There’s no question that banks have played a steadily diminishing role in mortgage lending and servicing over the past decade. In 2016, the three largest mortgage lenders were Wells Fargo, JP Morgan Chase, and Bank of America, and depository institutions made up six of the top 10 mortgage lenders.

Fast forward to 2026, and only three of the top 10 – Chase, Bank of America, and U.S. Bank – are banking institutions. And the top three lenders – United Wholesale Mortgage, Rocket Mortgage, and Cross Country Mortgage – are all independent mortgage bankers (IMBs).

The story is similar in the mortgage details ⇒

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