Bay Equity at a glance, 2025
Every figure is from the lender's own HMDA filing. "vs national" compares with all lenders combined.
How the B grade breaks down
Each component is a percentile rank among 581 mid-size mortgage lenders. Higher is better. Components the lender does not report are left out and the weights redistributed.
Approval oddsdecision denial rate, weight 45%
74th4.9% deniedPricingmedian rate spread over APOR, weight 30%
65th0.17 ptsProcesswithdrawn + incomplete share, weight 15%
12th28.2%Closing coststotal loan costs ÷ loan amount, weight 10%
73rd1.69% of loanTrend, 2023–2025
| Year | Applications | Originated | Denial rate | Decision denial | Median rate | Volume |
|---|---|---|---|---|---|---|
| 2023 | 13,463 | 9,182 | 4.5% | 6.1% | 6.63% | $3.5B |
| 2024 | 13,994 | 9,751 | 3.6% | 4.9% | 6.63% | $4.0B |
| 2025 | 6,552 | 4,443 | 3.5% | 4.9% | 6.63% | $1.9B |
What Bay Equity lends
Applications by purpose and loan type in 2025, with the denial rate for each. A lender's mix explains a lot of its headline rate: HELOCs and FHA loans are denied far more often than conventional purchase loans.
By loan purpose
By loan type
Also: 0 home-equity lines, 0 reverse mortgages, 94 manufactured homes, 376 investment properties.
Why Bay Equity denies applications
Primary reason reported for each of the 228 denials in 2025. Lenders can cite up to four reasons; this is the first one listed.
Who gets approved at Bay Equity
Decision denial rate by applicant profile. Groups with fewer than 20 applications are omitted.
| Applicant income | Applications | Originated | Decision denial rate |
|---|---|---|---|
| Under $50k | 171 | 90 | 15.6% |
| $50k – $100k | 1,655 | 1,120 | 6.4% |
| $100k – $150k | 1,770 | 1,250 | 3.3% |
| $150k – $250k | 1,860 | 1,273 | 4.0% |
| Over $250k | 1,075 | 703 | 4.3% |
| Applicant age | Applications | Originated | Decision denial rate |
|---|---|---|---|
| Under 25 | 198 | 133 | 8.3% |
| 25–34 | 1,790 | 1,242 | 3.3% |
| 35–44 | 1,965 | 1,350 | 4.5% |
| 45–54 | 1,199 | 798 | 6.2% |
| 55–64 | 788 | 522 | 6.7% |
| 65–74 | 482 | 323 | 3.9% |
| Over 74 | 130 | 75 | 6.2% |
Where Bay Equity lends
47 states and 625 counties in 2025. Click a state for the lender's full record there.
| State | Applications | Originated | Denial rate | Median rate | Rank in state |
|---|---|---|---|---|---|
| Washington | 687 | 476 | 3.2% | 6.63% | #82 |
| Illinois | 671 | 470 | 2.1% | 6.75% | #108 |
| California | 669 | 426 | 2.7% | 6.75% | #214 |
| Maryland | 518 | 368 | 4.1% | 6.63% | #85 |
| Texas | 477 | 302 | 2.9% | 6.63% | #266 |
| Colorado | 415 | 257 | 3.1% | 6.75% | #118 |
| Florida | 292 | 180 | 6.9% | 6.63% | #308 |
| Virginia | 271 | 190 | 1.9% | 6.63% | #174 |
| Oregon | 244 | 180 | 3.3% | 6.63% | #99 |
| North Carolina | 234 | 147 | 3.4% | 6.62% | #218 |
| Arizona | 230 | 158 | 4.8% | 6.63% | #167 |
| Kentucky | 217 | 166 | 5.1% | 6.75% | #139 |
| Massachusetts | 180 | 121 | 4.4% | 6.63% | #173 |
| Minnesota | 179 | 148 | 2.8% | 6.93% | #143 |
| Georgia | 159 | 88 | 5.7% | 6.49% | #275 |
| Pennsylvania | 156 | 120 | 1.9% | 6.50% | #317 |
| New Jersey | 129 | 85 | 3.9% | 6.63% | #241 |
| Nevada | 102 | 74 | 5.9% | 6.63% | #143 |
| Indiana | 89 | 60 | 2.3% | 6.63% | #290 |
| South Carolina | 72 | 47 | 5.6% | 6.62% | #292 |
| Tennessee | 69 | 49 | 2.9% | 6.63% | #371 |
| Ohio | 65 | 46 | 3.1% | 6.63% | #374 |
| Idaho | 62 | 52 | 0.0% | 6.75% | #150 |
| Utah | 54 | 37 | 0.0% | 6.75% | #164 |
| Wisconsin | 38 | 29 | 2.6% | 6.88% | #364 |
| District of Columbia | 36 | 22 | 5.6% | 6.63% | #91 |
| Michigan | 34 | 25 | 0.0% | 6.63% | #373 |
| Oklahoma | 28 | 20 | 3.6% | 6.63% | #310 |
| New Hampshire | 26 | 15 | 15.4% | 6.75% | #172 |
| Missouri | 24 | 14 | 12.5% | 6.63% | #419 |
| Hawaii | 20 | 5 | 5.0% | 6.88% | #129 |
| Connecticut | 19 | 12 | 0.0% | 6.63% | #310 |
| Kansas | 16 | 11 | 12.5% | 6.75% | #313 |
| Delaware | 11 | 7 | 0.0% | 6.38% | #229 |
| Alabama | 8 | 4 | 12.5% | 6.38% | #508 |
| Louisiana | 7 | 4 | 14.3% | 6.31% | #401 |
| Rhode Island | 7 | 4 | 0.0% | 6.49% | #215 |
| West Virginia | 7 | 5 | 0.0% | 6.88% | #278 |
| Maine | 6 | 4 | 0.0% | 6.87% | #260 |
| Wyoming | 6 | 5 | 0.0% | 6.49% | #181 |
| Montana | 5 | 2 | 0.0% | 6.75% | #237 |
Frequently asked questions
Bay Equity denied 4.9% of the applications it decided on in 2025. The national figure across all lenders was 22.6%. On approval odds it ranks in the 74th percentile of mid-size mortgage lenders.
The most common reason Bay Equity gave in 2025 was "debt-to-income ratio", cited on 32.9% of its denials. Lenders report up to four reasons per denial to the CFPB; the full breakdown is on this page.
The median interest rate on loans Bay Equity originated in 2025 was 6.63%, and its median rate spread over the average prime offer rate was 0.17 points. Rates on this page are what borrowers actually got, not advertised rates.
In 2025, 95% of its applications were for home purchases, 5% for refinancing (including cash-out), and 0% for home improvement or other purposes. By loan type: 77% conventional, 15% FHA, 8% VA.
Every figure on this page comes from the Home Mortgage Disclosure Act (HMDA) Loan/Application Register published by the CFPB, which lenders are required by federal law to file. We add the grade and the comparisons; we do not add facts.