Published 2026-04-15 · Updated 2026-07-11
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 14 major purchase lenders compared in the most recent reporting year, 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 these major lenders is over $4,400. 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 2025 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 $6,680.
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Two lenders sit clearly below the rest. Mortgage Research Center — which originates under the Veterans United brand for VA loans — had the lowest median total costs at $4,704, with a median origination charge of $0. That reflects the VA loan focus: VA rules prohibit many lender junk fees, and Veterans United built its business around that market.
JPMorgan Chase came in a close second at $4,713, with median origination of just $1,449. Chase's low cost profile reflects its large-bank infrastructure, which spreads overhead across a broad range of financial products, and origination charges among the lowest of any major retail lender.
After those two, there's a roughly $1,900 gap to the next tier. Guaranteed Rate ($6,605) was the only other lender in this group of 14 to come in below the national median; everyone else clustered above it. Notably, Better Mortgage — which markets 'no lender fees' — was not in the low-cost group this year, landing mid-pack at $7,021.
For a VA-eligible borrower, Mortgage Research Center is worth a serious look. For a conventional buyer who wants the lowest cost from a major bank, Chase is the standout in this dataset.
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loanDepot had the highest median costs in this group at $9,119, which is 37% above the national median. Its origination charge ($2,183) isn't the highest here, so the premium comes more from the rest of the cost stack; loanDepot's total costs have run above average across multiple years of HMDA data.
United Wholesale Mortgage (UWM) was next at $8,678. UWM operates exclusively through mortgage brokers rather than directly with consumers, and the costs reported in HMDA include broker compensation, which explains a significant portion of the premium.
CMG Mortgage ($8,623) and CrossCountry Mortgage ($8,158) — both independent mortgage companies (IMBs) with extensive broker and retail networks — round out the high end. Both have cost profiles that consistently run above the national median.
One important caveat on the broker channel: 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 is the single biggest differentiator. Mortgage Research Center ($0) and Chase ($1,449) charge little to nothing in origination; Rocket ($2,968), Better ($2,981), CrossCountry ($3,079), UWM ($3,136), and Guild ($3,168) all charge meaningfully more. This is the most direct expression of a lender's pricing philosophy — and note that Better, despite its 'no lender fees' marketing, sits in the higher-origination group once discount points are counted.
The rate-fee trade-off matters too. A lender can offer lower fees by building margin into a slightly higher rate, or a lower rate by charging more upfront. Builder-affiliated lenders are the clearest example: Lennar Mortgage posted a median rate of 4.75% and DHI Mortgage 4.99%, both far below the roughly 6.5% market, because builders subsidize rates to move inventory. Their total-cost figures have to be read in that light.
Loan mix affects the medians. Lenders that originate more FHA, VA, or jumbo loans show different cost profiles than those focused on conventional conforming loans.
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Lower costs don't always mean the better deal. Rates alongside costs tell a fuller story.
Chase was unusual: lowest-tier costs ($4,713) and a below-median rate of 6.375%, against a national median of 6.49%. That's a genuinely strong combination. At the other extreme, loanDepot charged the highest costs ($9,119) yet posted one of the lowest rates in the group at 6.125% — a borrower there is paying more upfront for a lower rate, which can pay off over a long hold but hurts if you sell or refinance early.
The relationship between rate and cost is not consistent across lenders. Some charge high on both dimensions. Some charge low on both. Some trade one for the other. 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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In the most recent HMDA data, Mortgage Research Center (Veterans United's VA-loan arm) had the lowest median total costs at $4,704, essentially tied with JPMorgan Chase at $4,713. Both came in about $1,900 below the national median of $6,680. These figures are medians across tens of thousands of loans; your specific quote may differ based on loan size, location, loan type, and credit profile.
Significantly. Among the 14 major lenders in this comparison, median total costs ranged from $4,704 (Mortgage Research Center) to $9,119 (loanDepot), a spread of over $4,400. The choice of lender is one of the biggest cost levers available to buyers.
Not consistently. In this data, JPMorgan Chase (a large bank) was among the very cheapest at $4,713, while loanDepot (online) was the most expensive at $9,119 and Better Mortgage (online) landed mid-pack at $7,021. Institution type predicts far less 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, so its HMDA total loan costs ($8,678 median, among the highest of any major lender) include broker compensation. 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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