Who Lends on Investment Properties? 2025 HMDA Data Across 15 States
In 2025, 2,765 lenders originated 362,028 closed-end mortgages on 1–4 unit investment properties across 15 states, totaling $131.77B. The 25 most active wrote 40.8% of them. Figures are computed from federal HMDA loan-level filings published by the CFPB, not from anyone's opinion, retrieved September 10, 2026.
Reviewed by Dominick Prevete, Founder & CEO, National Loan Provider31 years in real estate finance
Who lends on investment properties across these 15 states?
Every filer in the 15 state files — 2,765 of them — grouped by Legal Entity Identifier, with the 25 most active shown, ordered by the number of originated, closed-end loans on 1–4 unit investment property each reported for 2025. Volume is the reported dollar total across those states, average loan is volume divided by count to the nearest thousand, and States is the number of the 15 in which the filer reported at least one such loan. Everyone asks which lender to use. The filings do not answer that question, and this table does not try to: the order is the origination count and nothing else.
| # | Lender | Loans | Volume | Avg loan | States |
|---|---|---|---|---|---|
| 1 | UNITED SHORE FINANCIAL SERVICES, LLC | 21,027 | $6.21B | $295,000 | 15 |
| 2 | Kiavi Funding, Inc. | 18,270 | $6.14B | $336,000 | 15 |
| 3 | Rocket Mortgage, LLC | 9,390 | $2.83B | $301,000 | 15 |
| 4 | THE LOAN STORE, INC. | 8,317 | $2.99B | $360,000 | 15 |
| 5 | CROSSCOUNTRY MORTGAGE, INC. | 7,463 | $2.75B | $368,000 | 15 |
| 6 | Loan Funder LLC | 6,349 | $2.65B | $417,000 | 15 |
| 7 | CHAMPIONS FUNDING, LLC | 6,290 | $2.55B | $405,000 | 15 |
| 8 | LENNAR MORTGAGE, LLC | 4,971 | $1.28B | $258,000 | 12 |
| 9 | A&D Mortgage LLC | 4,930 | $1.56B | $316,000 | 15 |
| 10 | RCN Capital, LLC | 4,614 | $1.08B | $235,000 | 15 |
| 11 | PENNYMAC LOAN SERVICES, LLC | 4,512 | $1.86B | $412,000 | 15 |
| 12 | OCMBC, INC. | 4,509 | $1.58B | $351,000 | 14 |
| 13 | BPL MORTGAGE TRUST, LLC | 4,411 | $0.88B | $199,000 | 15 |
| 14 | Hometown Equity Mortgage, LLC | 4,363 | $1.84B | $423,000 | 15 |
| 15 | RF RENOVO MANAGEMENT COMPANY, LLC | 4,272 | $1.40B | $327,000 | 15 |
| 16 | AMWEST FUNDING CORP. | 4,021 | $1.28B | $318,000 | 15 |
| 17 | HOMEXPRESS MORTGAGE CORP. | 3,976 | $1.36B | $341,000 | 14 |
| 18 | NEWREZ LLC | 3,697 | $1.26B | $341,000 | 15 |
| 19 | DEEPHAVEN MORTGAGE LLC | 3,492 | $1.05B | $300,000 | 15 |
| 20 | VELOCITY COMMERCIAL CAPITAL, LLC | 3,334 | $1.07B | $322,000 | 15 |
| 21 | CV3 FINANCIAL SERVICES, LLC† | 3,221 | $1.22B | $378,000 | 14 |
| 22 | GUARANTEED RATE, INC. | 3,207 | $1.30B | $406,000 | 15 |
| 23 | CMG MORTGAGE, INC. | 3,147 | $1.23B | $390,000 | 15 |
| 24 | Citadel Servicing Corporation | 3,141 | $1.34B | $427,000 | 15 |
| 25 | JPMorgan Chase Bank, National Association | 2,856 | $1.42B | $496,000 | 15 |
All 25 rows computed from the 15 state files (New Jersey, Florida, Pennsylvania, New York, Texas, Georgia, North Carolina, Tennessee, Ohio, Arizona, California, Colorado, Virginia, Maryland, and Connecticut), 2025 HMDA loan-level data (CFPB/FFIEC Data Browser), retrieved September 10, 2026. Each state's full filer list is downloadable as CSV from its data page; the aggregate is computed from those files at render. † CV3 FINANCIAL SERVICES, LLC (rank 21) is filed under LEI 254900CTT87ZKAUTIJ37 with no institution name on the CFPB filers record; the name shown is the registered legal name from the GLEIF record, looked up September 10, 2026. Every figure on that row is as filed.
Why do conventional lenders top an investor list?
Because the filter is occupancy and purpose, not product. HMDA asks whether the property is owner-occupied, a second home or an investment; whether the loan bought it or refinanced it; and whether it is closed-end on 1–4 units. It does not ask how the borrower qualified. A conventional investment-property mortgage closed in a borrower's own name on the strength of a tax return and a DSCR loan closed to an LLC on the strength of the rent both pass the same four tests and land in the same count.
That is why the top of the table looks the way it does. UNITED SHORE FINANCIAL SERVICES, LLC (rank 1) and Rocket Mortgage, LLC (rank 3) are the two largest originators of agency-eligible conventional mortgages in the market. Together they reported 30,417 investor-occupancy loans across the 15 states — 8.4% of the whole count — because every investment-property mortgage their retail and wholesale channels close in a borrower's personal name qualifies for this table on the same terms as a business-purpose rental loan.
A 15-state count also rewards footprint. 21 of the 25 lenders in the table reported in all 15 states; the busiest, UNITED SHORE FINANCIAL SERVICES, LLC, alone accounts for 5.8% of the fifteen-state total. A lender doing exceptional investor volume in three of these states and none of the other twelve sits well down this list, and a lender whose rental business is mostly the fix-and-flip and bridge lending HMDA does not cover barely appears at all. Both are reasons to read the States column before the rank.
How concentrated is investor lending across 15 states?
Less than any single state would suggest. The 25 lenders in the table wrote 147,780 of the 362,028 loans — 40.8% by count and 38.0% by dollar volume — out of a universe of 2,765 filers. The top five wrote 64,467, or 17.8%. The other 2,740 filers divided the rest, and the average loan across the whole universe was $364,000.
Set that beside a single state. In New Jersey, the 25 most active lenders wrote 56.0% of the state's investor loans on the same vintage — the state-level picture published in who lent on New Jersey investment property in 2025, ranked. The pooled figure is lower because the busiest filers differ from state to state: New Jersey's most active, Loan Funder LLC, ranks 6 across the 15. Concentration is real inside each market and dilutes across them: no lender in this table holds even a tenth of the pool.
What do average loan size and purchase share separate?
Two different businesses at the same rank. Within the table, average loan size runs from $199,000 at BPL MORTGAGE TRUST, LLC (4,411 loans) to $496,000 at JPMorgan Chase Bank, National Association (2,856 loans). A high-count, low-average filer is writing small-balance rental loans in lower-priced markets; a low-count, high-average filer is financing larger single assets. They compete for different properties even a row apart.
Purchase share — the proportion of each filer's loans that bought the property rather than refinanced it, loan-weighted across the states it reported in — splits the table again. It runs from 20.5% at VELOCITY COMMERCIAL CAPITAL, LLC, almost entirely a refinance book, to 99.9% at LENNAR MORTGAGE, LLC, almost entirely acquisitions. The lender an investor buys with and the lender an investor refinances with are often different shops, and the filings show that as structure rather than anecdote.
Which of these lenders actually write DSCR loans?
The filing record cannot make this distinction, and nothing above tries to. What follows is my read from placing investor loans over 31 years in real estate finance, not a finding from the data, and I have kept it out of the table on purpose.
From where I sit, the names in this table whose core rental product is a loan underwritten on the property's rent to an entity borrower — what an investor means by a DSCR loan — are Kiavi, Champions Funding, RCN Capital, Velocity Commercial Capital, Loan Funder and BPL Mortgage Trust, and I would put RF Renovo in the same group. I place files with several of them and disclosed which above. Several non-QM shops in the table also run rental programs; I have not named them because I do not place with all of them regularly enough to characterize what they do.
The point of drawing the line is not to rank the specialists above the rest. It is that the biggest-lenders list and the DSCR-specialist list are two different lists, and the second one sits inside the first. The conventional channels at the top of the table are a legitimate route for an investor who qualifies on personal income and holds in their own name. They are not the route for a self-employed investor, an LLC buyer, or anyone past the conventional property-count ceiling, and no federal dataset will tell you which door is yours.
What does this data not show?
Five gaps, and they matter more than the rankings.
- Temporary financing is exempt from reporting. Fix-and-flip, bridge and most construction lending never enters HMDA, so a lender's position here reflects its reportable closed-end activity, not its whole book. Some of the busiest investor lenders in these states are largely invisible in this table by rule.
- Small lenders do not file. An institution under roughly 25 closed-end loans a year sits below the reporting threshold. Local private lenders and the smallest community banks are absent by design, not by omission.
- The record does not identify DSCR loans. A DSCR loan and a conventional investor-purpose loan are indistinguishable in the filing, so nothing in the table says which lenders offer one. The section above is my experience, labelled as such.
- It is a 15-state count. The files cover New Jersey, Florida, Pennsylvania, New York, Texas, Georgia, North Carolina, Tennessee, Ohio, Arizona, California, Colorado, Virginia, Maryland, and Connecticut. A lender strong in states outside this set will rank lower here than it would in a count that covered every state, and a lender present in all 15 is advantaged over one concentrated in a few. The States column is there so a reader can see that without being told.
- The data is annual, and it moves. 2025 is the current vintage. The CFPB rebuilds a published file as institutions resubmit, so counts drift for months after release — which is why the retrieval date is stated everywhere the figures are. Names are as filed with the CFPB at retrieval; 73 filers, 1.9% of the loans, carried no name on the filers record at all, and where one of them reaches the table its registered legal name is supplied from the LEI record and marked as such.
The filter definition, name matching and update cadence are on the methodology page, and each state's own ranking, with purchase share by lender, is one hop from it. Federal government data, public domain. An AI agent can query this same aggregation directly — the investor_lenders_aggregate tool on our read-only MCP server returns the table this page renders, limitations attached.
Questions about the 15-state lender data
Which lender originated the most investment property loans across these 15 states in 2025?+
UNITED SHORE FINANCIAL SERVICES, LLC, with 21,027 closed-end loans on 1–4 unit investment properties totaling $6.21B, reported in 15 of the 15 states — 5.8% of the 362,028-loan total. Kiavi Funding, Inc. was second with 18,270 loans and Rocket Mortgage, LLC third with 9,390. The ranking is by 2025 HMDA origination count across New Jersey, Florida, Pennsylvania, New York, Texas, Georgia, North Carolina, Tennessee, Ohio, Arizona, California, Colorado, Virginia, Maryland, and Connecticut, retrieved September 10, 2026; it is a 15-state count, not a fifty-state one.
Does this data show which lenders offer DSCR loans?+
No. HMDA records the occupancy, the purpose and the property, not the product. A DSCR loan underwritten on the property's rent to an LLC and a conventional investor mortgage underwritten on the borrower's income are filed the same way — originated, closed-end, 1–4 units, investment occupancy — and the record does not separate them. This table shows which filers originated the most investor-purpose loans; it cannot show which of them offer a DSCR product, and any list that claims to rank DSCR programs from HMDA alone is inferring what the filings do not say.
Why do conventional and wholesale lenders rank above investor specialists here?+
Because the filter is occupancy and purpose, not product. Every investment-property mortgage a conventional originator closes in a borrower's own name qualifies on the same terms as a business-purpose rental loan, and the largest conventional channels close a great many of them across every state at once. A fifteen-state count also rewards footprint: 21 of the 25 lenders in the table reported in all 15 states. An investor specialist concentrated in a few states, or one that mostly writes temporary financing HMDA does not cover, ranks below its real share of investor lending.
Does a lender's volume mean it is a good fit for my deal?+
No. Volume says a lender closed a lot of files; it says nothing about whether yours is one of them. Fit is decided by the lender's guidelines against the file: the entity on title, the property type and unit count, how the rent is documented, seasoning on a refinance, the prepayment structure, the state, and whether the loan is a purchase, a rate-and-term or a cash-out. Two lenders at adjacent ranks in this table can have opposite answers on the same property. The table tells you the market is deep; matching the file to the lender is a separate job.
Does National Loan Provider work with the lenders in this table?+
With several of them. National Loan Provider is a mortgage brokerage that arranges, structures and places investor financing across 100+ lenders; it does not lend. Dominick Prevete has placement relationships with Kiavi Funding, Inc.; CHAMPIONS FUNDING, LLC; A&D Mortgage LLC; RCN Capital, LLC; and VELOCITY COMMERCIAL CAPITAL, LLC — all of which appear in the table — and those relationships had no influence on it: the ordering is the filing record and nothing else, and lenders the firm has no relationship with rank above several that it does.
What does this 15-state lender data not capture?+
Four things. Temporary financing — most fix-and-flip, bridge and construction loans — is exempt from HMDA, so a lender's rank reflects its reportable closed-end activity, not its whole book. Institutions under roughly 25 closed-end loans a year do not file, so local private lenders and the smallest community banks are absent by design. The record does not distinguish a DSCR loan from a conventional investor-purpose loan. And the count covers 15 states, so a lender strong in states outside this set ranks lower here than it would in a count that covered every state. The 2025 vintage is the current release and the CFPB keeps revising it, which is why the retrieval date is stated with every figure.
Which of these lenders is the one for your deal?
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The table cannot show where your file lands in it — that depends on the entity, the property, the rent documentation and the exit, and it is the job I do across 100+ lenders, including several in the table above. Send the address, the rent and the loan you are after. A term sheet is non-binding and subject to underwriting, appraisal and full diligence; what the 24-hour window buys is a real written structure from a lender that fits, not a ballpark. No fee, and no hard credit pull to find out.