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 | PENNYMAC LOAN SERVICES | Bank of America |
|---|---|---|
| Total Applications | 384,816 | 233,637 ▲ |
| Loans Originated | 67,294 | 83,165 |
| Approval Rate (higher is better) | 17.5% | 35.6% ✓ |
| Denial Rate (lower is better) | 4.7% ✓ | 34.6% |
| Avg Loan Amount | $327,357 | $274,986 |
| Avg Interest Rate (lower is better) | 6.811% ✓ | 6.980% |
| Avg Applicant Income | $39,000 | $38,000 |
| Applications Denied | 18,218 | 80,920 |
| Applications Withdrawn | 13,152 | 13,639 |
✓ Better indicates the more favorable value for borrowers. Data: CFPB HMDA 2023.
Loan Type Mix
| Loan Type | PENNYMAC LOAN SERVICES | Bank of America |
|---|---|---|
| Conventional | 168,810 (43.9%) | 229,045 (98.0%) |
| FHA | 132,544 (34.4%) | 4,435 (1.9%) |
| VA | 74,247 (19.3%) | 152 (0.1%) |
| USDA | 9,215 (2.4%) | 5 (0.0%) |
Loan Purpose Breakdown
| Purpose | PENNYMAC LOAN SERVICES | Bank of America |
|---|---|---|
| Home Purchase | 262,794 | 58,441 |
| Refinancing | 47,626 | 28,472 |
| Cash-out Refinancing | 46,222 | 2,942 |
| Other | 28,174 | 51,042 |
| Home Improvement | — | 91,371 |
Top States by Loan Volume
| State | Originated | Rank |
|---|---|---|
| California | 6,554 | #13 |
| Florida | 6,064 | #10 |
| Texas | 4,909 | #17 |
| Georgia | 3,890 | #8 |
| Pennsylvania | 3,189 | #11 |
| Virginia | 2,959 | #10 |
| Washington | 2,241 | #14 |
| New Jersey | 2,208 | #11 |
| State | Originated | Rank |
|---|---|---|
| California | 16,248 | #4 |
| Florida | 7,882 | #7 |
| Texas | 6,245 | #15 |
| North Carolina | 4,872 | #9 |
| New Jersey | 4,633 | #7 |
| New York | 3,483 | #14 |
| Georgia | 3,397 | #10 |
| Massachusetts | 3,157 | #7 |
Summary
- 384,816 total applications · 67,294 originated
- Approval rate: 17.5%
- Denial rate: 4.7%
- Avg loan: $327,357
- Avg rate: 6.811%
- HQ: WESTLAKE VILLAGE, CA
- 233,637 total applications · 83,165 originated
- Approval rate: 35.6%
- Denial rate: 34.6%
- Avg loan: $274,986
- Avg rate: 6.980%
- HQ: Westlake Village, CA
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.