Emporium TPO Review 2026: 2,305 DSCR Loans, 7.25% Median

Who Emporium TPO is

Emporium TPO LLC says on its website that it was founded in 2021, is based in Frisco, Texas (2611 Internet Boulevard, Suite 115) and describes itself as a national platform for professional mortgage brokers and non-delegated correspondents. Its footer gives NMLS 2278548 and says the information is “intended solely for mortgage brokers, and financial institutions” and not for consumers. “TPO” is industry shorthand for third-party origination: the channel in which brokers and correspondents bring the loans. This page is about the lender, for a rental investor whom a broker has quoted “Emporium.”

A public-company filing names a company with the same name. The list of subsidiaries in Exhibit 21.1 of KKR & Co. Inc.’s annual report filed February 27, 2026 includes “Emporium TPO, LLC” and “Emporium Holdco Inc.,” both Delaware companies, and the same name is in the exhibits to the annual reports filed from at least February 28, 2022. The exhibit gives no ownership percentage, and we did not confirm that the Delaware company is the HMDA filer, so treat it as a lead and not a finding. A separate public record shows the loans are securitized: a Morgan Stanley Mortgage Capital Holdings Form ABS-15G exhibit filed August 13, 2026 (and in the February 17 and May 14 filings) lists Emporium TPO LLC as the originator of one loan, $326,992.45, in one pool, with no repurchase demands shown. That is one loan, not a measure of the book.

Lender or broker? Both questions, answered from the file

HMDA asks whether the loan was “initially payable to your institution.” All 4,550 Emporium records say yes, so it closes loans in its own name and is not a broker. It also asks whether the borrower “submitted the application directly to the financial institution.” All 4,550 say no. Together they describe a wholesale lender: the broker takes the application and Emporium funds and closes. For you the consequence is practical. You cannot apply to Emporium; you pick a broker, and the broker’s fee is not in the HMDA file. The website says the same thing in its own words.

What the file does not say is whose money funds the loan before a sale. In 1,519 of the 2,305 DSCR-type loans (65.9%) the reported buyer is an “affiliate institution” (HMDA code 8); 438 went to “other” purchasers (19.0%) and 348 show no sale in 2025 (15.1%). The file does not name the affiliate, and it does not say whether the affiliate is the KKR-listed company above.

What the 2025 federal loan file shows

HMDA requires lenders above a size threshold to report every application and loan. We downloaded Emporium’s complete 2025 file from the FFIEC data browser and tabulated it by action taken.

Two points. First, 2,966 less 2,305 is 661 originations outside the DSCR-type group: 460 not flagged business purpose (389 on a principal residence, 18 on a second home, 53 on investment property) and 201 business-purpose loans that report a debt-to-income ratio (our counts of the occupancy, purpose and ratio fields). The consumer-type loans are outside this page. Second, the approved-but-not-accepted share is high: 22.4% of the group’s records, against 3.3% withdrawn. HMDA does not say why an approved borrower did not accept. A borrower who got a better offer elsewhere is one possibility, but the file does not show it.

How we defined a DSCR-type loan, and how we read the term

HMDA has no DSCR field. We use the definition of our other pages: first lien, one to four units, investment property (occupancy code 3), business purpose, and no debt-to-income ratio reported (blank or exempt), conventional and closed-end. That leaves 2,305 loans. They are an approximation of rental loans underwritten on the property’s income, not a list of loans with a DSCR test.

The term needs a caution. HMDA defines the loan term in months. Emporium reports 30 and 40: 2,290 and 15 of these loans, with one more loan outside the group at 360. We read 30 and 40 as years, the way our hard money lenders ranking and best fix-and-flip lender page do, and that is the reason this lender is excluded from their short-term counts. The reasons: those pages record 1,869 Emporium investment loans with a 360-month term in 2024; none of the 2,305 loans carries a balloon flag; the median rate is 7.25%, about 2.7 points below the 9.99% median of the short-term loans on our fix-and-flip page; and the website sells 30-year fixed and 5/6 and 7/6 ARM DSCR loans. It is an inference from those facts, not something the filing states. If you read the 30 as months, the loans would be short-term; the other evidence says they are not.

What it costs: the 2025 rate record

Read the comparison with care. The national column comes from our DSCR lenders ranked by loans page, a different data pull: that list has 152,049 loans from 465 lenders and does not contain Emporium. A low median can mean a low-risk borrower pool and not a cheaper lender, since HMDA has no credit score, no points and no prepayment term for these loans. Emporium’s 53.1% of loans at or below 7.25% is a statement about its 2025 notes; it is not a quote for you.

The median rate rises with the number of units: 7.25% for one unit, 7.375% for two and three units and 7.49% for four units. By purpose, cash-out refinances had a median of 7.375% and purchases and rate-and-term refinances 7.25%. By loan size the median is 7.25% from $100,000 to $999,999, 7.49% under $100,000 (9 loans) and 7.375% at $1,000,000 and over (115 loans).

A worked example (our arithmetic). On the median $265,000 loan fully amortizing over 30 years, principal and interest is $1,807.77 a month at 7.25%. At the national median of 7.375% it is $1,830.29, which is $22.52 more a month and $8,107 over 360 payments. The same loan interest-only at 7.25% costs $1,601.04 a month, $206.73 less, with the $265,000 untouched. These are arithmetic on medians. Points, origination charges and any prepayment penalty are not in the data, and the broker’s fee is on top.

Interest-only and the 40-year loan

408 of the 2,305 loans (17.7%) carry an interest-only flag, against 10.4% for the national DSCR-type group. Their median note rate was 7.375%, 0.125 points above the 7.25% of the loans without the flag. All 15 forty-year loans carry the flag. The website lists interest-only for the Emerge DSCR program (minimum 640 FICO, “interest-only options available,” “additional restrictions apply”) and does not list a 40-year term in its DSCR programs; it lists 30- or 40-year fixed in some non-QM programs. We cannot see which program a loan was written under.

Only 6 of the 2,305 loans report an introductory rate period, all 60 months. The website lists 5/6 and 7/6 month ARMs in its DSCR programs, so the file shows few adjustable loans or few reported as such. We cannot tell which.

What the website says and what the file shows

Emporium publishes terms, not prices; its rate sheet is for brokers. The Products and Programs page, effective August 20, 2026, lists four DSCR programs:

The 2025 file is consistent with these programs in three places: the highest loan-to-value reported is 80.0%, the largest loan is $3.005 million (HMDA’s rounded amount, just above the stated $3mm), and 750 of the 2,305 loans are on two-to-four-unit buildings. The programs described are the 2026 menu and the loans are 2025 loans, so the match is loose. The page says several conditions (“additional restrictions apply”); read the matrix your broker gives you. We have not seen the loan documents, and a program page is not a commitment to lend.

Where it lends

The loans are in 43 states and DC. The top four, New York, Texas, New Jersey and Florida, are 1,398 loans (60.7%), and New York alone is 36.5% of the dollars because its median loan, $655,000, is more than three times Texas’s $185,000. A borrower in a small state should ask the broker how many loans Emporium closed there: 26 of the 44 jurisdictions have fewer than 25 loans in the file (our count of the state field). State medians follow loan size and mix; they are not state prices. For the state markets see DSCR loans in Texas and in Florida.

Licences: what the page lists and what we could not check

Its licensing page, updated “as of 10.9.2026,” lists licences or registrations in 41 states and DC, including Indiana (Mortgage Lending License 61498), Texas (Mortgage Company License), Florida (MLD2214), Pennsylvania (106244) and New Jersey (Residential Mortgage Lender). It says the highlighted states are where Emporium is “licensed to originate consumer loans.” New York is not on the list. Our cross-check: 599 of the 2,305 DSCR-type loans (26.0%) are in states not on that list: New York 493, Missouri 58, Massachusetts 28, Mississippi 13, Hawaii 4, Montana 2 and Wyoming 1. A loan for a business purpose is often outside consumer mortgage licensing, so this is not evidence of a problem, and we do not say a licence was required in any of those states. It is a question to ask, and the regulators of those states are the ones who can answer it.

NMLS. NMLS Consumer Access blocked our request, so we could not read the record for NMLS 2278548. We did not verify any licence, including Indiana’s 61498, against its regulator on this date. Look up the number yourself on NMLS Consumer Access and with the regulator in the state of the property.

Complaints, courts and enforcement

CFPB. On October 26, 2026 we searched the CFPB Consumer Complaint Database, whose index was updated that day, by company name and across all fields for “emporium.” Both returned 0 complaints. That is an absence in one database, not a clean bill. The database is built for consumer products, Emporium sells only to brokers and its loans here are business-purpose, so a count of zero says little. See what the number does and does not tell in is this DSCR lender legit?.

Enforcement. On October 26, 2026 a web search for the name together with “enforcement action,” “consent order,” “lawsuit” or “settlement” found nothing about Emporium, and a SEC EDGAR full-text search for “Emporium TPO” (2018 to October 26, 2026) found only the KKR subsidiary listings, the Morgan Stanley table above and unrelated insurance-fund filings, with no SEC action. We did not read the CFPB enforcement list (our request returned a 403 error), state regulators’ order pages or court dockets. We found no regulatory action against Emporium TPO; we have not ruled one out.

Courts. A CourtListener search of federal case documents for “Emporium TPO” returned 14 dockets. All 14 are other companies’ bankruptcies (12 of them in the Impac Mortgage Holdings group, filed April 26, 2026 in Bankr. D. Del., plus Yellow Corporation and Zahav Ventures LLC); none has Emporium as the case name. We did not open the filings, so we do not know in what role it is named, and a name in a bankruptcy filing can be that of a creditor or a counterparty. We draw no conclusion.

What we could not establish

• NMLS and the licences. Not read. See above.
• Ownership. The KKR exhibit lists a same-name company; we did not confirm it is the HMDA filer or what share KKR holds.
• Who the affiliate buyer is. HMDA code 8 for 1,519 loans.
• Today’s pricing and points. HMDA 2025 gives last year’s note rate. Current rate sheets are for brokers, and the points and fees are blank in the file.
• Whether the 30 is months or years. We read years, for the reasons above.
• Reviews and the Better Business Bureau. We saved no dated source for them.
• The 2024 book. We cite our own page for the 2024 count and did not recompute it here.

What a reader can do with this

• Ask your broker to name the program (Empower, Elevate, Embark or Emerge) and send the matrix. The programs differ by 60 points of FICO and by the DSCR floor.
• Get the price in writing. Rate, points, broker fee, appraisal and underwriting fees, any prepayment penalty and the interest-only period. HMDA has none of them for these loans.
• Ask whether the broker has quoted another lender the same day. At Emporium 22.4% of these files ended as approved but not accepted in 2025.
• Ask who services the loan and who buys it. The reported buyer on 65.9% of the loans is an affiliate institution.
• If the property is in New York, Missouri or Massachusetts, ask the broker about licensing for the loan. That is a question, not an accusation.
• Look up NMLS 2278548 and the licence yourself on NMLS Consumer Access and with your state regulator.
• Use the numbers as a cross-check, not a quote. A 30-year quote near 7.25% is in line with this lender’s 2025 median; one above 7.875% is in its top decile.

For other lenders see the best DSCR loan lender, DSCR lenders ranked by loans, CV3 Financial Services and AmWest Funding, and for loan requirements DSCR loan requirements 2026 and DSCR loan rates 2026. A note on our other pages: our hard money lenders ranking and best fix-and-flip lender exclude Emporium from their short-term loan counts because it reports 30-year loans with the term entered as 30. It is a rental lender and not a flip lender.

FAQ

Sources, read October 26, 2026: FFIEC HMDA loan-level file for 2025 (CFPB Data Browser, LEI 984500F6E6940CCB6A60), tabulated by us with action taken = 1 for originations and the DSCR-type filter described above; the CFPB Consumer Complaint Database search API; SEC EDGAR full-text search, KKR & Co. Inc. Form 10-K Exhibit 21.1 filed February 27, 2026 and Morgan Stanley Mortgage Capital Holdings Form ABS-15G exhibit 99.1 filed August 13, 2026; CourtListener search API; the home, about, licensing and products pages of emporiumtpo.com; our pages on DSCR lenders ranked by loans, hard money lenders and fix-and-flip lenders for the national comparisons. NMLS Consumer Access and the CFPB enforcement list returned errors and were not read. This is analysis of public records, not investment, legal, lending or tax advice. We have no commercial relationship with Emporium TPO; Kiavi is a paid link.