2025 HMDA data — the 100 largest FHA lenders, Conventional vs FHA vs VA denial rates side by side. The gap between loan types at the same institution is bigger than most borrowers realize.
Source: CFPB HMDA 2025 · the 100 largest lenders · Purchase applications only · Denial rate = denials ÷ (originated + denied)
| Lender | Conventional | FHA | VA | FHA vs Conv Gap | VA vs Conv Gap |
|---|---|---|---|---|---|
| Guild | 4.46% | 7.14% | 3.47% | +2.68pp | -0.99pp |
| CrossCountry | 6.02% | 6.37% | 3.00% | +0.35pp | -3.02pp |
| UWM | 12.69% | 21.58% | 9.12% | +8.89pp | -3.57pp |
| PennyMac | 18.11% | 23.64% | 15.03% | +5.53pp | -3.08pp |
| Rocket | 18.45% | 30.46% | 17.82% | +12.01pp | -0.63pp |
| Mr. Cooper | 18.53% | 26.97% | 13.08% | +8.44pp | -5.45pp |
| Wells Fargo | 20.92% | 48.63% | 22.14% | +27.71pp | +1.22pp |
| Planet Home | 20.97% | 18.29% | 14.04% | -2.68pp | -6.93pp |
| Freedom | 21.04% | 22.79% | 10.39% | +1.75pp | -10.65pp |
| loanDepot | 24.54% | 34.94% | 21.34% | +10.40pp | -3.20pp |
| NewRez | 34.70% | 53.27% | 14.23% | +18.57pp | -20.47pp |
FICO, DTI, loan type, state — get a Green/Yellow/Red approval risk signal in 30 seconds.
🔍 Also explore: All FRC Tools · Lender Comparison · FHA by State · Lender Stress Index
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.
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.