Market Movers
Last week, 329 originators switched companies and 1,280 individuals obtained their NMLS license. Notable originator movements last week include:
- Ellen Schuler ($188.5M, 288 units) joined CMG Mortgage, Inc.
- Daniel Gjeldum ($152.2M, 209 units) joined CrossCountry Mortgage, LLC
- John Noldan ($137.5M, 284 units) joined CrossCountry Mortgage, LLC
- Beth Bauman ($112.9M, 227 units) joined SOFI BANK, NATIONAL ASSOCIATION
- Colin Wauchope ($77.5M, 137 units) joined American Neighborhood Mortgage Acceptance Company LLC
- Beau Jenkins ($63.3M, 94 units) joined Guild Mortgage Company LLC
- Joel Yamamoto ($62.7M, 35 units) joined SUNFLOWER BANK, NATIONAL ASSOCIATION
- Joseph Lagiglia ($60.2M, 180 units) joined NATIONS LENDING CORPORATION
- Nicholas Overcash ($58.4M, 123 units) joined Overcash Mortgage LLC
- Donald Griffin ($57.7M, 129 units) joined Fairway Independent Mortgage Corporation
- Roy Burr ($53.7M, 185 units) joined Neighborhood Loans, Inc.
- Winston Penalosa ($53.4M, 89 units) joined E Mortgage Capital, Inc.
- Christian Fischer ($52.7M, 154 units) joined Milestone Mortgage Solutions, LLC
- Brady Gormley ($52M, 149 units) joined Price Mortgage, LLC
- Lori Mason ($51.7M, 112 units) joined Prime Choice Funding Inc.
- Mark Alexander ($50.7M, 94 units) joined Guaranteed Rate, Inc.
- Jessica Parrish ($50.5M, 178 units) joined Atlantic Coast Mortgage, LLC
Figures are based on last 14 months’ production.
Market Movers (Companies)
Top Gainers (non-Bank/CU):
- Prime Choice Funding Inc. +24.3%
- Alkan Mortgage Corporation +11.27%
- Ridgeland Mortgage, LLC +11.13%
- Milestone Mortgage Solutions, LLC +10.88%
- Legacy Mortgage +9.28%
- Lit Financial Corporation +6.43%
- RenoFi +5.76%
- POINT MORTGAGE CORPORATION +5.75%
- Price Mortgage, LLC +5.48%
- NATIONS LENDING CORPORATION +5.34%
- Acre Mortgage & Financial, Inc. +4.98%
- Mortgage Solutions FCS Inc. +4.24%
- Federal First Lending LLC +4.15%
- Neighborhood Loans, Inc. +3.25%
- Rize Mortgage +3.21%
Calculations based on last aggregate production of individual LO’s 14 months’ production. Excludes companies below $100M in 14mo LO production value after gains factored in.
Following the Borrowers: The 2025 Migration Leaderboard
Last year, we introduced the concept of Retention Migration Leaders - the lenders capturing borrowers and loan volume that other institutions failed to retain.
The 2025 data reveals something even more interesting.
Not only did the leaderboard change, but many of the biggest movers appear to share a common characteristic: access to servicing assets and borrower relationships.
The 2025 Retention Migration Leaders
Based on captured loan volume, the top institutions in 2025 were:
- Rocket - $11.6B
- CrossCountry Mortgage - $5.7B
- Freedom Mortgage - $4.9B
- PennyMac - $4.3B
- JPMorgan Chase - $3.9B
- Guaranteed Rate - $3.5B
- U.S. Bank - $3.5B
- loanDepot.com - $3.4B
- Guild Mortgage - $3.2B
- Navy Federal Credit Union - $2.7B
Rocket remained the industry's largest recipient of migrated borrower volume, growing from approximately $7.3 billion in 2024 to $11.6 billion in 2025.
But the bigger story is who joined the leaderboard.
The Leaderboard Changed
In 2024, Wells Fargo, Discover Bank, PHH, and Select Portfolio Servicing were among the largest recipients of migrated volume.
By 2025, those institutions had been replaced by:
- CrossCountry Mortgage
- JPMorgan Chase
- Guaranteed Rate
- Guild Mortgage
At first glance, that shift may seem surprising.
A closer look suggests there may be a common thread.
Follow the Servicing
CrossCountry Mortgage is currently pursuing the acquisition of Two Harbors Investment Corp., one of the industry's largest owners of mortgage servicing rights.
JPMorgan Chase acquired a portion of Rocket's servicing portfolio in 2023.
Guild Mortgage was acquired by Bayview Asset Management in late 2025, a major investor in mortgage servicing assets.
Meanwhile, established servicing-driven platforms such as Freedom Mortgage and PennyMac continue to rank among the largest recipients of migrated borrower volume.
This does not prove causation.
However, it raises an interesting question:
Are the industry's biggest migration winners increasingly those with access to servicing relationships?
The data suggests there may be a meaningful connection.
Retention Is Also an Acquisition Strategy
The mortgage industry often views retention as a defensive metric.
The migration data suggests it is equally an offensive one.
Every borrower that is not retained by one lender becomes an acquisition opportunity for another.
Organizations with servicing portfolios, recapture infrastructure, trigger marketing capabilities, and large customer contact operations may be uniquely positioned to capitalize on those opportunities.
The 2025 leaderboard suggests many are doing exactly that.
The Bigger Question
Thanks to LoanLossReport.com, most lenders now know their retention rate.
Increasingly, they also know where their borrowers are going when they leave.
The challenge is what comes next.
Because every migrated borrower represents more than lost revenue.
It represents a missed relationship, a missed referral opportunity, and a missed future transaction.
The 2025 data shows that a relatively small group of lenders is capturing a disproportionate share of these opportunities.
That raises an important strategic question:
How do you become a migration leader instead of a migration donor?
For some organizations, the answer may be servicing scale.
For others, it may be stronger customer engagement, better recapture strategies, more timely outreach, or deeper borrower intelligence.
Whatever the approach, one thing is becoming clear:
The lenders winning in today's market are not simply measuring retention.
They are actively managing it.
And those that can identify at-risk borrowers before they leave may have the greatest opportunity to protect market share, improve retention, and create growth.
Upcoming RETR Training
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