Griffin Funding Review 2026: What Its Own HMDA Filing Shows About Its DSCR Loans
Quick Answer
Griffin Funding, Inc. (San Diego, NMLS 1120111, founded 2013) is a licensed, consumer-direct mortgage lender, and its DSCR program is real. What its marketing does not show is what borrowers actually paid. Its 2025 filing under the federal Home Mortgage Disclosure Act (HMDA), the loan-by-loan record lenders send regulators, lists 191 loans originated for $75.9 million, of which 83 were business-purpose rental loans with no debt-to-income ratio, the DSCR-type loan, for $27.4 million. Their median note rate was 7.875% (middle half 7.5% to 8.562%), against 7.374% for the 2,659 DSCR-type loans Angel Oak Mortgage Solutions made the same year, about half a point lower (our arithmetic). Griffin now advertises DSCR rates “from 6.375%” (September 2026) and says it closed 508 DSCR loans for $145 million in January to July 2026. HMDA counts a loan only under the company that made the credit decision, and the public HMDA file for Griffin's identifier, registered in 2018, has no records before 2024 and no business-purpose loans in 2024, so most of the “more than 2,100” DSCR loans it says it has funded were not reported as its own decisions. The CFPB database shows 13 complaints since 2020, three tagged “confusing or misleading advertising or marketing.” As of October 5, 2026.
Key Takeaways
- Griffin's 2025 HMDA filing: 191 originations ($75.9 million), 104 on investment property, 83 of them business-purpose loans with no DTI reported, the footprint of a DSCR loan ($27.4 million, 43.5% of everything it originated).
- Those 83 loans had a median note rate of 7.875%, a middle half of 7.5% to 8.562% and a range of 6.75% to 11.375%. Median loan $215,000, median combined LTV 74.6%, all fixed-rate, 30-year in 81 cases.
- Same year, same loan type, Angel Oak Mortgage Solutions (a wholesale lender reached through brokers) recorded a 7.374% median on 2,659 loans. The 0.50-point gap is before any broker fee on the Angel Oak side, which HMDA does not show for these loans.
- Griffin's site says it closed 508 DSCR loans ($145 million) from January to July 2026 and more than 2,100 in total. Its HMDA filings show 0 business-purpose loans for 2024 and 83 for 2025. Under the HMDA rule, a loan that closes in one company's name after another company approved it is reported only by the approver.
- Griffin reported none of its 191 loans of 2025 as sold within 2025, although its site describes a $72.5 million warehouse line that turns over up to three times a month. We could not reconcile the two.
- Investment-property denial rate in 2025: 16.2% (22 of 136 decided applications), collateral the first reason in 11. CFPB complaints: 13 since 2020, 3 in 2026, 11 answered on time. We found no enforcement order.
CSV · 106 rows
Griffin Funding: HMDA 2024-2025 loan data, DSCR claims, licensing and CFPB complaints
106 rows: Griffin Funding's HMDA totals for 2018-2025 by action taken, its 2025 business-purpose rental loans by rate, size, LTV, purpose, units and state, Angel Oak Mortgage Solutions' 2025 DSCR-type loans as a benchmark, Griffin's published DSCR terms and volume claims, its licenses, and all 13 CFPB complaints.
Who Griffin Funding is
Griffin Funding is a mortgage company in San Diego, founded in 2013, that sells to borrowers directly rather than through brokers. Its products are DSCR loans for rental investors, bank-statement loans for the self-employed, home-equity loans and VA loans. Its state licensing page lists licenses in 47 states plus DC, including a California Finance Lenders Law license (60DBO-44274) and, in Florida, both a mortgage broker license (MBR3384) and a mortgage lender license (MLD1944). Its about page says it has funded “$3.6+ billion of loan volume to over 8,000+ clients as of May 2025.”
Two sentences on its own site describe how it funds loans: it is a “fully delegated direct lender” for FHA and VA loans, and for non-QM loans it says it operates “a platform of institutional non-QM loan buyers.” Its DSCR page adds that because it is consumer-direct, “there's no broker layer between you and the terms.” The second sentence and the federal data below are worth reading together.
Our September 27, 2026 check of 20 DSCR lenders already covers the license check. This page adds the federal loan-level record.
What Griffin advertises for DSCR loans
From Griffin's DSCR loan page, read October 5, 2026:
| Term | What Griffin publishes |
|---|---|
| Starting rate, 30-year fixed (September 2026) | 6.375% |
| Starting rate, 1-year ARM (September 2026) | 5.375% |
| Minimum DSCR | None; below-1.0 and no-ratio programs |
| Minimum credit score | 620 (DSCR borrowers averaged 739 in 2025, per Griffin) |
| Loan size | $100K to $4.5M |
| Minimum down payment | 15% with 740+ credit; 20% typical |
| Days to close | Fastest 6, average 34 |
| DSCR loans closed Jan 1 to Jul 31, 2026 | 508 loans, $145 million |
| DSCR loans funded July 2026 | 71 loans, $19.5 million; 72% cash-out refinances |
| DSCR loans funded, all time | More than 2,100, over $650 million |
None of this is audited. The rates are starting rates for the best file; the page says the rate depends on credit score, DSCR, down payment, points and the prepayment-penalty term.
What its HMDA filing shows
HMDA requires most mortgage lenders to report every application they decide, 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. The public file for Griffin's legal entity identifier, which Griffin registered on March 20, 2018, has no records for 2018 through 2023, 182 for 2024 and 444 for 2025. We downloaded both years loan by loan from the FFIEC HMDA Data Browser and counted.
A DSCR loan in HMDA looks like this: investment property, business purpose flagged as yes, and no debt-to-income ratio, because the borrower's income was not used. All 83 of Griffin's business-purpose rental loans in 2025 fit that description.
| Griffin Funding, HMDA | 2024 | 2025 |
|---|---|---|
| Loans originated | 42 ($11.1M) | 191 ($75.9M) |
| On investment property | 9 | 104 ($35.9M) |
| Business-purpose rental loans (DSCR-type) | 0 | 83 ($27.4M) |
| Median note rate, DSCR-type | n/a | 7.875% |
| Middle half of rates, DSCR-type | n/a | 7.5% to 8.562% |
| Lowest and highest rate, DSCR-type | n/a | 6.75% and 11.375% |
| Median loan, DSCR-type | n/a | $215,000 |
| Median combined LTV, DSCR-type | n/a | 74.6% |
| Purchase / cash-out / rate-and-term | n/a | 26 / 16 / 41 |
| Interest-only / adjustable-rate | n/a | 5 / 0 |
| 2-4 unit properties | n/a | 24 of 83 |
| States with a DSCR-type loan | n/a | 35 |
| Investment-property denial rate | 37.5% (6 of 16) | 16.2% (22 of 136) |
Three things stand out. Half of the 2025 DSCR-type loans were rate-and-term refinances (41 of 83), while Griffin's July 2026 figures are 72% cash-out, so the mix has moved or the two sets of loans are not the same set. There were no adjustable-rate DSCR loans in 2025, though its lowest advertised rate in 2026 is a 1-year ARM. And the denial reason that came up most on rental applications was collateral, 11 of 22 denials, which usually means the appraisal: Griffin's own page calls a low valuation “the most common reason DSCR deals wobble.”
By state the counts are small: Florida 8 loans (median 7.688%), Texas 7 (8.875%), Pennsylvania 6 (7.938%), Wisconsin 6 (8.125%), California 4 (9.188%). The CSV has nine states.
The rate against a wholesale benchmark
The fairest comparison is the same loan type in the same year. Angel Oak Mortgage Solutions, a wholesale non-QM lender whose HMDA file we also downloaded, recorded 2,659 business-purpose rental loans with no DTI in 2025.
| 2025, DSCR-type loans (HMDA) | Griffin Funding | Angel Oak Mortgage Solutions |
|---|---|---|
| Loans | 83 | 2,659 |
| Median note rate | 7.875% | 7.374% |
| 25th to 75th percentile | 7.5% to 8.562% | 6.99% to 7.749% |
| Median loan | $215,000 | $235,000 |
| Investment-property denial rate | 16.2% | 17.4% |
| How borrowers reach it | Directly | 5,741 of 6,232 loans came through a broker or correspondent |
Griffin's median sits 0.50 percentage points above Angel Oak's, and its 25th percentile (7.5%) is above Angel Oak's median (our arithmetic). That is not the whole cost comparison. A borrower who goes to Angel Oak through a broker usually pays the broker separately, in points or fees, and for business-purpose loans HMDA does not record those charges. Griffin's 83 loans are also a small sample with different credit scores and leverage behind them. What the table does show is that a 7.875% median is the price Griffin's DSCR borrowers actually signed in 2025, not 6.375%.
For current market rates by lender, see our DSCR loan rates page.
Why the volume does not match
Griffin's DSCR page says it has “funded more than 2,100 DSCR loans for over $650 million,” and that the 508 closed in January to July 2026 are nearly a quarter of everything it has ever closed. That puts roughly 1,590 DSCR loans before 2026 (our arithmetic). Its HMDA record shows nothing from 2018 to 2023, 0 business-purpose rental loans in 2024 and 83 in 2025.
The HMDA rule explains how both can be true. The official interpretation of Regulation C gives this case: a company takes an application, sends it to a second company that approves it before closing, the loan closes in the first company's name and the second buys it. “Since Financial Institution B made the credit decision prior to closing, Financial Institution B reports the transaction as an origination, not as a purchase. Financial Institution A does not report the transaction.” A lender that closes loans in its own name on an investor's prior approval reports nothing for them.
We have not confirmed with Griffin which of its loans work this way. Its site says it has “a platform of institutional non-QM loan buyers,” and the gap between 83 and roughly 1,590 is consistent with most of its DSCR loans being approved by those buyers before closing. If so, the company setting your rate and underwriting your file may be a buyer whose name you do not see until the closing documents or the first servicing letter.
One more field does not fit. HMDA asks lenders to report the type of buyer for a loan the lender “originates or purchases and then sells within the same calendar year.” Griffin coded all 191 of its 2025 loans as not sold in 2025. Its about page describes “$72.5 million in warehouse lending capacity, turning over up to three times per month,” which is how a lender that sells loans quickly would describe itself. We could not reconcile the two and are not suggesting either is wrong.
Complaints and regulators
The CFPB Consumer Complaint Database lists 13 complaints naming Griffin Funding, Inc. from March 2020 to September 25, 2026: 11 about applying for or closing a mortgage, 3 of them in 2026. Three carry the sub-issue “Confusing or misleading advertising or marketing” (February 2025, March 2025 and September 2026). Griffin answered 11 on time; one 2020 complaint was closed with monetary relief. The CFPB does not verify complaints, and business-purpose borrowers file them less often, so the count is a floor, not a score.
We found no enforcement order against Griffin Funding in web searches of regulator sites on October 5, 2026. NMLS Consumer Access sits behind a captcha and its terms bar republishing, so we did not use it.
On prepayment penalties, the federal data cannot help. Regulation C does not require lenders to report the prepayment-penalty term on business-purpose loans, so every DSCR-type loan in HMDA shows “not applicable.” Griffin says it discloses the penalty in writing upfront; its loan officer quoted on the same page says “DSCR loans don't follow federal disclosure guidelines.” Both are reasons to get the penalty in the term sheet before you pay for an appraisal.
What a borrower can do with this
- Use the 2025 band as a check on your quote. Griffin's DSCR-type borrowers paid 7.5% to 8.562% in the middle half of 2025. Rates have moved since, so compare the gap to a benchmark, not the number: ask two other lenders for the same file on the same day.
- Ask who makes the credit decision. Ask Griffin in writing whether your loan will be underwritten and approved by Griffin or by an investor before closing, and who will service it. The answer tells you whose guidelines apply if something changes mid-file.
- Get the prepayment penalty in the term sheet. Term (0 to 5 years), structure (step-down or flat) and what it costs to buy it out. HMDA will never show it.
- Expect the appraisal to decide the deal. Collateral was the first denial reason in half of Griffin's rental denials in 2025. Griffin's own advice, to agree a plan B such as a larger down payment before the appraisal is ordered, is sound.
- Run your own ratio first. Our DSCR calculator and DSCR requirements guide show whether you clear a 1.0 or 1.25 floor before you pay anyone. For the full lender field, see best DSCR lenders 2026.
FAQ
Sources, read October 5, 2026: Griffin Funding's HMDA loan-level records for 2024 and 2025 and the HMDA aggregation counts for 2018 to 2025 (FFIEC HMDA Data Browser, LEI 5493002WVA17MT4UFH84) and its GLEIF LEI record, and Angel Oak Mortgage Solutions' 2025 HMDA records (LEI 549300KSOOZZVXCMA627) as the benchmark; the FFIEC HMDA filer lists for 2022 to 2025; Regulation C, 12 CFR 1003.4 and its official interpretations (eCFR); Griffin Funding's DSCR loan, about, state licensing and home pages; and the CFPB Consumer Complaint Database. Medians, percentiles, shares, the rate gap and the pre-2026 loan count are our arithmetic on those records. 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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