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FRC Research

Every tool.
All the research.

Tools, calculators, and data pages built on the complete federal HMDA record, 2018–2025. Free. No SSN. No ads.

6 yearsHMDA data

1.2M2025 FHA decisions — complete

100lenders ranked

52states analyzed

⚡ AI Routing & Decision Engines 3 tools

Evidence Navigator

Enter your profile. Get lender comparison on observed data, cliff analysis, and risk factors in 30 seconds.

Was it you, or the year? Rank your denial year against 8 years of real climate data.

What did the market do since your denial? FHFA state records, read live.

FRC Denial Navigator

Mortgage denied? Ask why, free — built on 8 years of real lending data, not generic advice.

The Second Door

Denied by a lender? Find where borrowers like you got approved. Shadow Approval check.

📊 Lender Comparison Tools 6 tools

Same borrower. Mr. Cooper 26.7% denial. Rocket 91.2%. See the 64-point gap.

Test Your Lender

Select your lender, enter your profile — see their denial rate vs market average.

Decision Surfaces

DTI × CLTV heat maps for 6 major FHA lenders. 106,000 loan-level records.

Denial Disparity Report

MrCooper −33pp vs market. Rocket +31pp. The 64.5pp spread, verified.

The DTI Culture Clash

Manhattan co-ops: 25% DTI max. FHA: 45%. Two risk frameworks, same borrower.

The Black Hole Lender

PennyMac 99% denial zone. Rocket 98%. Every lender's worst profile mapped.

⚠️ Cliff & Threshold Analysis 4 tools

DTI 2-Point Death Zone

Slide from DTI 36 to 49. See exactly where each lender's denial rate cliffs.

The CLTV 85 Trap

Above 85%, Rocket jumps +55pp. MrCooper: +1.7pp. Slide to see your position.

The Product Trap

FHA score ≠ Conventional score. Mr. Cooper: 8.9% FHA denial, 47.0% Conventional.

Lender Personality Test

4 questions → your lender archetype. FLAT, CLTV-DOMINANT, DTI-SENSITIVE, or REGIME.

👤 Borrower Intelligence 5 tools

Lender Fit Fingerprint

Your unique LFF code. Radar chart showing approval fit, stability, and surface safety.

Hidden Rejection Cost

Rate lock lost. Time. Fees. Opportunity. Calculate the true dollar cost of your denial.

The Age Penalty

Age 35–44: 6.7% denial. Age 75+: 21.0%. 3 million applications. Lender breakdown.

Mortgage Calculator

Payment, amortization, total interest. Instant. No login required.

All Calculators

Salary-based affordability, down payment, monthly payment, situational calculators — searchable index.

📈 Data & Research 9 pages

The Mortgage Genome Project

Every lender has a decision DNA. CLTV cliffs, FICO floors, DTI sensitivity — 100+ behavioral genes mapped from 2.9M records. Same file, different DNA, different outcome.

Condo Eligibility Scanner

Enter HOA insurance details — instantly calculate per-unit deductible and check if the building passes Fannie Mae's July 1, 2026 $50K cap. Prints client-ready summary.

WORLD FIRST ⚡

Which lenders panic when markets turn? The first metric measuring each lender's shock amplitude — validated across two opposite macro shocks. Freedom: 100. Guild: 0.

Mortgage Dictionary

71 terms every homebuyer and broker should know — with real HMDA data context. DTI, CLTV, overlays, black holes, denial genes. Search, filter by category, click to expand.

Lender Response Surface Explorer

See every major FHA lender's denial probability as a 3D surface across DTI and CLTV. The cliff is visible. The black hole is visible. Rotate, zoom, compare. Source: 310K HMDA records.

6 Correlations Nobody Found in Mortgage Data

Denial predicts delinquency 2 years out (r=0.618). Unemployment rising means denials fall. Lender intent ≠ lender behavior. Six real findings from 8 years of HMDA data.

Lender Similarity Engine

Which lenders share the same decision DNA? If Rocket denied you, don't apply to PennyMac — they're 87% similar. This engine ranks all 11 major FHA lenders by behavioral distance from any selected lender.

Why Your State's Denial Rate Might Be Misleading

HMDA only captures mortgage applicants — not cash buyers. In Mississippi, 50% of homes sell cash. We ran the correlations: cash share, income, and denial rates. The results are surprising.

10 Days: Fannie Mae's New Condo Rule

$50,000 per-unit deductible cap takes effect July 1, 2026. Four-phase timeline, full breakdown.

State Denial Rates 2018–2024

Interactive HMDA data for all 50 states + DC + PR across 6 years. Sort, filter, compare. Real FFIEC source data.

Which Lenders Reject High-DTI Most?

DTI-driven denial share ranges from 22% to 41% across the 100 largest lenders. Full breakdown, press-ready.

Which Lenders Actually Grew?

UWM grew 43% from 2020-2024. Wells Fargo lost 88%. The refi boom hid who was really building a business.

Should You Reapply With the Same Lender?

78% of approved-after-denial borrowers went back to the same lender. Only 17% of still-denied borrowers planned to. Freddie Mac's own data, explained.

Did a Low Appraisal Sink Your Loan?

8.2% of appraisals come in below contract. Wells Fargo denies 18% of files over collateral. Rocket denies 6%. The lender matters more than the number.

The FHA Penalty, By Lender

Switching from Conventional to FHA adds 27.71pp of denial risk at Wells Fargo. Just 0.35pp at CrossCountry. Same federal program, wildly different treatment.

Conventional vs FHA vs VA — By Lender

All 3 loan types, the 100 largest lenders, side by side. CrossCountry denies VA at 3.0%. Wells Fargo denies VA at 22.14%. Same year, 7x difference.

The Great Collapse

16.4M applications (2021) → 7.2M (2023). −56% volume. The Fed rate shock, visualized.

The Elastic States

States that gained most from 2020's rate cuts lost most in the 2022–23 shock. r=0.70 across all 50 states + DC + PR.

🎲 Quizzes & Simulators 10 pages

Dream Home Quiz

7 questions. Find your dream home profile and see exactly what it costs, which cities fit your budget, and what salary you'd need.

Am I House Poor?

60-second quiz to find out if your housing costs are eating your budget alive.

Are You Rich? Net Worth by Age

See how your net worth stacks up against your age bracket nationally.

The $150,000 Financial Personality Test

What type of money personality costs you the most over a lifetime?

Mortgage IQ Test

How much do you really know about how mortgages work?

What's Your Mortgage Fate?

A simulator that shows how small decisions compound into very different outcomes.

Your Mortgage Fate by Birth Year

How the year you were born shaped your odds of homeownership.

Parallel Life Simulator

Two futures, one decision — see how buying vs. renting splits your timeline.

Million Dollar Listing Challenge

Banker's edition: can you price these listings correctly?

30-Day Financial Fitness Challenge

A structured month-long plan to tighten up your finances before applying.

🧮 Calculators & Trackers 15 pages

Cash vs Mortgage — Which Makes You Richer?

Enter home price, cash on hand, mortgage rate, and investment return. Get net wealth at 10/20/30 years, the breakeven year, and a clear verdict.

How Much House Can Your Down Payment Buy?

Find your down payment amount, $5K to $200K, for real buying power.

Should I Refinance? By Rate (5.5%–8.5%)

Find your current rate for a real break-even calculation against today's rates.

Mortgage Points: Are They Worth It?

The actual break-even math on buying down your rate.

Credit Card Payoff Calculator

See exactly how fast you can pay off debt with different strategies.

Daily Mortgage Savings Calculator

Pay daily instead of monthly — see the real interest savings.

Days to Homeownership Calculator

A countdown that turns your savings rate into a real closing date.

Home Equity Protector

How much of your home are you really worth, after debt and fees?

Foreclosure Timeline Calculator

How long do you actually have if you fall behind on payments?

The Real Cost of Waiting to Buy

What another year of renting actually costs you, in real numbers.

Mortgage Amortization Schedule

Full payment-by-payment breakdown for any loan amount and rate.

Rate Grief Engine

What your old rate has cost you, calculated to the dollar.

Salary Needed to Buy a Home, by State

The income threshold for homeownership in every state, 2026 data.

Loan Offer Comparator

Compare up to 3 bank offers side by side, all the fine print included.

Can Two Salaries Buy This House?

Combined-income affordability math for co-borrowers.

Can I Get a Loan? Free Eligibility Check

A quick, honest eligibility check before you formally apply.

📘 Denial & Credit Guides 31 pages

Credit Score Lookup (500–845)

Find your exact score for lender approval odds, rate impact, and cost comparison.

Affordability by Age (22–64)

Find your exact age for real income and savings benchmarks.

Mortgage Calculator by ZIP Code

50 major U.S. zip codes with real local price ranges.

Home Affordability by City

31 major metros — real local numbers, not national averages.

Mortgage Payment by Amount & Rate

90 combinations — $200K to $1M, 5.5% to 8.0%.

Bridge Loan Calculator

Sell price × buy price matrix — 50 real combinations.

ECOA Denial Code Lookup

Look up any adverse action code with plain-English explanations.

Mortgage & Loan Glossary

50+ terms explained in plain English by a working banker.

Why Was My Mortgage Denied?

Real answers based on HMDA denial-reason data, not guesses.

Mortgage Denied? 3 Questions to Ask

Before you give up or reapply, ask these first.

Mortgage Rejection Database

Real borrower stories of denial — and what happened next.

Mortgage Rejection Map

Real rejection stories, mapped by location.

Mortgage Denial Rate by City

Where approvals are hardest to get, city by city.

Mortgage Crisis Assessment

Are you at risk? A honest self-assessment tool.

US Mortgage Heat Map

Market conditions by state, visualized.

Mortgage Navigator

Your personalized route to approval, based on your specific profile.

Mortgage Approval Window

At what rate can you actually qualify? Find your real window.

How Long Should I Lock My Rate?

An honest answer, not a sales pitch.

How to Improve Credit Score for a Mortgage

The 2026 guide to raising your score before you apply.

Improve Your Credit Score in 180 Days

A month-by-month plan, not vague advice.

Buying a House With No Credit History

4 real paths that actually work — not just "build credit first."

Two People, One Has Bad Credit?

The real options when co-borrowers have mismatched credit.

The Co-Signer Exit Strategy

How to remove yourself — or get removed — from a co-signed loan.

Self-Employed Mortgage Denial

1099 income, write-offs, and how lenders actually read your file.

VA Loan Denial Reasons

Agency vs. lender overlay — what actually causes VA denials.

Why Did a Credit Union Deny My Mortgage?

Credit unions underwrite differently than banks — here's how.

Why Did an FHA Lender Deny My Mortgage?

FHA-specific denial patterns, explained.

Why Did a National Bank Deny My Mortgage?

How large national banks underwrite differently than independents.

What Credit Score Do I Need?

The real thresholds for FHA, conventional, and jumbo loans.

Is It Better to Rent or Buy in 2026?

The real math, not the conventional wisdom.

📑 Reports & Forecasts 13 pages

2025 FHA Lender Report

CrossCountry 6.37% vs NewRez 53.27% — the full lender breakdown.

2027 Mortgage Denial Trends

What's changing in underwriting, based on current trajectory.

FRC Affordability Index

Monthly tracking of how affordable housing really is.

FRC Lender Score

The only score that measures how lenders actually behave.

OFI Evidence Base

The full HMDA + CFPB data behind the lender denial patterns.

Predicting where the mortgage market moves next.

OFI Lender Behavior Forecast

60-90 day predictions on lender behavior shifts.

Check an answer

Paste an AI answer about FHA denials or mortgage rules: what the number carries, what was added. No model.

Evidence Navigator

What the federal record supports, and where the evidence ends. No lender matching.

Bank Loyalty Penalty Score

How much did staying with your bank actually cost you?

FRC State of Underwriting 2026

Key findings from this year's lending landscape.

Weekly Verdict — May 7, 2026

The Great American Housing Verdict, weekly edition.

Weekly Verdict — May 23, 2026

The Great American Housing Verdict, weekly edition.

Approval Topology — Definition

The FRC framework for mapping lender decision patterns.

🤝 Realtor & Broker Tools 9 pages

Free Mortgage Widget for Realtors

Embed a working mortgage calculator on your listing site.

The embeddable widget, full feature set.

FRC Broker Dashboard

Mortgage denial analysis built for working professionals.

Share Your Housing Story

Add your experience to the FRC Real Stories database.

Why We Built This

The FinanceRateCalc manifesto.

FRC Journey & Roadmap

Where we've been and what's coming next.

FRC vs. BiggerPockets

Which platform actually fits your needs — an honest comparison.

📍 Local Market Guides 14 pages

Mortgage Rates by City (50 Metros)

Local rates and real 2026 numbers for 50 major U.S. cities.

Chicago vs Minneapolis Housing

Median price, monthly PITI, and affordability side by side.

Denver vs Phoenix Housing

Median price, monthly PITI, and affordability side by side.

Las Vegas vs Phoenix Housing

Median price, monthly PITI, and affordability side by side.

Raleigh vs Atlanta Housing

Median price, monthly PITI, and affordability side by side.

Hidden Costs: Beverly Hills, LA

Taxes, insurance, HOA, and maintenance — the real cost beyond the mortgage.

Hidden Costs: Brooklyn Heights, NY

Taxes, insurance, HOA, and maintenance — the real cost beyond the mortgage.

Hidden Costs: Buckhead, Atlanta

Taxes, insurance, HOA, and maintenance — the real cost beyond the mortgage.

Hidden Costs: Highland Park, Dallas

Taxes, insurance, HOA, and maintenance — the real cost beyond the mortgage.

Hidden Costs: Lincoln Park, Chicago

Taxes, insurance, HOA, and maintenance — the real cost beyond the mortgage.

Hidden Costs: Queen Anne, Seattle

Taxes, insurance, HOA, and maintenance — the real cost beyond the mortgage.

Hidden Costs: South Beach, Miami

Taxes, insurance, HOA, and maintenance — the real cost beyond the mortgage.

Hidden Costs: South End, Boston

Taxes, insurance, HOA, and maintenance — the real cost beyond the mortgage.

Hidden Costs: Westlake Hills, Austin

Taxes, insurance, HOA, and maintenance — the real cost beyond the mortgage.

No tools found for ""

The part almost nobody publishes free

Prices and rates are widely reported. Whether a lender says yes is not. In the complete 2025 federal record, denial rates across the 100 largest FHA lenders ran from 1.8% to 78.7% — same programme, same year.

And it is not simply who applies where: standardizing on state, loan amount, income, debt-to-income and loan-to-value, applicant mix explains only a 2.7× range in expected outcomes.

Observed FHA denial rates by lender → Your metro → Denied? →

CFPB HMDA 2025, computed by FinanceRateCalc. Covers the highest-volume lenders published per market, not all lenders. Historical observations, not predictions. CC BY 4.0, not independently reproduced.

The Denial Dispatch

One finding a week from the federal mortgage record.

One chart, three paragraphs, every Saturday. Measured, not assumed.

Get the Dispatch →

AI Accuracy Index The Door Effect The Denial Map Open Data About 184 Metro Gaps Evidence Navigator Hallucination Files Press Newsletter

FinanceRateCalc · Independent analysis of the complete federal HMDA record · Measured, not assumed. · No lender or AI vendor funds or previews this work.