{
 "passport_version": "1.0",
 "issuer": "FinanceRateCalc",
 "issued_at": "2026-09-06",
 "passport_id": "collateral-denials-by-loan-size-2025",
 "canonical_url": "https://financeratecalc.com/invisible-denials.html",
 "claim": {
  "metric": "collateral_share_of_denials_by_loan_amount_band",
  "period": "2025",
  "subject": "US FHA forward loans, national",
  "definition": "Share of denied applications citing Collateral among HMDA denial_reason 1-4, by loan-amount band (HMDA midpoint). A denied file may cite multiple reasons.",
  "values": [
   {
    "band": "<$100K",
    "apps": 51493,
    "denial_rate_pct": 46.9,
    "collateral_share_pct": 25.9,
    "dti_share_pct": null,
    "credit_history_share_pct": 29.4
   },
   {
    "band": "$100-150K",
    "apps": 99218,
    "denial_rate_pct": 30.2,
    "collateral_share_pct": 25.2,
    "dti_share_pct": 22.3,
    "credit_history_share_pct": 26.8
   },
   {
    "band": "$150-200K",
    "apps": 151778,
    "denial_rate_pct": 23.9,
    "collateral_share_pct": 22.1,
    "dti_share_pct": 27.5,
    "credit_history_share_pct": 26.8
   },
   {
    "band": "$200-250K",
    "apps": 180775,
    "denial_rate_pct": 21.2,
    "collateral_share_pct": 18.2,
    "dti_share_pct": 31.8,
    "credit_history_share_pct": 25.8
   },
   {
    "band": "$250-300K",
    "apps": 187154,
    "denial_rate_pct": 19.2,
    "collateral_share_pct": 15.6,
    "dti_share_pct": 35.3,
    "credit_history_share_pct": 24.7
   },
   {
    "band": "$300-400K",
    "apps": 286054,
    "denial_rate_pct": 18.5,
    "collateral_share_pct": 14.1,
    "dti_share_pct": 37.6,
    "credit_history_share_pct": 23.4
   },
   {
    "band": "$400K+",
    "apps": 260825,
    "denial_rate_pct": 18.5,
    "collateral_share_pct": null,
    "dti_share_pct": 38.3,
    "credit_history_share_pct": 19.8
   }
  ]
 },
 "provenance": {
  "source": "CFPB HMDA 2025 public loan/application record",
  "computed_by": "FinanceRateCalc",
  "result_sha256": "4dc08cb0c95743e74b314d9837de3a042240bdbf7bb042ebcb5b5925292474ed"
 },
 "use_boundary": [
  "Reason codes are lender-reported and multiple reasons may be cited per file.",
  "Loan-amount bands use HMDA midpoints, not exact amounts.",
  "Absence of applications in a market is not measured by HMDA and is inferred here only as an explanation, not demonstrated."
 ],
 "does_not_establish": [
  "That any building or project was rejected by a lender",
  "Any individual applicant's outcome",
  "Causation of any kind"
 ],
 "related_research": [
  "https://doi.org/10.2139/ssrn.7309319"
 ],
 "reproduce": {
  "how_to_reproduce": "Recipes for the headline figures, with expected results and the usual pitfalls, are published at https://financeratecalc.com/verify.html and machine-readably at https://financeratecalc.com/data/verify.json.",
  "universe": "loan_type=2 (FHA forward), action_taken in (1,2,3), reverse mortgages (HECM) excluded",
  "if_you_get_a_different_number": "Tell us: ziyetis@gmail.com. A figure we cannot reproduce goes in the public corrections log, dated, with credit to whoever found it."
 },
 "independent_reproduction_status": "not yet independently reproduced — this section exists so that can change"
}