{
  "source": "CFPB HMDA Data Browser 2024",
  "extracted": "2026-05-30",
  "banks_analyzed": [
    "Wells Fargo",
    "JPMorgan Chase",
    "Bank of America",
    "Rocket Mortgage",
    "National Average"
  ],
  "results": {
    "Wells Fargo": {
      "conv_dr": 30.9,
      "fha_dr": 58.5,
      "va_dr": 24.2,
      "fha_volume": 2044,
      "fha_vs_national": 2.6
    },
    "JPMorgan Chase": {
      "conv_dr": 12.1,
      "fha_dr": 44.3,
      "va_dr": 19.3,
      "fha_volume": 2463,
      "fha_vs_national": 2.0
    },
    "Bank of America": {
      "conv_dr": 42.0,
      "fha_dr": 45.6,
      "va_dr": 25.9,
      "fha_volume": 758,
      "fha_vs_national": 2.0
    },
    "Rocket Mortgage": {
      "conv_dr": 16.8,
      "fha_dr": 28.4,
      "va_dr": 18.3,
      "fha_volume": 93150,
      "fha_vs_national": 1.3
    },
    "National Average": {
      "conv_dr": 21.0,
      "fha_dr": 22.5,
      "va_dr": 16.1,
      "fha_volume": 1065982,
      "fha_vs_national": 1.0
    }
  },
  "key_findings": {
    "fha_market_abandonment": "Big 3 banks (WF+JPM+BOA) combined FHA volume less than Rocket alone",
    "rocket_fha_volume_vs_big3": "Rocket does ~17x more FHA than Big 3 combined",
    "wells_fargo_fha_denial": "58.5% \u2014 2.6x national average",
    "ofi_measurable_gap": "FHA denial gap between Wells Fargo and Rocket: 30.1pp",
    "interpretation": "Large banks have strategically exited FHA market. Nonbank lenders fill the gap. Overlay is not just policy \u2014 it is market segmentation."
  }
}