United Wholesale Mortgage was the undisputed leader in mortgage refinance loan volume in 2025, funding $68.5 billion and topping the refinance rankings for the second year in a row. The lender, which works only with mortgage brokers, stayed ahead of Rocket Mortgage, its bitter rival and the company that is typically No. 1 in refinances.
The Truth About Mortgage published its top 10 mortgage refinance companies list in 2026 using the latest HMDA data available for 2025, and the gap at the top was wide. Rocket Mortgage funded $54 billion in refinance loans, while Freedom Mortgage followed with $19.7 billion, Pennymac with $15.8 billion and Chase with $13.1 billion.
The list rounded out with Newrez, CrossCountry Mortgage, U.S. Bank, Bank of America and loanDepot. In the separate rate and term refinance ranking, United Wholesale Mortgage again led with $49.6 billion, ahead of Rocket Mortgage at $26.6 billion and Freedom Mortgage at $14 billion.
That category also included U.S. Bank, Bank of America, CrossCountry, Newrez and Wells Fargo, which appeared in the top mortgage lists again. The numbers show that UWM’s broker-only model continued to give it reach in a market where the biggest lenders often compete on scale as much as price.
The next question is whether Rocket can close the distance when the next HMDA-based rankings are compiled, or whether United Wholesale Mortgage’s broker network will keep it in front again.