Published 2026-04-15
Most mortgage rate comparison sites show you today's advertised rates. They don't show you what borrowers actually paid. The federal Home Mortgage Disclosure Act (HMDA) dataset does. Every lender in the US is required to report loan-level data to the CFPB, including total loan costs and interest rates. Here's how the 14 largest purchase lenders compared in 2024, based on that data.
When shopping for a mortgage, most buyers focus almost entirely on interest rates. That's understandable, but it misses a significant portion of the true cost. On a $350,000 loan, the difference between the lowest and highest median closing costs among major lenders is over $4,000. That gap exceeds the rate difference for many borrowers who will sell or refinance within 7-10 years.
Closing costs are largely one-time fees paid at the transaction. They don't benefit from 30 years of compounding the way the rate does. For buyers who move or refinance within 5-7 years, total upfront cost matters as much as rate.
The HMDA data makes this comparison possible with actual loan data, not promotional figures.
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The following figures are median total loan costs on purchase mortgages from 2024 HMDA filings. Total loan costs include origination charges, title fees, appraisal, recording fees, and other closing items. They exclude prepaid items like homeowners insurance and prepaid interest.
The national median across all lenders was $6,741.
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JPMorgan Chase had the lowest median costs among major lenders at $4,856. Chase's low cost profile likely reflects its large bank infrastructure, which allows it to spread overhead across a broader range of financial products. Its origination charges are among the lowest in the industry.
Mortgage Research Center (which originates under the Veterans United brand for VA loans) came in at $5,207. Their low costs reflect the VA loan focus: VA loans prohibit many lender junk fees, and Veterans United has built its business around this market.
Better Mortgage at $5,131 is notable because it operates almost entirely online with lower overhead than branch-based lenders. Their origination charges are minimal. The trade-off is a less personalized experience and a somewhat narrow product mix.
For borrowers who qualify for and want a VA loan, Mortgage Research Center is worth a serious look. For conventional buyers seeking the lowest cost from a major bank, Chase is the standout in this dataset.
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United Wholesale Mortgage (UWM) had the highest median costs at $9,203, which is 37% above the national median. UWM operates exclusively through mortgage brokers rather than directly with consumers. The costs reported in HMDA include broker compensation, which explains a significant portion of the premium.
loanDepot came in at $8,572. Their above-average costs are not fully explained by loan mix or geography. Their origination charges have been consistently above average in multiple years of HMDA data.
CrossCountry Mortgage at $8,218 and CMG Mortgage at $8,401 are both independent mortgage companies (IMBs) with extensive broker and retail networks. Both have cost profiles that consistently run above the national median.
One important caveat: UWM loans go through brokers who may be able to negotiate on your behalf, and brokers can sometimes access rates or structures that direct lenders don't offer retail. The raw cost number is higher, but the broker channel has legitimate advantages in some scenarios.
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Three factors account for most of the variation: origination charges, the rate-fee trade-off, and loan mix.
Origination charges are the single biggest differentiator. Chase and Better charge minimal origination fees; Rocket, CrossCountry, and UWM charge significantly more. This is the most direct expression of lender pricing philosophy.
The rate-fee trade-off matters too. A lender can offer lower fees by building their margin into a slightly higher rate, or offer a lower rate by charging more upfront fees. Lennar Mortgage is an interesting example: their median rate was 4.99%, well below market, but they're the builder's in-house lender and incentivize buyers with below-market rates to use their products. The total cost picture is more complex than any single metric shows.
Loan mix affects the averages. DHI Mortgage (another builder lender) had a median rate of 5.25%, which skews their cost comparisons. Lenders that originate more FHA or jumbo loans will show different cost profiles than those focused on conventional conforming loans.
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Lower costs don't always mean the better deal. Here's how median rates looked alongside costs:
Chase charged the least in costs at $4,856 but had a median rate of 6.5%, near the national median of 6.62%. Rocket had higher costs but also a rate of 6.5%. loanDepot charged above-average costs AND had a median rate of 6.375%, which is actually among the better rates in the group.
The relationship between rate and cost is not consistent across lenders. Some charge high on both dimensions. Some charge low on both. The only way to compare accurately for your situation is to get actual Loan Estimates and run the numbers for your expected holding period.
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Use the HMDA rankings as a starting point to build your shortlist, not as a final answer. A lender's median performance reflects thousands of loans with different sizes, geographies, credit profiles, and loan types. Your specific Loan Estimate will reflect your scenario.
Apply to 3-5 lenders within the same week. Mortgage credit inquiries that occur within a 45-day window count as a single inquiry under current credit scoring models. There's no credit penalty for shopping.
When comparing Loan Estimates, focus on Section A (origination charges) and total closing costs on Page 3. The APR is also useful because it incorporates both rate and fees into a single annualized figure. A lender with a lower rate but higher fees may have a higher APR than one with the reverse profile.
If a lender's estimate comes in above what you'd expect based on their HMDA data, ask why. Their own federal reporting is public and fair to reference in any conversation.
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Among major lenders in 2024 HMDA data, JPMorgan Chase had the lowest median total closing costs at $4,856, followed by Better Mortgage at $5,131 and Mortgage Research Center (Veterans United) at $5,207. These figures are medians across thousands of loans; your specific quote may differ based on loan size, location, and credit profile.
Significantly. Among the 14 major lenders in this comparison, median total costs ranged from $4,856 (Chase) to $9,203 (United Wholesale Mortgage), a spread of over $4,300. The choice of lender is one of the biggest cost levers available to buyers.
Not consistently. Better Mortgage (online) had low costs at $5,131. Chase (large bank) had the lowest at $4,856. At the other end, loanDepot (online) came in at $8,572. The type of institution is less predictive than people expect. Look at actual HMDA data for the specific lenders you're considering.
UWM operates through mortgage brokers rather than directly with consumers. The HMDA total loan costs include broker compensation, which is why UWM's median is higher than direct-to-consumer lenders. A broker can sometimes access better rates or loan structures than retail lenders offer directly, so the higher reported cost doesn't necessarily mean a worse deal.
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