Compare Mortgage Lenders
Select two lenders to compare side by side using 2023 HMDA federal data: approval rates, denial rates, loan sizes, loan types, and geographic reach.
Key Metrics
| Metric | NEW DAY FINANCIAL, | FREEDOM MORTGAGE CORPORATION |
|---|---|---|
| Total Applications | 44,774 | 252,504 ▲ |
| Loans Originated | 7,187 | 57,345 |
| Approval Rate (higher is better) | 16.1% | 22.7% ✓ |
| Denial Rate (lower is better) | 25.0% | 4.9% ✓ |
| Avg Loan Amount | $286,748 | $370,000 |
| Avg Interest Rate (lower is better) | 7.494% | 6.206% ✓ |
| Avg Applicant Income | $39,000 | $40,000 |
| Applications Denied | 11,201 | 12,324 |
| Applications Withdrawn | 21,035 | 25,081 |
✓ Better indicates the more favorable value for borrowers. Data: CFPB HMDA 2023.
Loan Type Mix
| Loan Type | NEW DAY FINANCIAL, | FREEDOM MORTGAGE CORPORATION |
|---|---|---|
| Conventional | 48 (0.1%) | 30,933 (12.3%) |
| FHA | 2,924 (6.5%) | 122,934 (48.7%) |
| VA | 41,802 (93.4%) | 97,642 (38.7%) |
| USDA | — | 995 (0.4%) |
Loan Purpose Breakdown
| Purpose | NEW DAY FINANCIAL, | FREEDOM MORTGAGE CORPORATION |
|---|---|---|
| Cash-out Refinancing | 39,203 | 63,662 |
| Refinancing | 2,112 | 50,662 |
| Other | 1,785 | 302 |
| Home Purchase | 1,674 | 137,878 |
Top States by Loan Volume
Summary
- 44,774 total applications · 7,187 originated
- Approval rate: 16.1%
- Denial rate: 25.0%
- Avg loan: $286,748
- Avg rate: 7.494%
- HQ: WEST PALM BEACH, FL
- 252,504 total applications · 57,345 originated
- Approval rate: 22.7%
- Denial rate: 4.9%
- Avg loan: $370,000
- Avg rate: 6.206%
- HQ: BOCA RATON, FL
Methodology
Comparisons are drawn from the CFPB 2024 HMDA Snapshot National Loan-Level Dataset, published by the Consumer Financial Protection Bureau and distributed via the FFIEC. Every figure on this page comes from lenders' mandatory HMDA filings — not voluntary marketing claims.
Approval (origination) rate = originated ÷ total applications. Denial rate = denied ÷ total applications. Rates do not sum to 100% because HMDA also records withdrawn, incomplete, and approved-but-not-accepted outcomes. Denial rates reflect a lender's applicant mix as much as its underwriting stance; compare alongside loan-type mix and geography before drawing conclusions.
Side-by-side comparisons are informational only and do not constitute financial, legal, or mortgage advice. Always obtain and compare written Loan Estimates before applying.