Deephaven Mortgage Review 2026: What 14,212 Federal Loan Records Show About Its DSCR Loans
Quick Answer
Deephaven Mortgage LLC (Charlotte, NMLS 958425, founded 2012) is a large non-QM lender that you cannot apply to directly: it works only through mortgage brokers and correspondent lenders, and it has been owned by the investment firm Pretium since 2019. Its filing under the federal Home Mortgage Disclosure Act (HMDA) for 2025 shows 8,066 loans originated for $2.98 billion, every one of them sent in by a third party, plus 6,146 loans bought from correspondents for $2.07 billion. Of the loans it originated, 4,249 were DSCR-type rental loans (business purpose, investment property, no debt-to-income ratio, 30-year term) at a median note rate of 7.25% (middle half 6.875% to 7.625%), down from 7.5% in 2024 and 0.124 points below Angel Oak Mortgage Solutions' 7.374% on the same filters (our arithmetic). The broker's fee comes on top and HMDA does not record it on business-purpose loans. 34.5% of decided rental applications were denied, most often for unverifiable information. The CFPB database has 0 complaints naming Deephaven. Its loans end up in bond trusts: 29 Deephaven Residential Mortgage Trusts have due-diligence filings on SEC EDGAR, six of them in 2026. As of October 6, 2026.
Key Takeaways
- HMDA, loan by loan: Deephaven originated 8,066 loans ($2,976,050,000) and bought 6,146 ($2,074,450,000) in 2025, against 6,249 and 3,884 in 2024. None of the 2025 originations was submitted directly by a borrower.
- DSCR-type originations in 2025: 4,249 loans for $1.19 billion, median note rate 7.25%, middle half 6.875% to 7.625%, median loan $215,000, median combined LTV 73.62%. In 2024: 3,273 loans at a 7.5% median.
- Same filters, same year: Angel Oak Mortgage Solutions' 2,651 DSCR-type loans had a 7.374% median (6.99% to 7.749%). Deephaven's middle half sits about an eighth of a point lower at both ends.
- Rate moved with leverage and size: 6.99% median at 60% LTV or less, 7.375% above 70%; 7.625% on loans under $150,000, 7.125% from $150,000 to $499,999. Florida (1,193 loans, originated plus bought) and Texas (855) led, both at a 7.125% median.
- Denials: 2,662 of 7,726 decided rental-property applications (34.5%) in 2025. The first reason was unverifiable information in 1,394 and collateral in 755.
- Where loans go: 29 Deephaven Residential Mortgage Trusts filed third-party due-diligence reports on EDGAR from 2017 to August 2026; loans written to Deephaven's guidelines also appear in J.P. Morgan, Pretium (PRPM) and Ellington (EFMT) trusts. CFPB complaints: 0.
CSV · 249 rows
Deephaven Mortgage: HMDA 2019-2025, DSCR-type loan rates by state and segment, DRMT securitizations, program terms and complaints
249 rows: Deephaven Mortgage's HMDA originations and purchases for 2019-2025; its 2024 and 2025 DSCR-type loans by rate, size, LTV, purpose, units, borrower type, channel and buyer, for loans it originated and loans it bought; ten states and rate by segment for 2025; denials; Angel Oak Mortgage Solutions as a benchmark; the 29 Deephaven Residential Mortgage Trusts on EDGAR, its repurchase reports and one due-diligence summary; KBRA pool data; program terms; ownership; and CFPB complaints.
Who Deephaven Mortgage is
Deephaven Mortgage LLC is a Charlotte, North Carolina lender of non-QM loans: mortgages that do not follow the federal Qualified Mortgage rules, such as DSCR loans for landlords, bank-statement loans for the self-employed and, more recently, home-equity lines and closed-end second mortgages. Its mission page says it was “founded in 2012,” offers its loans “through a network of 1,000+ independent mortgage brokers,” buys loans “from more than 200+ correspondent partners,” and “is owned by Pretium.”
The ownership history is short. Värde Partners backed Deephaven from 2014, and on June 18, 2019 Värde announced that Pretium, the investment firm that built the Progress Residential single-family rental platform, had agreed to buy it. At that point Deephaven had invested in “over $4 billion of Non-QM loans” in five years. Deephaven is not part of Ellington Financial (NYSE: EFC): an EDGAR full-text search finds no mention of “Deephaven” in any Ellington Financial filing. The real connection is that Ellington's EFMT securitization trusts have bought loans written to Deephaven's guidelines (see below).
The one thing a borrower must know: Deephaven does not take applications from the public. Every page of its site carries the line that the material is “intended solely for the use of licensed mortgage professionals.” You reach Deephaven through a broker, or through a smaller lender that sells the loan to Deephaven after closing.
| Item | Deephaven Mortgage LLC |
|---|---|
| NMLS ID | 958425 |
| Headquarters | 3530 Toringdon Way, Suite 300, Charlotte, NC |
| Legal entity created / LEI registered | June 19, 2012 / June 6, 2017 (GLEIF) |
| Owner | Pretium (agreement with Värde Partners announced June 18, 2019) |
| Channels | Wholesale (brokers) and correspondent (loan purchases); no retail |
| HMDA filer | Every year 2019-2025; not on the 2018 filer list |
| SEC filer | CIK 1683126, Rule 15Ga-1 repurchase reports 2016-2021, all “no activity” |
| CFPB complaints naming it | 0 (database of 18,191,687 records, searched October 6, 2026) |
The DSCR program on paper
From Deephaven's DSCR wholesale page, read October 6, 2026. Deephaven does not publish rates to the public.
| Term | What Deephaven publishes |
|---|---|
| Maximum loan | $2.5 million |
| Minimum credit score | 640 on the DSCR page; “down to 660” on the home and correspondent pages |
| Maximum LTV | 80% purchase and rate/term; 75% cash-out |
| Maximum cash-out | $1 million, usable for reserves |
| Minimum DSCR | “Low or no DSCR ratio” allowed |
| Products | 15- and 30-year fixed, 30-year fixed interest-only, 5/6 ARM and 5/6 ARM interest-only |
| Property types | SFR, PUD, townhomes, 2-4 units, condos, non-warrantable condos |
| First-time investors | Allowed up to 80% LTV |
| Vesting | Domestic LLC allowed; foreign nationals allowed |
| Seller concessions | Up to 6% |
| DSCR second lien | $75,000 to $500,000, minimum FICO 680, CLTV up to 80%, DSCR 1.0 minimum |
The two credit-score floors on the same site (640 and 660) are worth asking your broker about; the matrix in force on the day you lock is what counts.
What its DSCR borrowers actually paid
HMDA requires lenders to report every application they decide and every loan they buy, with the note rate, loan amount, property type, whether the loan was for a business purpose and, for consumer loans, the debt-to-income ratio. HMDA has no DSCR field, so we use a proxy: an investment property, flagged as business purpose, with no debt-to-income ratio, a first lien on one to four units and a term of 30 years or more. These are the same filters behind our Florida and Texas DSCR pages, where Deephaven shows up with 777 and 382 such loans in 2025.
We downloaded Deephaven's 2024 and 2025 files loan by loan from the FFIEC HMDA Data Browser and counted. Deephaven reports two kinds of loans: those it originated (it made the credit decision, even when the loan closed in the broker's name) and those it purchased from correspondents that made the decision themselves.
| Deephaven Mortgage, HMDA | 2024 | 2025 |
|---|---|---|
| Loans originated | 6,249 ($2.58B) | 8,066 ($2.98B) |
| Loans purchased | 3,884 ($1.58B) | 6,146 ($2.07B) |
| Originations on investment property | 3,708 (59.3%) | 4,963 (61.5%) |
| Originations submitted directly by the borrower | 88 | 0 |
| DSCR-type loans originated | 3,273 ($1.0B) | 4,249 ($1.19B) |
| Median note rate, originated DSCR-type | 7.5% | 7.25% |
| Middle half of rates, originated DSCR-type | 6.99% to 7.99% | 6.875% to 7.625% |
| 10th and 90th percentile | 6.625% and 8.625% | 6.625% and 7.99% |
| Median loan / median combined LTV | $235,000 / 70% | $215,000 / 73.62% |
| Purchase / cash-out / rate-and-term / coded home improvement | 48% / 20% / 9.3% / 22.7% | 39.5% / 24.6% / 10.3% / 25.6% |
| Interest-only / 2-4 units / LLC or other entity borrower | 14.1% / 20.5% / 34.5% | 10.8% / 20.2% / 47.8% |
| DSCR-type loans purchased (median rate) | 2,313 (7.625%) | 3,206 (7.25%) |
| Investment-property denial rate | 37.1% (2,240 of 6,040) | 34.5% (2,662 of 7,726) |
Three things stand out. Deephaven's DSCR volume grew 29.8% in a year while its median rate fell a quarter point, so it was pricing to win share in 2025. The loans it buys from correspondents priced the same as the ones it underwrote itself in 2025 (both 7.25%), so the channel your loan comes through matters less than the fee the originator adds. And about a quarter of its DSCR-type loans are coded “home improvement” as the purpose; HMDA uses that code when part of the money goes to work on the property, so a renovation cash-out may be reported that way.
For consumer loans, which HMDA covers in more detail, Deephaven made 1,880 first-lien loans on owner-occupied homes in 2025 at a 7.5% median rate, with median total loan costs of $12,293, and 1,025 closed-end second liens at a 9.125% median.
The rate against another wholesale lender
Angel Oak Mortgage Solutions is the closest comparison: also a broker-channel non-QM lender, also large. We ran its 2025 file through the same filters. (Our Angel Oak review counts 2,659 loans with a slightly broader definition; the median is the same.)
| 2025, originated DSCR-type loans (HMDA) | Deephaven Mortgage | Angel Oak Mortgage Solutions |
|---|---|---|
| Loans | 4,249 | 2,651 |
| Dollars | $1,185,455,000 | $835,935,000 |
| Median note rate | 7.25% | 7.374% |
| 25th to 75th percentile | 6.875% to 7.625% | 6.99% to 7.749% |
| Median loan | $215,000 | $235,000 |
| Median combined LTV | 73.62% | 73.248% |
| Through a broker or correspondent | 100% | 95.4% |
Deephaven's median is 0.124 percentage points lower and its whole middle half sits about an eighth of a point below Angel Oak's (our arithmetic). On a $215,000 loan, an eighth of a point is roughly $270 a year in interest (our arithmetic), small next to a broker fee of one or two points, which neither lender's HMDA data shows for business-purpose loans. The note rate is the lender's price; your price is the note rate plus what the broker charges.
What moves the rate
Deephaven's 2025 DSCR-type originations, split the way a quote is built (groups of 30 or more loans):
| 2025 segment | Loans | Median note rate |
|---|---|---|
| LTV 60% or less | 860 | 6.99% |
| LTV over 60% to 70% | 1,145 | 7.25% |
| LTV over 70% to 75% | 1,378 | 7.375% |
| LTV over 75% to 80% | 866 | 7.375% |
| Loan under $150,000 | 967 | 7.625% |
| Loan $150,000 to $299,999 | 2,069 | 7.125% |
| Loan $300,000 to $499,999 | 761 | 7.125% |
| Loan $500,000 to $999,999 | 385 | 7.25% |
| Loan $1,000,000 or more | 67 | 7.125% |
| Purchase | 1,679 | 7.25% |
| Cash-out refinance | 1,045 | 7.25% |
| Rate-and-term refinance | 436 | 6.99% |
| 2-4 units | 858 | 7.375% |
| Borrower is an LLC or other entity | 2,033 | 7.25% |
Small loans carry the biggest premium: half a point over the $150,000 to $299,999 band, because the lender's fixed costs are spread over less principal. Leverage is the next lever: keeping LTV at 60% or less was worth about three-eighths of a point against the 70% to 80% bands.
By state
Ten states with the most DSCR-type loans in 2025, originated plus bought:
| State | DSCR-type loans | Share of Deephaven total | Median note rate |
|---|---|---|---|
| Florida | 1,193 | 16% | 7.125% |
| Texas | 855 | 11.5% | 7.125% |
| California | 422 | 5.7% | 6.99% |
| Ohio | 397 | 5.3% | 7.625% |
| North Carolina | 391 | 5.2% | 7.125% |
| Pennsylvania | 343 | 4.6% | 7.5% |
| Georgia | 299 | 4% | 7.375% |
| New York | 276 | 3.7% | 7.375% |
| New Jersey | 267 | 3.6% | 7.375% |
| Indiana | 214 | 2.9% | 7.375% |
Ohio's higher median goes with smaller loans, which price higher everywhere. New York appears even though Deephaven's site says it is “not authorized by the New York State Department of Financial Services” and its older DSCR matrix lists New York as ineligible; the 276 New York loans in the 2025 data are business-purpose loans, but if your property is there, ask your broker whether Deephaven will take the file today.
Why applications get denied
Deephaven denied 34.5% of the rental-property applications it decided in 2025 (37.1% in 2024). The first reason given was unverifiable information in 1,394 of 2,662 denials and collateral, usually the appraisal, in 755; credit history came first in 165. For a DSCR borrower that points to the paperwork: leases, rent schedules, entity documents and the source of the down payment. Have them clean before the broker submits.
Where your loan goes after closing
Deephaven does not keep most loans. HMDA asks for the type of buyer of each loan sold in the same calendar year: of the 8,066 loans it originated in 2025, it reported 1,232 as sold to a private securitizer, 926 to a life insurance company, 178 to banks and 5,408 to an “other type of purchaser”; 322 were not sold within the year. HMDA does not name the buyer.
SEC filings fill in part of the picture. Deephaven's securitizations are private placements, so their offering documents are not on EDGAR, but each trust must publish its third-party due-diligence findings on Form ABS-15G. We found 29 Deephaven Residential Mortgage Trusts with such filings:
| Years | Trusts with an ABS-15G filing | Depositor named on the filing |
|---|---|---|
| 2017-2019 | DRMT 2017-1 to 2019-3 (10 trusts) | Toringdon Way LLC |
| 2019-2020 | DRMT 2019-4, 2020-1 | Pretium Mortgage Credit Partners I TRS Depositor |
| 2020-2021 | DRMT 2020-2, 2021-1 | PMCP Depositor LLC |
| 2021-2022 | DRMT 2021-2 to 2022-3 (6 trusts) | RCF II Master Depositor |
| 2024 | DRMT 2024-1 | Park Funding Depositor LLC |
| 2025 | DRMT 2025-INV1, 2025-CES1 | RCF III Depositor I; Sutton Funding LLC |
| 2026 (to Aug 10) | DRMT 2026-INV1, INV2, CES1, INV3, CES2, HE1 | RCF III Depositor I |
None was filed between June 2022 and October 2024. In those years the loans went to other buyers: due-diligence reports for J.P. Morgan Mortgage Trust 2025-DSC2, Ellington's EFMT 2026-INV2 and Pretium's PRPM 2025-NQM4 all list “Deephaven” underwriting guidelines among those the loans were checked against.
The “INV” trusts hold rental loans. KBRA's March 24, 2026 release says DRMT 2026-INV2 holds 1,130 loans on non-owner-occupied investor properties, all exempt from the ability-to-repay rule “due to being originated for business purposes,” with a weighted average original LTV of 71.2%; DRMT 2026-INV3 (June 17, 2026) holds 1,092 loans at 70.3%. In the due-diligence report for DRMT 2025-INV1, the reviewer AMC checked 358 loans ($122.78 million, originated March to August 2025) and gave 245 an A grade, 113 a B and none a C or D; 178 loans had 287 differences between the seller's data tape and the file, the largest “on Borrower Last Name, Subject Debt Service Coverage Ratio and Contract Sales Price.”
For a borrower, this means your servicer and the owner of your loan can change soon after closing. Keep every payment confirmation and read every transfer notice.
Complaints and regulators
The CFPB Consumer Complaint Database returns 0 complaints naming Deephaven Mortgage, and 0 mentioning the name in any field, as of its October 5, 2026 update. That is unusual for a lender making nearly 1,900 owner-occupied first mortgages a year, and one likely reason is that borrowers complain about the company that sends their bill, which is a servicer, not Deephaven. Business-purpose borrowers rarely use the CFPB at all. Deephaven's own repurchase reports to the SEC under Rule 15Ga-1 show no activity in all six filings, which cover periods from July 2016 to December 2020. Our September 2026 check of 20 DSCR lenders found no enforcement order against it, and our web searches of regulator sites on October 6, 2026 found none either.
On prepayment penalties the federal data cannot help: every DSCR-type loan in Deephaven's file shows the prepayment term as not applicable, because Regulation C does not require it on business-purpose loans. Deephaven's 2023 DSCR matrix set a standard penalty of six months' interest on the amount prepaid over three years, with state limits; ask for the current term in writing.
What a borrower can do with this
- Use the 2025 band as a yardstick, not a quote. Deephaven's DSCR-type borrowers paid 6.875% to 7.625% in the middle half of 2025. Rates have moved since; ask two other lenders to price the same file on the same day and compare the spread.
- Ask your broker to show the lender price and the broker fee separately. All of Deephaven's 2025 originations came through a third party. The fee is not in the note rate or in HMDA.
- Keep the loan above $150,000 or the LTV at 60% or lower if you can. In 2025 those were the two clearest discounts in Deephaven's pricing.
- Have the file complete before submission. Unverifiable information was the first reason in more than half of Deephaven's rental denials in 2025.
- Get the prepayment penalty in the term sheet, and run your own ratio first with our DSCR calculator. For the wider lender field, see best DSCR lenders 2026 and DSCR loan rates 2026.
FAQ
Sources, read October 6, 2026: Deephaven Mortgage LLC's HMDA loan-level records for 2024 and 2025 and HMDA aggregation counts for 2018 to 2025 (FFIEC HMDA Data Browser, LEI 549300Y5Y88FQLI7VE83), the FFIEC HMDA filer lists for 2018 to 2025 and its GLEIF LEI record; Angel Oak Mortgage Solutions' 2025 HMDA records (LEI 549300KSOOZZVXCMA627) as the benchmark; the FFIEC public LAR data-field definitions and Regulation C official interpretations (eCFR); SEC Form ABS-15G filings for the 29 Deephaven Residential Mortgage Trusts (cover pages, and Exhibit 99.1 for DRMT 2024-1, 2025-INV1, 2026-INV3 and 2026-HE1), Deephaven Mortgage LLC's Rule 15Ga-1 reports (CIK 1683126), due-diligence exhibits for J.P. Morgan Mortgage Trust 2025-DSC2, EFMT 2026-INV2 and PRPM 2025-NQM4, and EDGAR full-text search; KBRA's releases on DRMT 2026-INV2 and 2026-INV3; Värde Partners' June 18, 2019 release; Deephaven Mortgage's home, mission, DSCR, DSCR second, correspondent, wholesale and licensing pages and its 2023 DSCR matrix; and the CFPB Consumer Complaint Database. Medians, percentiles, shares, the rate gaps and the dollar example are our arithmetic. Business-purpose rental loans with no debt-to-income ratio are our proxy for DSCR loans; HMDA has no DSCR field. This is analysis of public documents, not investment, legal or tax advice.
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