{
  "source": "CFPB HMDA Data Browser 2018-2024",
  "extracted": "2026-05-30",
  "lenders_analyzed": [
    "Wells Fargo",
    "Rocket",
    "UWM",
    "PennyMac",
    "loanDepot",
    "National"
  ],
  "data": {
    "Wells Fargo": {
      "2018": {
        "conv_dr": 26.9,
        "fha_dr": 46.7,
        "va_dr": 23.2,
        "fha_volume": 2300,
        "conv_volume": 208584
      },
      "2019": {
        "conv_dr": 28.2,
        "fha_dr": 46.9,
        "va_dr": 16.8,
        "fha_volume": 2288,
        "conv_volume": 237728
      },
      "2020": {
        "conv_dr": 28.6,
        "fha_dr": 51.5,
        "va_dr": 20.3,
        "fha_volume": 1502,
        "conv_volume": 287879
      },
      "2021": {
        "conv_dr": 24.0,
        "fha_dr": 51.7,
        "va_dr": 15.1,
        "fha_volume": 1272,
        "conv_volume": 358660
      },
      "2022": {
        "conv_dr": 32.9,
        "fha_dr": 60.4,
        "va_dr": 18.7,
        "fha_volume": 1746,
        "conv_volume": 136646
      },
      "2023": {
        "conv_dr": 33.0,
        "fha_dr": 56.3,
        "va_dr": 16.9,
        "fha_volume": 1501,
        "conv_volume": 47585
      },
      "2024": {
        "conv_dr": 30.9,
        "fha_dr": 58.5,
        "va_dr": 24.2,
        "fha_volume": 848,
        "conv_volume": 35586
      }
    },
    "Rocket": {
      "2018": {
        "conv_dr": 20.7,
        "fha_dr": 34.8,
        "va_dr": 25.9,
        "fha_volume": 66007,
        "conv_volume": 275164
      },
      "2019": {
        "conv_dr": 16.0,
        "fha_dr": 29.7,
        "va_dr": 17.3,
        "fha_volume": 93525,
        "conv_volume": 396171
      },
      "2020": {
        "conv_dr": 14.0,
        "fha_dr": 30.3,
        "va_dr": 11.6,
        "fha_volume": 83289,
        "conv_volume": 944698
      },
      "2021": {
        "conv_dr": 11.5,
        "fha_dr": 27.9,
        "va_dr": 12.7,
        "fha_volume": 127771,
        "conv_volume": 1001761
      },
      "2022": {
        "conv_dr": 15.8,
        "fha_dr": 31.9,
        "va_dr": 21.2,
        "fha_volume": 73003,
        "conv_volume": 347493
      },
      "2023": {
        "conv_dr": 15.8,
        "fha_dr": 29.0,
        "va_dr": 19.9,
        "fha_volume": 68367,
        "conv_volume": 164521
      },
      "2024": {
        "conv_dr": 16.8,
        "fha_dr": 28.4,
        "va_dr": 18.3,
        "fha_volume": 66721,
        "conv_volume": 204529
      }
    },
    "UWM": {
      "2018": {
        "conv_dr": 7.5,
        "fha_dr": 15.7,
        "va_dr": 7.8,
        "fha_volume": 20704,
        "conv_volume": 117027
      },
      "2019": {
        "conv_dr": 5.5,
        "fha_dr": 12.2,
        "va_dr": 4.3,
        "fha_volume": 49197,
        "conv_volume": 253404
      },
      "2020": {
        "conv_dr": 6.4,
        "fha_dr": 18.1,
        "va_dr": 3.1,
        "fha_volume": 24042,
        "conv_volume": 477514
      },
      "2021": {
        "conv_dr": 7.6,
        "fha_dr": 15.6,
        "va_dr": 4.8,
        "fha_volume": 38516,
        "conv_volume": 575098
      },
      "2022": {
        "conv_dr": 11.3,
        "fha_dr": 17.2,
        "va_dr": 8.8,
        "fha_volume": 47735,
        "conv_volume": 261102
      },
      "2023": {
        "conv_dr": 11.5,
        "fha_dr": 17.3,
        "va_dr": 10.5,
        "fha_volume": 64537,
        "conv_volume": 192305
      },
      "2024": {
        "conv_dr": 12.0,
        "fha_dr": 19.9,
        "va_dr": 7.9,
        "fha_volume": 74402,
        "conv_volume": 218601
      }
    },
    "PennyMac": {
      "2018": {
        "conv_dr": 43.6,
        "fha_dr": 52.8,
        "va_dr": 44.9,
        "fha_volume": 3138,
        "conv_volume": 13683
      },
      "2019": {
        "conv_dr": 42.8,
        "fha_dr": 48.0,
        "va_dr": 29.4,
        "fha_volume": 8333,
        "conv_volume": 22981
      },
      "2020": {
        "conv_dr": 34.5,
        "fha_dr": 41.9,
        "va_dr": 20.7,
        "fha_volume": 13631,
        "conv_volume": 65465
      },
      "2021": {
        "conv_dr": 23.4,
        "fha_dr": 24.9,
        "va_dr": 12.3,
        "fha_volume": 31773,
        "conv_volume": 117345
      },
      "2022": {
        "conv_dr": 22.5,
        "fha_dr": 33.1,
        "va_dr": 17.5,
        "fha_volume": 12930,
        "conv_volume": 46133
      },
      "2023": {
        "conv_dr": 21.2,
        "fha_dr": 33.1,
        "va_dr": 17.2,
        "fha_volume": 9251,
        "conv_volume": 21796
      },
      "2024": {
        "conv_dr": 18.6,
        "fha_dr": 26.6,
        "va_dr": 12.5,
        "fha_volume": 15078,
        "conv_volume": 24309
      }
    },
    "loanDepot": {
      "2018": {
        "conv_dr": 25.0,
        "fha_dr": 40.0,
        "va_dr": 30.1,
        "fha_volume": 30200,
        "conv_volume": 73153
      },
      "2019": {
        "conv_dr": 21.8,
        "fha_dr": 33.3,
        "va_dr": 29.0,
        "fha_volume": 25472,
        "conv_volume": 102088
      },
      "2020": {
        "conv_dr": 17.6,
        "fha_dr": 24.5,
        "va_dr": 17.2,
        "fha_volume": 25814,
        "conv_volume": 231098
      },
      "2021": {
        "conv_dr": 15.9,
        "fha_dr": 28.7,
        "va_dr": 17.7,
        "fha_volume": 25844,
        "conv_volume": 328957
      },
      "2022": {
        "conv_dr": 19.4,
        "fha_dr": 36.7,
        "va_dr": 23.6,
        "fha_volume": 25288,
        "conv_volume": 114026
      },
      "2023": {
        "conv_dr": 18.0,
        "fha_dr": 38.5,
        "va_dr": 27.0,
        "fha_volume": 19411,
        "conv_volume": 35982
      },
      "2024": {
        "conv_dr": 18.4,
        "fha_dr": 37.0,
        "va_dr": 23.3,
        "fha_volume": 20996,
        "conv_volume": 36282
      }
    },
    "National": {
      "2018": {
        "conv_dr": 20.7,
        "fha_dr": 23.9,
        "va_dr": 21.6,
        "fha_volume": 973571,
        "conv_volume": 4972421
      },
      "2019": {
        "conv_dr": 17.6,
        "fha_dr": 19.9,
        "va_dr": 16.7,
        "fha_volume": 1175133,
        "conv_volume": 6150850
      },
      "2020": {
        "conv_dr": 14.5,
        "fha_dr": 18.3,
        "va_dr": 13.2,
        "fha_volume": 1371973,
        "conv_volume": 10866579
      },
      "2021": {
        "conv_dr": 14.3,
        "fha_dr": 18.9,
        "va_dr": 14.8,
        "fha_volume": 1386358,
        "conv_volume": 11413844
      },
      "2022": {
        "conv_dr": 19.0,
        "fha_dr": 24.1,
        "va_dr": 18.8,
        "fha_volume": 861884,
        "conv_volume": 5486124
      },
      "2023": {
        "conv_dr": 21.6,
        "fha_dr": 22.3,
        "va_dr": 17.2,
        "fha_volume": 753786,
        "conv_volume": 3222645
      },
      "2024": {
        "conv_dr": 21.0,
        "fha_dr": 22.5,
        "va_dr": 16.1,
        "fha_volume": 826925,
        "conv_volume": 3402864
      }
    }
  },
  "ofi_findings": {
    "fha_overlay_spread_2024_pp": 38.6,
    "best_fha_lender_2024": "UWM",
    "worst_fha_lender_2024": "Wells Fargo",
    "national_fha_excess_friction_pp": 2.5,
    "pennymac_improvement_pp": 26.2,
    "loandepot_permanent_shift_pp": 12.2,
    "wells_fargo_fha_exit": "Systematic \u2014 63% volume decline 2018-2024",
    "ofi_confirmation": "38.6pp lender spread confirms structural overlay friction. OFI=47 supported."
  }
}