Rocket Mortgage Investment Property Loans: 2025 HMDA Data

What we counted, and why other Rocket totals on this site differ

Most people who search for Rocket Mortgage are buying or refinancing a home they live in. This page is organized around the investor slice because the review sites we looked at do not publish it, and the later sections carry the filings, the legal record and the complaint data for both readers.

The loan-level source is the nationwide 2025 file of the Home Mortgage Disclosure Act (HMDA) from the FFIEC Data Browser, originated loans and denied applications only (actions 1 and 3). We kept rows with occupancy type 3, which is the code for an investment property (code 1 is a principal residence and 2 a second residence), one to four units, first lien, site-built (construction method 1), not a reverse mortgage and not an open-end line of credit, for a purpose of purchase, refinance or cash-out refinance. Rocket Mortgage is the filer with the legal entity identifier 549300FGXN1K3HLB1R50. The “denial share” is denied applications divided by originated plus denied; the file we used has no withdrawn, incomplete or approved-but-not-accepted applications, so the real denominator is larger and Rocket’s share of all applications denied is lower than the figure shown (our reading). Our extract script and the full output are in the sources.

Our other pages show different Rocket totals because they use different filters. The steps below start from every investment-property loan Rocket originated and add one filter at a time.

Rocket Mortgage originations in 2025, one filter at a time

The 2,428 loans Rocket made for other purposes (722 home improvement, the rest “other” or not applicable) are outside this page’s universe; with them Rocket’s denial share is 27.15% and its rank by loan count is still third (our arithmetic). Our investment property loans guide and portfolio loans page show 13,753 and 11,325 for the first and last steps; they are the same data under different filters.

Where Rocket ranks among investor lenders

Rocket’s rank depends on the count. The two largest lenders in this slice are not the same kind of company: United Wholesale Mortgage works through brokers, and Kiavi Funding makes short-term loans, so the comparison with Rocket is partial.

Ten largest lenders by 2025 investor loans (one to four units, purchase, refinance, cash-out)

Rocket’s median rate (6.99%) is below every lender in the table except The Loan Store, PennyMac and Lennar Mortgage, and its median CLTV (70.0%) says its loans carry more equity than most. Those two facts follow from what Rocket makes. Among personal-purpose loans only, the median note rate was 6.99% both for Rocket and for all other lenders, and the median CLTV was 70.0% against 75.0% (our arithmetic), so the rate gap in the full slice is mostly mix: other lenders make many business-purpose loans, which carry higher rates.

Rocket against its own 2024

Rocket’s loan count fell 2.5% and its dollars rose 3.1% while the market’s loan count grew 15.6% (our arithmetic), which is how a lender can stay third and drop from third to sixth by dollars. The 2024 file was streamed on October 13, 2026 with the same script and filters.

What Rocket’s investor loan looks like

The 2025 file describes one product. Rocket’s investor loan is a conventional, agency-style mortgage underwritten on the borrower’s personal finances, not a rental-income loan.

Rocket Mortgage against all other lenders, 2025 investor loans (one to four units, purchase, refinance, cash-out)

Three readings, all ours. First, 99.7% of Rocket’s loans are personal-purpose, so the 2025 file shows almost no DSCR-style business-purpose lending under the Rocket Mortgage entity; DSCR loans are usually reported as business-purpose, though the file has no product field (our reading). Second, the 7,281 loans reported sold to Fannie Mae or Freddie Mac mean Rocket’s investor loan follows the agencies’ rules, including the 85% and 75% maximum loan-to-value ratios of the Fannie Mae Eligibility Matrix dated August 5, 2026; the median of 70.0% is well inside them. Third, the first underwriting-system field shows Desktop Underwriter on 9,282 loans and Loan Product Advisor on 1,510, which is the agencies’ own automated underwriting (Fannie Mae and Freddie Mac respectively). See our conventional loan guide for investment property and down payment data for how the agency rules play out across all lenders.

Rocket’s ten largest states, 2025

Rocket’s share is highest in Michigan (4.08%), Arizona (3.93%) and California (3.77%); its denial share is above the all-lender figure in all ten states, by the least in Michigan (21.48% against 19.80%) and the most in Florida (32.47% against 21.82%).

The denial rate: 25.84% against 16.39%

The figure that stands out in the 2025 file is not volume but what happened to applications. Of 15,270 decided applications (originated or denied), Rocket denied 3,946. All other lenders together denied 97,818 of 596,686 (16.39%, our arithmetic). The difference is 9.45 percentage points. It was 5.81 points in 2024 (21.99% against 16.18% for all other lenders), so the gap widened by 3.64 points: Rocket’s own share rose 3.85 points while that of all other lenders rose 0.21 (our arithmetic).

Denial share by loan purpose, 2025: Rocket against the market

Rocket’s mix leans toward refinances, which are denied more often everywhere, but mix does not explain the gap: on every purpose Rocket’s share is higher. By building size, Rocket’s denial share was 25.49% on one unit (10,077 originated), 27.51% on two units, 33.33% on three and 28.01% on four, against 16.94%, 14.60%, 15.74% and 16.33% for the market.

Personal-purpose loans only: the closest like-for-like group

Limiting the file to loans reported as not for a business purpose removes most DSCR and short-term lenders. In that group there were 96,454 originated loans, of which Rocket made 11,293 (11.7%), the most of any lender; the next three were The Loan Store (8,337), Lennar Mortgage (6,008) and Movement Mortgage (2,476). Of the 11 lenders with 1,000 or more decisions in this group, the denial shares from highest to lowest started with NewRez LLC (38.36% of 2,823 decisions), Wells Fargo Bank NA (33.89% of 3,222) and Rocket Mortgage (25.72% of 15,203); the lowest were New American Funding (7.24%), The Loan Store (7.32%) and Movement Mortgage (9.07%). The median was 13.86%. Rocket’s denials were 20.9% of all denials in this group (our arithmetic). In 2024 Rocket was also third-highest of nine lenders in this group, with 21.99%.

First reason given on a denial, 2025

How to read this table. The rows shown are the largest first reasons; insufficient cash, unverifiable information and employment history make up the rest. HMDA lets a lender list up to four reasons; we counted the first. Collateral usually means the appraised value or the property itself (our reading), which fits an automated process that checks a property’s value against the loan. Credit history is the first reason on 2.4% of Rocket’s denials against 13.6% elsewhere; HMDA’s public file has no credit score, income history or application date, so none of this shows that a denial was wrong, or that Rocket’s applicants were different from anyone else’s. Rocket’s own investor applicants may also differ because many of them come from existing Rocket clients refinancing (our reading, not in the data). We report the pattern; the public file cannot explain it.

What Rocket’s own site says about investment property loans

Rocket’s investment-property guide is on rocketmortgage.com, which blocked our automated fetch; the text below is from the Internet Archive copy captured October 10, 2026 of a page that shows “Updated Sep 16, 2026”. These are Rocket’s claims, not ours, and the page says requirements vary by loan, property and lender policies.

Rocket Mortgage investment property page, as archived October 10, 2026

Two points matter for a landlord who wants a rental-income loan. Rocket’s table lists a DSCR loan as available. But the 2025 file does not show DSCR volume under the Rocket Mortgage entity: 31 of 11,324 loans, 0.27%, were reported as business-purpose, and the page gives no rate, loan-to-value or minimum coverage ratio for it (we found none on the page). A lender that offers a DSCR loan may book it in another entity, and the file has no product field, so the size of the DSCR business is not verified. The page also does not state a limit on the number of financed properties; Fannie Mae’s Selling Guide (B2-2-03, November 5, 2025) caps a Desktop Underwriter loan on a second home or investment property at 10 financed properties, the reference point for any agency-style lender.

What the 10-K and 10-Q say about investor loans, and what they leave out

Rocket Companies, Inc. (CIK 1805284) files with the SEC. In its Form 10-K for 2025 (filed March 2, 2026) our word count finds “investment propert” three times, “second home” twice and “DSCR” zero times; the 10-Q for June 30, 2026 has none of those terms. The three mentions are one risk factor and one sentence on conservatorship. The risk factor says: “These loans secured by rental or investment properties tend to default more than loans secured by properties regularly occupied or used by the client.” The sentence reports that “In January 2025, FHFA and Treasury amended the PSPAs to eliminate these previously suspended PSPA restrictions in their entirety, including the limits on higher-risk, investment property and second home loans and the GSEs cash window usage.” Rocket does not disclose how many investor loans it makes. Our estimate from HMDA: $3.43 billion of 2025 investor loans against $130.35 billion of closed loan origination volume reported in the 10-K, 2.63% (our arithmetic; the two figures come from different reports and the HMDA entity excludes Mr. Cooper’s Nationstar Mortgage).

Figures from the filings

On the Mr. Cooper deal: the 10-Q defines the Mr. Cooper Acquisition as an “All-stock acquisition, effective October 1, 2025”, and Nationstar Mortgage as “Mr. Cooper’s mortgage operating subsidiary”. In the 2025 HMDA file Nationstar Mortgage reported 1,017 investor loans (72nd by count) and 28.43% of its decided applications denied. Rocket and Nationstar together are 12,341 loans, 2.42% of the market (our arithmetic). The 2025 numbers therefore still describe two lenders; later filings may show whether they merge.

Legal and regulatory record from official sources

These are facts from SEC filings and agency documents, cited by number. We did not search every state regulator, and a matter not listed here is not shown to be absent.

Matters we found

Rocket recorded reserves for legal and administrative proceedings of $74 million at December 31, 2025 and $103 million at June 30, 2026. The 10-K says the company does “not currently believe” any of these matters will have a material adverse effect, and that actual outcomes may differ. None of the matters above concerns investment-property lending. We did not find a CFPB or Department of Justice enforcement action against Rocket Mortgage on its investor loans in the sources we read, and nothing here is a finding about any loan.

For the owner-occupant: what the CFPB complaint database shows

The Consumer Financial Protection Bureau’s public complaint database lists complaints that consumers submit and that the company answers; the Bureau does not verify them. We queried the database on October 13, 2026 with the company name “Rocket Mortgage, LLC” and counted by date received.

Complaints naming Rocket Mortgage, LLC, by year

Two readings, both ours. First, Rocket’s monthly count was between 64 and 100 from June through December 2025 and rose from 197 in January 2026 to 503 in March, then ran between 354 and 487 a month from April through September; in the same months complaints naming Mr. Cooper Group fell from 305 in January 2026 to 38 in March and zero in June and September. The timing fits servicing accounts and their complaints being recorded under the Rocket name after the October 1, 2025 closing, but the database does not say why (our reading). Rocket plus Mr. Cooper was 2,850 in 2024, 3,497 in 2025 and 4,084 in 2026 to date, so the combined count is rising more slowly than Rocket’s alone. Second, in 2026 70.6% of Rocket’s complaints are about “Trouble during payment process” (1,730) or “Struggling to pay mortgage” (772), which are servicing issues; over all years, 32.2% concern applying, closing or the originator (1,643, 759 and 637 of 9,435). Of 9,435 complaints since 2011, 244 (2.6%) were closed with monetary relief, 9,003 with an explanation, and 41 had an untimely company response.

A complaint count is not a rate: the 10-K reports $2.12 trillion of serviced unpaid principal balance, including subserviced loans, at December 31, 2025, and the database holds only the complaints people chose to file.

What a landlord can compare before signing

The data above is one lender’s year, so it works as a checklist of questions, not a verdict on Rocket or anyone else.

1. The decision rate and the reason. A lender’s denial share on investor loans is public in HMDA; Rocket’s was 25.84% in 2025 and the median among lenders with 1,000 or more decisions was 15.06% (our arithmetic). Ask a lender what reason it would list if it declined, and whether an appraisal that comes in low ends the file or reprices it. For Rocket, collateral was the first reason on 38.6% of denials.
2. Whether the loan is an agency loan. A loan sold to Fannie Mae or Freddie Mac follows the Selling Guide: 85% maximum loan-to-value on one unit and 75% on two to four (Eligibility Matrix, August 5, 2026), six months of reserves under Desktop Underwriter on an investment property, plus 2% of the unpaid balance of other financed properties for one to four, up to 6% for seven to ten, and a limit of 10 financed properties. A lender that does not sell to the agencies sets its own limits.
3. Which product the lender actually writes. In the 2025 file Rocket’s investor loans were personal-purpose and 83.4% had a 360-month term; a DSCR loan, a portfolio loan and a bridge loan are listed as available on its site, and a HELOC, hard money, five-plus unit and fix-and-flip loan are not. Ask for the product’s rate sheet, minimum coverage ratio, prepayment terms and loan-to-value in writing, and compare them with our DSCR loan versus conventional mortgage and DSCR loan requirements pages.
4. Who will hold and service the loan. Rocket reported 64.3% of its investor loans sold to the agencies in the same year, and its 10-K reports servicing retained on 91.62% of the loans it sold in 2025. Ask who the servicer will be, because the servicing company is the one that appears in the complaint database.
5. The cost beyond the rate. Compare the Loan Estimate line by line: rate, APR, points, origination charges, lender credits and cash to close, with the same rate-lock period. Investor loans carry price adjustments that owner-occupied loans do not; our down payment guide shows them by loan-to-value band.
6. How many properties are financed and how title is held. The agency cap of 10 counts financed one-to-four-unit properties on which the borrower is personally obligated; a lender that finances in an LLC name works from different rules. Our portfolio loan data shows who keeps loans on their own books.

Kiavi, Visio and Lima One lend to investors on business-purpose loans, not on owner-occupied homes. They are listed because a landlord comparing Rocket’s agency-style loan with a rental-income loan should see the second kind of lender’s own terms before signing either. We state nothing here about their rates or terms.

FAQ

This is analysis of public documents, not investment, legal or tax advice. Loan-level data: FFIEC/CFPB HMDA Data Browser nationwide 2025 file of originated and denied applications (actions 1 and 3), streamed on October 10, 2026 with our script stream_extract.py (investment-property and two-to-four-unit rows), and the same file for 2024 streamed on October 13, 2026; filtered and analyzed with rocket_hmda.py (occupancy type 3, one to four units, first lien, site-built, purpose purchase, refinance or cash-out); lender names from the FFIEC 2025 filer list; field definitions from the FFIEC public LAR data fields. SEC filings: Rocket Companies, Inc. (CIK 1805284) Form 10-K for 2025 (accession 0001628280-26-013283), Form 10-Q for June 30, 2026 (0001628280-26-054577) and Form S-1/A (0001047469-20-004131). CFPB complaint No. 2:24-cv-13442 and the CFPB newsroom archive page; CFPB Consumer Complaint Database API queried October 13, 2026 with ccdb.py. Rocket Mortgage’s investment property page: Internet Archive copy of October 10, 2026, read as the company’s claims. Fannie Mae Selling Guide B2-2-03 and B3-4.1-01 and Eligibility Matrix (August 5, 2026), read October 10, 2026. All shares, ranks, medians and sums are our arithmetic from those files; the scripts, outputs and downloaded documents are in the sources folder.