KeyBank at a glance, 2025
Every figure is from the lender's own HMDA filing. "vs national" compares with all lenders combined.
How the C grade breaks down
Each component is a percentile rank among 101 large mortgage lenders. Higher is better. Components the lender does not report are left out and the weights redistributed.
Approval oddsdecision denial rate, weight 45%
23rd32.8% deniedPricingmedian rate spread over APOR, weight 30%
59th0.27 ptsProcesswithdrawn + incomplete share, weight 15%
68th15.2%Closing coststotal loan costs ÷ loan amount, weight 10%
51st2.51% of loanTrend, 2023–2025
| Year | Applications | Originated | Denial rate | Decision denial | Median rate | Volume |
|---|---|---|---|---|---|---|
| 2023 | 23,244 | 11,856 | 30.7% | 36.9% | 7.38% | $2.9B |
| 2024 | 15,839 | 8,251 | 30.7% | 36.5% | 6.75% | $2.2B |
| 2025 | 15,640 | 8,717 | 27.8% | 32.8% | 6.63% | $2.7B |
What KeyBank 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: 3,883 home-equity lines, 0 reverse mortgages, 254 manufactured homes, 872 investment properties.
Why KeyBank denies applications
Primary reason reported for each of the 4,345 denials in 2025. Lenders can cite up to four reasons; this is the first one listed.
Who gets approved at KeyBank
Decision denial rate by applicant profile. Groups with fewer than 20 applications are omitted.
| Applicant income | Applications | Originated | Decision denial rate |
|---|---|---|---|
| Under $50k | 2,527 | 996 | 51.8% |
| $50k – $100k | 5,221 | 2,919 | 33.5% |
| $100k – $150k | 2,916 | 1,755 | 27.3% |
| $150k – $250k | 2,371 | 1,473 | 24.3% |
| Over $250k | 2,005 | 1,229 | 24.2% |
| Applicant age | Applications | Originated | Decision denial rate |
|---|---|---|---|
| Under 25 | 316 | 213 | 19.6% |
| 25–34 | 2,044 | 1,293 | 25.4% |
| 35–44 | 2,887 | 1,708 | 30.2% |
| 45–54 | 2,951 | 1,640 | 34.5% |
| 55–64 | 3,381 | 1,774 | 36.9% |
| 65–74 | 2,646 | 1,337 | 35.6% |
| Over 74 | 1,359 | 713 | 33.4% |
Where KeyBank lends
43 states and 650 counties in 2025. Click a state for the lender's full record there.
| State | Applications | Originated | Denial rate | Median rate | Rank in state |
|---|---|---|---|---|---|
| New York | 4,212 | 2,485 | 26.5% | 6.50% | #20 |
| Ohio | 3,468 | 2,071 | 24.7% | 6.63% | #31 |
| Washington | 1,734 | 869 | 33.0% | 6.63% | #37 |
| Pennsylvania | 1,112 | 597 | 28.5% | 7.19% | #81 |
| Indiana | 879 | 489 | 28.0% | 6.63% | #78 |
| Oregon | 829 | 470 | 26.5% | 6.88% | #51 |
| Connecticut | 642 | 299 | 33.3% | 7.00% | #48 |
| Colorado | 485 | 227 | 35.1% | 6.75% | #106 |
| Maine | 413 | 223 | 27.9% | 7.50% | #40 |
| Idaho | 327 | 180 | 27.5% | 6.63% | #69 |
| Michigan | 311 | 180 | 29.9% | 6.50% | #169 |
| Utah | 311 | 136 | 28.6% | 6.75% | #77 |
| Florida | 179 | 90 | 27.4% | 6.63% | #387 |
| Massachusetts | 124 | 58 | 37.9% | 6.50% | #225 |
| Alaska | 112 | 52 | 32.1% | 6.81% | #40 |
| Vermont | 94 | 46 | 31.9% | 7.70% | #45 |
| California | 59 | 34 | 27.1% | 6.31% | #506 |
| North Carolina | 39 | 23 | 12.8% | 6.63% | #436 |
| Arizona | 31 | 18 | 12.9% | 6.94% | #372 |
| Texas | 31 | 20 | 12.9% | 6.19% | #796 |
| New Jersey | 30 | 14 | 26.7% | 6.75% | #408 |
| South Carolina | 30 | 23 | 6.7% | 6.75% | #397 |
| Kentucky | 24 | 15 | 16.7% | 6.38% | #334 |
| Illinois | 22 | 14 | 22.7% | 6.56% | #580 |
| Georgia | 21 | 12 | 28.6% | 6.25% | #566 |
| Tennessee | 18 | 14 | 5.6% | 6.50% | #554 |
| New Hampshire | 16 | 8 | 18.8% | 6.81% | #213 |
| Maryland | 12 | 7 | 33.3% | 6.13% | #457 |
| Nevada | 12 | 7 | 16.7% | 6.13% | #303 |
| Virginia | 12 | 6 | 33.3% | 6.44% | #549 |
| Montana | 7 | 5 | 28.6% | 7.50% | #205 |
| Delaware | 6 | 1 | 33.3% | 7.38% | #300 |
| Missouri | 6 | 4 | 33.3% | 7.19% | #572 |
| Wisconsin | 6 | 5 | 16.7% | 6.57% | #549 |
| Rhode Island | 5 | 3 | 40.0% | 6.50% | #242 |
Frequently asked questions
KeyBank denied 32.8% of the applications it decided on in 2025. The national figure across all lenders was 22.6%. On approval odds it ranks in the 23rd percentile of large mortgage lenders.
The most common reason KeyBank gave in 2025 was "credit history", cited on 30.9% 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 KeyBank originated in 2025 was 6.63%, and its median rate spread over the average prime offer rate was 0.27 points. Rates on this page are what borrowers actually got, not advertised rates.
In 2025, 32% of its applications were for home purchases, 31% for refinancing (including cash-out), and 36% for home improvement or other purposes. By loan type: 93% conventional, 6% FHA, 1% 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.