time be professionals and cons of working with totally different lenders, and there’s no one-size-fits-all resolution on the market.
(picture: Phil Kates)
Earlier than creating this web site, I labored as an account govt for a wholesale mortgage lender in Los Angeles. My hands-on expertise within the early 2000s impressed me to start writing about mortgages 19 years in the past to assist potential (and present) dwelling consumers higher navigate the house mortgage course of. Observe me on X for warm takes.
