JMAC Lending HMDA 2025: 824 Investor Loans, $355.4 Million, Median Rate Down to 7.125% From 7.625%

Which number is “the” number: 824, 821 or 808?

Searches for “JMAC Lending” meet several counts because HMDA offers more than one way to say “investor loan”. We downloaded the raw FFIEC file for the company's Legal Entity Identifier (all actions taken, 8,061 records in 2025 and 4,883 in 2024) and counted with a script, stating each filter.

We apply no filter on state, term, purpose or lien. HMDA does not code a loan as DSCR, so the file cannot tell you which of the 824 were underwritten on the property's rent. Our Arizona and Washington pages already list JMAC Lending under their own narrower “DSCR-type” filters; this page counts every investor loan, which gives 39 in Arizona and 22 in Washington (our Arizona DSCR page shows 38 under its stricter group). The two do not conflict.

What JMAC says it is

The company site's footer reads “Wholesale and non-delegated correspondent lending from Costa Mesa, California.” and “NMLS #53112 · Equal Housing Opportunity”. It also reads “Intended for use by real estate and lending professionals only and not for distribution to consumers.” and “Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act.” The site gives no street address in the text we read, and the pages we saved do not list the states where it is licensed; we did not open NMLS Consumer Access, so the licence list is not verified.

For a real-estate investor this is the main fact: JMAC sells to mortgage brokers and correspondent partners, not to borrowers. The file agrees. 802 of the 824 investor loans (97.3%) were “not submitted directly to your institution”, and 22 were submitted directly (36 of 555 in 2024). If you are a borrower, the person you speak to is a broker or another lender, and JMAC is the lender on the note.

The company's DSCR page lists four programs for 1 to 4 unit investment loans. Its own comparison, as published:

These are the company's statements, not verified by us against a rate sheet. The page adds that “A program's lowest score and highest LTV may not apply to the same loan.” For Venice DSCR it says: “No minimum DSCR on 1–4 units, including rural, short-term rentals and condo hotels; 5–8 units and 2–8 mixed use at 1.00+ DSCR”. HMDA can test only the leverage part. The median loan-to-value on the 824 loans was 70.0% (the middle half 59.1% to 75.0%); 204 were at exactly 75% and 89 were above 75%, but only 10 above 80%, which fits a top of 80%. Credit scores are not public in HMDA, so the file cannot confirm any score minimum.

The 2025 file against 2024

Investor loans rose 48.5% and investor dollars 63.6%, but the whole book rose 78.4%, so the investor share fell from 18.5% to 15.4% (our arithmetic). The company grew faster in owner-occupied lending. Loans of $1 million or more were 46 (5.6%) in 2025 against 21 (3.8%); loans under $150,000 were 37 (4.5%) against 45 (8.1%).

By purpose in 2025: 451 purchases (54.7%, median rate 7.125%), 262 cash-out refinancings (31.8%, 7.375%) and 111 other refinancings (13.5%, 6.875%). In 2024 it was 346 purchases (62.3%, 7.5%), 173 cash-out (31.2%, 7.75%) and 36 other refinancings (6.5%, 7.4325%). Refinancing of one kind or another rose from 209 to 373 loans (our arithmetic).

Rates: the 8% tail shrank

Shares are our arithmetic on the counts. The most common 2025 rates were 6.625% (74 loans), 7.125% (68), 7.375% (61), 6.875% (56) and 6.5% (55); in 2024 they were 7.625% (86), 7.125% (54), 7.5% (48), 6.625% (40) and 7.375% (28). The lowest rate in 2025 was 5.375% and the highest 11.5% (5.875% and 10.75% in 2024). The mean rate was 7.188% against 7.665% (our arithmetic).

A worked example (our arithmetic). A $325,000 loan, 30 years fully amortizing, has a monthly principal and interest payment of $2,161.14 at 6.995% and $2,244.69 at 7.375%, which is $83.55 a month (about $1,003 a year) for the 0.38 point between the medians of the two groups below. These are note rates on closed loans, not a quote; the rate a borrower gets depends on credit score, loan-to-value, loan size and program.

The income-NA group: the non-agency half of the book

HMDA asks for the gross annual income “relied on in making the credit decision”. A loan underwritten on the property's rental income, as a DSCR loan is, would not rely on the borrower's income. That is our reading, and the file does not say it; the field simply reads NA on 344 loans. In 2025 no investor loan reports an income of exactly 0; in 2024 eight did, and we leave them out of the NA group.

The NA group is a little more than 40% of loans (42.9% of dollars, against 38.0% in 2024; our arithmetic). It prices 0.38 of a point above the loans that report income (7.375% against 6.995%), a wider gap than in 2024 (7.75% against 7.5%, 0.25 points): the NA group's median fell 0.375 points, the other group's 0.505 (our arithmetic). Cash-out refinancings dominate the NA group (160 of 344, 46.5%) while purchases dominate the other (302 of 480, 62.9%). One in six NA loans (54 of 344, 15.7%) is at 8% or more against 5.6% (27 of 480) for the others. The clean break is underwriting: none of the NA loans carries a Fannie or Freddie underwriting-system code, while most loans that report income do, which is what you would expect from non-agency loans on one side and agency-style files on the other (our reading).

For a Texas or California borrower the split matters more than the national median: Texas had 66 investor loans and 40 (60.6%) are in the NA group; Florida 134 and 45 (33.6%); California 281 and 114 (40.6%) (our arithmetic).

Who bought the loans

Code 71 was 769 of 824 loans (93.3%) in 2025 and 493 of 555 (88.8%) in 2024 (our arithmetic). The file does not name the buyer, so we cannot say which mortgage companies or funds they are. What it does show is that JMAC sells nearly everything it makes; it is a seller to others, not a portfolio lender, and the loan you sign may be serviced and owned elsewhere within weeks. A purchaser code is where the loan went by year-end, not a statement about the program's guidelines. In 2025, 731 of the 824 loans were initially payable to the company and 93 were not (505 and 50 in 2024).

Other structure: 808 loans have a 360-month term, 12 have 480 months and 4 have 180 months; 37 loans (4.5%) are interest-only against 19 (3.4%); none has a balloon; 5 loans have an introductory rate period. 812 are first liens and 12 are second liens (17 in 2024). By property, 686 are one unit (83.3%), 77 two units, 30 three units, 28 four units and 3 are five to 24 units.

Where the loans are

California is the center of gravity: 281 of 824 loans (34.1%) and 42.3% of dollars (our arithmetic), at a median loan of $405,000. Utah rose from 6 loans to 28 and Washington from 5 to 22; Pennsylvania fell from 21 to 10. The company's small-state counts are small, so medians for states with fewer than 30 loans move with a handful of files. For rates and lenders across a state see our DSCR loan California page and our Arizona DSCR lenders page.

Applications, denials and withdrawals

For investment property the 2025 file holds 1,353 records: 824 originated (60.9%), 59 denied, 412 withdrawn by the applicant, 58 closed as incomplete (our arithmetic). The 2024 file holds 942: 555 originated (58.9%), 2 approved but not accepted, 75 denied, 269 withdrawn and 41 incomplete. The denial rate, denied divided by originated plus denied, fell from 11.9% (75 of 630) to 6.7% (59 of 883) (our arithmetic); across all occupancy types it was 5.7% in 2025 and 9.6% in 2024.

First denial reasons in 2025: collateral 21, debt-to-income ratio 15, other 12, credit history 7, unverifiable information 3, incomplete application 1. A denial reason of debt-to-income on a company that sells DSCR-style programs reflects the mix of products in the file, not a statement about any one program. Withdrawals are half as many as originations, which is consistent with brokers shopping files to more than one lender (our reading).

What the file cannot tell you

• Prepayment penalty. The field prepayment_penalty_term reads NA on all 824 loans (and all 555 in 2024). The FFIEC field list describes it as the term of any prepayment penalty; it does not define NA. Do not read “no penalty” into it. Ask for the clause in writing.
• Cost. Total loan costs are reported on 3 of 824 loans and discount points on 2; the rest read NA.
• DSCR itself. No field records the coverage ratio, the rent, the program or whether the loan is a DSCR loan.
• Credit score. Not public. The credit score model code is a model name, not a score.
• Who owns the loan now. The purchaser code says only the type of buyer in the reporting year.
• Current pricing. These are closed loans from 2025, not a rate sheet. The company says on its site: “This is not a commitment to lend.”

What a reader can do with this

1. Remember who the lender's customer is. JMAC's own pages say it serves brokers and correspondent partners; 97.3% of its investor loans did not come to it directly. Ask the broker which JMAC program your file fits and get the rate sheet date in writing.
2. Find your loan's row. If your loan is underwritten on the property's rent, the closest group is the income-NA group: median rate 7.375%, middle half 6.875% to 7.875%, median loan $335,000. A quote at 8% or more would sit in the top 15.7% of that group (54 of 344) and the top 9.8% of all 824 loans (our arithmetic).
3. Do not use the 2025 median as a quote. 7.125% is the 2025 median, but 87 loans were under 6.5% and 81 were at 8% or more. The spread, not the median, is what you will meet.
4. Ask three things in writing: the prepayment term in months and dollars, any interest-only period, and whether the broker is paid by the lender or by you.
5. Check the licence. Use NMLS ID 53112 on NMLS Consumer Access and your state regulator.
6. Compare other lenders on the same filter. See our Kind Lending page, which applies the same method to a larger wholesale lender, our DSCR lenders ranked by loans page, DSCR loan rates and DSCR loan requirements.
7. If you want a lender that markets directly to investors, the box below lists purchase, rehab and rental lenders. Kiavi pays us a referral fee when a loan closes through the button. JMAC Lending is not an affiliate, and the counts above are the same either way.

FAQ

Related reads: Kind Lending HMDA 2025, New Wave Lending Group HMDA 2025, DSCR lenders ranked by loans, DSCR loan California and DSCR loan rates 2026.

Sources: loan-level data from the FFIEC HMDA Data Browser, 2025 and 2024 files for LEI 5493009B17HXCVXTD608 (JMAC Lending, Inc.), downloaded November 7, 2026 through the public API, with the FFIEC filer list for 2025 and 2024; the FFIEC public loan application register data-field list (codes for occupancy, purpose, purchaser type, submission, rate spread and prepayment term); the JMAC Lending website jmaclending.com (home page and DSCR programs page, read November 7, 2026, quoted as the company's own statements). The recount script and its output are in sources/. All percentages, differences and “our arithmetic” figures are calculated by us. We did not access NMLS Consumer Access. This is analysis of public documents, not investment, legal or tax advice. Compiled by CrowdfundedWealth on November 7, 2026.