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 situated 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 firms 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 yr.
Prime 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 firms to earn the excellence of top-10 USDA lender, per information parsed by Richey Might.
General, 860+ lenders funded greater than $6.3 billion in USDA loans final yr through 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 general.
They’re a wholesale lender, which suggests their product is pitched through smaller native impartial 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 prime dwelling builder D.R. Horton.
In third was San Diego-based Guild Mortgage, adopted by Fairway Impartial Mortgage and Flat Department Mortgage.
Notice that this solely consists of retail/wholesale lending quantity, and for those who embody correspondent lending, Pennymac is the chief by far.
In case 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 huge correspondent lenders within the USDA area.
Prime 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 completely different than the general rankings.
The truth is, only one% of USDA mortgage quantity final yr 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 come back down, refinancing has been arduous to come back by.
If and when charges fall, USDA mortgage debtors might both take out one other USDA mortgage or go along with a standard mortgage as a substitute, reminiscent of 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.
Prime 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 not too long ago.
As a substitute, debtors will usually 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 received 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 revenue verification is important.
Given the very low quantity, the names on this listing aren’t essentially huge gamers within the USDA mortgage area. So take it with a giant 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 it is best to discover a firm that is aware of what it’s doing.
This would possibly embody among the names on the lists above given their familiarity with the federal government mortgage program.
They are often tough and contain some distinctive underwriting elements different loans don’t, reminiscent of revenue limits and the truth that the property have to be situated in a rural space.
That being stated, it is likely to be doable to discover a mortgage dealer that is aware of their manner 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 at all times be professionals and cons of working with completely different lenders, and there’s no one-size-fits-all answer on the market.
(picture: Phil Kates)
Earlier than creating this web site, I labored as an account government 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. Comply with me on X for decent takes.
