Mortgage Lenders, Commercial Lenders and Title Insurers
Not financial advice. We describe what companies disclose in their filings. We do not quote rates or recommend a lender. Compare official Loan Estimates before choosing.
The largest mortgage lenders, a leading multifamily lender and the four national title underwriters, profiled from their 2025 10-K filings.
Last updated: 2026-10-20
Alphabetical, not ranked.
We do not score lenders or title insurers. Pricing depends on the borrower and changes daily, and we have no fair, sourced way to rank service. Firms are listed alphabetically.
What the sources reveal
- Two lenders both claim to be number one. Rocket says it is the largest by loan units; UWM says it is the largest by closed loan volume ($163.4B vs Rocket’s $130.4B in 2025). Rocket 10-K, UWM 10-K.
- Rocket now owns where you search, borrow and pay. It bought Redfin (Jul 2025) and Mr. Cooper (Oct 2025) and services $2.1T of loans. Rocket 10-K.
- Title is concentrated. FNF reports 32% of the U.S. title market through Q3 2025; First American is second. Chicago Title and Commonwealth Land Title are FNF brands. FNF 10-K, First American 10-K.
- Agency lenders keep skin in the game. Walker & Dunlop generally covers losses up to 20% of each Fannie Mae DUS loan. W&D 10-K.
- Your title agent matters. 78.1% of Old Republic’s title premiums and fees came through independent agents. Old Republic 10-K.
Three ways a mortgage lender reaches you
| Channel | Example | What it means for a borrower |
|---|---|---|
| Direct to consumer (retail) | Rocket | You apply with the lender; it quotes its own pricing. |
| Wholesale (broker) | UWM | A broker shops lenders for you; broker pay is on your Loan Estimate. |
| Correspondent | PennyMac | Your lender sells the loan; the buyer may become your servicer. |
The simplest way to compare lenders is the federal Loan Estimate form: get two or three on the same day for the same loan.
The four national title underwriters, from their 10-Ks
| Company | Main underwriter brands | Market position (as filed) | 2025 revenue |
|---|---|---|---|
| FNF | Fidelity National Title, Chicago Title, Commonwealth Land Title | 32% share through Q3 2025 (ALTA) | $14,445M total, incl. F&G |
| First American | First American Title | Second largest (ALTA) | $7,452.2M |
| Old Republic | Old Republic National Title | Not stated in passages read | $2,928.9M title segment |
| Stewart | Stewart Title Guaranty | ‘One of the leading’ (ALTA) | $2,921.6M total |
Stewart’s 10-K names the other three as its largest competitors. Shares are as each company reports them from ALTA data; we did not use ALTA’s tables directly. Revenue figures are not comparable: FNF’s includes an annuity insurer.
By segment
Mortgage lenders
Residential lenders, by how they reach borrowers: direct, wholesale or correspondent.
3 profiled · Open →Commercial and multifamily lenders
Lenders to apartment and commercial property owners, including Fannie Mae, Freddie Mac and HUD programs.
1 profiled · Open →Title insurers
The four national title underwriters and the brands they sell under.
4 profiled · Open →Profiled firms (alphabetical)
| Firm | Segment | Scale (as published) | Status |
|---|---|---|---|
| Fidelity National Financial (FNF) | Title insurers | 32% U.S. title insurance market share through Q3 2025 (ALTA, per 10-K) | Public. Underwriters include Fidelity National Title, Chicago Title and Commonwealth Land Title; also owns most of F&G (annuities and life). |
| First American | Title insurers | Second largest U.S. title insurer (ALTA, per 10-K); $7.45B revenue (2025) | Public. Title insurance and services segment plus a home warranty segment. |
| Old Republic Title | Title insurers | $2.93B title insurance revenue (2025) | Public. Title is one of two segments; specialty (commercial) insurance is larger. |
| PennyMac Financial | Mortgage lenders | $146.1B total loan production (2025) | Public. Buys loans from other lenders (correspondent) and also lends through brokers and directly. |
| Rocket Mortgage (Rocket Companies) | Mortgage lenders | $130.4B closed loan origination volume; $2.1T servicing portfolio UPB (2025) | Public. Direct-to-consumer and partner-network lender; bought Redfin (Jul 1, 2025) and Mr. Cooper (Oct 1, 2025). |
| Stewart Title | Title insurers | $2.92B revenue (2025) | Public. Underwriter Stewart Title Guaranty Company plus a real estate solutions segment. |
| United Wholesale Mortgage (UWM) | Mortgage lenders | $163.4B total loan origination volume (2025) | Public. Lends only through independent mortgage brokers (wholesale). |
| Walker & Dunlop | Commercial and multifamily lenders | $144.0B servicing portfolio (Dec 31, 2025) | Public. Multifamily and commercial lender, servicer, investment manager and LIHTC syndicator. |
Figures are from each company’s 10-K for 2025 (Dec 31, 2025 unless noted). Read 2026-10-20.
Fidelity National Financial (FNF)
Public. Underwriters include Fidelity National Title, Chicago Title and Commonwealth Land Title; also owns most of F&G (annuities and life).
About a third of the U.S. title market, through several brands buyers may not know share an owner.
Profile and sources →First American
Public. Title insurance and services segment plus a home warranty segment.
Second largest in the U.S. and believes it has the largest title market share outside the U.S.
Profile and sources →Old Republic Title
Public. Title is one of two segments; specialty (commercial) insurance is larger.
78.1% of 2025 title premiums and fees came from policies issued by independent title agents.
Profile and sources →PennyMac Financial
Public. Buys loans from other lenders (correspondent) and also lends through brokers and directly.
Most borrowers meet PennyMac after closing, when a loan bought from their original lender is serviced by PennyMac.
Profile and sources →Rocket Mortgage (Rocket Companies)
Public. Direct-to-consumer and partner-network lender; bought Redfin (Jul 1, 2025) and Mr. Cooper (Oct 1, 2025).
Says it is the largest originator by loan units and the largest servicer, with a $2.1T portfolio.
Profile and sources →Stewart Title
Public. Underwriter Stewart Title Guaranty Company plus a real estate solutions segment.
Names FNF, First American and Old Republic as its largest competitors.
Profile and sources →United Wholesale Mortgage (UWM)
Public. Lends only through independent mortgage brokers (wholesale).
Says it is the largest overall residential lender and largest purchase lender by closed loan volume, while lending only wholesale.
Profile and sources →Walker & Dunlop
Public. Multifamily and commercial lender, servicer, investment manager and LIHTC syndicator.
Fannie Mae’s largest DUS lender and Freddie Mac’s 3rd largest lender in 2025, by loan deliveries (as reported by the agencies, per its 10-K).
Profile and sources →Left out
HMDA rankings: we did not reproduce HMDA lender tables, so ‘largest’ claims here are the companies’ own, as stated in their 10-Ks. Banks (Wells Fargo, JPMorgan Chase and others) are not profiled because their 10-Ks do not break out mortgage lending in a comparable way. Other commercial lenders (Berkadia, Greystone, CBRE’s lending arm, life insurers and debt funds) are not covered yet. Rates, APRs and fees are left out because they change daily.
Comparisons
- Rocket Mortgage (Rocket Companies) vs United Wholesale Mortgage (UWM): both claim to be the largest U.S. mortgage lender, on different measures.
- Fidelity National Financial (FNF) vs First American: the two largest U.S. title insurers.
- Stewart Title vs Old Republic Title: the other two national title underwriters.
Questions
Who is the largest mortgage lender?
It depends on the measure. Rocket says it is the largest by loan units. UWM says it is the largest by closed loan volume. Both claims come from their 2025 10-Ks.
Are Chicago Title and Fidelity National Title the same company?
Yes. Both, along with Commonwealth Land Title, are underwriters owned by Fidelity National Financial.
Can I choose my title insurer?
In many states, yes. Rules vary by state, and the buyer, seller or lender may pick depending on local custom. Ask your agent or attorney.
Why no rates?
Rates change daily and depend on your credit, loan and property. Get official Loan Estimates from several lenders.
Last verified 2026-10-20. Figures were re-read from the linked sources that day.
View changelog
- Section published: hub, three sub-hubs, eight profiles and three comparisons, from 2025 10-Ks read this day.
Sources
- Fidelity National Financial Form 10-K for 2025 · accessed 2026-10-20
- First American Financial Form 10-K for 2025 · accessed 2026-10-20
- Old Republic International Form 10-K for 2025 · accessed 2026-10-20
- PennyMac Financial Services Form 10-K for 2025 · accessed 2026-10-20
- Rocket Companies Form 10-K for 2025 · accessed 2026-10-20
- Stewart Information Services Form 10-K for 2025 · accessed 2026-10-20
- UWM Holdings Corporation Form 10-K for 2025 · accessed 2026-10-20
- Walker & Dunlop Form 10-K for 2025 · accessed 2026-10-20