Novation Credit Union 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 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%
23rd18.3% deniedPricingmedian rate spread over APOR, weight 30%
31st0.46 ptsProcesswithdrawn + incomplete share, weight 15%
67th8.1%Closing coststotal loan costs ÷ loan amount, weight 10%
99th0.22% of loanTrend, 2023–2025
| Year | Applications | Originated | Denial rate | Decision denial | Median rate | Volume |
|---|---|---|---|---|---|---|
| 2023 | 111 | 97 | 5.4% | 5.8% | 6.49% | $8.3M |
| 2024 | 167 | 139 | 4.2% | 4.8% | 6.75% | $13M |
| 2025 | 149 | 112 | 16.8% | 18.3% | 6.49% | $8.6M |
What Novation Credit Union 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, 2 investment properties.
Why Novation Credit Union denies applications
Primary reason reported for each of the 25 denials in 2025. Lenders can cite up to four reasons; this is the first one listed.
Who gets approved at Novation Credit Union
Decision denial rate by applicant profile. Groups with fewer than 20 applications are omitted.
| Applicant income | Applications | Originated | Decision denial rate |
|---|---|---|---|
| $50k – $100k | 49 | 36 | 23.4% |
| $100k – $150k | 38 | 26 | 16.1% |
| $150k – $250k | 38 | 33 | 10.8% |
| Applicant age | Applications | Originated | Decision denial rate |
|---|---|---|---|
| 35–44 | 31 | 22 | 26.7% |
| 45–54 | 39 | 34 | 10.5% |
| 55–64 | 38 | 30 | 6.3% |
Where Novation Credit Union lends
5 states and 26 counties in 2025. Click a state for the lender's full record there.
Frequently asked questions
Novation Credit Union denied 18.3% of the applications it decided on in 2025. The national figure across all lenders was 22.6%. On approval odds it ranks in the 23rd percentile of small mortgage lenders.
The most common reason Novation Credit Union gave in 2025 was "other", cited on 52.0% 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 Novation Credit Union originated in 2025 was 6.49%, and its median rate spread over the average prime offer rate was 0.46 points. Rates on this page are what borrowers actually got, not advertised rates.
In 2025, 4% of its applications were for home purchases, 1% for refinancing (including cash-out), and 95% for home improvement or other purposes. By loan type: 100% conventional, 0% FHA, 0% 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.