Loan purposes › Cash-out refinancing
Cash-out refinancing loans
A cash-out refinancing is a refinancing the lender codes as cash-out under its own criteria; Regulation C leaves the definition to the institution. HMDA loan purpose code 32.
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.
National trend, 2018–2024
Share of all originationsDenials ÷ applications
By state, 2024
| State | Applications | Originations | Share of state originations | Denials ÷ applications |
|---|---|---|---|---|
| California | 169,834 | 81,736 | 16.0% | 22.3% |
| Florida | 154,326 | 62,762 | 13.2% | 27.1% |
| Texas | 106,750 | 49,132 | 9.9% | 24.3% |
| Georgia | 79,471 | 34,197 | 15.0% | 26.2% |
| Ohio | 65,297 | 32,431 | 13.2% | 23.4% |
| North Carolina | 63,605 | 28,990 | 11.3% | 24.2% |
| Michigan | 55,863 | 28,518 | 13.8% | 23.2% |
| Pennsylvania | 59,593 | 27,586 | 11.2% | 25.3% |
| New York | 45,091 | 24,033 | 11.5% | 20.6% |
| Tennessee | 48,136 | 23,835 | 14.8% | 22.3% |
| Indiana | 46,139 | 23,512 | 14.4% | 23.0% |
| Illinois | 50,326 | 22,846 | 11.0% | 25.7% |
| New Jersey | 48,934 | 22,630 | 14.4% | 24.0% |
| Virginia | 48,048 | 22,530 | 12.3% | 23.0% |
| Arizona | 46,469 | 22,513 | 13.4% | 21.3% |
| Wisconsin | 31,969 | 17,987 | 13.1% | 21.1% |
| Colorado | 36,705 | 17,435 | 12.2% | 24.0% |
| Washington | 36,284 | 17,402 | 11.3% | 22.1% |
| Maryland | 36,264 | 16,034 | 13.7% | 24.7% |
| South Carolina | 34,210 | 15,743 | 12.3% | 24.1% |
| Missouri | 31,332 | 15,086 | 11.5% | 22.7% |
| Massachusetts | 26,645 | 13,101 | 10.9% | 23.6% |
| Alabama | 28,208 | 12,337 | 11.8% | 26.5% |
| Kentucky | 21,539 | 10,519 | 11.8% | 23.9% |
| Minnesota | 19,398 | 9,838 | 8.7% | 21.8% |
| Utah | 17,368 | 9,211 | 10.5% | 22.3% |
| Oregon | 18,214 | 8,607 | 11.0% | 22.4% |
| Nevada | 18,965 | 8,512 | 12.8% | 23.2% |
| Connecticut | 17,760 | 8,249 | 12.3% | 25.2% |
| Oklahoma | 16,978 | 7,291 | 10.0% | 25.7% |
| Idaho | 14,461 | 7,202 | 15.1% | 24.1% |
| Kansas | 12,385 | 6,181 | 11.4% | 23.9% |
| Louisiana | 16,177 | 6,107 | 9.8% | 32.2% |
| Iowa | 11,834 | 5,705 | 8.4% | 24.5% |
| Arkansas | 13,258 | 5,689 | 9.6% | 26.6% |
| New Mexico | 10,784 | 4,729 | 12.9% | 24.6% |
| Mississippi | 11,678 | 4,498 | 9.1% | 31.5% |
| Maine | 8,458 | 4,253 | 13.4% | 23.2% |
| New Hampshire | 8,178 | 4,091 | 13.5% | 23.7% |
| Nebraska | 7,656 | 3,881 | 10.1% | 23.8% |
| West Virginia | 7,134 | 3,325 | 12.2% | 28.4% |
| Delaware | 6,769 | 2,996 | 12.3% | 25.9% |
| Rhode Island | 6,220 | 2,965 | 13.1% | 24.4% |
| Montana | 5,394 | 2,581 | 13.3% | 24.9% |
| South Dakota | 3,368 | 1,807 | 11.4% | 23.1% |
| Hawaii | 4,364 | 1,715 | 10.6% | 30.0% |
| Wyoming | 3,201 | 1,620 | 14.3% | 23.3% |
| Alaska | 2,780 | 1,165 | 11.0% | 27.7% |
| Vermont | 2,369 | 1,103 | 9.4% | 27.8% |
| Puerto Rico | 1,911 | 1,086 | 8.3% | 19.7% |
| North Dakota | 1,990 | 1,054 | 8.0% | 22.4% |
| District of Columbia | 2,200 | 888 | 10.6% | 28.8% |
Most active lenders, 2024
| # | Lender | Cash-out refinancing applications | Cash-out refinancing originations | Share of lender's originations | Lender denial rate, all purposes |
|---|---|---|---|---|---|
| 1 | Rocket Mortgage | 229,941 | 170,137 | 47.1% | 18.2% |
| 2 | United Wholesale Mortgage | 95,584 | 60,369 | 16.5% | 13.4% |
| 3 | Loandepot.com, LLC | 37,644 | 19,203 | 24.2% | 29.1% |
| 4 | Newrez LLC | 77,399 | 18,246 | 35.0% | 35.0% |
| 5 | Freedom Mortgage Corporation | 51,350 | 16,950 | 29.6% | 16.2% |
| 6 | Amerisave Mortgage Company | 94,387 | 14,742 | 91.6% | 81.9% |
| 7 | Nationstar Mortgage | 24,206 | 14,501 | 34.8% | 19.1% |
| 8 | Pennymac Loan Services LLC | 30,867 | 11,136 | 16.5% | 20.6% |
| 9 | JPMorgan Chase Bank, NA | 16,234 | 9,429 | 11.7% | 12.8% |
| 10 | Carrington Mortgage Services L | 34,004 | 9,242 | 70.1% | 52.4% |
| 11 | Huntington National Bank | 12,622 | 8,189 | 15.7% | 34.6% |
| 12 | New American Funding, LLC. | 45,998 | 7,530 | 15.5% | 20.9% |
| 13 | Navy Federal Credit Union | 18,030 | 7,325 | 8.9% | 34.3% |
| 14 | Guild Mortgage Company | 13,790 | 6,670 | 8.9% | 4.6% |
| 15 | Goodleap, LLC | 14,830 | 6,598 | 94.2% | 29.5% |
| 16 | Wells Fargo Bank NA | 18,468 | 6,433 | 17.3% | 31.7% |
| 17 | Crosscountry Mortgage, LLC | 17,993 | 6,244 | 6.1% | 3.5% |
| 18 | Flagstar Bank NA | 14,587 | 6,180 | 21.0% | 29.4% |
| 19 | New Day Financial, LLC. | 39,203 | 5,713 | 79.5% | 58.5% |
| 20 | Randolph-Brooks Federal Credit Union | 10,431 | 5,631 | 81.0% | 16.4% |
| 21 | Us Bank, N.A. | 10,134 | 5,453 | 7.3% | 41.5% |
| 22 | Mutual of Omaha Mortgage | 11,091 | 4,522 | 22.7% | 25.2% |
| 23 | Police and Fire Federal Credit Union | 8,397 | 4,251 | 64.1% | 39.4% |
| 24 | BMO Harris Bank NA | 7,627 | 4,224 | 23.3% | 40.0% |
| 25 | Movement Mortgage, LLC | 7,369 | 4,023 | 6.6% | 5.0% |
| 26 | The Federal Savings Bank | 12,920 | 3,881 | 47.6% | 18.6% |
| 27 | American Financing Corporation | 15,871 | 3,352 | 70.1% | 67.6% |
| 28 | AmWest Funding Corp | 6,601 | 3,343 | 35.9% | 11.7% |
| 29 | Reliance First Capital, LLC | 4,088 | 3,316 | 81.1% | 4.5% |
| 30 | Guaranteed Rate, Inc. | 8,783 | 3,222 | 5.1% | 9.0% |
| 31 | Ocmbc, Inc. | 6,811 | 3,140 | 24.4% | 17.7% |
| 32 | Loan Funder LLC | 5,923 | 2,821 | 26.4% | 20.6% |
| 33 | CMG Mortgage Inc | 6,330 | 2,793 | 4.7% | 5.7% |
| 34 | HomeXpress Mortgage Corp. | 5,124 | 2,736 | 45.6% | 43.2% |
| 35 | Schoolsfirst FCU | 3,518 | 2,702 | 21.8% | 13.5% |
| 36 | Quorum Federal Credit Union | 5,126 | 2,610 | 87.6% | 33.7% |
| 37 | Fairway Independent Mort Corp | 4,862 | 2,564 | 3.4% | 6.0% |
| 38 | Spring Eq, LLC | 8,226 | 2,547 | 8.2% | 64.0% |
| 39 | Mortgage Research Center | 26,025 | 2,538 | 3.4% | 24.0% |
| 40 | Credit Union of Texas | 4,772 | 2,493 | 99.6% | 34.8% |
| 41 | BPL Mortgage, LLC | 3,341 | 2,464 | 46.2% | 10.5% |
| 42 | A&D Mortgage LLC | 4,960 | 2,427 | 28.9% | 16.7% |
| 43 | VyStar Credit Union | 6,368 | 2,417 | 79.2% | 50.0% |
| 44 | Plaza Home Mortgage, Inc | 4,918 | 2,299 | 16.3% | 27.2% |
| 45 | Velocity Commercial Capital LLC | 4,264 | 2,289 | 64.8% | 2.3% |
| 46 | Lower, LLC | 5,929 | 2,286 | 13.1% | 12.7% |
| 47 | Lakeview Loan Servicing, LLC | 12,168 | 2,152 | 20.4% | 58.9% |
| 48 | Equity Prime Mortgage LLC | 4,551 | 2,148 | 19.6% | 5.8% |
| 49 | Phh Mortgage Corporation | 7,925 | 2,110 | 44.2% | 30.6% |
| 50 | Truist Bank | 4,037 | 2,077 | 5.8% | 46.3% |
Lenders ranked by originations for this purpose. Lists are by volume only; this site does not rate or recommend lenders.
Questions and answers
How many cash-out refinancing loans were originated in 2024?
769,631 originations nationally, 12.4% of all HMDA-reported originations, from 1,643,223 applications.
What is the denial rate for cash-out refinancing applications?
24.1% of applications for this purpose were denied in 2024 (denials over all applications, since decisions are not broken out by purpose in the Data Browser series).
Which lenders originate the most cash-out refinancing loans?
Rocket Mortgage (170,137), United Wholesale Mortgage (60,369), Loandepot.com, LLC (19,203), Newrez LLC (18,246), Freedom Mortgage Corporation (16,950).
Provenance
Source: HMDA Data Browser aggregations by loan purpose 2018–2024 and the 2024 public LAR (FFIEC and CFPB, public domain). Built 30 Sep 2026. Median rate spread nationally: 0.3 pp.