# Mortgage Finance — company-by-company sector analysis

> Mortgage Finance: Rocket Companies, Inc. owns the largest revenue base AND the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Mortgage Finance has underperformed S&P 500 by 23.4% over 52 weeks and 22.1% over 13 weeks. 0 of 9 covered companies beat the S&P 500 on Mansfield relative strength, while 5 of 9 beat the sector itself. Rocket Companies, Inc. leads with income of $8,598 million, based on 9 of 9 comparable companies through Mar 2026.

### Is the Mortgage Finance sector outperforming S&P 500?

Mortgage Finance has underperformed S&P 500 by 23.4% over 52 weeks and 22.1% over 13 weeks. 0 of 9 covered companies beat the S&P 500 on Mansfield relative strength, while 5 of 9 beat the sector itself.

### Which Mortgage Finance company is largest by income?

Rocket Companies, Inc. leads with income of $8,598 million, based on 9 of 9 comparable companies through Mar 2026.

### Which Mortgage Finance company is growing fastest?

Rocket Companies, Inc. has the fastest current income growth at 78.4%, across 9 of 9 comparable companies.

### Which Mortgage Finance company has the strongest 4-Factor Sector Score?

Velocity Financial, Inc. ranks first at 58.8/100 with 64.4% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Mortgage Finance company has the largest deposit base?

Better Home & Finance Holding Company has the largest reported deposit base at $763 million. Bank borrowings are operating funding, not industrial leverage.

### Which Mortgage Finance company has the lowest comparable P/BV-to-ROE?

Velocity Financial, Inc. has the lowest comparable P/BV ÷ ROE at 0.29, among 7 of 9 companies that pass the metric’s comparability rules.

### How much history does this Mortgage Finance comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Mortgage Finance has underperformed S&P 500 by 23.4% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 22.1%. 0 of 9 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Onity Group Inc. is the strongest against the sector itself at +25.1%.

13-week sector return versus NIFTY 500: -22%
52-week sector return versus NIFTY 500: -23%
Stocks leading NIFTY: 0/9
Stocks leading sector: 5/9

Central tension: The central tension: current leadership is concentrated, so durability matters more than rank.

Companies: 9
Combined market value: ₹50.7K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Velocity Financial, Inc. (VEL): 59/100 — Mixed-positive evidence; evidence 64%
   - Growth & earnings 21.6/35 | Capital efficiency 13.4/25 | Valuation 8.6/20 | Relative strength 15.2/20
   - Exact sum: 21.6 + 13.4 + 8.6 + 15.2 = 58.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Onity Group Inc. (ONIT): 57/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 23.7/35 | Capital efficiency 10.4/25 | Valuation 7.8/20 | Relative strength 15.3/20
   - Exact sum: 23.7 + 10.4 + 7.8 + 15.3 = 57.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
3. PennyMac Financial Services, Inc. (PFSI): 53/100 — Mixed-positive evidence; evidence 64%
   - Growth & earnings 20.9/35 | Capital efficiency 12.5/25 | Valuation 6.2/20 | Relative strength 13.0/20
   - Exact sum: 20.9 + 12.5 + 6.2 + 13 = 52.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Rocket Companies, Inc. (RKT): 52/100 — Thin evidence · provisional; evidence 54%
   - Growth & earnings 22.9/35 | Capital efficiency 10.9/25 | Valuation 3.8/20 | Relative strength 14.7/20
   - Exact sum: 22.9 + 10.9 + 3.8 + 14.7 = 52.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
5. Walker & Dunlop, Inc. (WD): 45/100 — Mixed-negative evidence; evidence 64%
   - Growth & earnings 14.2/35 | Capital efficiency 10.9/25 | Valuation 4.6/20 | Relative strength 14.8/20
   - Exact sum: 14.2 + 10.9 + 4.6 + 14.8 = 44.5
   - Decision use: Price leads the evidence: RS versus the benchmark is -24.5%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
6. UWM Holdings Corporation (UWMC): 43/100 — Thin evidence · provisional; evidence 54%
   - Growth & earnings 22.0/35 | Capital efficiency 13.8/25 | Valuation 6.4/20 | Relative strength 0.6/20
   - Exact sum: 22 + 13.8 + 6.4 + 0.6 = 42.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
7. Better Home & Finance Holding Company (BETR): 41/100 — Thin evidence · provisional; evidence 54%
   - Growth & earnings 18.8/35 | Capital efficiency 14.9/25 | Valuation 4.6/20 | Relative strength 2.3/20
   - Exact sum: 18.8 + 14.9 + 4.6 + 2.3 = 40.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
8. Greystone Housing Impact Investors LP (GHI): 26/100 — Adverse evidence; evidence 62%
   - Growth & earnings 3.6/35 | Capital efficiency 5.7/25 | Valuation 9.8/20 | Relative strength 6.7/20
   - Exact sum: 3.6 + 5.7 + 9.8 + 6.7 = 25.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. loanDepot, Inc. (LDI): 35/100 — Thin evidence · provisional; evidence 42%
   - Growth & earnings 14.2/35 | Capital efficiency 8.4/25 | Valuation 9.5/20 | Relative strength 2.4/20
   - Exact sum: 14.2 + 8.4 + 9.5 + 2.4 = 34.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Income Scale & Growth Durability

What the numbers say: Rocket Companies, Inc. is the scale leader at $8,598 million, 179.5% ahead of UWM Holdings Corporation. Rocket Companies, Inc.'s growth is 78.4% from a $8,598 million base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Rocket Companies, Inc. is the scale benchmark; Rocket Companies, Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Rocket Companies, Inc.'s growth falls below Rocket Companies, Inc.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: Rocket Companies, Inc. · $8,598 million | 179.5% versus #2 · UWM Holdings Corporation | 6/8 recent comparable periods | 9/9 companies · 177 observations

Definition: For lenders, reported income is used instead of industrial-company sales. Growth is compared year-on-year.

### Income — largest
1. Rocket Companies, Inc. (RKT): ₹8.6K Cr
2. UWM Holdings Corporation (UWMC): ₹3.1K Cr
3. PennyMac Financial Services, Inc. (PFSI): ₹2.2K Cr
4. Walker & Dunlop, Inc. (WD): ₹1.3K Cr
5. loanDepot, Inc. (LDI): ₹1.2K Cr

### Income growth — fastest growers
1. Rocket Companies, Inc. (RKT): 78%
2. Better Home & Finance Holding Company (BETR): 53%
3. UWM Holdings Corporation (UWMC): 29%
4. Onity Group Inc. (ONIT): 27%
5. PennyMac Financial Services, Inc. (PFSI): 26%

### 20-quarter Income history
- RKT: Jun 2021 ₹2.7K Cr | Sep 2021 ₹3.1K Cr | Dec 2021 ₹2.6K Cr | Mar 2022 ₹2.7K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹481 Cr | Mar 2023 ₹666 Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹694 Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹647 Cr | Dec 2024 ₹1.8K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹2.7K Cr | Mar 2026 ₹2.9K Cr
- PFSI: Jun 2021 ₹742 Cr | Sep 2021 ₹787 Cr | Dec 2021 ₹694 Cr | Mar 2022 ₹658 Cr | Jun 2022 ₹512 Cr | Sep 2022 ₹476 Cr | Dec 2022 ₹340 Cr | Mar 2023 ₹303 Cr | Jun 2023 ₹337 Cr | Sep 2023 ₹400 Cr | Dec 2023 ₹362 Cr | Mar 2024 ₹306 Cr | Jun 2024 ₹406 Cr | Sep 2024 ₹412 Cr | Dec 2024 ₹470 Cr | Mar 2025 ₹431 Cr | Jun 2025 ₹445 Cr | Sep 2025 ₹633 Cr | Dec 2025 ₹538 Cr | Mar 2026 ₹545 Cr
- UWMC: Jun 2021 ₹485 Cr | Sep 2021 ₹690 Cr | Dec 2021 ₹605 Cr | Mar 2022 ₹822 Cr | Jun 2022 ₹564 Cr | Sep 2022 ₹684 Cr | Dec 2022 ₹302 Cr | Mar 2023 ₹161 Cr | Jun 2023 ₹588 Cr | Sep 2023 ₹677 Cr | Dec 2023 ₹-115 Cr | Mar 2024 ₹586 Cr | Jun 2024 ₹622 Cr | Sep 2024 ₹746 Cr | Dec 2024 ₹400 Cr | Mar 2025 ₹613 Cr | Jun 2025 ₹759 Cr | Sep 2025 ₹843 Cr | Dec 2025 ₹573 Cr | Mar 2026 ₹901 Cr
- WD: Jun 2021 ₹286 Cr | Sep 2021 ₹345 Cr | Dec 2021 ₹406 Cr | Mar 2022 ₹329 Cr | Jun 2022 ₹346 Cr | Sep 2022 ₹314 Cr | Dec 2022 ₹282 Cr | Mar 2023 ₹250 Cr | Jun 2023 ₹273 Cr | Sep 2023 ₹268 Cr | Dec 2023 ₹274 Cr | Mar 2024 ₹228 Cr | Jun 2024 ₹268 Cr | Sep 2024 ₹289 Cr | Dec 2024 ₹337 Cr | Mar 2025 ₹234 Cr | Jun 2025 ₹317 Cr | Sep 2025 ₹337 Cr | Dec 2025 ₹337 Cr | Mar 2026 ₹297 Cr
- VEL: Jun 2021 ₹24 Cr | Sep 2021 ₹22 Cr | Dec 2021 ₹23 Cr | Mar 2022 ₹16 Cr | Jun 2022 ₹30 Cr | Sep 2022 ₹27 Cr | Dec 2022 ₹30 Cr | Mar 2023 ₹37 Cr | Jun 2023 ₹39 Cr | Sep 2023 ₹45 Cr | Dec 2023 ₹52 Cr | Mar 2024 ₹54 Cr | Jun 2024 ₹55 Cr | Sep 2024 ₹56 Cr | Dec 2024 ₹87 Cr | Mar 2025 ₹69 Cr | Jun 2025 ₹86 Cr | Sep 2025 ₹86 Cr | Dec 2025 ₹62 Cr | Mar 2026 ₹85 Cr
- BETR: Jun 2021 — | Sep 2021 — | Dec 2021 ₹252 Cr | Mar 2022 ₹212 Cr | Jun 2022 — | Sep 2022 ₹31 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹19 Cr | Jun 2023 ₹31 Cr | Sep 2023 ₹19 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹22 Cr | Jun 2024 ₹32 Cr | Sep 2024 ₹29 Cr | Dec 2024 ₹25 Cr | Mar 2025 ₹31 Cr | Jun 2025 ₹44 Cr | Sep 2025 ₹44 Cr | Dec 2025 ₹44 Cr | Mar 2026 ₹47 Cr
- LDI: Jun 2021 ₹780 Cr | Sep 2021 ₹924 Cr | Dec 2021 ₹705 Cr | Mar 2022 ₹503 Cr | Jun 2022 ₹309 Cr | Sep 2022 ₹274 Cr | Dec 2022 ₹170 Cr | Mar 2023 ₹208 Cr | Jun 2023 ₹272 Cr | Sep 2023 ₹266 Cr | Dec 2023 ₹229 Cr | Mar 2024 ₹223 Cr | Jun 2024 ₹265 Cr | Sep 2024 ₹315 Cr | Dec 2024 ₹257 Cr | Mar 2025 ₹274 Cr | Jun 2025 ₹283 Cr | Sep 2025 ₹323 Cr | Dec 2025 ₹310 Cr | Mar 2026 ₹286 Cr
- ONIT: Jun 2021 ₹200 Cr | Sep 2021 ₹162 Cr | Dec 2021 ₹240 Cr | Mar 2022 ₹153 Cr | Jun 2022 ₹132 Cr | Sep 2022 ₹146 Cr | Dec 2022 ₹136 Cr | Mar 2023 ₹145 Cr | Jun 2023 ₹150 Cr | Sep 2023 ₹136 Cr | Dec 2023 ₹299 Cr | Mar 2024 ₹148 Cr | Jun 2024 ₹150 Cr | Sep 2024 ₹172 Cr | Dec 2024 ₹144 Cr | Mar 2025 ₹168 Cr | Jun 2025 ₹160 Cr | Sep 2025 ₹194 Cr | Dec 2025 ₹239 Cr | Mar 2026 ₹209 Cr
- GHI: Jun 2021 ₹16 Cr | Sep 2021 ₹18 Cr | Dec 2021 ₹20 Cr | Mar 2022 ₹19 Cr | Jun 2022 ₹17 Cr | Sep 2022 ₹23 Cr | Dec 2022 ₹22 Cr | Mar 2023 ₹25 Cr | Jun 2023 ₹28 Cr | Sep 2023 ₹26 Cr | Dec 2023 ₹25 Cr | Mar 2024 ₹22 Cr | Jun 2024 ₹22 Cr | Sep 2024 ₹24 Cr | Dec 2024 ₹23 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹24 Cr | Sep 2025 ₹22 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹22 Cr

### 20-quarter Income growth history
- RKT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -48% | Sep 2022 -58% | Dec 2022 -81% | Mar 2023 -75% | Jun 2023 -11% | Sep 2023 -7.1% | Dec 2023 44% | Mar 2024 108% | Jun 2024 5.3% | Sep 2024 -46% | Dec 2024 155% | Mar 2025 -20% | Jun 2025 4.5% | Sep 2025 148% | Dec 2025 52% | Mar 2026 167%
- PFSI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -31% | Sep 2022 -40% | Dec 2022 -51% | Mar 2023 -54% | Jun 2023 -34% | Sep 2023 -16% | Dec 2023 6.5% | Mar 2024 1.0% | Jun 2024 20% | Sep 2024 3.0% | Dec 2024 30% | Mar 2025 41% | Jun 2025 9.6% | Sep 2025 54% | Dec 2025 14% | Mar 2026 26%
- UWMC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 16% | Sep 2022 -0.9% | Dec 2022 -50% | Mar 2023 -80% | Jun 2023 4.3% | Sep 2023 -1.0% | Dec 2023 -138% | Mar 2024 264% | Jun 2024 5.8% | Sep 2024 10% | Dec 2024 — | Mar 2025 4.6% | Jun 2025 22% | Sep 2025 13% | Dec 2025 43% | Mar 2026 47%
- WD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 21% | Sep 2022 -9.0% | Dec 2022 -31% | Mar 2023 -24% | Jun 2023 -21% | Sep 2023 -15% | Dec 2023 -2.8% | Mar 2024 -8.8% | Jun 2024 -1.8% | Sep 2024 7.8% | Dec 2024 23% | Mar 2025 2.6% | Jun 2025 18% | Sep 2025 17% | Dec 2025 0.0% | Mar 2026 27%
- VEL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 25% | Sep 2022 23% | Dec 2022 30% | Mar 2023 131% | Jun 2023 30% | Sep 2023 67% | Dec 2023 73% | Mar 2024 46% | Jun 2024 41% | Sep 2024 24% | Dec 2024 67% | Mar 2025 28% | Jun 2025 56% | Sep 2025 54% | Dec 2025 -29% | Mar 2026 23%
- BETR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -98% | Mar 2023 -91% | Jun 2023 — | Sep 2023 -39% | Dec 2023 75% | Mar 2024 16% | Jun 2024 3.2% | Sep 2024 53% | Dec 2024 257% | Mar 2025 41% | Jun 2025 38% | Sep 2025 52% | Dec 2025 76% | Mar 2026 52%
- LDI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -60% | Sep 2022 -70% | Dec 2022 -76% | Mar 2023 -59% | Jun 2023 -12% | Sep 2023 -2.9% | Dec 2023 35% | Mar 2024 7.2% | Jun 2024 -2.6% | Sep 2024 18% | Dec 2024 12% | Mar 2025 23% | Jun 2025 6.8% | Sep 2025 2.5% | Dec 2025 21% | Mar 2026 4.4%
- ONIT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -34% | Sep 2022 -9.9% | Dec 2022 -43% | Mar 2023 -5.2% | Jun 2023 14% | Sep 2023 -6.9% | Dec 2023 120% | Mar 2024 2.1% | Jun 2024 0.0% | Sep 2024 26% | Dec 2024 -52% | Mar 2025 14% | Jun 2025 6.7% | Sep 2025 13% | Dec 2025 66% | Mar 2026 24%
- GHI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 6.3% | Sep 2022 28% | Dec 2022 10% | Mar 2023 32% | Jun 2023 65% | Sep 2023 13% | Dec 2023 14% | Mar 2024 -12% | Jun 2024 -21% | Sep 2024 -7.7% | Dec 2024 -8.0% | Mar 2025 9.1% | Jun 2025 9.1% | Sep 2025 -8.3% | Dec 2025 -35% | Mar 2026 -8.3%

## Profit Scale & Acceleration

What the numbers say: UWM Holdings Corporation leads with $660 million of TTM profit, 30.2% above PennyMac Financial Services, Inc.. Onity Group Inc. shows ≥100% on the scoring scale (576.9% uncapped) growth from a $176 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: UWM Holdings Corporation sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: UWM Holdings Corporation · $660 million | 30.2% versus #2 · PennyMac Financial Services, Inc. | 3/8 recent comparable periods | 9/9 companies · 180 observations

Definition: Net profit is ranked only where the comparison base is economically meaningful. Loss-to-profit flips are shown but do not win the growth table.

### Net profit — largest
1. UWM Holdings Corporation (UWMC): ₹660 Cr
2. PennyMac Financial Services, Inc. (PFSI): ₹507 Cr
3. Rocket Companies, Inc. (RKT): ₹275 Cr
4. Onity Group Inc. (ONIT): ₹176 Cr
5. Velocity Financial, Inc. (VEL): ₹108 Cr

### Profit growth — fastest growers
1. Onity Group Inc. (ONIT): 100%
2. Velocity Financial, Inc. (VEL): 52%
3. PennyMac Financial Services, Inc. (PFSI): 46%
4. Walker & Dunlop, Inc. (WD): -23%
5. Greystone Housing Impact Investors LP (GHI): -183%

### 20-quarter Net profit history
- RKT: Jun 2021 ₹1.0K Cr | Sep 2021 ₹1.4K Cr | Dec 2021 ₹865 Cr | Mar 2022 ₹1.0K Cr | Jun 2022 ₹60 Cr | Sep 2022 ₹96 Cr | Dec 2022 ₹-493 Cr | Mar 2023 ₹-411 Cr | Jun 2023 ₹139 Cr | Sep 2023 ₹115 Cr | Dec 2023 ₹-233 Cr | Mar 2024 ₹291 Cr | Jun 2024 ₹178 Cr | Sep 2024 ₹-481 Cr | Dec 2024 ₹649 Cr | Mar 2025 ₹-212 Cr | Jun 2025 ₹34 Cr | Sep 2025 ₹-124 Cr | Dec 2025 ₹68 Cr | Mar 2026 ₹297 Cr
- PFSI: Jun 2021 ₹204 Cr | Sep 2021 ₹249 Cr | Dec 2021 ₹173 Cr | Mar 2022 ₹174 Cr | Jun 2022 ₹129 Cr | Sep 2022 ₹135 Cr | Dec 2022 ₹38 Cr | Mar 2023 ₹30 Cr | Jun 2023 ₹58 Cr | Sep 2023 ₹93 Cr | Dec 2023 ₹-37 Cr | Mar 2024 ₹39 Cr | Jun 2024 ₹98 Cr | Sep 2024 ₹69 Cr | Dec 2024 ₹104 Cr | Mar 2025 ₹76 Cr | Jun 2025 ₹136 Cr | Sep 2025 ₹182 Cr | Dec 2025 ₹107 Cr | Mar 2026 ₹82 Cr
- UWMC: Jun 2021 ₹139 Cr | Sep 2021 ₹330 Cr | Dec 2021 ₹240 Cr | Mar 2022 ₹453 Cr | Jun 2022 ₹215 Cr | Sep 2022 ₹326 Cr | Dec 2022 ₹-62 Cr | Mar 2023 ₹-139 Cr | Jun 2023 ₹229 Cr | Sep 2023 ₹301 Cr | Dec 2023 ₹-461 Cr | Mar 2024 ₹181 Cr | Jun 2024 ₹76 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹41 Cr | Mar 2025 ₹-247 Cr | Jun 2025 ₹314 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹164 Cr | Mar 2026 ₹170 Cr
- WD: Jun 2021 ₹56 Cr | Sep 2021 ₹72 Cr | Dec 2021 ₹80 Cr | Mar 2022 ₹71 Cr | Jun 2022 ₹54 Cr | Sep 2022 ₹47 Cr | Dec 2022 ₹38 Cr | Mar 2023 ₹27 Cr | Jun 2023 ₹26 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹29 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹20 Cr | Sep 2024 ₹29 Cr | Dec 2024 ₹41 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹34 Cr | Sep 2025 ₹33 Cr | Dec 2025 ₹-13 Cr | Mar 2026 ₹18 Cr
- VEL: Jun 2021 ₹9 Cr | Sep 2021 ₹8 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹11 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹16 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹26 Cr | Sep 2025 ₹25 Cr | Dec 2025 ₹35 Cr | Mar 2026 ₹22 Cr
- BETR: Jun 2021 ₹-5 Cr | Sep 2021 ₹-2 Cr | Dec 2021 ₹-190 Cr | Mar 2022 ₹-329 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹-227 Cr | Dec 2022 ₹-251 Cr | Mar 2023 ₹-88 Cr | Jun 2023 ₹-44 Cr | Sep 2023 ₹-340 Cr | Dec 2023 ₹-61 Cr | Mar 2024 ₹-51 Cr | Jun 2024 ₹-41 Cr | Sep 2024 ₹-54 Cr | Dec 2024 ₹-59 Cr | Mar 2025 ₹-46 Cr | Jun 2025 ₹-36 Cr | Sep 2025 ₹-39 Cr | Dec 2025 ₹-40 Cr | Mar 2026 ₹-49 Cr
- LDI: Jun 2021 ₹26 Cr | Sep 2021 ₹154 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹-91 Cr | Jun 2022 ₹-224 Cr | Sep 2022 ₹-137 Cr | Dec 2022 ₹-158 Cr | Mar 2023 ₹-92 Cr | Jun 2023 ₹-50 Cr | Sep 2023 ₹-34 Cr | Dec 2023 ₹-60 Cr | Mar 2024 ₹-72 Cr | Jun 2024 ₹-66 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹-67 Cr | Mar 2025 ₹-41 Cr | Jun 2025 ₹-25 Cr | Sep 2025 ₹-9 Cr | Dec 2025 ₹-33 Cr | Mar 2026 ₹-55 Cr
- ONIT: Jun 2021 ₹-10 Cr | Sep 2021 ₹22 Cr | Dec 2021 ₹-2 Cr | Mar 2022 ₹58 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹37 Cr | Dec 2022 ₹-80 Cr | Mar 2023 ₹-40 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹-48 Cr | Mar 2024 ₹30 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹21 Cr | Dec 2024 ₹-28 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹22 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹127 Cr | Mar 2026 ₹8 Cr
- GHI: Jun 2021 ₹10 Cr | Sep 2021 ₹13 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹26 Cr | Jun 2022 ₹18 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹21 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹-5 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹-7 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹-6 Cr | Mar 2026 ₹1 Cr

### 20-quarter Profit growth history
- RKT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -94% | Sep 2022 -93% | Dec 2022 -157% | Mar 2023 -140% | Jun 2023 132% | Sep 2023 20% | Dec 2023 — | Mar 2024 — | Jun 2024 28% | Sep 2024 -518% | Dec 2024 — | Mar 2025 -173% | Jun 2025 -81% | Sep 2025 — | Dec 2025 -90% | Mar 2026 —
- PFSI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -37% | Sep 2022 -46% | Dec 2022 -78% | Mar 2023 -83% | Jun 2023 -55% | Sep 2023 -31% | Dec 2023 -197% | Mar 2024 30% | Jun 2024 69% | Sep 2024 -26% | Dec 2024 — | Mar 2025 95% | Jun 2025 39% | Sep 2025 164% | Dec 2025 2.9% | Mar 2026 7.9%
- UWMC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 55% | Sep 2022 -1.2% | Dec 2022 -126% | Mar 2023 -131% | Jun 2023 6.5% | Sep 2023 -7.7% | Dec 2023 — | Mar 2024 — | Jun 2024 -67% | Sep 2024 -89% | Dec 2024 — | Mar 2025 -236% | Jun 2025 313% | Sep 2025 -63% | Dec 2025 300% | Mar 2026 —
- WD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -3.6% | Sep 2022 -35% | Dec 2022 -53% | Mar 2023 -62% | Jun 2023 -52% | Sep 2023 -55% | Dec 2023 -24% | Mar 2024 -59% | Jun 2024 -23% | Sep 2024 38% | Dec 2024 41% | Mar 2025 -73% | Jun 2025 70% | Sep 2025 14% | Dec 2025 -132% | Mar 2026 500%
- VEL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 22% | Sep 2022 25% | Dec 2022 0.0% | Mar 2023 267% | Jun 2023 9.1% | Sep 2023 20% | Dec 2023 113% | Mar 2024 55% | Jun 2024 25% | Sep 2024 33% | Dec 2024 24% | Mar 2025 12% | Jun 2025 73% | Sep 2025 56% | Dec 2025 67% | Mar 2026 16%
- BETR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 -2,300% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- LDI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -962% | Sep 2022 -189% | Dec 2022 -1,153% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -400% | Dec 2025 — | Mar 2026 —
- ONIT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 68% | Dec 2022 — | Mar 2023 -169% | Jun 2023 60% | Sep 2023 -76% | Dec 2023 — | Mar 2024 — | Jun 2024 -31% | Sep 2024 133% | Dec 2024 — | Mar 2025 -27% | Jun 2025 100% | Sep 2025 -9.5% | Dec 2025 — | Mar 2026 -64%
- GHI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 80% | Sep 2022 46% | Dec 2022 -63% | Mar 2023 -35% | Jun 2023 17% | Sep 2023 -47% | Dec 2023 100% | Mar 2024 -35% | Jun 2024 -76% | Sep 2024 -150% | Dec 2024 67% | Mar 2025 -82% | Jun 2025 -240% | Sep 2025 — | Dec 2025 -160% | Mar 2026 -50%

## Funding Base & Its Composition

What the numbers say: Better Home & Finance Holding Company leads deposits at $763 million; Velocity Financial, Inc. leads borrowings at $12,689 million.

Investor read: Better Home & Finance Holding Company sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current borrowings signal.

Evidence: Better Home & Finance Holding Company · $763 million | Not enough peers | 8/8 recent comparable periods | 1/9 companies · 11 observations

Definition: For banks, debt is operating funding rather than industrial leverage. Deposits and borrowings are therefore shown as funding-base levels; asset quality, funding cost and liquidity determine whether that funding is attractive.

### Deposits — largest deposit bases
1. Better Home & Finance Holding Company (BETR): ₹763 Cr

### Borrowings — largest borrowings
1. Velocity Financial, Inc. (VEL): ₹12.7K Cr
2. Onity Group Inc. (ONIT): ₹11.5K Cr
3. Rocket Companies, Inc. (RKT): ₹10.4K Cr
4. PennyMac Financial Services, Inc. (PFSI): ₹6.3K Cr
5. UWM Holdings Corporation (UWMC): ₹3.0K Cr

### 20-quarter Deposits history
- BETR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹11 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹37 Cr | Sep 2024 ₹98 Cr | Dec 2024 ₹134 Cr | Mar 2025 ₹261 Cr | Jun 2025 ₹482 Cr | Sep 2025 ₹695 Cr | Dec 2025 ₹763 Cr | Mar 2026 —

### 20-quarter Borrowings history
- RKT: Jun 2021 ₹5.2K Cr | Sep 2021 ₹5.2K Cr | Dec 2021 ₹6.0K Cr | Mar 2022 ₹5.8K Cr | Jun 2022 ₹5.2K Cr | Sep 2022 ₹4.9K Cr | Dec 2022 ₹4.7K Cr | Mar 2023 ₹5.2K Cr | Jun 2023 ₹5.1K Cr | Sep 2023 ₹5.1K Cr | Dec 2023 ₹4.3K Cr | Mar 2024 ₹5.0K Cr | Jun 2024 ₹5.0K Cr | Sep 2024 ₹4.2K Cr | Dec 2024 ₹4.0K Cr | Mar 2025 ₹4.1K Cr | Jun 2025 ₹8.1K Cr | Sep 2025 ₹8.6K Cr | Dec 2025 ₹10.4K Cr | Mar 2026 ₹10.4K Cr
- PFSI: Jun 2021 ₹2.6K Cr | Sep 2021 ₹3.1K Cr | Dec 2021 ₹3.1K Cr | Mar 2022 ₹3.1K Cr | Jun 2022 ₹3.6K Cr | Sep 2022 ₹3.6K Cr | Dec 2022 ₹3.7K Cr | Mar 2023 ₹4.3K Cr | Jun 2023 ₹4.3K Cr | Sep 2023 ₹4.5K Cr | Dec 2023 ₹4.4K Cr | Mar 2024 ₹4.5K Cr | Jun 2024 ₹4.9K Cr | Sep 2024 ₹4.9K Cr | Dec 2024 ₹5.2K Cr | Mar 2025 ₹5.7K Cr | Jun 2025 ₹5.5K Cr | Sep 2025 ₹6.2K Cr | Dec 2025 ₹6.2K Cr | Mar 2026 ₹6.3K Cr
- UWMC: Jun 2021 ₹1.5K Cr | Sep 2021 ₹1.5K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹2.0K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹2.8K Cr | Mar 2025 ₹2.8K Cr | Jun 2025 ₹2.8K Cr | Sep 2025 ₹3.8K Cr | Dec 2025 ₹3.0K Cr | Mar 2026 ₹3.0K Cr
- VEL: Jun 2021 ₹1.7K Cr | Sep 2021 ₹1.8K Cr | Dec 2021 ₹2.1K Cr | Mar 2022 ₹2.2K Cr | Jun 2022 ₹2.7K Cr | Sep 2022 ₹2.9K Cr | Dec 2022 ₹2.9K Cr | Mar 2023 ₹3.1K Cr | Jun 2023 ₹3.2K Cr | Sep 2023 ₹3.4K Cr | Dec 2023 ₹3.5K Cr | Mar 2024 ₹3.7K Cr | Jun 2024 ₹4.0K Cr | Sep 2024 ₹4.1K Cr | Dec 2024 ₹4.5K Cr | Mar 2025 ₹4.7K Cr | Jun 2025 ₹5.4K Cr | Sep 2025 ₹5.8K Cr | Dec 2025 ₹6.2K Cr | Mar 2026 ₹12.7K Cr
- BETR: Jun 2021 ₹0 Cr | Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹515 Cr | Mar 2024 ₹515 Cr | Jun 2024 ₹516 Cr | Sep 2024 ₹518 Cr | Dec 2024 ₹520 Cr | Mar 2025 ₹521 Cr | Jun 2025 ₹200 Cr | Sep 2025 ₹199 Cr | Dec 2025 ₹199 Cr | Mar 2026 ₹199 Cr
- LDI: Jun 2021 ₹1.5K Cr | Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹2.4K Cr | Sep 2022 ₹2.3K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹2.3K Cr | Jun 2023 ₹2.2K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹2.3K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹2.0K Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹2.1K Cr | Sep 2025 ₹2.1K Cr | Dec 2025 ₹2.1K Cr | Mar 2026 ₹2.1K Cr
- ONIT: Jun 2021 ₹7.4K Cr | Sep 2021 ₹7.4K Cr | Dec 2021 ₹7.5K Cr | Mar 2022 ₹7.7K Cr | Jun 2022 ₹7.8K Cr | Sep 2022 ₹7.8K Cr | Dec 2022 ₹7.9K Cr | Mar 2023 ₹8.1K Cr | Jun 2023 ₹8.1K Cr | Sep 2023 ₹8.2K Cr | Dec 2023 ₹8.4K Cr | Mar 2024 ₹8.5K Cr | Jun 2024 ₹8.6K Cr | Sep 2024 ₹8.7K Cr | Dec 2024 ₹11.8K Cr | Mar 2025 ₹11.1K Cr | Jun 2025 ₹10.7K Cr | Sep 2025 ₹10.4K Cr | Dec 2025 ₹11.0K Cr | Mar 2026 ₹11.5K Cr
- GHI: Jun 2021 ₹777 Cr | Sep 2021 ₹795 Cr | Dec 2021 ₹895 Cr | Mar 2022 ₹941 Cr | Jun 2022 ₹999 Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹997 Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.1K Cr

## Return On Assets

What the numbers say: Greystone Housing Impact Investors LP leads both roa at -1.6% and roa change at -4.2 percentage points.

Investor read: Greystone Housing Impact Investors LP sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roa change signal.

Evidence: Greystone Housing Impact Investors LP · -1.6% | Not enough peers | 2/8 recent comparable periods | 1/9 companies · 19 observations

Definition: ROA is the cleanest first comparison for lenders because the balance sheet is the operating asset.

### ROA — highest
1. Greystone Housing Impact Investors LP (GHI): -1.6%

### ROA change — fastest improvers
1. Greystone Housing Impact Investors LP (GHI): −4.2 pp

### 20-quarter ROA history
- GHI: Jun 2021 — | Sep 2021 3.4% | Dec 2021 4.1% | Mar 2022 2.4% | Jun 2022 7.6% | Sep 2022 5.0% | Dec 2022 5.1% | Mar 2023 0.8% | Jun 2023 4.2% | Sep 2023 5.2% | Dec 2023 2.4% | Mar 2024 1.6% | Jun 2024 2.9% | Sep 2024 1.4% | Dec 2024 -1.2% | Mar 2025 2.6% | Jun 2025 0.6% | Sep 2025 -1.9% | Dec 2025 0.5% | Mar 2026 -1.6%

### 20-quarter ROA change history
- GHI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.6 pp | Dec 2022 +1.0 pp | Mar 2023 −1.6 pp | Jun 2023 −3.4 pp | Sep 2023 +0.2 pp | Dec 2023 −2.7 pp | Mar 2024 +0.8 pp | Jun 2024 −1.3 pp | Sep 2024 −3.8 pp | Dec 2024 −3.6 pp | Mar 2025 +1.0 pp | Jun 2025 −2.3 pp | Sep 2025 −3.3 pp | Dec 2025 +1.7 pp | Mar 2026 −4.2 pp

## ROE — Leaders & Improvers

What the numbers say: Better Home & Finance Holding Company leads roe at 105.5%; UWM Holdings Corporation leads roe change at +22.6 percentage points.

Investor read: Better Home & Finance Holding Company sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roe change signal.

Evidence: Better Home & Finance Holding Company · 105.5% | 10× versus #2 · UWM Holdings Corporation | 3/8 recent comparable periods | 9/9 companies · 171 observations

Definition: ROE shows the return to shareholders, but should be read with asset quality and leverage.

### ROE — highest
1. Better Home & Finance Holding Company (BETR): 106%
2. UWM Holdings Corporation (UWMC): 11%
3. Velocity Financial, Inc. (VEL): 3.5%
4. PennyMac Financial Services, Inc. (PFSI): 2.0%
5. Rocket Companies, Inc. (RKT): 1.9%

### ROE change — fastest improvers
1. UWM Holdings Corporation (UWMC): +22.6 pp
2. Rocket Companies, Inc. (RKT): +4.4 pp
3. Walker & Dunlop, Inc. (WD): +0.8 pp
4. PennyMac Financial Services, Inc. (PFSI): 0.0 pp
5. Velocity Financial, Inc. (VEL): −0.1 pp

### 20-quarter ROE history
- RKT: Jun 2021 — | Sep 2021 18% | Dec 2021 9.8% | Mar 2022 12% | Jun 2022 0.7% | Sep 2022 1.1% | Dec 2022 -5.4% | Mar 2023 -4.9% | Jun 2023 1.6% | Sep 2023 1.3% | Dec 2023 -2.8% | Mar 2024 3.5% | Jun 2024 2.1% | Sep 2024 -5.7% | Dec 2024 7.5% | Mar 2025 -2.5% | Jun 2025 0.4% | Sep 2025 -1.4% | Dec 2025 0.4% | Mar 2026 1.9%
- PFSI: Jun 2021 — | Sep 2021 7.6% | Dec 2021 5.1% | Mar 2022 5.0% | Jun 2022 3.7% | Sep 2022 3.9% | Dec 2022 1.1% | Mar 2023 0.9% | Jun 2023 1.7% | Sep 2023 2.6% | Dec 2023 -1.1% | Mar 2024 1.1% | Jun 2024 2.8% | Sep 2024 1.9% | Dec 2024 2.8% | Mar 2025 2.0% | Jun 2025 3.5% | Sep 2025 4.6% | Dec 2025 2.6% | Mar 2026 2.0%
- UWMC: Jun 2021 — | Sep 2021 19% | Dec 2021 8.6% | Mar 2022 15% | Jun 2022 7.3% | Sep 2022 10% | Dec 2022 -2.0% | Mar 2023 -4.6% | Jun 2023 7.4% | Sep 2023 9.3% | Dec 2023 -16% | Mar 2024 6.8% | Jun 2024 2.9% | Sep 2024 1.2% | Dec 2024 1.8% | Mar 2025 -12% | Jun 2025 15% | Sep 2025 0.6% | Dec 2025 9.0% | Mar 2026 11%
- WD: Jun 2021 — | Sep 2021 5.7% | Dec 2021 5.7% | Mar 2022 4.9% | Jun 2022 3.7% | Sep 2022 3.0% | Dec 2022 2.3% | Mar 2023 1.6% | Jun 2023 1.5% | Sep 2023 1.2% | Dec 2023 1.7% | Mar 2024 0.6% | Jun 2024 1.2% | Sep 2024 1.6% | Dec 2024 2.3% | Mar 2025 0.2% | Jun 2025 1.9% | Sep 2025 1.9% | Dec 2025 -0.7% | Mar 2026 1.0%
- VEL: Jun 2021 — | Sep 2021 3.0% | Dec 2021 3.0% | Mar 2022 1.1% | Jun 2022 3.6% | Sep 2022 3.4% | Dec 2022 2.3% | Mar 2023 2.9% | Jun 2023 3.2% | Sep 2023 3.1% | Dec 2023 4.2% | Mar 2024 4.1% | Jun 2024 3.3% | Sep 2024 3.4% | Dec 2024 4.3% | Mar 2025 3.6% | Jun 2025 4.9% | Sep 2025 4.5% | Dec 2025 5.8% | Mar 2026 3.5%
- BETR: Jun 2021 — | Sep 2021 0.0% | Dec 2021 -54% | Mar 2022 -130% | Jun 2022 0.0% | Sep 2022 -89% | Dec 2022 -611% | Mar 2023 -69% | Jun 2023 254% | Sep 2023 -163% | Dec 2023 269% | Mar 2024 -128% | Jun 2024 33% | Sep 2024 -69% | Dec 2024 -184% | Mar 2025 356% | Jun 2025 -60% | Sep 2025 -185% | Dec 2025 380% | Mar 2026 106%
- LDI: Jun 2021 — | Sep 2021 9.1% | Dec 2021 0.9% | Mar 2022 -5.6% | Jun 2022 -16% | Sep 2022 -10% | Dec 2022 -12% | Mar 2023 -7.8% | Jun 2023 -4.9% | Sep 2023 -3.7% | Dec 2023 -7.4% | Mar 2024 -9.7% | Jun 2024 -9.6% | Sep 2024 0.4% | Dec 2024 -11% | Mar 2025 -7.4% | Jun 2025 -5.0% | Sep 2025 -1.7% | Dec 2025 -7.4% | Mar 2026 -14%
- ONIT: Jun 2021 — | Sep 2021 4.8% | Dec 2021 -0.4% | Mar 2022 12% | Jun 2022 2.1% | Sep 2022 7.3% | Dec 2022 -17% | Mar 2023 -8.5% | Jun 2023 3.2% | Sep 2023 1.7% | Dec 2023 -11% | Mar 2024 7.1% | Jun 2024 2.4% | Sep 2024 4.7% | Dec 2024 -6.3% | Mar 2025 4.7% | Jun 2025 4.4% | Sep 2025 3.7% | Dec 2025 22% | Mar 2026 1.3%
- GHI: Jun 2021 — | Sep 2021 9.4% | Dec 2021 11% | Mar 2022 6.7% | Jun 2022 23% | Sep 2022 17% | Dec 2022 18% | Mar 2023 3.1% | Jun 2023 16% | Sep 2023 19% | Dec 2023 9.2% | Mar 2024 6.0% | Jun 2024 9.9% | Sep 2024 5.0% | Dec 2024 -4.6% | Mar 2025 10% | Jun 2025 2.5% | Sep 2025 -7.4% | Dec 2025 2.1% | Mar 2026 -6.1%

### 20-quarter ROE change history
- RKT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −16.8 pp | Dec 2022 −15.2 pp | Mar 2023 −17.1 pp | Jun 2023 +0.9 pp | Sep 2023 +0.2 pp | Dec 2023 +2.6 pp | Mar 2024 +8.4 pp | Jun 2024 +0.5 pp | Sep 2024 −7.0 pp | Dec 2024 +10.3 pp | Mar 2025 −6.0 pp | Jun 2025 −1.7 pp | Sep 2025 +4.3 pp | Dec 2025 −7.1 pp | Mar 2026 +4.4 pp
- PFSI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.7 pp | Dec 2022 −4.0 pp | Mar 2023 −4.1 pp | Jun 2023 −2.0 pp | Sep 2023 −1.3 pp | Dec 2023 −2.2 pp | Mar 2024 +0.2 pp | Jun 2024 +1.1 pp | Sep 2024 −0.7 pp | Dec 2024 +3.9 pp | Mar 2025 +0.9 pp | Jun 2025 +0.7 pp | Sep 2025 +2.7 pp | Dec 2025 −0.2 pp | Mar 2026 0.0 pp
- UWMC: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −9.2 pp | Dec 2022 −10.6 pp | Mar 2023 −19.9 pp | Jun 2023 +0.1 pp | Sep 2023 −0.9 pp | Dec 2023 −14.3 pp | Mar 2024 +11.4 pp | Jun 2024 −4.5 pp | Sep 2024 −8.1 pp | Dec 2024 +18.1 pp | Mar 2025 −18.9 pp | Jun 2025 +12.5 pp | Sep 2025 −0.6 pp | Dec 2025 +7.2 pp | Mar 2026 +22.6 pp
- WD: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.7 pp | Dec 2022 −3.4 pp | Mar 2023 −3.3 pp | Jun 2023 −2.2 pp | Sep 2023 −1.8 pp | Dec 2023 −0.6 pp | Mar 2024 −1.0 pp | Jun 2024 −0.3 pp | Sep 2024 +0.4 pp | Dec 2024 +0.6 pp | Mar 2025 −0.4 pp | Jun 2025 +0.7 pp | Sep 2025 +0.3 pp | Dec 2025 −3.0 pp | Mar 2026 +0.8 pp
- VEL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.4 pp | Dec 2022 −0.7 pp | Mar 2023 +1.8 pp | Jun 2023 −0.4 pp | Sep 2023 −0.3 pp | Dec 2023 +1.9 pp | Mar 2024 +1.2 pp | Jun 2024 +0.1 pp | Sep 2024 +0.3 pp | Dec 2024 +0.1 pp | Mar 2025 −0.5 pp | Jun 2025 +1.6 pp | Sep 2025 +1.1 pp | Dec 2025 +1.5 pp | Mar 2026 −0.1 pp
- BETR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −89.2 pp | Dec 2022 −557.3 pp | Mar 2023 +61.5 pp | Jun 2023 +253.7 pp | Sep 2023 −73.7 pp | Dec 2023 +880.1 pp | Mar 2024 −59.6 pp | Jun 2024 −220.7 pp | Sep 2024 +94.1 pp | Dec 2024 −453.0 pp | Mar 2025 +483.9 pp | Jun 2025 −92.7 pp | Sep 2025 −116.2 pp | Dec 2025 +564.2 pp | Mar 2026 −250.1 pp
- LDI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −19.1 pp | Dec 2022 −13.3 pp | Mar 2023 −2.2 pp | Jun 2023 +11.2 pp | Sep 2023 +6.3 pp | Dec 2023 +5.0 pp | Mar 2024 −1.9 pp | Jun 2024 −4.7 pp | Sep 2024 +4.1 pp | Dec 2024 −3.7 pp | Mar 2025 +2.3 pp | Jun 2025 +4.6 pp | Sep 2025 −2.1 pp | Dec 2025 +3.7 pp | Mar 2026 −6.2 pp
- ONIT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.5 pp | Dec 2022 −16.7 pp | Mar 2023 −20.4 pp | Jun 2023 +1.1 pp | Sep 2023 −5.6 pp | Dec 2023 +6.0 pp | Mar 2024 +15.6 pp | Jun 2024 −0.8 pp | Sep 2024 +3.0 pp | Dec 2024 +4.8 pp | Mar 2025 −2.4 pp | Jun 2025 +2.0 pp | Sep 2025 −1.0 pp | Dec 2025 +28.0 pp | Mar 2026 −3.4 pp
- GHI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +7.1 pp | Dec 2022 +6.6 pp | Mar 2023 −3.6 pp | Jun 2023 −7.8 pp | Sep 2023 +2.4 pp | Dec 2023 −8.8 pp | Mar 2024 +2.9 pp | Jun 2024 −5.6 pp | Sep 2024 −13.9 pp | Dec 2024 −13.8 pp | Mar 2025 +4.3 pp | Jun 2025 −7.4 pp | Sep 2025 −12.4 pp | Dec 2025 +6.7 pp | Mar 2026 −16.4 pp

## Gross NPA — Leaders & Improvers

What the numbers say: There is not enough comparable evidence to name a reliable gross npa leader.

Investor read: The current leader sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current gnpa change signal.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/9 companies · 0 observations

Definition: Lower gross NPA is better. Improvement means the ratio is falling, so ranks are intentionally inverted.

### Gross NPA — lowest

### GNPA change — fastest improvers

### 20-quarter Gross NPA history

### 20-quarter GNPA change history

## Valuation Against Growth & Quality

What the numbers say: Velocity Financial, Inc. has the lowest comparable P/BV ÷ ROE at 0.29×, 27.5% below Onity Group Inc.. Only 7 of 9 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Velocity Financial, Inc. · 0.29× | 27.5% versus #2 · Onity Group Inc. | 0/8 recent comparable periods | 7/9 companies · 113 observations

Definition: Banks are compared on P/BV and P/BV÷ROE, not PEG. Lower is better only if asset quality and return durability hold; cheap book value with weakening NPAs is not automatically attractive.

### P/BV ÷ ROE — lowest return-adjusted price
1. Velocity Financial, Inc. (VEL): 0.3
2. Onity Group Inc. (ONIT): 0.4
3. UWM Holdings Corporation (UWMC): 0.5
4. PennyMac Financial Services, Inc. (PFSI): 0.5
5. Better Home & Finance Holding Company (BETR): 0.7

### P/BV — lowest P/BV
1. Greystone Housing Impact Investors LP (GHI): 0.3
2. Onity Group Inc. (ONIT): 0.5
3. Walker & Dunlop, Inc. (WD): 0.9
4. Velocity Financial, Inc. (VEL): 1.0
5. PennyMac Financial Services, Inc. (PFSI): 1.1

### 20-quarter P/BV ÷ ROE history
- RKT: Jun 2021 — | Sep 2021 0.3 | Dec 2021 0.6 | Mar 2022 0.5 | Jun 2022 5.4 | Sep 2022 2.9 | Dec 2022 — | Mar 2023 — | Jun 2023 2.4 | Sep 2023 2.6 | Dec 2023 — | Mar 2024 1.7 | Jun 2024 2.6 | Sep 2024 — | Dec 2024 0.3 | Mar 2025 — | Jun 2025 9.8 | Sep 2025 — | Dec 2025 6.0 | Mar 2026 0.9
- PFSI: Jun 2021 — | Sep 2021 0.1 | Dec 2021 0.2 | Mar 2022 0.2 | Jun 2022 0.2 | Sep 2022 0.2 | Dec 2022 0.7 | Mar 2023 1.0 | Jun 2023 0.6 | Sep 2023 0.4 | Dec 2023 — | Mar 2024 1.2 | Jun 2024 0.5 | Sep 2024 0.8 | Dec 2024 0.5 | Mar 2025 0.7 | Jun 2025 0.4 | Sep 2025 0.3 | Dec 2025 0.6 | Mar 2026 0.5
- UWMC: Jun 2021 — | Sep 2021 0.3 | Dec 2021 0.4 | Mar 2022 0.2 | Jun 2022 0.3 | Sep 2022 0.2 | Dec 2022 — | Mar 2023 — | Jun 2023 0.6 | Sep 2023 0.4 | Dec 2023 — | Mar 2024 0.9 | Jun 2024 2.0 | Sep 2024 6.7 | Dec 2024 3.2 | Mar 2025 — | Jun 2025 0.3 | Sep 2025 12.5 | Dec 2025 0.7 | Mar 2026 0.5
- WD: Jun 2021 — | Sep 2021 0.5 | Dec 2021 0.6 | Mar 2022 0.5 | Jun 2022 0.5 | Sep 2022 0.5 | Dec 2022 0.7 | Mar 2023 0.9 | Jun 2023 1.0 | Sep 2023 1.2 | Dec 2023 1.3 | Mar 2024 3.3 | Jun 2024 1.6 | Sep 2024 1.4 | Dec 2024 0.8 | Mar 2025 8.2 | Jun 2025 0.7 | Sep 2025 0.8 | Dec 2025 — | Mar 2026 0.9
- VEL: Jun 2021 — | Sep 2021 0.4 | Dec 2021 0.4 | Mar 2022 0.9 | Jun 2022 0.3 | Sep 2022 0.3 | Dec 2022 0.4 | Mar 2023 0.3 | Jun 2023 0.3 | Sep 2023 0.3 | Dec 2023 0.3 | Mar 2024 0.3 | Jun 2024 0.4 | Sep 2024 0.4 | Dec 2024 0.3 | Mar 2025 0.3 | Jun 2025 0.2 | Sep 2025 0.3 | Dec 2025 0.2 | Mar 2026 0.3
- BETR: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.0 | Mar 2024 — | Jun 2024 0.2 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.0 | Mar 2026 0.7
- LDI: Jun 2021 — | Sep 2021 0.4 | Dec 2021 1.4 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 4.1 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- ONIT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.2 | Sep 2024 0.1 | Dec 2024 — | Mar 2025 0.1 | Jun 2025 0.1 | Sep 2025 0.2 | Dec 2025 0.0 | Mar 2026 0.4
- GHI: Jun 2021 — | Sep 2021 0.1 | Dec 2021 0.1 | Mar 2022 0.1 | Jun 2022 0.0 | Sep 2022 0.1 | Dec 2022 0.1 | Mar 2023 0.3 | Jun 2023 0.1 | Sep 2023 0.1 | Dec 2023 0.1 | Mar 2024 0.1 | Jun 2024 0.1 | Sep 2024 0.2 | Dec 2024 — | Mar 2025 0.1 | Jun 2025 0.3 | Sep 2025 — | Dec 2025 0.2 | Mar 2026 —

### 20-quarter P/BV history
- RKT: Jun 2021 — | Sep 2021 6.0 | Dec 2021 6.2 | Mar 2022 5.5 | Jun 2022 3.8 | Sep 2022 3.2 | Dec 2022 3.1 | Mar 2023 3.9 | Jun 2023 3.8 | Sep 2023 3.4 | Dec 2023 5.8 | Mar 2024 5.8 | Jun 2024 5.4 | Sep 2024 7.5 | Dec 2024 2.3 | Mar 2025 4.5 | Jun 2025 3.9 | Sep 2025 4.7 | Dec 2025 2.4 | Mar 2026 1.7
- PFSI: Jun 2021 — | Sep 2021 1.1 | Dec 2021 1.2 | Mar 2022 0.9 | Jun 2022 0.7 | Sep 2022 0.6 | Dec 2022 0.8 | Mar 2023 0.9 | Jun 2023 1.0 | Sep 2023 0.9 | Dec 2023 1.3 | Mar 2024 1.3 | Jun 2024 1.3 | Sep 2024 1.6 | Dec 2024 1.4 | Mar 2025 1.3 | Jun 2025 1.3 | Sep 2025 1.5 | Dec 2025 1.6 | Mar 2026 1.1
- UWMC: Jun 2021 — | Sep 2021 5.4 | Dec 2021 3.8 | Mar 2022 3.0 | Jun 2022 2.4 | Sep 2022 1.9 | Dec 2022 2.1 | Mar 2023 3.7 | Jun 2023 4.3 | Sep 2023 3.4 | Dec 2023 6.0 | Mar 2024 6.0 | Jun 2024 5.8 | Sep 2024 8.1 | Dec 2024 5.7 | Mar 2025 6.7 | Jun 2025 4.8 | Sep 2025 7.5 | Dec 2025 5.9 | Mar 2026 4.9
- WD: Jun 2021 — | Sep 2021 2.6 | Dec 2021 3.1 | Mar 2022 2.6 | Jun 2022 1.9 | Sep 2022 1.6 | Dec 2022 1.5 | Mar 2023 1.5 | Jun 2023 1.5 | Sep 2023 1.4 | Dec 2023 2.1 | Mar 2024 2.0 | Jun 2024 1.9 | Sep 2024 2.2 | Dec 2024 1.9 | Mar 2025 1.6 | Jun 2025 1.3 | Sep 2025 1.6 | Dec 2025 1.2 | Mar 2026 0.9
- VEL: Jun 2021 — | Sep 2021 1.1 | Dec 2021 1.3 | Mar 2022 1.0 | Jun 2022 1.0 | Sep 2022 1.0 | Dec 2022 0.8 | Mar 2023 0.8 | Jun 2023 0.9 | Sep 2023 0.9 | Dec 2023 1.3 | Mar 2024 1.3 | Jun 2024 1.3 | Sep 2024 1.3 | Dec 2024 1.3 | Mar 2025 1.2 | Jun 2025 1.2 | Sep 2025 1.1 | Dec 2025 1.2 | Mar 2026 1.0
- BETR: Jun 2021 — | Sep 2021 21.7 | Dec 2021 14.5 | Mar 2022 12.6 | Jun 2022 5.7 | Sep 2022 6.5 | Dec 2022 -0.2 | Mar 2023 50.1 | Jun 2023 -0.1 | Sep 2023 2.3 | Dec 2023 5.0 | Mar 2024 4.9 | Jun 2024 7.7 | Sep 2024 694.4 | Dec 2024 -2.3 | Mar 2025 -1.6 | Jun 2025 2.5 | Sep 2025 20.5 | Dec 2025 14.0 | Mar 2026 68.5
- LDI: Jun 2021 — | Sep 2021 3.9 | Dec 2021 1.3 | Mar 2022 1.0 | Jun 2022 0.4 | Sep 2022 0.8 | Dec 2022 0.7 | Mar 2023 0.7 | Jun 2023 1.0 | Sep 2023 1.5 | Dec 2023 1.8 | Mar 2024 1.5 | Jun 2024 1.0 | Sep 2024 1.6 | Dec 2024 2.5 | Mar 2025 1.5 | Jun 2025 1.0 | Sep 2025 2.6 | Dec 2025 3.0 | Mar 2026 2.3
- ONIT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 0.4 | Sep 2024 0.5 | Dec 2024 0.6 | Mar 2025 0.6 | Jun 2025 0.6 | Sep 2025 0.6 | Dec 2025 0.6 | Mar 2026 0.5
- GHI: Jun 2021 0.9 | Sep 2021 0.8 | Dec 2021 0.9 | Mar 2022 0.9 | Jun 2022 1.0 | Sep 2022 0.9 | Dec 2022 0.9 | Mar 2023 0.9 | Jun 2023 0.8 | Sep 2023 0.9 | Dec 2023 0.9 | Mar 2024 0.9 | Jun 2024 0.9 | Sep 2024 0.8 | Dec 2024 0.6 | Mar 2025 0.7 | Jun 2025 0.7 | Sep 2025 0.6 | Dec 2025 0.4 | Mar 2026 0.3

## Market action

Better Home & Finance Holding Company has the strongest one-year price move in Mortgage Finance at +68.1%. Onity Group Inc. leads on Mansfield relative strength against the S&P 500 at -8.9%. 0 of 9 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Better Home & Finance Holding Company (BETR): 68%
2. Velocity Financial, Inc. (VEL): 8.8%
3. Onity Group Inc. (ONIT): 8.6%
4. PennyMac Financial Services, Inc. (PFSI): -11%
5. Rocket Companies, Inc. (RKT): -16%

### Strongest relative strength versus NIFTY 500
1. Onity Group Inc. (ONIT): -8.9%
2. Velocity Financial, Inc. (VEL): -11%
3. Rocket Companies, Inc. (RKT): -24%
4. Walker & Dunlop, Inc. (WD): -25%
5. PennyMac Financial Services, Inc. (PFSI): -25%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROE can be manufactured with leverage. Read it beside ROA and asset quality.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- Banks and lenders are not forced through operating-margin or ROCE comparisons; missing lender-specific fields remain visibly missing.
- Thin comparisons: Funding base, Return on assets, Asset quality have fewer than three usable current readings.

## Every company
- Rocket Companies, Inc. (RKT) — market value ₹39.6K Cr; latest fundamentals Mar 2026
- PennyMac Financial Services, Inc. (PFSI) — market value ₹4.5K Cr; latest fundamentals Mar 2026
- UWM Holdings Corporation (UWMC) — market value ₹3.0K Cr; latest fundamentals Mar 2026
- Walker & Dunlop, Inc. (WD) — market value ₹1.8K Cr; latest fundamentals Mar 2026
- Velocity Financial, Inc. (VEL) — market value ₹698 Cr; latest fundamentals Mar 2026
- Better Home & Finance Holding Company (BETR) — market value ₹423 Cr; latest fundamentals Mar 2026
- loanDepot, Inc. (LDI) — market value ₹348 Cr; latest fundamentals Mar 2026
- Onity Group Inc. (ONIT) — market value ₹341 Cr; latest fundamentals Mar 2026
- Greystone Housing Impact Investors LP (GHI) — market value ₹125 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Mortgage Finance company is the biggest?

Rocket Companies, Inc. is the largest, with trailing-twelve-month income of $8,598 million, ahead of UWM Holdings Corporation at $3,076 million. That covers 9 of 9 companies with comparable reporting through Mar 2026.

### Which Mortgage Finance company is growing fastest?

Rocket Companies, Inc. has the fastest income growth at 78.4% year on year, across 9 of 9 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Mortgage Finance company makes the most profit?

UWM Holdings Corporation earns the most, at $660 million of trailing-twelve-month net profit, from 9 of 9 comparable companies. Onity Group Inc. has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Mortgage Finance company earns the highest return on capital?

Greystone Housing Impact Investors LP leads on return on assets at -1.6%, across 1 of 9 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Mortgage Finance stock is the cheapest?

On price-to-book divided by return on equity — where a LOWER number is cheaper — Velocity Financial, Inc. screens cheapest at 0.29×. Only 7 of 9 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Mortgage Finance lender has the largest funding base?

Better Home & Finance Holding Company has the largest reported deposit base at $763 million. For lenders, deposits and borrowings are operating inputs rather than leverage, so they are read against asset quality and returns instead of as debt.

### Is the Mortgage Finance sector beating the market?

Mortgage Finance has underperformed S&P 500 by 23.4% over the last 52 weeks and 22.1% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 0 of 9 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Mortgage Finance stock has the strongest price momentum?

Onity Group Inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Mortgage Finance company scores highest for research priority?

Velocity Financial, Inc. scores 58.8 out of 100 with 64.4% evidence confidence, from 21.6 points on growth and earnings, 13.4 on capital efficiency, 8.6 on valuation and 15.2 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Mortgage Finance companies does this comparison cover, and over what period?

It compares 9 listed companies over up to 20 reported quarters of fundamentals and 5 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Mortgage Finance sector?

The 9 Mortgage Finance companies on this page carry $50,668 million of combined market value. Rocket Companies, Inc. is the largest at $39,555 million, about 78% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Mortgage Finance sector's P/B ratio?

The median price-to-book ratio across the 9 Mortgage Finance companies on this page is 1×, measured on the 9 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Mortgage Finance sector performing?

0 of the 9 covered Mortgage Finance companies are beating S&P 500 on Mansfield relative strength. The sector itself is 23.4% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Mortgage Finance stocks are listed in the US?

This comparison covers 9 listed Mortgage Finance companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Mar 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/mortgage-finance