{
  "source": "CFPB HMDA Data Browser \u2014 loan type breakdown 2018-2024",
  "extracted": "2026-05-30",
  "denial_rates_by_loan_type": {
    "2018": {
      "conv": 20.7,
      "fha": 23.9,
      "va": 21.6,
      "fsa": 15.1,
      "fha_conv_gap": 3.2
    },
    "2019": {
      "conv": 17.6,
      "fha": 19.9,
      "va": 16.7,
      "fsa": 13.5,
      "fha_conv_gap": 2.3
    },
    "2020": {
      "conv": 14.5,
      "fha": 18.3,
      "va": 13.2,
      "fsa": 11.5,
      "fha_conv_gap": 3.8
    },
    "2021": {
      "conv": 14.3,
      "fha": 18.9,
      "va": 14.8,
      "fsa": 11.2,
      "fha_conv_gap": 4.6
    },
    "2022": {
      "conv": 19.0,
      "fha": 24.1,
      "va": 18.8,
      "fsa": 14.3,
      "fha_conv_gap": 5.1
    },
    "2023": {
      "conv": 21.6,
      "fha": 22.3,
      "va": 17.2,
      "fsa": 14.6,
      "fha_conv_gap": 0.7
    },
    "2024": {
      "conv": 21.0,
      "fha": 22.5,
      "va": 16.1,
      "fsa": 13.3,
      "fha_conv_gap": 1.4
    }
  },
  "key_findings": {
    "fha_always_highest_denial": "2018-2022, reversed 2023-2024",
    "conventional_overtook_fha_2023": true,
    "va_best_recovery": "fastest recovery after 2022 shock",
    "fha_conv_gap_2019": 2.3,
    "fha_conv_gap_2024": 1.4,
    "interpretation": "Conventional overlays tightened faster than FHA post-2022. Historic pattern broken.",
    "ofi_signal": "FHA overlay pressure decreasing relative to conventional, but absolute denial rates remain elevated"
  }
}