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HMDA: The top 10 VA lenders by volume in 2021

VA lenders originated $388 billion in 2021, according to HMDA data

Origination volume in the Veterans Affairs (VA) universe amounted to $388 billion in 2021, an analysis of Home Mortgage Disclosure Act (HMDA) data by Polygon Research application HMDAVision found.

This marks a notable dip in originations from 2020, a record-breaking year in which VA lenders pumped out approximately $427 billion in VA loans.

The top 10 VA lenders by volume in 2021:

  1. Freedom Mortgage Corp.
  2. Rocket Mortgage
  3. Mortgage Research Center, LLC (DBA Veterans United)
  4. PennyMac Loan Servicers
  5. United Wholesale Mortgage
  6. Navy Federal Credit Union
  7. LoanDepot
  8. Caliber Home Loans
  9. USAA Federal Savings Banks
  10. Homepoint

Freedom Mortgage Corporation continued to lead the pack, originating $43 billion in VA loans last year. Still, its VA originations fell by 23.17% from the prior year.

Rocket Mortgage came in second by volume, originating $29.72 billion, a 5.40% dip year-over-year, while Missouri-based Mortgage Research Center, LLC (doing business as Veterans United) came in third place, increasing originations by 18% year-over-year to $29.70 billion in 2021.

PennyMac Loan Services took fourth place, originating $17.5 billion in VA loans, a 44.83% increase and Pontiac-based United Wholesale Mortgage, not too far behind, originated $15.1 billion, a decline of 26% from 2020.

Virginia-based Navy Federal Credit Union nabbed fifth place, originating $12.75 billion, up 32.12% from 2020 and LoanDepot came in a close sixth place, increasing their origination volume by 7.22% year-over-year to $12.1 billion.

Caliber Home Loans came in seventh place, originating $10.6 billion in 2021, an increase of 9.10% year-over-year, credit union USAA Federal Savings Bank originated $7.8 billion, and wholesale lender HomePoint originated $7.2 billion, a 48.02% increase from 2020 origination levels.

HMDA data shows that the average VA loan size in 2021 was $314,949 and the average interest rate for VA loans was 2.62%. For comparison’s sake, HMDA data revealed that the average FHA loan size in 2021 was $251,371, while the average interest rate was 3.03%.

But some lenders charged higher interest rates than the average on VA loans last year.

Fairway Independent Mortgage, which originated $5.6 billion in VA loans in 2021, had an average interest rate of 2.91% on VA loans, the data shows. USAA Federal Savings Bank also had an elevated interest rate of 2.86%, according to HMDA filings.

CrossCountry Mortgage and Movement Mortgage both had an average interest rate of 2.85% on VA loans.

HMDA data also shows that 54.5% of applicants for VA loans were white in 2021 and only 28.7% of applicants were minority borrowers. The remaining 16.7% of applicants opted out of disclosing their ethnicity.

In February, HousingWire published an analysis of the 2022 outlook for first-time VA homebuyers.

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