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Dorann Weber/Getty Images April 06, 2022 Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he wrote about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. Suzanne De Vita is the mortgage editor for Bankrate, focusing on mortgage and real estate topics for homebuyers, homeowners, investors and renters. Bankrate logo The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. Bankrate logo The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our mortgage reporters and editors focus on the points consumers care about most — the latest rates, the best lenders, navigating the homebuying process, refinancing your mortgage and more — so you can feel confident when you make decisions as a homebuyer and a homeowner. Bankrate logo Editorial integrity
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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. dominates the overall home-lending market, but when it comes to loans backed by the U.S. Department of Veterans Affairs (VA), Rocket is in a race for second. kept its spot as the most active VA lender in 2021, finishing ahead of Rocket Mortgage by a wide margin. The top 10 list includes several lenders who specialize in VA loans, including , and . These rankings are based on a Bankrate analysis of preliminary Home Mortgage Disclosure Act data, with an assist from ComplianceTech’s LendingPatterns.com. The VA market is more concentrated than the broader mortgage market. The 10 largest VA lenders accounted for nearly half of all VA home loans originated in 2021. In an intriguing trend, VA lending slowed a bit in 2021 after strong growth in 2020. Total originations fell to 1.2 million in 2021 from 1.4 million in 2020, and volume dipped to $387 billion in 2021 from $427 billion in 2020. The 10 biggest VA lenders
The top 10 VA lenders by number of loans: Freedom Mortgage. Freedom Mortgages focuses on loans offered through the Federal Housing Administration (FHA) and VA mortgage programs. Freedom originated 155,000 VA loans worth $43 billion in 2021. Rocket Mortgage. Rocket originated more than 107,000 VA loans worth $29.73 billion in 2021, according to HMDA data. Veterans United Home Loans. This company originated 100,000 VA loans with a combined value of $29.7 billion. . The lender originated nearly 59,000 VA mortgages worth $17.5 billion. United Shore Financial. Better known as , this lender originated nearly 40,000 VA loans worth nearly $15.1 billion in 2021. Navy Federal Credit Union. This not-for-profit credit union moved up the list from 2020, originating 38,000 VA loans worth $12.7 billion. LoanDepot. originated 33,000 VA loans worth $12.1 billion in 2021. Caliber Home Loans. originated some 30,000 VA mortgages worth $10.6 billion. USAA. The military-focused lender originated nearly 28,000 VA loans worth $7.8 billion. Lakeview Loan Servicing. This lender originated 24,000-plus VA mortgages with a total value of $7 billion. When VA lenders are ranked by dollar volume rather than by number of loans originated, Lakeview Loan Servicing drops out of the top 10. That spot is taken by , which originated nearly 24,000 VA loans worth $7.2 billion. A quick guide to VA loans
can be a great deal. Despite requiring no money down and imposing loose requirements around credit scores, similar to those paid by conventional borrowers with stellar credit. VA loans are issued by banks and mortgage lenders, with the U.S. Department of Veterans Affairs guaranteeing a portion of the loan. As of 2020, VA loans no longer limit the amounts that current and former service members can borrow. That means first-time VA loan borrowers have no cap on the size of zero-down VA loans. One downside applies: Most borrowers pay a VA loan . The fees range from 0.5 percent on some refinances to 3.6 percent for some home purchases. The exact fee varies depending on the value and type of your loan, how much you put down and whether it’s your first VA financing. As for credit scores, the VA itself doesn’t have a minimum credit score requirement. Instead, it requires lenders to look at the overall loan profile. However, mortgage lenders can set their own underwriting requirements, and many lenders require a credit score of 620 or higher. Learn more
SHARE: Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he wrote about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. Suzanne De Vita is the mortgage editor for Bankrate, focusing on mortgage and real estate topics for homebuyers, homeowners, investors and renters. Related Articles