NFM at a glance, 2025
Every figure is from the lender's own HMDA filing. "vs national" compares with all lenders combined.
How the A 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%
98th2.3% deniedPricingmedian rate spread over APOR, weight 30%
43rd0.35 ptsProcesswithdrawn + incomplete share, weight 15%
45th19.7%Closing coststotal loan costs ÷ loan amount, weight 10%
57th2.42% of loanTrend, 2023–2025
| Year | Applications | Originated | Denial rate | Decision denial | Median rate | Volume |
|---|---|---|---|---|---|---|
| 2023 | 20,873 | 15,850 | 2.2% | 2.8% | 6.88% | $5.6B |
| 2024 | 22,037 | 17,246 | 1.9% | 2.3% | 6.75% | $6.6B |
| 2025 | 24,275 | 18,920 | 1.8% | 2.3% | 6.63% | $7.3B |
What NFM 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, 310 manufactured homes, 2,383 investment properties.
Why NFM denies applications
Primary reason reported for each of the 440 denials in 2025. Lenders can cite up to four reasons; this is the first one listed.
Who gets approved at NFM
Decision denial rate by applicant profile. Groups with fewer than 20 applications are omitted.
| Applicant income | Applications | Originated | Decision denial rate |
|---|---|---|---|
| Under $50k | 1,005 | 660 | 9.5% |
| $50k – $100k | 7,811 | 6,055 | 2.6% |
| $100k – $150k | 6,316 | 5,035 | 1.7% |
| $150k – $250k | 5,109 | 4,091 | 1.0% |
| Over $250k | 2,662 | 2,117 | 1.2% |
| Applicant age | Applications | Originated | Decision denial rate |
|---|---|---|---|
| Under 25 | 1,421 | 1,140 | 2.1% |
| 25–34 | 7,913 | 6,328 | 1.6% |
| 35–44 | 6,598 | 5,129 | 2.4% |
| 45–54 | 4,136 | 3,190 | 2.8% |
| 55–64 | 2,668 | 2,001 | 3.2% |
| 65–74 | 1,151 | 844 | 3.0% |
| Over 74 | 388 | 288 | 2.4% |
Where NFM lends
50 states and 1,073 counties in 2025. Click a state for the lender's full record there.
| State | Applications | Originated | Denial rate | Median rate | Rank in state |
|---|---|---|---|---|---|
| Ohio | 4,370 | 3,308 | 1.1% | 6.75% | #24 |
| Maryland | 2,831 | 2,255 | 1.4% | 6.63% | #15 |
| Florida | 2,591 | 2,000 | 3.2% | 6.25% | #79 |
| Virginia | 1,588 | 1,310 | 1.5% | 6.63% | #55 |
| North Carolina | 1,412 | 1,137 | 1.5% | 6.49% | #66 |
| Texas | 1,401 | 1,055 | 2.0% | 6.75% | #140 |
| New Jersey | 1,354 | 1,051 | 2.9% | 6.63% | #55 |
| Arizona | 1,012 | 897 | 1.2% | 4.99% | #72 |
| Washington | 1,000 | 843 | 2.0% | 6.63% | #61 |
| Colorado | 802 | 659 | 0.6% | 6.25% | #73 |
| Georgia | 720 | 511 | 3.5% | 6.75% | #118 |
| Rhode Island | 556 | 459 | 1.6% | 6.75% | #18 |
| California | 529 | 416 | 1.0% | 6.00% | #254 |
| Pennsylvania | 482 | 369 | 3.5% | 6.75% | #161 |
| Illinois | 471 | 263 | 1.1% | 6.88% | #135 |
| Idaho | 341 | 249 | 1.5% | 6.25% | #66 |
| Connecticut | 313 | 249 | 4.2% | 6.63% | #74 |
| Massachusetts | 297 | 248 | 1.4% | 6.63% | #119 |
| Hawaii | 296 | 235 | 1.4% | 6.99% | #23 |
| Kentucky | 284 | 204 | 1.1% | 6.88% | #113 |
| Tennessee | 281 | 199 | 2.1% | 6.75% | #169 |
| Alabama | 243 | 180 | 1.7% | 6.38% | #139 |
| South Carolina | 237 | 180 | 0.8% | 6.75% | #167 |
| Delaware | 120 | 95 | 0.8% | 6.63% | #74 |
| District of Columbia | 98 | 77 | 4.1% | 6.63% | #47 |
| Michigan | 97 | 73 | 2.1% | 6.75% | #279 |
| Wisconsin | 90 | 71 | 1.1% | 6.75% | #266 |
| West Virginia | 89 | 71 | 3.4% | 6.75% | #99 |
| Arkansas | 84 | 62 | 3.6% | 6.88% | #165 |
| Indiana | 69 | 41 | 0.0% | 6.75% | #313 |
| Missouri | 52 | 34 | 1.9% | 6.88% | #341 |
| Oklahoma | 23 | 18 | 0.0% | 6.81% | #323 |
| Louisiana | 17 | 9 | 0.0% | 6.75% | #325 |
| Maine | 17 | 10 | 0.0% | 7.19% | #181 |
| Oregon | 14 | 12 | 7.1% | 6.62% | #326 |
| Kansas | 13 | 9 | 0.0% | 6.63% | #333 |
| Minnesota | 13 | 10 | 0.0% | 6.75% | #435 |
| New Hampshire | 13 | 13 | 0.0% | 6.99% | #230 |
| Mississippi | 12 | 7 | 0.0% | 6.88% | #277 |
| Iowa | 11 | 9 | 0.0% | 7.13% | #343 |
| Nevada | 10 | 6 | 10.0% | 6.81% | #317 |
| New Mexico | 5 | 4 | 0.0% | 7.31% | #318 |
Frequently asked questions
NFM denied 2.3% of the applications it decided on in 2025. The national figure across all lenders was 22.6%. On approval odds it ranks in the 98th percentile of large mortgage lenders.
The most common reason NFM gave in 2025 was "debt-to-income ratio", cited on 36.6% 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 NFM originated in 2025 was 6.63%, and its median rate spread over the average prime offer rate was 0.35 points. Rates on this page are what borrowers actually got, not advertised rates.
In 2025, 86% of its applications were for home purchases, 12% for refinancing (including cash-out), and 2% for home improvement or other purposes. By loan type: 66% conventional, 25% FHA, 9% 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.