Keystone Funding, Inc: mortgage applications, originations and denial rate, 2024

Lenders › Keystone Funding, Inc

HMDA data alone cannot be used to determine whether a lender is complying with fair lending laws. The data do not include some legitimate credit risk considerations for loan approval and loan pricing decisions. Figures are from the 2024 public HMDA loan/application register; cells under 25 applications are withheld.

In 2024, Keystone Funding, Inc filed HMDA records for 3,307 applications and 2,715 originations in 19 states, worth $1.0bn.

Its denial rate, the share of decided applications the lender denied, was 5.3%, below the national rate of 24.3% and below the Pennsylvania rate of 24.2%. 0 applications were withdrawn by the applicant and 0 files were closed for incompleteness; those are not counted in the denial rate.

The median rate spread on its originated loans, the difference between the loan's APR and the average prime offer rate, was 0.3 percentage points (national median 0.3); 2.0% of its originations had a spread of 1.5 points or more.

By loan purpose the originations were mostly home purchase (90%) and refinancing (5%); by loan type, conventional (63%) and FHA (27%).

The largest volumes were in Pennsylvania (582 originations), Delaware (434 originations) and Colorado (300 originations).

Applications were up 29% on 2023.

VA lender statistics list 50 VA-guaranteed loans for the lender in August 2026.

3,307applications, 20240 purchased loans, counted separately

2,715loans originated$1.0bn in total

5.3%denial rateUS 24.3% · PA 24.2%

0.3 ppmedian rate spread on originationsUS 0.3 pp

Compared with Pennsylvania and the nation

Measure	This lender	Pennsylvania, all lenders	United States
Denial rate (denied ÷ decided applications)	5.3%	24.2%	24.3%
Median rate spread, percentage points	0.3	0.3	0.3
Originations with spread of 1.5 pp or more	2.0%	14.1%	15.6%
Average originated loan	$386k	$226k	$329k
Home purchase share of originations	90.1%	48.7%	57.0%
FHA-insured share of originations	26.9%	9.8%	13.4%
VA-guaranteed share of originations	9.1%	4.0%	7.9%
Applications withdrawn by applicant	0.0%	12.1%	14.3%

Pennsylvania is the lender's largest state by applications. State and national columns cover every HMDA reporter. Rate spread is reported on originated loans only.

Trend by year

ApplicationsOriginations

Applications and originations reported by Keystone Funding, Inc, 2022–2024

This lenderPennsylvaniaUnited States

Denial rate by year, with Pennsylvania and US rates dashed

Loan/application register records filed by Keystone Funding, Inc each year, 2018–2024 (HMDA transmittal sheets; includes purchased loans and preapproval requests)

Year	Applications	Originations	Amount	Denial rate	Median spread	LAR records
2018	—	—	—	—	—	376
2019	—	—	—	—	—	895
2020	—	—	—	—	—	2,695
2021	—	—	—	—	—	3,199
2022	2,502	1,799	$649m	5.1%	0.5	2,502
2023	2,559	1,854	$683m	5.6%	0.4	2,559
2024	3,307	2,715	$1.0bn	5.3%	0.3	3,307

Applications, originations and rates are computed from the public LAR for 2022, 2023, 2024; LAR record counts come from each year's transmittal sheet.

Loan purpose and loan type

By purpose

Home purchase 90% (2,446)Refinancing 5% (138)Cash-out refinancing 5% (130)Other purpose 0% (1)

By type

Conventional 63% (1,701)FHA 27% (730)VA 9% (248)USDA 1% (36)

Loan type	Applications	Originations	Denied	Denial rate (of applications)
Conventional	1,993	1,701	67	3.4%
FHA-insured	955	730	79	8.3%
VA-guaranteed	303	248	17	5.6%
USDA Rural Housing Service or Farm Service Agency guaranteed	56	36	11	19.6%

Shares are of originated loans. The per-type denial rate here divides denials by all applications of that type, because decided counts are not kept per type.

Action taken

HMDA action taken	Records	Share
1 Loan originated	2,715	82.1%
2 Application approved but not accepted	418	12.6%
3 Application denied	174	5.3%
4 Application withdrawn by applicant	0	0.0%
5 File closed for incompleteness	0	0.0%
6 Purchased loan	0	0.0%
7 Preapproval request denied	0	0.0%
8 Preapproval request approved but not accepted	0	0.0%

Codes and labels are the HMDA action-taken codes. Applications are codes 1–5; the denial rate divides code 3 by codes 1–3.

Denial reasons as coded

Debt-to-income ratio45.4%

Collateral20.7%

Credit history19.5%

Unverifiable information5.2%

Other4%

Employment history2.3%

Insufficient cash (downpayment, closing costs)2.3%

Credit application incomplete0.6%

Mortgage insurance denied0%

Share of the lender's 174 denials by the first denial reason it coded (outlined bar: all lenders nationally). Lenders may record up to four reasons; only the first is counted here.

States

State	Applications	Originations	Amount	Denial rate	Median spread
Pennsylvania	661	582	$210m	3.3%	0.4
Delaware	524	434	$145m	5.2%	0.2
Colorado	361	300	$150m	1.4%	0.1
Florida	344	259	$93m	9.0%	0.4
New Jersey	231	174	$77m	7.4%	0.3
Massachusetts	205	177	$79m	4.9%	0.3
New Hampshire	186	162	$70m	3.8%	0.3
Maryland	163	137	$52m	5.5%	0.4
North Carolina	111	94	$25m	4.5%	0.3
Georgia	81	54	$18m	13.6%	0.5
Virginia	72	56	$19m	8.3%	0.5
Texas	62	37	$12m	19.4%	0.4
Alabama	52	38	$10m	7.7%	0.4
Connecticut	46	40	$16m	2.2%	0.3
Arizona	42	35	$14m	4.8%	0.3
Oregon	38	32	$14m	2.6%	0.3
California	33	24	$12m	3.0%	—
Maine	32	27	$11m	0.0%	0.1
Washington	26	26	$13m	0.0%	0.3

States with at least 25 applications. States with 100 or more link to the lender's page for that state.

Counties

County	State	Applications	Originations	Amount	Denial rate
Kent County	DE	217	187	$62m	1.8%
New Castle County	DE	191	155	$55m	6.8%
Chester County	PA	139	127	$54m	1.4%
Montgomery County	PA	118	107	$42m	1.7%
Sussex County	DE	116	92	$28m	8.6%
Delaware County	PA	88	79	$26m	1.1%
Philadelphia County	PA	94	73	$25m	9.6%
Hillsborough County	NH	76	62	$25m	6.6%
Bucks County	PA	66	57	$23m	3.0%
Jefferson County	CO	69	52	$28m	0.0%
Denver County	CO	58	51	$26m	0.0%
Nash County	NC	50	44	$10m	6.0%

Up to 30 counties with at least 50 applications, by originations.

VA-guaranteed loans by month

All VA loansPurchase

Loans guaranteed by VA for KEYSTONE FUNDING, INC., Sep 2024 to Aug 2026 (VA lender statistics, national)

Month	All	Purchase	Cash-out	IRRRL
Aug 2026	50	49	1	0
Jul 2026	77	71	6	0
Jun 2026	58	53	2	3
May 2026	47	41	2	4
Apr 2026	56	41	0	15
Mar 2026	55	29	7	19
Feb 2026	49	34	4	11
Jan 2026	33	21	0	12
Dec 2025	80	63	8	9
Nov 2025	24	15	2	7
Oct 2025	34	32	2	0
Sep 2025	33	31	2	0

Fiscal-year totals (VA): FY2019 25,379,013 · FY2020 49,164,970 · FY2021 78,830,878 · FY2022 67,699,353 · FY2023 72,023,527 · FY2024 88,243,272 · FY2025 161,975,225. Matched to the VA lender name "KEYSTONE FUNDING, INC."; VA counts loans by guarantee date, HMDA by application year, so the two series differ.

Questions and answers

How many mortgages did Keystone Funding, Inc originate in 2024?

2,715 loans totalling $1.0bn, from 3,307 applications reported under HMDA. It also purchased 0 loans from other institutions, which are counted separately.

What is Keystone Funding, Inc's denial rate and how does it compare?

5.3% of decided applications were denied in 2024, against 24.3% nationally and 24.2% in Pennsylvania. HMDA data alone cannot be used to determine whether a lender is complying with fair lending laws; the data do not include some legitimate credit risk considerations.

Which counties does Keystone Funding, Inc lend in most?

By originations: Kent County, DE (187), New Castle County, DE (155), Chester County, PA (127), Montgomery County, PA (107) and Sussex County, DE (92).

What loan types does Keystone Funding, Inc make?

Conventional 1,701, FHA 730, VA 248 and USDA 36 originations in 2024; by purpose, home purchase 2,446, home improvement 0, refinancing 138, cash-out refinancing 130 and other purpose 1.

What reasons did Keystone Funding, Inc report for denials?

The first denial reason recorded most often was debt-to-income ratio (79), collateral (36) and credit history (34), as coded by the lender in its HMDA filing.

Where does this data come from?

From the 2024 public HMDA loan/application register published by the FFIEC and CFPB, with the lender's name from its HMDA transmittal sheet and VA loan volume from the Department of Veterans Affairs lender statistics. Cells under 25 applications are withheld.

Provenance

Source: Home Mortgage Disclosure Act public loan/application register for 2024 (trend years 2022, 2023, 2024) and transmittal sheets 2018–2024, published by the FFIEC and CFPB at ffiec.cfpb.gov, public domain; VA lender statistics from the Department of Veterans Affairs. Lender identity is the LEI and name on its transmittal sheet. This site was built 30 Sep 2026. Errors in processing are corrected at the next build; see corrections. Data through 1 Aug 2026.