M Squared Financial 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 1,883 small mortgage lenders. Higher is better. Components the lender does not report are left out and the weights redistributed.
Approval oddsdecision denial rate, weight 45%
85th2.7% deniedPricingmedian rate spread over APOR, weight 30%
43rd0.33 ptsProcesswithdrawn + incomplete share, weight 15%
22nd19.1%Closing coststotal loan costs ÷ loan amount, weight 10%
55th1.78% of loanTrend, 2023–2025
| Year | Applications | Originated | Denial rate | Decision denial | Median rate | Volume |
|---|---|---|---|---|---|---|
| 2023 | 276 | 276 | 0.0% | 0.0% | 5.88% | $96M |
| 2024 | 876 | 688 | 1.8% | 2.3% | 6.63% | $207M |
| 2025 | 968 | 756 | 2.2% | 2.7% | 6.50% | $224M |
What M Squared Financial 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, 0 manufactured homes, 36 investment properties.
Why M Squared Financial denies applications
Primary reason reported for each of the 21 denials in 2025. Lenders can cite up to four reasons; this is the first one listed.
Who gets approved at M Squared Financial
Decision denial rate by applicant profile. Groups with fewer than 20 applications are omitted.
| Applicant income | Applications | Originated | Decision denial rate |
|---|---|---|---|
| Under $50k | 86 | 60 | 9.1% |
| $50k – $100k | 407 | 318 | 2.4% |
| $100k – $150k | 238 | 189 | 2.1% |
| $150k – $250k | 167 | 134 | 2.2% |
| Over $250k | 63 | 49 | 0.0% |
| Applicant age | Applications | Originated | Decision denial rate |
|---|---|---|---|
| Under 25 | 69 | 59 | 4.8% |
| 25–34 | 374 | 299 | 2.9% |
| 35–44 | 248 | 191 | 1.5% |
| 45–54 | 137 | 104 | 3.7% |
| 55–64 | 91 | 70 | 1.4% |
| 65–74 | 36 | 24 | 0.0% |
Where M Squared Financial lends
13 states and 72 counties in 2025. Click a state for the lender's full record there.
Frequently asked questions
M Squared Financial denied 2.7% of the applications it decided on in 2025. The national figure across all lenders was 22.6%. On approval odds it ranks in the 85th percentile of small mortgage lenders.
The most common reason M Squared Financial gave in 2025 was "collateral", cited on 52.4% 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 M Squared Financial originated in 2025 was 6.50%, and its median rate spread over the average prime offer rate was 0.33 points. Rates on this page are what borrowers actually got, not advertised rates.
In 2025, 89% of its applications were for home purchases, 8% for refinancing (including cash-out), and 3% for home improvement or other purposes. By loan type: 67% conventional, 25% 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.