Watermark Capital 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%
76th4.5% deniedPricingmedian rate spread over APOR, weight 30%
79th0.03 ptsProcesswithdrawn + incomplete share, weight 15%
73rd6.5%Closing coststotal loan costs ÷ loan amount, weight 10%
81st1.13% of loanTrend, 2023–2025
| Year | Applications | Originated | Denial rate | Decision denial | Median rate | Volume |
|---|---|---|---|---|---|---|
| 2023 | 757 | 617 | 5.0% | 5.2% | 6.62% | $306M |
| 2024 | 846 | 676 | 4.5% | 4.7% | 6.62% | $378M |
| 2025 | 908 | 696 | 4.2% | 4.5% | 6.50% | $383M |
What Watermark Capital 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, 24 reverse mortgages, 0 manufactured homes, 173 investment properties.
Why Watermark Capital denies applications
Primary reason reported for each of the 38 denials in 2025. Lenders can cite up to four reasons; this is the first one listed.
Who gets approved at Watermark Capital
Decision denial rate by applicant profile. Groups with fewer than 20 applications are omitted.
| Applicant income | Applications | Originated | Decision denial rate |
|---|---|---|---|
| Under $50k | 20 | 12 | 0.0% |
| $50k – $100k | 129 | 93 | 5.9% |
| $100k – $150k | 143 | 113 | 6.5% |
| $150k – $250k | 283 | 229 | 3.0% |
| Over $250k | 269 | 210 | 3.9% |
| Applicant age | Applications | Originated | Decision denial rate |
|---|---|---|---|
| 25–34 | 192 | 146 | 3.4% |
| 35–44 | 315 | 249 | 4.1% |
| 45–54 | 148 | 114 | 6.4% |
| 55–64 | 138 | 103 | 5.4% |
| 65–74 | 62 | 50 | 0.0% |
| Over 74 | 39 | 24 | 6.1% |
Where Watermark Capital lends
36 states and 243 counties in 2025. Click a state for the lender's full record there.
| State | Applications | Originated | Denial rate | Median rate | Rank in state |
|---|---|---|---|---|---|
| California | 323 | 249 | 3.7% | 6.63% | #309 |
| Texas | 183 | 151 | 1.6% | 6.63% | #432 |
| Maryland | 46 | 37 | 4.4% | 7.06% | #326 |
| Arizona | 39 | 33 | 2.6% | 6.50% | #341 |
| Virginia | 34 | 26 | 2.9% | 6.56% | #426 |
| Florida | 32 | 21 | 12.5% | 6.50% | #674 |
| Nevada | 31 | 19 | 12.9% | 6.63% | #247 |
| Washington | 29 | 23 | 10.3% | 6.25% | #350 |
| North Carolina | 23 | 18 | 4.4% | 6.13% | #505 |
| Massachusetts | 18 | 14 | 0.0% | 5.99% | #422 |
| District of Columbia | 16 | 10 | 12.5% | 6.44% | #147 |
| New Jersey | 16 | 8 | 0.0% | 6.25% | #481 |
| Oregon | 15 | 13 | 6.7% | 6.38% | #325 |
| Connecticut | 11 | 6 | 9.1% | 6.31% | #368 |
| Utah | 11 | 9 | 0.0% | 6.38% | #277 |
| Pennsylvania | 10 | 7 | 0.0% | 6.13% | #687 |
| Tennessee | 10 | 7 | 0.0% | 6.13% | #634 |
| Georgia | 9 | 5 | 11.1% | 5.99% | #691 |
| Colorado | 7 | 4 | 0.0% | 6.31% | #569 |
| Idaho | 7 | 4 | 14.3% | 6.63% | #301 |
| Michigan | 6 | 4 | 0.0% | 5.94% | #566 |
| South Carolina | 6 | 6 | 0.0% | 6.62% | #616 |
Frequently asked questions
Watermark Capital denied 4.5% of the applications it decided on in 2025. The national figure across all lenders was 22.6%. On approval odds it ranks in the 76th percentile of small mortgage lenders.
The most common reason Watermark Capital gave in 2025 was "collateral", cited on 39.5% 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 Watermark Capital originated in 2025 was 6.50%, and its median rate spread over the average prime offer rate was 0.03 points. Rates on this page are what borrowers actually got, not advertised rates.
In 2025, 52% of its applications were for home purchases, 45% for refinancing (including cash-out), and 3% for home improvement or other purposes. By loan type: 91% conventional, 4% FHA, 5% 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.