Guaranteed Rate DSCR and Investor Loans 2026: 5,614 Made in 2025
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Quick Answer
Guaranteed Rate, Inc. (the company now brands itself “Rate”) originated 5,614 conventional business-purpose loans in 2025, 12th among 1,794 lenders in the federal HMDA file, for $2.175 billion at a median note rate of 7.0% and a median loan of $285,000, as of the data we read on November 3, 2026. Only 1,789 of them (31.9%) are DSCR-type loans, 24th of 463 lenders, at a 7.25% median; 3,374 report a debt-to-income ratio, so most of its investor lending looks like income-documented loans, not the rental-income product most “Guaranteed Rate DSCR” searches expect (our arithmetic). Counts of this lender vary by page because five filters are in use: 5,730 (all loan types), 5,614 (conventional), 5,416 (investment property, any loan type), 5,286 (our investment-property filter) and 1,789 (DSCR-type). It denied 9.2% of the investor files it decided, about the same as its 9.1% for principal residences, and the CFPB database lists 172 complaints under the company since January 1, 2025. We could not find a Guaranteed Rate DSCR product page, so we cannot give you its current terms.
Key Takeaways
- Scale: 5,614 originated conventional loans flagged as made for a business purpose, $2,175,100,000, which is 8.0% of its 70,579 originated loans and 1.25% of the 449,087 such loans in the 2025 file; 12th among 1,794 lenders by count. Median loan $285,000; median note rate 7.0% (middle half 6.625% to 7.49%) against 7.375% nationally.
- Why you see different numbers: 5,730 is the same business-purpose filter without the conventional restriction (it adds 65 FHA and 51 VA loans); 5,416 counts every originated loan on an investment property, any type; 5,286 applies our investment-property filter (first lien, closed-end, one to four units); 1,789 keeps only loans with no debt-to-income ratio and a term of 360 months or more.
- Two products under one label: 1,789 DSCR-type loans ($639,055,000, median 7.25%, median loan $255,000) and 3,374 loans that report a debt-to-income ratio ($1,344,860,000, median 6.99%, median loan $305,000). 3,319 of those 3,374 list Desktop Underwriter or Loan Prospector as their first automated underwriting system, and 749 were sold to Fannie Mae or Freddie Mac.
- Small loans cost more: its 137 DSCR-type loans under $100,000 had a median note rate of 8.125%, against 7.25% on its 1,652 loans of $100,000 and over, a gap of 0.875 points (our arithmetic).
- Where: California 681, Illinois 560 and New Jersey 523 of the 5,614; all 5,614 were submitted directly to Guaranteed Rate, none through a broker. It lent in 50 states and the District of Columbia.
- Applications: of 11,789 investment-property records, 548 were denied (9.2% of originated plus denied), 3,369 (28.6%) were withdrawn by the applicant and 1,285 closed incomplete. The first-listed reason in 159 denials was debt-to-income ratio, in 126 collateral.
- Record: 172 CFPB complaints since January 1, 2025 (72 in 2025, 100 in 2026), 836 since the database began, most about mortgages already being serviced; Guaranteed Rate, Inc. is an ACTIVE LEI record headquartered in Chicago. The CFPB does not verify complaints.
CSV · 178 rows
Guaranteed Rate, Inc.: HMDA 2025 business-purpose and investor loans, the five counts reconciled, products, states, purchasers, denials, peers, CFPB complaints and entity record
178 rows: Guaranteed Rate's 2025 HMDA file (all actions, all loan types), the reconciliation of 5,730, 5,614, 5,416, 5,286 and 1,789, rates, products, states, purchasers, denial reasons, national rank and peers, CFPB complaint counts and the LEI record.
Which Guaranteed Rate number is right: 5,730, 5,614, 5,416, 5,286 or 1,789
All five are correct counts of 2025 originated loans in the same federal file (the Home Mortgage Disclosure Act, or HMDA, loan-level data from the FFIEC data browser). They differ because each answers a different question. We downloaded Guaranteed Rate's complete 2025 file ourselves, 152,500 records covering every action and every loan type, and counted each way. The lender's loans on our ranking of DSCR lenders by loans made (1,789, listed 25th there) and on our investment-property mortgage rate page (5,286) are the same loans as below, filtered differently; our CrossCountry review shows 5,416 for Guaranteed Rate on its peer table.
| Count | Filter applied to originated loans | What it answers | Difference from the line above |
|---|---|---|---|
| 5,730 | Flagged business or commercial purpose; any loan type | How many loans did the lender tag as business-purpose? | Starting point |
| 5,614 | Same, conventional loans only | The business-purpose count in our national files, which hold conventional originations only | 116 fewer: 65 FHA and 51 VA loans flagged business purpose |
| 5,416 | Occupancy type 3 (investment property); any loan type, any purpose | How many loans did it make on rentals, whatever the borrower's stated purpose? | Different axis: 5,398 of these are conventional, 216 of the 5,614 are coded owner-occupied |
| 5,286 | Conventional, business purpose, investment property, first lien, closed-end, not reverse, one to four units | Our investment-property filter | 112 fewer than the 5,398 conventional investment-property loans (second liens, lines of credit and similar) |
| 1,789 | Of the 5,286: no debt-to-income ratio reported and a term of 360 months or more | Our DSCR-type filter | 3,374 report a debt-to-income ratio and 123 have terms under 360 months |
The difference between 5,730 and 5,614 is odd and worth knowing: 116 loans are flagged business-purpose and also FHA or VA, which are consumer programs. We take the lender's flag at face value and do not drop them from the file, but our other pages use the conventional count. On the plain 360-month filter Guaranteed Rate is 24th by DSCR-type loans; our ranking page lists it 25th because that page also re-reads one lender's term-30 and term-40 loans as years. If you read “Guaranteed Rate made 5,730 (or 5,614, or 5,286) DSCR loans” anywhere, none of those is a DSCR count; 1,789 is.
What Guaranteed Rate is, and how you reach it
Guaranteed Rate is a large retail mortgage lender, not a DSCR specialist. Its LEI record (GLEIF, status ACTIVE) names it GUARANTEED RATE, INC., with its headquarters at 3940 N Ravenswood Ave, Chicago, Illinois 60613 and a legal address in Wilmington, Delaware. The footer of rate.com reads “Guaranteed Rate, Inc. D/B/A Rate” and gives “NMLS License #2611”; you can check that license at NMLS Consumer Access. The home page we fetched on November 3, 2026 says Rate “helped buyers secure $30.3B in loans in 2025”, which is the company's own claim; HMDA shows $29.19 billion originated across all 70,579 loans (our arithmetic), a different scope and not a contradiction we can resolve.
| Item | What the record says | Source |
|---|---|---|
| Legal entity | GUARANTEED RATE, INC., ACTIVE, LEI 549300U3721PJGQZYY68 | GLEIF record |
| Headquarters | 3940 N Ravenswood Ave, Chicago, Illinois 60613 | GLEIF record |
| Brand and license | “Guaranteed Rate, Inc. D/B/A Rate”; NMLS License #2611 | rate.com footer, November 3, 2026 |
| HMDA filer name 2025 | GUARANTEED RATE, INC. | FFIEC 2025 filer list |
| Investor, DSCR or rental products on the home page | No mention in the page text as fetched | rate.com, November 3, 2026 |
| Share of its originated loans that are business-purpose (conventional) | 5,614 of 70,579 (8.0%); 10.6% of its 52,820 conventional loans | HMDA 2025 (our arithmetic) |
We could not find a Guaranteed Rate page describing a DSCR, investor cash-flow or non-QM program: several plausible rate.com addresses returned “Page Not Found”, the Internet Archive had no copy of one of them, and a web search for the product returned only third-party sites. The company may offer such loans through loan officers or a page we did not find, and the HMDA file shows it makes them. For what a DSCR product normally asks see DSCR loan requirements and non-QM loans.
What the 2025 HMDA file shows
| 2025 record | Count | Note |
|---|---|---|
| All records in the file | 152,500 | Every action and every loan type |
| Originated | 70,579 | 52,820 conventional, 10,677 FHA, 6,768 VA, 314 USDA; $29.19 billion |
| Purchased from other lenders | 23,244 | Not counted as its own originations |
| Withdrawn by the applicant | 34,954 | All purposes and occupancies |
| Closed incomplete | 14,260 | |
| Denied | 7,310 | |
| Approved but not accepted | 2,003 | |
| Business-purpose records, all actions | 12,530 | 5,730 originated |
Profile of the 5,614 conventional business-purpose loans (all submitted directly to Guaranteed Rate, in 51 jurisdictions):
| Measure | Value |
|---|---|
| Dollars | $2,175,100,000 |
| Loan amount, 25th / median / 75th percentile | $165,000 / $285,000 / $485,000 |
| Note rate, 10th / 25th / median / 75th / 90th percentile | 6.35% / 6.625% / 7.0% / 7.49% / 7.875% |
| Loan-to-value, 25th / median / 90th percentile | 63.4% / 75.0% / 80.0% |
| Term | 5,363 at 360 months (95.5%); 126 at 180; 77 at 480; 20 at 240 |
| Interest-only flag | 212 loans (3.8%) |
| Purpose | 3,648 purchase; 1,234 cash-out refinance; 625 refinance; 107 home improvement |
| Units | 4,388 one-unit; 605 two; 408 three; 213 four |
| Lien and structure | 5,521 first lien; 93 second lien; 107 open-end lines of credit |
Two products: DSCR-type loans and income-documented loans
HMDA has no field for a debt service coverage ratio, so “DSCR-type” is our label: no debt-to-income ratio reported, a term of 360 months or more, on the investment-property filter above. The other group reports an income ratio, which is how a conventional investor loan is underwritten.
| Within the 5,286 investment-property loans | DSCR-type | Debt-to-income reported |
|---|---|---|
| Loans | 1,789 | 3,374 |
| Dollars | $639,055,000 | $1,344,860,000 |
| Median loan | $255,000 | $305,000 |
| Median note rate | 7.25% | 6.99% |
| Median loan-to-value | 74.3% | 75.0% |
| Interest-only flag | 161 (9.0%) | 51 (1.5%) |
| Sold to a credit union, mortgage company or finance company | 1,132 | 1,454 |
| Sold to Fannie Mae or Freddie Mac | 0 | 749 |
| First automated underwriting system is Desktop Underwriter or Loan Prospector | 1,602 | 3,319 |
| Largest states | California 197, Florida 158, New Jersey 146 | California 426, New Jersey 352, Illinois 347 |
The DSCR-type loans cost 0.26 of a point more than the income-documented ones (7.25% against 6.99%, our arithmetic). See our DSCR rate page for the market level. Two things stand out. First, none of the DSCR-type loans went to Fannie Mae or Freddie Mac, while 749 of the income-documented loans did, so the second group is closer to a conventional investment-property mortgage. Second, the file lists an automated underwriting system on most of the DSCR-type loans; we cannot say what a lender's system did with a loan that reports no income ratio, so we do not read more into that field.
Who bought the 5,614 business-purpose loans during 2025: a credit union, mortgage company or finance company 2,685 (47.8%); no purchaser that year 858 (15.3%); a commercial bank or savings institution 643 (11.5%); a private securitizer 548 (9.8%); Fannie Mae 449 (8.0%); Freddie Mac 427 (7.6%); other 4 (our arithmetic). A borrower's loan may therefore be serviced by someone else within the year.
Price against the market
| Median note rate, 2025 | Guaranteed Rate | All lenders |
|---|---|---|
| Conventional business-purpose loans | 7.0% (5,614) | 7.375% (449,087) |
| DSCR-type loans | 7.25% (1,789) | 7.375% (151,988 on the plain 360-month filter) |
| DSCR-type loans under $100,000 | 8.125% (137) | n/a |
| DSCR-type loans of $100,000 and over | 7.25% (1,652) | n/a |
The lower overall median reflects its mix: 63.8% of its investment-property loans (3,374 of 5,286) are income-documented loans priced about a quarter point below DSCR-type loans. On the like-for-like DSCR-type group its 7.25% equals the 7.375% national median to within an eighth of a point. The small-loan premium is 0.875 points under $100,000, the same gap our page on minimum loan amounts reports for this lender.
Cost in dollars (our arithmetic): on a $285,000 30-year fully amortizing loan the payment is $1,896.11 a month at 7.0%, $1,944.20 at 7.25% and $1,968.42 at 7.375%. The gaps are $48.09 and $72.31 a month before points, fees, taxes and insurance, none of which HMDA reports for these loans.
Where Guaranteed Rate lends
| State | Business-purpose loans | Median note rate | Median loan |
|---|---|---|---|
| California | 681 | 6.875% | $535,000 |
| Illinois | 560 | 7.175% | $235,000 |
| New Jersey | 523 | 7.125% | $435,000 |
| Massachusetts | 335 | 6.875% | $525,000 |
| Florida | 324 | 7.25% | $275,000 |
| Pennsylvania | 270 | 7.25% | $215,000 |
| Texas | 253 | 7.125% | $235,000 |
| Ohio | 213 | 7.25% | $135,000 |
| Tennessee | 202 | 6.75% | $170,000 |
| North Carolina | 177 | 7.125% | $235,000 |
| Arkansas | 125 | 6.5% | $145,000 |
| Georgia | 120 | 7.25% | $235,000 |
The top three states are 31.4% of its business-purpose loans (our arithmetic). For lender tables by state see our New Jersey and Tennessee pages.
Peers: where it sits among the largest business-purpose lenders
| Lender (as filed) | Business-purpose loans | DSCR-type loans | DSCR-type share | Median note rate |
|---|---|---|---|---|
| United Wholesale Mortgage | 30,898 | 14,836 | 48.0% | 7.375% |
| KIAVI FUNDING, INC. | 25,528 | 5,794 | 22.7% | 9.95% |
| CROSSCOUNTRY MORTGAGE, LLC | 10,021 | 4,088 | 40.8% | 7.25% |
| Loan Funder LLC | 9,296 | 4,461 | 48.0% | 9.25% |
| JPMorgan Chase Bank, NA | 8,584 | 87 | 1.0% | 6.17% |
| CHAMPIONS FUNDING, LLC | 7,496 | 7,110 | 94.9% | 7.5% |
| BPL MORTGAGE, LLC | 7,256 | 6,827 | 94.1% | 7.5% |
| RCN Capital, LLC | 7,055 | 4,944 | 70.1% | 7.839% |
| RF Renovo Management Company, LLC | 6,767 | 2,278 | 33.7% | 9.5% |
| PENNYMAC LOAN SERVICES LLC | 6,068 | 5 | 0.1% | 6.875% |
| HomeXpress Mortgage Corp. | 5,780 | 5,315 | 92.0% | 7.375% |
| GUARANTEED RATE, INC. | 5,614 | 1,789 | 31.9% | 7.0% |
Guaranteed Rate sits between the specialists (Champions Funding, BPL Mortgage and HomeXpress, over 90% DSCR-type) and the banks and servicers (JPMorgan Chase and PennyMac, near zero). Kiavi's 9.95% and Loan Funder's 9.25% medians reflect short-term loans and are not comparable with 30-year medians. Raw counts follow lender size and are not a quality score. The Kiavi number here is a count of business-purpose loans under the Kiavi Funding, Inc. filing; see our Kiavi review for how its loans are now originated.
Applications and denials
Investment-property records in Guaranteed Rate's file are 11,789 in all: 5,416 originated, 548 denied, 87 approved but not accepted, 3,369 withdrawn by the applicant, 1,285 closed incomplete, 1,082 purchased loans and 2 preapproval approvals not accepted. Denied divided by originated plus denied is 9.2% (548 of 5,964), against 9.1% for its conventional principal-residence loans (4,580 of 50,470; our arithmetic).
| First-listed denial reason, investment-property denials | Denials | Share of 548 |
|---|---|---|
| Debt-to-income ratio | 159 | 29.0% |
| Collateral | 126 | 23.0% |
| Other | 103 | 18.8% |
| Credit history | 72 | 13.1% |
| Insufficient cash | 34 | 6.2% |
| Unverifiable information | 30 | 5.5% |
| Credit application incomplete | 23 | 4.2% |
| Employment history | 1 | 0.2% |
A low denial rate has two readings the file cannot separate: either the lender approves almost every file it decides, or weaker files leave first. Here 28.6% of investment-property records were withdrawn by the applicant, so a 9.2% denial rate is not a promise of approval. HMDA does not say which denied files were DSCR-type; we therefore do not split the 159 debt-to-income denials.
Complaints
On November 3, 2026 we searched the CFPB Consumer Complaint Database (last updated November 3, 2026) with the company filter set to “GUARANTEED RATE INC.”. It returned 172 complaints received since January 1, 2025 (72 in 2025 and 100 in 2026 through November 3, 2026) and 836 since the database began. The latest was received on October 15, 2026.
| Complaints since January 1, 2025 | Count | Note |
|---|---|---|
| Product: mortgage | 150 | 87.2% of 172 (our arithmetic) |
| Product: credit reporting | 12 | Consumer reports, not loans |
| Product: debt collection | 5 | |
| Issue: trouble during payment process | 61 | Servicing of existing loans |
| Issue: applying for a mortgage or refinancing | 37 | Origination |
| Issue: closing on a mortgage | 35 | Origination |
| Issue: struggling to pay mortgage | 12 | Servicing of existing loans |
| Company response: closed with explanation | 167 | 97.1% (our arithmetic) |
| Response timely: yes | 171 | 99.4% (our arithmetic) |
Raw complaint counts follow a lender's size and servicing book, not its quality. The database covers consumer products, has no field for occupancy or loan purpose, and business-purpose loans fall outside the consumer rules, so we cannot say how many of the 172 concern an investor loan. These are allegations by consumers, which the CFPB publishes without verifying them. We did not read state regulators' enforcement records; check NMLS Consumer Access and your state regulator.
What HMDA does not show
- No pricing beyond the note rate. Points, origination charges, lender credits and total loan costs are blank on all 5,614 business-purpose loans, and so is the prepayment-penalty term; Regulation C asks for it only on loans subject to Regulation Z, which excludes business-purpose credit.
- No DSCR, credit score or reserves. There is no debt-service-ratio field, so “DSCR-type” is our label.
- No individual terms or product names. HMDA names no loan program, no loan officer and no property.
- Closed loans and decided files only. It does not record everyone who asked for a quote.
- No 2026 loans. The 2025 file is the newest complete year; 2026 loans appear in 2027. The FFIEC file is revised after first publication, so counts can differ by a few dozen loans from earlier pages of ours.
What a reader can do with this
- Ask which Guaranteed Rate product you are being quoted. Of its investor loans in 2025, about 64% reported an income ratio and 34% did not. Ask a loan officer whether the loan is underwritten on your income or on the property's rent, and get the written matrix with its date.
- Test the quote. On a DSCR-type loan of $100,000 or more its 2025 median was 7.25%; under $100,000 it was 8.125%. A quote far above the median for your loan size deserves a second price. Our guide is this DSCR lender legit? lists what to check.
- Price the same file the same day at a lender that specializes in rentals. Compare note rate, points, prepayment fee and lock side by side. Our investment property mortgage rates page gives the market level.
- Check the license and the state record at NMLS Consumer Access (license #2611 as shown on its site) and your state regulator, which this page did not do.
- Get a direct quote from a lender that specializes in rentals. See Kiavi, Visio Lending and Lima One.
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FAQ
Frequently Asked Questions
Sources, read November 3, 2026: FFIEC HMDA 2025 loan-level data from the FFIEC data browser API (Guaranteed Rate, Inc., LEI 549300U3721PJGQZYY68, all actions and all loan types, 152,500 records, counted with tabulate.py and gr_extract.py), our 51 state files of originated conventional loans for the national and peer figures (nat.py), the FFIEC 2025 filer list and LAR data-field definitions; the CFPB Consumer Complaint Database search API; the GLEIF record for LEI 549300U3721PJGQZYY68; and the rate.com home page. Our DSCR-type count follows the filter on our DSCR lenders ranking, with a plain 360-month rule for national totals (151,988), so the ranking page's 154,354 differs by one lender's years-as-months term entries. Sums, shares, differences and payment figures are our arithmetic. This is analysis of public documents, not investment, legal or tax advice.
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