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 | ROCKET MORTGAGE | SUMMIT FUNDING.INC |
|---|---|---|
| Total Applications | 553,854 ▲ | 8,768 |
| Loans Originated | 361,071 | 5,889 |
| Approval Rate (higher is better) | 65.2% | 67.2% ✓ |
| Denial Rate (lower is better) | 14.9% | 5.3% ✓ |
| Avg Loan Amount | $284,179 | $346,293 |
| Avg Interest Rate (lower is better) | 7.025% | 6.346% ✓ |
| Avg Applicant Income | $38,000 | $41,000 |
| Applications Denied | 82,289 | 461 |
| Applications Withdrawn | 37,829 | 1,866 |
✓ Better indicates the more favorable value for borrowers. Data: CFPB HMDA 2023.
Loan Type Mix
| Loan Type | ROCKET MORTGAGE | SUMMIT FUNDING.INC |
|---|---|---|
| Conventional | 399,766 (72.2%) | 5,748 (65.6%) |
| FHA | 111,827 (20.2%) | 2,276 (26.0%) |
| VA | 42,234 (7.6%) | 687 (7.8%) |
| USDA | 27 (0.0%) | 57 (0.7%) |
Loan Purpose Breakdown
| Purpose | ROCKET MORTGAGE | SUMMIT FUNDING.INC |
|---|---|---|
| Home Purchase | 243,308 | 7,693 |
| Cash-out Refinancing | 230,620 | 402 |
| Refinancing | 50,405 | 495 |
| Other | 23,875 | 155 |
| Home Improvement | 4,864 | 23 |
Top States by Loan Volume
| State | Originated | Rank |
|---|---|---|
| California | 37,412 | #2 |
| Florida | 29,670 | #2 |
| Texas | 24,479 | #2 |
| Michigan | 19,108 | #1 |
| Georgia | 19,055 | #1 |
| North Carolina | 16,145 | #2 |
| Ohio | 14,225 | #2 |
| Pennsylvania | 13,900 | #1 |
No state data available.
Summary
- 553,854 total applications · 361,071 originated
- Approval rate: 65.2%
- Denial rate: 14.9%
- Avg loan: $284,179
- Avg rate: 7.025%
- HQ: DETROIT, MI
- 8,768 total applications · 5,889 originated
- Approval rate: 67.2%
- Denial rate: 5.3%
- Avg loan: $346,293
- Avg rate: 6.346%
- HQ: SACRAMENTO, 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 Rates do not sum to 100% because HMDA also records withdrawn, incomplete, and approved-but-not-accepted outcomes.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.