Sovereign Bank 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 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%
89th1.9% deniedPricingmedian rate spread over APOR, weight 30%
49th0.28 ptsProcesswithdrawn + incomplete share, weight 15%
85th3.0%Closing coststotal loan costs ÷ loan amount, weight 10%
28th2.57% of loanTrend, 2023–2025
| Year | Applications | Originated | Denial rate | Decision denial | Median rate | Volume |
|---|---|---|---|---|---|---|
| 2023 | 512 | 443 | 3.3% | 3.4% | 7.25% | $144M |
| 2024 | 591 | 525 | 2.7% | 2.8% | 7.00% | $157M |
| 2025 | 538 | 485 | 1.9% | 1.9% | 6.99% | $126M |
What Sovereign Bank 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, 6 manufactured homes, 174 investment properties.
Why Sovereign Bank denies applications
Primary reason reported for each of the 10 denials in 2025. Lenders can cite up to four reasons; this is the first one listed.
Who gets approved at Sovereign Bank
Decision denial rate by applicant profile. Groups with fewer than 20 applications are omitted.
| Applicant income | Applications | Originated | Decision denial rate |
|---|---|---|---|
| Under $50k | 39 | 33 | 8.3% |
| $50k – $100k | 159 | 138 | 4.0% |
| $100k – $150k | 105 | 93 | 0.0% |
| $150k – $250k | 74 | 68 | 0.0% |
| Over $250k | 43 | 39 | 0.0% |
| Applicant age | Applications | Originated | Decision denial rate |
|---|---|---|---|
| Under 25 | 28 | 25 | 3.9% |
| 25–34 | 133 | 115 | 0.8% |
| 35–44 | 102 | 91 | 1.0% |
| 45–54 | 59 | 51 | 3.5% |
| 55–64 | 55 | 44 | 9.4% |
| 65–74 | 37 | 36 | 0.0% |
Where Sovereign Bank lends
14 states and 54 counties in 2025. Click a state for the lender's full record there.
Frequently asked questions
Sovereign Bank denied 1.9% of the applications it decided on in 2025. The national figure across all lenders was 22.6%. On approval odds it ranks in the 89th percentile of small mortgage lenders.
The most common reason Sovereign Bank gave in 2025 was "credit history", cited on 40.0% 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 Sovereign Bank originated in 2025 was 6.99%, and its median rate spread over the average prime offer rate was 0.28 points. Rates on this page are what borrowers actually got, not advertised rates.
In 2025, 70% of its applications were for home purchases, 26% for refinancing (including cash-out), and 3% for home improvement or other purposes. By loan type: 75% conventional, 17% 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.