{
 "generated": "2026-09-12",
 "n_lenders": 56,
 "pearson_r": -0.179,
 "spearman": -0.249,
 "ci95": [
  -0.422,
  0.088
 ],
 "leave_one_out_range": [
  -0.302,
  -0.12
 ],
 "permutation_p": 0.195,
 "raw_denial_vs_spread_r": -0.281,
 "rows": [
  {
   "lei": "549300HW662MN1WU8550",
   "name": "United Wholesale Mortgage",
   "denial_rate_pct": 12.7,
   "median_spread_pct": 0.381,
   "median_rate_pct": 6.125,
   "purchase_apps": 65412,
   "oe_ratio": 1.022,
   "z": 3.42,
   "coverage": 86.9
  },
  {
   "lei": "5493001SXWZ4OFP8Z903",
   "name": "DHI Mortgage Company, LTD.",
   "denial_rate_pct": 20.5,
   "median_spread_pct": -1.397,
   "median_rate_pct": 4.5,
   "purchase_apps": 40346,
   "oe_ratio": 1.202,
   "z": 18.24,
   "coverage": 95.2
  },
  {
   "lei": "549300FGXN1K3HLB1R50",
   "name": "ROCKET MORTGAGE",
   "denial_rate_pct": 19.5,
   "median_spread_pct": 0.456,
   "median_rate_pct": 6.25,
   "purchase_apps": 32609,
   "oe_ratio": 1.222,
   "z": 35.3,
   "coverage": 79.9
  },
  {
   "lei": "549300H3IZO24NSOO931",
   "name": "Lennar Mortgage, LLC",
   "denial_rate_pct": 22.9,
   "median_spread_pct": -1.331,
   "median_rate_pct": 4.5,
   "purchase_apps": 25524,
   "oe_ratio": 1.334,
   "z": 23.81,
   "coverage": 95.8
  },
  {
   "lei": "549300VZVN841I2ILS84",
   "name": "CROSSCOUNTRY MORTGAGE, LLC",
   "denial_rate_pct": 4.6,
   "median_spread_pct": 0.742,
   "median_rate_pct": 6.575,
   "purchase_apps": 22449,
   "oe_ratio": 0.371,
   "z": -44.74,
   "coverage": 85.8
  },
  {
   "lei": "549300AQ3T62GXDU7D76",
   "name": "GUILD MORTGAGE COMPANY",
   "denial_rate_pct": 5.3,
   "median_spread_pct": 0.614,
   "median_rate_pct": 6.375,
   "purchase_apps": 20713,
   "oe_ratio": 0.451,
   "z": -33.66,
   "coverage": 93.1
  },
  {
   "lei": "549300AG64NHILB7ZP05",
   "name": "loanDepot.com LLC",
   "denial_rate_pct": 21.3,
   "median_spread_pct": 0.059,
   "median_rate_pct": 5.875,
   "purchase_apps": 17174,
   "oe_ratio": 1.325,
   "z": 34.41,
   "coverage": 91.7
  },
  {
   "lei": "549300MGPZBLQDIL7538",
   "name": "FAIRWAY INDEPENDENT MORT CORP",
   "denial_rate_pct": 6.5,
   "median_spread_pct": 0.744,
   "median_rate_pct": 6.5,
   "purchase_apps": 15671,
   "oe_ratio": 0.546,
   "z": -23.98,
   "coverage": 93.7
  },
  {
   "lei": "549300GKFNPRWNS0GF29",
   "name": "CMG MORTGAGE INC",
   "denial_rate_pct": 5.3,
   "median_spread_pct": 0.442,
   "median_rate_pct": 6.125,
   "purchase_apps": 14555,
   "oe_ratio": 0.414,
   "z": -29.39,
   "coverage": 92.9
  },
  {
   "lei": "549300E2UX99HKDBR481",
   "name": "NEW AMERICAN FUNDING, LLC.",
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   "median_rate_pct": 6.625,
   "purchase_apps": 13524,
   "oe_ratio": 1.092,
   "z": 7.86,
   "coverage": 89.0
  },
  {
   "lei": "549300DD4R4SYK5RAQ92",
   "name": "MOVEMENT MORTGAGE, LLC",
   "denial_rate_pct": 5.7,
   "median_spread_pct": 0.719,
   "median_rate_pct": 6.5,
   "purchase_apps": 12438,
   "oe_ratio": 0.378,
   "z": -30.38,
   "coverage": 89.8
  },
  {
   "lei": "549300U3721PJGQZYY68",
   "name": "GUARANTEED RATE, INC.",
   "denial_rate_pct": 9.4,
   "median_spread_pct": 0.615,
   "median_rate_pct": 6.375,
   "purchase_apps": 9978,
   "oe_ratio": 0.779,
   "z": -10.72,
   "coverage": 93.5
  },
  {
   "lei": "549300MZ8VZJOVC63092",
   "name": "Kind Lending, LLC",
   "denial_rate_pct": 24.1,
   "median_spread_pct": 0.399,
   "median_rate_pct": 6.25,
   "purchase_apps": 9180,
   "oe_ratio": 1.705,
   "z": 30.79,
   "coverage": 94.0
  },
  {
   "lei": "RVDPPPGHCGZ40J4VQ731",
   "name": "PENNYMAC LOAN SERVICES LLC",
   "denial_rate_pct": 18.6,
   "median_spread_pct": 0.354,
   "median_rate_pct": 6.125,
   "purchase_apps": 8814,
   "oe_ratio": 1.099,
   "z": 8.01,
   "coverage": 61.0
  },
  {
   "lei": "549300RPOGWJRH63HS39",
   "name": "UNION HOME MORTGAGE CORP.",
   "denial_rate_pct": 7.4,
   "median_spread_pct": 0.67,
   "median_rate_pct": 6.375,
   "purchase_apps": 7573,
   "oe_ratio": 0.527,
   "z": -18.32,
   "coverage": 89.1
  },
  {
   "lei": "549300KBWX4NV5Q1E376",
   "name": "NVR MORTGAGE FINANCE, INC.",
   "denial_rate_pct": 34.0,
   "median_spread_pct": 0.194,
   "median_rate_pct": 5.99,
   "purchase_apps": 7354,
   "oe_ratio": 1.59,
   "z": 26.07,
   "coverage": 95.8
  },
  {
   "lei": "254900ZFWS2106HWPH46",
   "name": "PARAMOUNT RESIDENTIAL MORTGAGE",
   "denial_rate_pct": 5.7,
   "median_spread_pct": 0.578,
   "median_rate_pct": 6.375,
   "purchase_apps": 7230,
   "oe_ratio": 0.373,
   "z": -22.75,
   "coverage": 94.7
  },
  {
   "lei": "549300KIOYNU323LVJ37",
   "name": "American Pacific Mortgage Corporation",
   "denial_rate_pct": 10.1,
   "median_spread_pct": 0.782,
   "median_rate_pct": 6.5,
   "purchase_apps": 7207,
   "oe_ratio": 0.811,
   "z": -7.24,
   "coverage": 94.6
  },
  {
   "lei": "549300FNXYY540N23N64",
   "name": "NEWREZ LLC",
   "denial_rate_pct": 13.9,
   "median_spread_pct": 0.356,
   "median_rate_pct": 6.25,
   "purchase_apps": 5643,
   "oe_ratio": 1.758,
   "z": 71.91,
   "coverage": 80.2
  },
  {
   "lei": "549300121SF0K2LN2804",
   "name": "PRIMELENDING",
   "denial_rate_pct": 6.7,
   "median_spread_pct": 0.617,
   "median_rate_pct": 6.49,
   "purchase_apps": 5374,
   "oe_ratio": 0.651,
   "z": -10.38,
   "coverage": 94.7
  },
  {
   "lei": "54930049L5WINET09Q97",
   "name": "Click n' Close, Inc.",
   "denial_rate_pct": 9.2,
   "median_spread_pct": 1.79,
   "median_rate_pct": 6.75,
   "purchase_apps": 5252,
   "oe_ratio": 0.537,
   "z": -15.65,
   "coverage": 94.5
  },
  {
   "lei": "549300VORTI31GZTJL53",
   "name": "CARDINAL FINANCIAL COMPANY, LI",
   "denial_rate_pct": 10.0,
   "median_spread_pct": 0.75,
   "median_rate_pct": 6.375,
   "purchase_apps": 5186,
   "oe_ratio": 0.622,
   "z": -14.59,
   "coverage": 93.5
  },
  {
   "lei": "549300JYXTZDSPJEPI44",
   "name": "PLAZA HOME MORTGAGE, INC",
   "denial_rate_pct": 30.7,
   "median_spread_pct": 0.631,
   "median_rate_pct": 6.49,
   "purchase_apps": 4873,
   "oe_ratio": 1.848,
   "z": 31.64,
   "coverage": 93.9
  },
  {
   "lei": "549300K4ZLGS7SRDTL86",
   "name": "Equity Prime Mortgage LLC",
   "denial_rate_pct": 16.0,
   "median_spread_pct": 0.761,
   "median_rate_pct": 6.625,
   "purchase_apps": 4861,
   "oe_ratio": 1.006,
   "z": 0.28,
   "coverage": 89.2
  },
  {
   "lei": "549300XWUSRVVOHPRY47",
   "name": "EVERETT FINANCIAL, INC.",
   "denial_rate_pct": 8.9,
   "median_spread_pct": 0.929,
   "median_rate_pct": 6.625,
   "purchase_apps": 4768,
   "oe_ratio": 0.612,
   "z": -12.32,
   "coverage": 95.1
  },
  {
   "lei": "5493002B2WMHY23GFK92",
   "name": "American Financial Resources LLC",
   "denial_rate_pct": 9.8,
   "median_spread_pct": 0.64,
   "median_rate_pct": 6.5,
   "purchase_apps": 4675,
   "oe_ratio": 0.672,
   "z": -10.18,
   "coverage": 94.7
  },
  {
   "lei": "549300MCIFZSDHUT8X63",
   "name": "NFM, INC",
   "denial_rate_pct": 3.8,
   "median_spread_pct": 0.617,
   "median_rate_pct": 6.25,
   "purchase_apps": 4492,
   "oe_ratio": 0.275,
   "z": -20.22,
   "coverage": 96.3
  },
  {
   "lei": "5493001GDRY0EL7VG372",
   "name": "ARK-LA-TEX FINANCIAL SERVICES LLC",
   "denial_rate_pct": 3.6,
   "median_spread_pct": 0.412,
   "median_rate_pct": 6.25,
   "purchase_apps": 4248,
   "oe_ratio": 0.333,
   "z": -17.68,
   "coverage": 93.2
  },
  {
   "lei": "549300RN01LBYR8ZVX74",
   "name": "LOWER, LLC",
   "denial_rate_pct": 10.8,
   "median_spread_pct": 0.593,
   "median_rate_pct": 6.375,
   "purchase_apps": 4035,
   "oe_ratio": 1.127,
   "z": 4.75,
   "coverage": 94.2
  },
  {
   "lei": "5493004WMLN60ZJ2ON46",
   "name": "Pulte Mortgage LLC",
   "denial_rate_pct": 26.8,
   "median_spread_pct": -1.122,
   "median_rate_pct": 4.875,
   "purchase_apps": 4006,
   "oe_ratio": 1.513,
   "z": 15.1,
   "coverage": 96.2
  },
  {
   "lei": "5493007VW2EU20PZYU97",
   "name": "Inspire Home Loans Inc.",
   "denial_rate_pct": 15.7,
   "median_spread_pct": -0.975,
   "median_rate_pct": 4.875,
   "purchase_apps": 3964,
   "oe_ratio": 1.005,
   "z": 0.14,
   "coverage": 93.9
  },
  {
   "lei": "5493002QI2ILHHZH8D20",
   "name": "KBHS HOME LOANS, LLC",
   "denial_rate_pct": 12.2,
   "median_spread_pct": -0.018,
   "median_rate_pct": 5.75,
   "purchase_apps": 3918,
   "oe_ratio": 0.94,
   "z": -1.44,
   "coverage": 95.9
  },
  {
   "lei": "549300LXKO1O7CSK5J52",
   "name": "FLAT BRANCH MORTGAGE, INC.",
   "denial_rate_pct": 1.7,
   "median_spread_pct": 0.689,
   "median_rate_pct": 6.5,
   "purchase_apps": 3892,
   "oe_ratio": 0.146,
   "z": -20.2,
   "coverage": 90.4
  },
  {
   "lei": "549300J7I82PNDVU8H22",
   "name": "OCMBC, INC.",
   "denial_rate_pct": 10.8,
   "median_spread_pct": 0.561,
   "median_rate_pct": 6.25,
   "purchase_apps": 3518,
   "oe_ratio": 0.505,
   "z": -13.97,
   "coverage": 87.6
  },
  {
   "lei": "549300KJ8PAJ7E52HG32",
   "name": "Plains Commerce Bank",
   "denial_rate_pct": 13.4,
   "median_spread_pct": 0.529,
   "median_rate_pct": 6.25,
   "purchase_apps": 3449,
   "oe_ratio": 1.014,
   "z": 0.32,
   "coverage": 95.0
  },
  {
   "lei": "254900DTLHVWQ7NP7R34",
   "name": "The Loan Store, Inc",
   "denial_rate_pct": 9.6,
   "median_spread_pct": 0.397,
   "median_rate_pct": 6.25,
   "purchase_apps": 3247,
   "oe_ratio": 0.756,
   "z": -5.99,
   "coverage": 95.4
  },
  {
   "lei": "549300OQMU3ID8QA6M46",
   "name": "VELOCIO MORTGAGE, L.L.C.",
   "denial_rate_pct": 4.0,
   "median_spread_pct": -1.876,
   "median_rate_pct": 3.99,
   "purchase_apps": 3140,
   "oe_ratio": 0.185,
   "z": -17.37,
   "coverage": 93.2
  },
  {
   "lei": "549300R7HGHP2I754087",
   "name": "TOWNE MORTGAGE COMPANY",
   "denial_rate_pct": 4.6,
   "median_spread_pct": 0.471,
   "median_rate_pct": 6.25,
   "purchase_apps": 3021,
   "oe_ratio": 0.33,
   "z": -17.02,
   "coverage": 92.5
  },
  {
   "lei": "549300370QILXLFUWD20",
   "name": "ZILLOW HOME LOANS, LLC",
   "denial_rate_pct": 12.3,
   "median_spread_pct": 0.654,
   "median_rate_pct": 6.5,
   "purchase_apps": 2938,
   "oe_ratio": 0.855,
   "z": -3.23,
   "coverage": 94.8
  },
  {
   "lei": "549300R0SXC1JU7ZU290",
   "name": "FIRST COMMUNITY MORTGAGE, INC.",
   "denial_rate_pct": 8.7,
   "median_spread_pct": 0.607,
   "median_rate_pct": 6.375,
   "purchase_apps": 2918,
   "oe_ratio": 0.524,
   "z": -11.2,
   "coverage": 92.4
  },
  {
   "lei": "549300GTVXJ2PGXNLM73",
   "name": "T2 FINANCIAL LLC",
   "denial_rate_pct": 8.5,
   "median_spread_pct": 0.695,
   "median_rate_pct": 6.5,
   "purchase_apps": 2908,
   "oe_ratio": 0.67,
   "z": -7.22,
   "coverage": 94.4
  },
  {
   "lei": "549300RWXUAFD1WAE410",
   "name": "ATLANTIC BAY MORTGAGE GROUP",
   "denial_rate_pct": 3.1,
   "median_spread_pct": 0.669,
   "median_rate_pct": 6.5,
   "purchase_apps": 2906,
   "oe_ratio": 0.262,
   "z": -16.42,
   "coverage": 93.8
  },
  {
   "lei": "549300F8C5JA44WNMI75",
   "name": "American Neighborhood Mortgage Acceptance Company",
   "denial_rate_pct": 5.3,
   "median_spread_pct": 0.774,
   "median_rate_pct": 6.625,
   "purchase_apps": 2766,
   "oe_ratio": 0.296,
   "z": -17.9,
   "coverage": 91.5
  },
  {
   "lei": "549300GSCUJKJINRJ980",
   "name": "Ruoff Mortgage Company",
   "denial_rate_pct": 6.0,
   "median_spread_pct": 0.838,
   "median_rate_pct": 6.75,
   "purchase_apps": 2689,
   "oe_ratio": 0.543,
   "z": -10.91,
   "coverage": 91.5
  },
  {
   "lei": "54930052M48FOD3CWA54",
   "name": "Primary Residential Mortgage, INC.",
   "denial_rate_pct": 8.1,
   "median_spread_pct": 0.776,
   "median_rate_pct": 6.625,
   "purchase_apps": 2627,
   "oe_ratio": 0.617,
   "z": -9.26,
   "coverage": 95.3
  },
  {
   "lei": "549300SK2GVCQXPD4S58",
   "name": "SUN WEST MORTGAGE COMPANY, INC",
   "denial_rate_pct": 14.2,
   "median_spread_pct": 0.527,
   "median_rate_pct": 6.367,
   "purchase_apps": 2603,
   "oe_ratio": 0.827,
   "z": -7.35,
   "coverage": 91.2
  },
  {
   "lei": "549300PXL1KA5TOL2O82",
   "name": "M/I FINANCIAL. LLC",
   "denial_rate_pct": 5.2,
   "median_spread_pct": -1.017,
   "median_rate_pct": 4.875,
   "purchase_apps": 2603,
   "oe_ratio": 0.291,
   "z": -16.77,
   "coverage": 87.6
  },
  {
   "lei": "549300ZWNETGFXTBBY03",
   "name": "CANOPY MORTGAGE, LLC",
   "denial_rate_pct": 3.1,
   "median_spread_pct": 0.561,
   "median_rate_pct": 6.25,
   "purchase_apps": 2548,
   "oe_ratio": 0.325,
   "z": -13.28,
   "coverage": 94.3
  },
  {
   "lei": "5493000YNV8IX4VD3X12",
   "name": "VANDERBILT MORTGAGE AND FINANCE, INC",
   "denial_rate_pct": 2.7,
   "median_spread_pct": -0.046,
   "median_rate_pct": 5.625,
   "purchase_apps": 2543,
   "oe_ratio": 0.219,
   "z": -14.83,
   "coverage": 95.3
  },
  {
   "lei": "5493005PKOSG7MYX0B34",
   "name": "PROSPERITY HOME MORTGAGE, LLC",
   "denial_rate_pct": 9.4,
   "median_spread_pct": 0.487,
   "median_rate_pct": 6.25,
   "purchase_apps": 2513,
   "oe_ratio": 0.918,
   "z": -2.51,
   "coverage": 92.5
  },
  {
   "lei": "549300VQUTI5IU7GXT57",
   "name": "SECURITYNATIONAL MORTGAGE COMPANY",
   "denial_rate_pct": 9.3,
   "median_spread_pct": 0.782,
   "median_rate_pct": 6.5,
   "purchase_apps": 2444,
   "oe_ratio": 0.944,
   "z": -1.16,
   "coverage": 93.2
  },
  {
   "lei": "549300QR0KFPEDZPEI42",
   "name": "STOCKTON MORTGAGE CORPORATION",
   "denial_rate_pct": 8.4,
   "median_spread_pct": 0.853,
   "median_rate_pct": 6.625,
   "purchase_apps": 2430,
   "oe_ratio": 0.977,
   "z": -0.54,
   "coverage": 91.1
  },
  {
   "lei": "5493005JPZ3LXXMB0S24",
   "name": "Acrisure Mortgage, LLC",
   "denial_rate_pct": 8.8,
   "median_spread_pct": -0.166,
   "median_rate_pct": 5.49,
   "purchase_apps": 2399,
   "oe_ratio": 0.558,
   "z": -9.19,
   "coverage": 93.8
  },
  {
   "lei": "5493002Y5XYV7DV1ZV88",
   "name": "Gold Star Mortgage Financial Group, Corporation",
   "denial_rate_pct": 6.8,
   "median_spread_pct": 0.772,
   "median_rate_pct": 6.625,
   "purchase_apps": 2334,
   "oe_ratio": 0.441,
   "z": -12.03,
   "coverage": 94.7
  },
  {
   "lei": "549300ZZME37MXI1EF14",
   "name": "DAS ACQUISITION COMPANY, LLC",
   "denial_rate_pct": 3.8,
   "median_spread_pct": 0.879,
   "median_rate_pct": 6.625,
   "purchase_apps": 2312,
   "oe_ratio": 0.34,
   "z": -13.22,
   "coverage": 93.6
  },
  {
   "lei": "SS1TRMSN6BRNMOREEV51",
   "name": "Flagstar Bank NA",
   "denial_rate_pct": 37.4,
   "median_spread_pct": 0.311,
   "median_rate_pct": 6.25,
   "purchase_apps": 2264,
   "oe_ratio": 1.987,
   "z": 25.57,
   "coverage": 91.0
  }
 ],
 "method": "Purchase-only FHA, 2025. Lender median rate spread over APOR (originated loans) against the observed/expected denial ratio from the outlier screen. Lenders with >=500 applications and >=200 originations."
}