New Wave Lending Group HMDA 2025: 879 Investor Loans, 439 in CA

What New Wave Lending Group says it is

People searching “New Wave Lending Group” mostly want to know who it is, whether it is licensed and what it charges. The company's website describes itself in these words: “New Wave Lending Group is a wholesale mortgage lending team unlike any other.” It adds that it was “Established in 2017 and headquartered in City of Industry, California” and shows the address 1199 Fairway Dr., City of Industry, CA 91789 and “NMLS #: 1649874”. A wholesale lender lends through mortgage brokers rather than to the public; that matters for you as a borrower, because you normally reach it through a broker and not by applying to it directly.

The federal file fits that description. In 2025, 652 of the 879 investor loans (74.2%) are coded “not submitted directly to your institution”, and 227 (25.8%) were submitted directly (our arithmetic). The website's About Us page does not mention DSCR loans or prepayment terms; it speaks only of “our diverse loan product portfolio”. We did not save any lender directory or rate sheet, so we do not describe its current programs or guidelines. Ask a broker for the current investor program sheet.

One naming point: the website footer reads “© 2026 New Wave Lending Inc.”, while the federal file and the Indiana licence record use “New Wave Lending Group Inc”. We treat them as one company because the licence record shows the same address as the website.

Our filter. The API file for each year holds only originated loans (action_taken = 1): 4,177 in 2025 and 3,479 in 2024. We kept occupancy_type = 3, which the FFIEC data-field list defines as “Investment property”. That leaves 879 loans in 2025 and 857 in 2024. No filter was applied on state, term, purpose or lien. We downloaded each file for the company's Legal Entity Identifier and counted it ourselves; the recount output is in sources/. HMDA does not code a loan as DSCR, so the file cannot tell you which of these loans were underwritten on the property's rent.

The 2025 file against 2024

Total originations grew 20.1% (4,177 against 3,479) while investor loans grew only 2.6% and investor dollars 4.9% (our arithmetic). The investor share of the book therefore fell from 24.6% to 21.0%. The median loan rose 5.8%, from $345,000 to $365,000.

Rates: the 8% tail disappeared

The shares are our arithmetic on the counts. The most common rates in 2025 were 7.25% (100 loans), 6.875% (99) and 7.375% (90); in 2024 they were 7.5% (81), 7.375% (76) and 7.125% (67). The median fell a quarter of a point, but the real change is at the top: loans at 8% or more went from about one in five to about one in eighteen.

A worked example (our arithmetic). A $365,000 loan, 30 years fully amortizing, has a monthly principal and interest payment of $2,459.07 at 7.125% and $2,520.96 at 7.375%: $61.89 a month, or $742.70 a year, for a quarter of a point. These are note rates on closed loans. HMDA is not a rate quote, and a borrower's rate depends on credit score, loan-to-value, loan size and the program.

Purpose changes the picture little: the median rate was 7.125% on the 533 purchase loans (60.6% of the book), 7.25% on the 239 cash-out refinancings (27.2%) and 7.25% on the 107 other refinancings (12.2%). Of the 879 loans, 756 (86.0%) are on one-unit properties, 58 on two units, 29 on three and 36 on four. No loan in the 2025 file is a balloon loan, and 24 are interest-only.

Fixed-period adjustable loans fell sharply. Loans whose first rate change comes after 60 months were 71 in 2025 against 200 in 2024, and after 84 months 7 against 23. Together that is 78 loans (8.9%) against 223 (26.0%) (our arithmetic). Whatever the cause, a borrower looking at 2025 closings sees more fixed 30-year loans than a 2024 borrower did.

Half the loans, two thirds of the dollars: California

California was 49.9% of loans and 65.6% of dollars in 2025, against 47.0% and 62.2% in 2024 (our arithmetic). The median California loan was $535,000; outside California it was $275,000. The California median rate was 7.25%, slightly above the 7.125% of the rest of the book, and it is the large loans that explain the dollar share. Florida is the notable fall: from 88 loans in 2024 to 44 in 2025. New York is small, 22 loans, but its median loan of $510,000 is the second largest among the states shown.

Within California, Los Angeles County (FIPS 06037) had 153 loans and Orange County (06059) 115; San Bernardino County (06071) had 34 and Riverside County (06065) 32. Those four counties account for 334 of the 439 California loans (76.1%, our arithmetic); the file shows loans in 18 California counties with a county code in 2025. For rates and lenders across the state, not only this company, see our DSCR loan California page.

Two kinds of investor loan in one file

The file marks each loan as “primarily for a business or commercial purpose” (code 1) or not (code 2). New Wave's investor loans split almost evenly, and the two halves look different.

In the business-coded group, 411 of 424 loans show income of 0 and all but a handful sit in the lowest debt-to-income bin; the fields for prepayment term and costs read NA on every one. Our reading is that these are the loans underwritten on the property and not on the borrower's income, which is what a DSCR loan is. HMDA does not say so, and the company's website does not either.

The second group is larger by dollars, carries income and debt-to-income values, and is 73% California (332 of 455, our arithmetic). The same group holds every prepayment term in the file. The consequence for a reader is important: for the 424 business-coded loans the file cannot tell you whether a prepayment penalty applied, because the field is NA, and the FFIEC data-field list describes the field only as “The term, in months, of any prepayment penalty”. The file does not define NA. Do not read “0 penalties” into those 424 loans.

In 2024 the split was 382 business-coded and 475 not; 0 and 207 prepayment terms respectively.

Prepayment terms

228 loans in 2025 had a prepayment term, which is 50.1% of the 455 not-business loans (our arithmetic). The term shifted toward 12 and 36 months: 12-month terms rose from 74 to 96, 36-month terms from 61 to 88, and 24-month terms fell from 69 to 42. The file gives the length of the term, not its price: it does not show whether the penalty is a percentage of the balance, a step-down or a number of months of interest. That is in the note, and you read it before you sign.

The loans with a term had a median rate of 7.375% in 2025, against 6.875% for the not-business loans with prepayment NA; by term, 12 months 7.375%, 24 months 7.5% and 36 months 7.375%. In 2024 the same medians were 7.75% and 7.25%. A longer or shorter term does not obviously buy a lower rate in this file. The two groups differ in loan size, state and program, so we draw no conclusion about what a penalty is worth.

For a worked example (our arithmetic): a borrower with a 36-month term who sells or refinances after 30 months is still inside the term for 6 months. A borrower with a 12-month term who refinances in month 18 is outside it. In a falling-rate year, as 2025 was against 2024 for this lender, the term decides whether a refinance is free. Our DSCR loan rates page and DSCR loan requirements page cover how lenders price and underwrite this loan type.

What the file shows about cost

For the 455 not-business loans the file has cost fields. Total loan costs were reported on 448 loans in 2025, with a median of $9,838.10, and origination charges on 448, with a median of $5,763.38. In 2024 the medians were $9,827.50 (450 loans) and $6,100.00 (455 loans). The field “total points and fees” is empty on all 879 loans in 2025. None of these fields is reported for the 424 business-coded loans, so the cost of the most DSCR-like half of the book is not in the public file.

A median is not a quote: it mixes loan sizes from $85,000 to $2,005,000 (the 2025 range). Ask for a loan estimate or term sheet and compare it with the figures here only as a sanity check.

Licensing, complaints and regulator records

What we checked, with dates:

• State licence. The Indiana Department of Financial Institutions record for New Wave Lending Group Inc, 1199 Fairway Dr., City of Industry, CA 91789, shows “Mortgage Lender 69392 11/01/2024 Activated”. We read an Internet Archive copy captured June 3, 2025, because the live page blocked our requests. This confirms one state licence as of that capture. It does not cover other states.
• NMLS. The company's website gives NMLS ID 1649874. The NMLS Consumer Access site blocked our requests, so we did not verify the ID, the licensed-states list or any regulatory-action disclosures there. Check it yourself before you sign: it is the official register, and it shows each state licence and any actions.
• CFPB complaints. On November 6, 2026 we queried the CFPB Consumer Complaint Database (index updated November 6, 2026, 18,965,764 records) for “New Wave Lending Group” in the company field and for “New Wave Lending” across all fields. Both returned 0. A control search for “Kiavi” in the company field returned 25 on the same day. Zero complaints means none are published under that name; it is not evidence of how borrowers were treated, and a wholesale lender's borrowers often complain to their broker or to a state regulator instead.
• Enforcement and lawsuits. A web search on November 6, 2026 for the company name together with CFPB, DFPI, consent order, licence revocation or lawsuit returned no page that mentions it. We did not search state regulator databases one by one or court dockets, so absence of results is not a clean record.
• Reviews. We did not use consumer review sites or lender directories; none of them is a primary source and we saved none.

What a reader can do with this

1. Read your own loan against the right group. If your loan is underwritten on the property's rent, the relevant row is the business-coded group: median rate 7.125%, median loan $305,000, and no cost or prepayment data in the public file.
2. Ask the broker which prepayment term applies, in months and in dollars. The file shows 12, 24, 36 or 60 months on 228 loans in 2025 and nothing on the rest. Get the clause, the step-down if any, and a payoff example in writing.
3. Compare a quote with the band, not the median. In 2025, 280 of 879 loans were priced under 7%, 354 from 7% to under 7.5%, 194 from 7.5% to under 8% and 50 at 8% or more. A quote at 8% or more would have been in the top 5.7% of this lender's own 2025 closings.
4. If the property is in California, check the large-loan market. The California median loan is $535,000; the rest of the book is $275,000. A small loan outside California is a different product from the one that fills this file.
5. Verify the licence for your state. Use NMLS ID 1649874 on the NMLS Consumer Access site and your state regulator, and confirm the legal name on your loan documents.
6. Compare other investor lenders on the same filter. Our DSCR lenders ranked by loans page lists lenders by 2025 volume. The lenders in the box below are purchase, rehab and rental lenders; Kiavi pays us a referral fee when a loan closes through the button. New Wave is not an affiliate, and the counts above are the same either way.

FAQ

Related reads: DSCR lenders ranked by loans, DSCR loan California, DSCR loan rates 2026 and DSCR loan requirements 2026.

Sources: loan-level data from the FFIEC HMDA Data Browser, 2025 and 2024 originated-loan files for LEI 549300OPB0G5OMY0SM65, downloaded November 6, 2026 through the public API; the FFIEC public loan application register data-field list (codes for occupancy, purpose, purchaser type, business purpose and prepayment term); the company website newwavelending.com (About Us page, read November 6, 2026); the Indiana Department of Financial Institutions licence record for New Wave Lending Group Inc (Internet Archive copy captured June 3, 2025); the CFPB Consumer Complaint Database API, queried November 6, 2026. The recount script output is 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 6, 2026.