Loan purposes › Home improvement
Home improvement loans
A home improvement loan is one used at least in part to repair, rehabilitate, remodel or improve a dwelling or its real property. HMDA loan purpose code 2.
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 | 117,362 | 52,428 | 10.3% | 32.5% |
| Pennsylvania | 67,398 | 36,621 | 14.9% | 30.2% |
| Florida | 93,608 | 36,230 | 7.6% | 38.3% |
| Ohio | 56,438 | 29,099 | 11.8% | 32.9% |
| New York | 57,805 | 28,385 | 13.6% | 34.7% |
| North Carolina | 50,773 | 25,761 | 10.0% | 32.1% |
| Michigan | 44,793 | 23,842 | 11.6% | 29.1% |
| Texas | 51,305 | 19,075 | 3.9% | 43.5% |
| New Jersey | 41,091 | 18,813 | 12.0% | 33.3% |
| Virginia | 36,053 | 18,611 | 10.2% | 29.5% |
| Georgia | 41,259 | 17,902 | 7.9% | 38.0% |
| Washington | 31,928 | 17,722 | 11.5% | 29.5% |
| Massachusetts | 31,509 | 17,275 | 14.4% | 28.4% |
| Illinois | 36,445 | 16,364 | 7.9% | 35.3% |
| Indiana | 28,487 | 16,249 | 10.0% | 29.2% |
| Wisconsin | 24,374 | 16,046 | 11.7% | 20.3% |
| Arizona | 31,107 | 15,373 | 9.2% | 30.1% |
| Tennessee | 26,403 | 13,547 | 8.4% | 31.4% |
| Colorado | 24,470 | 13,080 | 9.1% | 26.8% |
| Minnesota | 19,679 | 12,030 | 10.7% | 21.5% |
| Utah | 18,324 | 11,326 | 13.0% | 22.9% |
| Missouri | 20,155 | 10,760 | 8.2% | 30.2% |
| Maryland | 24,160 | 10,658 | 9.1% | 37.3% |
| Oregon | 17,985 | 10,457 | 13.4% | 24.6% |
| South Carolina | 17,960 | 9,019 | 7.1% | 32.5% |
| Kentucky | 14,748 | 8,394 | 9.4% | 27.9% |
| Connecticut | 15,554 | 8,122 | 12.1% | 31.1% |
| Alabama | 15,385 | 7,578 | 7.2% | 34.2% |
| Idaho | 10,608 | 6,362 | 13.3% | 24.0% |
| Iowa | 9,506 | 5,958 | 8.8% | 17.7% |
| Oklahoma | 10,599 | 5,790 | 8.0% | 27.0% |
| Kansas | 8,543 | 4,883 | 9.0% | 26.5% |
| Arkansas | 9,001 | 4,740 | 8.0% | 32.1% |
| Maine | 7,783 | 4,682 | 14.7% | 23.8% |
| Nevada | 10,357 | 4,558 | 6.9% | 36.6% |
| New Hampshire | 7,851 | 4,294 | 14.2% | 26.8% |
| Nebraska | 5,653 | 3,402 | 8.9% | 22.8% |
| Rhode Island | 6,669 | 3,398 | 15.0% | 33.2% |
| Louisiana | 7,224 | 3,127 | 5.0% | 36.8% |
| Mississippi | 6,350 | 2,758 | 5.6% | 39.1% |
| Delaware | 5,288 | 2,632 | 10.8% | 34.1% |
| New Mexico | 4,932 | 2,306 | 6.3% | 29.4% |
| West Virginia | 4,474 | 2,176 | 8.0% | 37.8% |
| Montana | 3,185 | 1,938 | 10.0% | 25.9% |
| Vermont | 3,097 | 1,906 | 16.2% | 20.4% |
| South Dakota | 2,275 | 1,457 | 9.2% | 22.1% |
| Hawaii | 3,476 | 1,379 | 8.5% | 42.2% |
| North Dakota | 1,742 | 1,152 | 8.8% | 18.3% |
| Wyoming | 1,548 | 863 | 7.6% | 24.9% |
| District of Columbia | 1,681 | 649 | 7.7% | 41.5% |
| Alaska | 1,371 | 589 | 5.6% | 30.7% |
| Puerto Rico | 204 | 108 | 0.8% | 25.5% |
Most active lenders, 2024
| # | Lender | Home improvement applications | Home improvement originations | Share of lender's originations | Lender denial rate, all purposes |
|---|---|---|---|---|---|
| 1 | Bank of America NA | 91,364 | 27,248 | 32.8% | 48.1% |
| 2 | Navy Federal Credit Union | 45,843 | 20,825 | 25.4% | 34.3% |
| 3 | PNC Bank N.A. | 36,708 | 17,438 | 30.7% | 35.4% |
| 4 | CBNA Year to Date | 29,483 | 15,624 | 28.3% | 35.2% |
| 5 | Us Bank, N.A. | 37,297 | 13,223 | 17.7% | 41.5% |
| 6 | Huntington National Bank | 29,265 | 12,923 | 24.8% | 34.6% |
| 7 | Figure Lending LLC | 25,967 | 11,523 | 33.8% | 29.8% |
| 8 | Discover Bank | 54,626 | 10,578 | 30.5% | 76.0% |
| 9 | Spring Eq, LLC | 26,496 | 8,684 | 27.8% | 64.0% |
| 10 | TD Bank | 18,180 | 8,517 | 34.4% | 36.8% |
| 11 | Regions Bank | 23,062 | 8,198 | 27.9% | 45.8% |
| 12 | Fifth Third Bank, National Association | 16,124 | 7,958 | 26.1% | 32.7% |
| 13 | State Employees' Credit Union | 13,428 | 7,566 | 27.0% | 27.9% |
| 14 | Third Federal Savings and Loan | 13,283 | 6,761 | 30.8% | 41.8% |
| 15 | Truist Bank | 18,324 | 6,066 | 16.9% | 46.3% |
| 16 | America First Federal Credit Union | 7,845 | 6,020 | 37.6% | 20.6% |
| 17 | Coastal Community Bank | 23,462 | 5,689 | 37.7% | 2.5% |
| 18 | M&T Bank | 12,073 | 5,451 | 26.3% | 34.1% |
| 19 | Schoolsfirst FCU | 6,794 | 5,201 | 41.9% | 13.5% |
| 20 | Boeing Employees' Credit Union | 7,037 | 4,749 | 36.3% | 27.7% |
| 21 | Desert Financial Credit Union | 6,644 | 4,191 | 47.9% | 31.3% |
| 22 | BMO Harris Bank NA | 11,037 | 4,062 | 22.4% | 40.0% |
| 23 | Bethpage Federal Credit Union | 9,214 | 4,012 | 44.2% | 50.2% |
| 24 | First Ciitizens Bank and Trust | 5,732 | 3,774 | 24.9% | 23.5% |
| 25 | Nationstar Mortgage | 5,793 | 3,714 | 8.9% | 19.1% |
| 26 | Pentagon Federal Credit Unioin | 9,267 | 3,534 | 33.6% | 51.4% |
| 27 | First National Bank of Pa | 6,430 | 3,442 | 26.4% | 30.4% |
| 28 | HomeBridge Financial Services, Inc | 5,682 | 3,278 | 28.2% | 27.8% |
| 29 | Rocket Mortgage | 4,851 | 3,266 | 0.9% | 18.2% |
| 30 | Idaho Central Credit Union | 5,035 | 3,252 | 37.9% | 20.8% |
| 31 | Frost Bank | 6,451 | 3,125 | 46.7% | 45.8% |
| 32 | Mountain America Federal Credit Union | 6,142 | 2,881 | 29.4% | 41.9% |
| 33 | Members 1st | 4,891 | 2,697 | 43.2% | 40.0% |
| 34 | Ent Credit Union (68671) | 3,887 | 2,532 | 32.2% | 23.2% |
| 35 | OnPoint Community Credit Union | 3,626 | 2,523 | 35.3% | 18.9% |
| 36 | Broadview Federal Credit Union | 3,452 | 2,393 | 63.5% | 24.7% |
| 37 | Lake Michigan Credit Union | 3,423 | 2,367 | 19.3% | 9.6% |
| 38 | Arvest Bank | 3,616 | 2,251 | 17.4% | 19.8% |
| 39 | Police and Fire Federal Credit Union | 4,235 | 2,133 | 32.2% | 39.4% |
| 40 | Landmark Credit Union | 2,976 | 2,105 | 35.9% | 20.9% |
| 41 | SouthState Bank, N.A. | 3,473 | 2,088 | 21.3% | 25.4% |
| 42 | Suncoast Credit Union | 3,370 | 2,038 | 28.6% | 28.9% |
| 43 | Pa State Employees CU | 2,948 | 2,031 | 35.6% | 17.7% |
| 44 | Space Coast Credit Union | 4,320 | 2,029 | 37.9% | 38.6% |
| 45 | The Loan Store, Inc | 4,268 | 1,963 | 8.3% | 13.9% |
| 46 | Uw Credit Union | 2,473 | 1,950 | 23.0% | 13.6% |
| 47 | The Golden 1 Credit Union | 3,151 | 1,790 | 40.3% | 38.1% |
| 48 | New American Funding, LLC. | 6,828 | 1,764 | 3.6% | 20.9% |
| 49 | Summit Credit Union | 2,302 | 1,719 | 17.3% | 14.0% |
| 50 | United Community Bank | 2,657 | 1,677 | 25.5% | 26.8% |
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 home improvement loans were originated in 2024?
592,198 originations nationally, 9.6% of all HMDA-reported originations, from 1,190,833 applications.
What is the denial rate for home improvement applications?
31.9% 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 home improvement loans?
Bank of America NA (27,248), Navy Federal Credit Union (20,825), PNC Bank N.A. (17,438), CBNA Year to Date (15,624), Us Bank, N.A. (13,223).
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.