Spring Eq at a glance, 2025
Every figure is from the lender's own HMDA filing. "vs national" compares with all lenders combined.
How the D 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%
7th61.9% deniedPricingmedian rate spread over APOR, weight 30%
2nd3.17 ptsProcesswithdrawn + incomplete share, weight 15%
60th17.2%Closing coststotal loan costs ÷ loan amount, weight 10%
47th2.54% of loanTrend, 2023–2025
| Year | Applications | Originated | Denial rate | Decision denial | Median rate | Volume |
|---|---|---|---|---|---|---|
| 2023 | 84,085 | 19,058 | 65.6% | 73.9% | 11.13% | $2.0B |
| 2024 | 104,263 | 31,186 | 54.8% | 64.0% | 9.95% | $3.1B |
| 2025 | 108,788 | 32,174 | 51.2% | 61.9% | 9.20% | $3.5B |
What Spring Eq 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: 40,824 home-equity lines, 0 reverse mortgages, 0 manufactured homes, 5,604 investment properties.
Why Spring Eq denies applications
Primary reason reported for each of the 55,716 denials in 2025. Lenders can cite up to four reasons; this is the first one listed.
Who gets approved at Spring Eq
Decision denial rate by applicant profile. Groups with fewer than 20 applications are omitted.
| Applicant income | Applications | Originated | Decision denial rate |
|---|---|---|---|
| Under $50k | 6,703 | 1,011 | 81.2% |
| $50k – $100k | 31,434 | 8,679 | 64.9% |
| $100k – $150k | 28,989 | 9,548 | 57.6% |
| $150k – $250k | 26,826 | 9,099 | 55.6% |
| Over $250k | 12,848 | 3,833 | 59.0% |
| Applicant age | Applications | Originated | Decision denial rate |
|---|---|---|---|
| Under 25 | 144 | 28 | 73.7% |
| 25–34 | 7,174 | 2,273 | 57.8% |
| 35–44 | 23,684 | 8,470 | 52.8% |
| 45–54 | 26,537 | 9,744 | 51.7% |
| 55–64 | 20,024 | 6,835 | 54.1% |
| 65–74 | 11,397 | 3,481 | 59.0% |
| Over 74 | 5,187 | 1,343 | 64.2% |
Where Spring Eq lends
51 states and 2,391 counties in 2025. Click a state for the lender's full record there.
| State | Applications | Originated | Denial rate | Median rate | Rank in state |
|---|---|---|---|---|---|
| California | 21,601 | 6,742 | 50.8% | 8.88% | #6 |
| Florida | 11,190 | 2,675 | 55.9% | 9.20% | #20 |
| Texas | 6,585 | 1,571 | 58.0% | 9.63% | #27 |
| Arizona | 4,706 | 1,610 | 47.3% | 8.95% | #13 |
| Georgia | 4,535 | 1,319 | 50.2% | 9.25% | #22 |
| New Jersey | 4,386 | 1,279 | 50.0% | 9.03% | #13 |
| North Carolina | 3,563 | 1,116 | 47.7% | 9.15% | #30 |
| Virginia | 3,471 | 1,024 | 49.4% | 9.58% | #21 |
| Washington | 3,396 | 1,086 | 48.5% | 8.98% | #20 |
| Maryland | 3,348 | 945 | 51.8% | 9.63% | #14 |
| Colorado | 3,201 | 963 | 50.9% | 8.95% | #19 |
| Illinois | 3,079 | 921 | 49.3% | 9.65% | #30 |
| Pennsylvania | 3,059 | 909 | 51.6% | 9.40% | #38 |
| Ohio | 2,963 | 845 | 52.2% | 9.50% | #36 |
| Tennessee | 2,580 | 821 | 49.9% | 8.70% | #30 |
| Michigan | 2,391 | 680 | 54.5% | 9.36% | #44 |
| South Carolina | 2,178 | 687 | 48.5% | 9.00% | #25 |
| Oregon | 1,813 | 544 | 49.9% | 9.05% | #19 |
| Indiana | 1,652 | 571 | 44.2% | 9.88% | #48 |
| Alabama | 1,451 | 400 | 52.7% | 9.50% | #35 |
| Missouri | 1,413 | 500 | 44.8% | 9.39% | #36 |
| Minnesota | 1,384 | 384 | 54.5% | 8.94% | #29 |
| Connecticut | 1,283 | 402 | 49.3% | 9.25% | #26 |
| Utah | 1,198 | 417 | 49.7% | 9.05% | #28 |
| Nevada | 1,149 | 480 | 45.2% | 9.25% | #27 |
| Wisconsin | 1,129 | 322 | 51.9% | 9.30% | #44 |
| Massachusetts | 1,099 | 280 | 53.2% | 9.30% | #45 |
| Oklahoma | 882 | 241 | 54.5% | 9.85% | #37 |
| Kentucky | 881 | 270 | 49.5% | 9.53% | #47 |
| Louisiana | 773 | 216 | 52.9% | 9.85% | #41 |
| Kansas | 725 | 222 | 49.1% | 9.44% | #35 |
| Idaho | 667 | 232 | 47.1% | 8.80% | #31 |
| New Hampshire | 641 | 181 | 53.4% | 9.10% | #22 |
| New Mexico | 559 | 188 | 48.8% | 9.28% | #31 |
| Arkansas | 549 | 167 | 50.3% | 9.58% | #46 |
| Delaware | 538 | 167 | 49.3% | 10.03% | #25 |
| Iowa | 473 | 140 | 50.5% | 9.76% | #50 |
| Maine | 424 | 112 | 51.7% | 9.29% | #39 |
| Mississippi | 395 | 107 | 50.6% | 9.40% | #50 |
| Rhode Island | 364 | 102 | 53.3% | 9.23% | #28 |
| Nebraska | 353 | 115 | 46.7% | 9.83% | #49 |
| Montana | 301 | 108 | 46.2% | 8.86% | #26 |
| Wyoming | 165 | 53 | 50.9% | 9.70% | #40 |
| District of Columbia | 148 | 35 | 54.1% | 8.95% | #35 |
| Vermont | 118 | 24 | 59.3% | 8.83% | #36 |
| South Dakota | 10 | 1 | 80.0% | 7.20% | #132 |
| New York | 6 | 0 | 100.0% | — | #503 |
| North Dakota | 5 | 0 | 80.0% | — | #161 |
Frequently asked questions
Spring Eq denied 61.9% of the applications it decided on in 2025. The national figure across all lenders was 22.6%. On approval odds it ranks in the 7th percentile of large mortgage lenders.
The most common reason Spring Eq gave in 2025 was "incomplete application", cited on 65.8% 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 Spring Eq originated in 2025 was 9.20%, and its median rate spread over the average prime offer rate was 3.17 points. Rates on this page are what borrowers actually got, not advertised rates.
In 2025, 1% of its applications were for home purchases, 14% for refinancing (including cash-out), and 85% 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.