Loan purposes › Refinancing
Refinancing loans
A refinancing replaces an existing dwelling-secured obligation with a new one to the same borrower, without the borrower taking cash out beyond closing costs, as the lender codes it. HMDA loan purpose code 31.
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 | 116,416 | 62,335 | 12.2% | 18.0% |
| Texas | 87,592 | 40,917 | 8.3% | 19.9% |
| Florida | 81,499 | 35,203 | 7.4% | 23.3% |
| Pennsylvania | 54,320 | 32,027 | 13.0% | 20.7% |
| North Carolina | 56,056 | 31,567 | 12.3% | 17.9% |
| Ohio | 51,058 | 29,231 | 11.9% | 19.4% |
| Georgia | 48,589 | 25,555 | 11.2% | 17.8% |
| Michigan | 41,999 | 24,908 | 12.1% | 18.2% |
| Illinois | 40,810 | 23,798 | 11.5% | 16.3% |
| Wisconsin | 30,781 | 21,180 | 15.4% | 12.7% |
| Virginia | 38,084 | 20,878 | 11.4% | 15.5% |
| New York | 36,012 | 19,878 | 9.5% | 23.5% |
| Tennessee | 33,604 | 19,428 | 12.1% | 15.5% |
| Indiana | 31,341 | 19,378 | 11.9% | 15.7% |
| Washington | 32,810 | 18,628 | 12.1% | 16.4% |
| New Jersey | 33,713 | 17,977 | 11.5% | 18.9% |
| Arizona | 33,112 | 17,975 | 10.7% | 16.5% |
| Missouri | 27,932 | 17,566 | 13.4% | 12.6% |
| Massachusetts | 28,336 | 16,548 | 13.8% | 19.2% |
| Colorado | 28,700 | 15,900 | 11.1% | 17.5% |
| Utah | 22,790 | 13,273 | 15.2% | 20.3% |
| Alabama | 22,701 | 13,241 | 12.7% | 16.1% |
| Maryland | 25,000 | 13,240 | 11.3% | 17.4% |
| South Carolina | 22,858 | 12,363 | 9.7% | 16.2% |
| Kentucky | 18,985 | 11,885 | 13.3% | 15.5% |
| Minnesota | 17,550 | 10,815 | 9.6% | 14.6% |
| Louisiana | 15,132 | 9,245 | 14.8% | 15.0% |
| Mississippi | 13,804 | 8,970 | 18.1% | 14.9% |
| Iowa | 13,082 | 8,877 | 13.1% | 11.5% |
| Oregon | 14,589 | 8,266 | 10.6% | 16.5% |
| Oklahoma | 13,896 | 7,925 | 10.9% | 15.2% |
| Connecticut | 13,102 | 7,552 | 11.3% | 19.0% |
| Arkansas | 11,921 | 7,252 | 12.3% | 14.6% |
| Kansas | 11,003 | 6,994 | 12.9% | 14.1% |
| Nevada | 11,275 | 6,020 | 9.1% | 17.0% |
| Nebraska | 7,119 | 4,602 | 12.0% | 12.6% |
| Idaho | 8,117 | 4,430 | 9.3% | 17.9% |
| Maine | 5,921 | 3,615 | 11.4% | 15.6% |
| New Hampshire | 6,047 | 3,579 | 11.8% | 17.0% |
| New Mexico | 6,759 | 3,445 | 9.4% | 16.9% |
| Rhode Island | 5,928 | 3,391 | 14.9% | 20.6% |
| West Virginia | 4,840 | 2,784 | 10.3% | 20.3% |
| Delaware | 4,959 | 2,736 | 11.3% | 17.3% |
| Hawaii | 4,550 | 2,436 | 15.1% | 22.5% |
| Montana | 4,012 | 2,427 | 12.5% | 13.4% |
| South Dakota | 3,097 | 1,947 | 12.2% | 12.9% |
| Vermont | 2,411 | 1,560 | 13.3% | 16.2% |
| North Dakota | 2,091 | 1,429 | 10.9% | 9.8% |
| Wyoming | 1,969 | 1,122 | 9.9% | 16.5% |
| Alaska | 1,784 | 938 | 8.8% | 14.4% |
| District of Columbia | 1,821 | 926 | 11.0% | 19.1% |
| Puerto Rico | 525 | 294 | 2.2% | 15.2% |
Most active lenders, 2024
| # | Lender | Refinancing applications | Refinancing originations | Share of lender's originations | Lender denial rate, all purposes |
|---|---|---|---|---|---|
| 1 | United Wholesale Mortgage | 86,156 | 60,394 | 16.5% | 13.4% |
| 2 | Rocket Mortgage | 50,242 | 34,390 | 9.5% | 18.2% |
| 3 | Freedom Mortgage Corporation | 44,343 | 21,037 | 36.7% | 16.2% |
| 4 | Pennymac Loan Services LLC | 37,231 | 16,206 | 24.1% | 20.6% |
| 5 | CBNA Year to Date | 23,455 | 14,268 | 25.9% | 35.2% |
| 6 | PNC Bank N.A. | 22,881 | 13,926 | 24.5% | 35.4% |
| 7 | Bank of America NA | 28,179 | 13,644 | 16.4% | 48.1% |
| 8 | Mortgage Research Center | 24,208 | 10,869 | 14.7% | 24.0% |
| 9 | Village Capital & Investment | 22,981 | 9,627 | 83.5% | 18.0% |
| 10 | Us Bank, N.A. | 12,259 | 8,249 | 11.1% | 41.5% |
| 11 | Newrez LLC | 26,251 | 7,230 | 13.9% | 35.0% |
| 12 | JPMorgan Chase Bank, NA | 10,859 | 7,158 | 8.9% | 12.8% |
| 13 | Truist Bank | 13,044 | 6,872 | 19.2% | 46.3% |
| 14 | Discover Bank | 33,287 | 6,809 | 19.6% | 76.0% |
| 15 | Huntington National Bank | 12,777 | 6,566 | 12.6% | 34.6% |
| 16 | Crosscountry Mortgage, LLC | 13,085 | 6,292 | 6.2% | 3.5% |
| 17 | Fifth Third Bank, National Association | 10,060 | 6,111 | 20.0% | 32.7% |
| 18 | Royal United Mortgage LLC | 9,847 | 5,788 | 96.6% | 30.6% |
| 19 | Kiavi Funding, Inc. | 8,085 | 5,612 | 25.5% | 10.3% |
| 20 | Regions Bank | 10,815 | 5,294 | 18.0% | 45.8% |
| 21 | Mutual of Omaha Mortgage | 7,222 | 5,167 | 25.9% | 25.2% |
| 22 | Third Federal Savings and Loan | 9,325 | 5,118 | 23.3% | 41.8% |
| 23 | Lakeview Loan Servicing, LLC | 20,699 | 4,935 | 46.8% | 58.9% |
| 24 | Finance of America Reverse LLC | 7,261 | 4,879 | 56.5% | 10.8% |
| 25 | State Employees' Credit Union | 7,590 | 4,603 | 16.4% | 27.9% |
| 26 | TD Bank | 8,107 | 4,550 | 18.4% | 36.8% |
| 27 | M&T Bank | 6,141 | 4,267 | 20.6% | 34.1% |
| 28 | America First Federal Credit Union | 5,681 | 4,221 | 26.4% | 20.6% |
| 29 | Planet Home Lending, LLC | 5,235 | 4,220 | 40.6% | 21.5% |
| 30 | Loandepot.com, LLC | 7,153 | 4,169 | 5.2% | 29.1% |
| 31 | Nationstar Mortgage | 6,481 | 4,150 | 10.0% | 19.1% |
| 32 | Guaranteed Rate, Inc. | 8,321 | 3,992 | 6.4% | 9.0% |
| 33 | Wells Fargo Bank NA | 7,941 | 3,686 | 9.9% | 31.7% |
| 34 | Guild Mortgage Company | 7,397 | 3,620 | 4.8% | 4.6% |
| 35 | CMG Mortgage Inc | 6,853 | 3,321 | 5.6% | 5.7% |
| 36 | The Loan Store, Inc | 5,394 | 3,274 | 13.9% | 13.9% |
| 37 | First Ciitizens Bank and Trust | 4,985 | 3,228 | 21.3% | 23.5% |
| 38 | Fairway Independent Mort Corp | 5,140 | 2,768 | 3.7% | 6.0% |
| 39 | Longbridge Financial, LLC | 3,998 | 2,642 | 68.6% | 16.1% |
| 40 | Cadence Bank | 3,723 | 2,613 | 20.4% | 21.0% |
| 41 | Mountain America Federal Credit Union | 6,041 | 2,549 | 26.0% | 41.9% |
| 42 | New American Funding, LLC. | 11,039 | 2,531 | 5.2% | 20.9% |
| 43 | First National Bank of Pa | 4,502 | 2,492 | 19.1% | 30.4% |
| 44 | Boeing Employees' Credit Union | 4,015 | 2,474 | 18.9% | 27.7% |
| 45 | Uw Credit Union | 3,195 | 2,438 | 28.8% | 13.6% |
| 46 | Summit Credit Union | 3,209 | 2,432 | 24.5% | 14.0% |
| 47 | Navy Federal Credit Union | 8,203 | 2,310 | 2.8% | 34.3% |
| 48 | AmeriHome Mortgage Company, LLC | 5,689 | 2,284 | 36.7% | 14.8% |
| 49 | Union Home Mortgage Corp. | 3,085 | 2,223 | 8.1% | 6.5% |
| 50 | Zions Bancorporation, N.A. | 3,515 | 2,037 | 21.5% | 33.1% |
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 refinancing loans were originated in 2024?
699,166 originations nationally, 11.3% of all HMDA-reported originations, from 1,253,632 applications.
What is the denial rate for refinancing applications?
17.8% 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 refinancing loans?
United Wholesale Mortgage (60,394), Rocket Mortgage (34,390), Freedom Mortgage Corporation (21,037), Pennymac Loan Services LLC (16,206), CBNA Year to Date (14,268).
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.