Averra Financial (The Loan Store) Review 2026: 40,038 Loans

The name: what the company's own site says, with dates

Search for “the loan store” and you get consumer-review aggregators and directories, which describe it as a mortgage lender. It is not one you can walk into. The rename is the first thing to settle because the volume for the old name will drift toward the new one. We read the company's own pages on October 22, 2026 rather than relying on a news article.

Two cautions. First, the company's other claims in the press coverage (that it is “one of the four largest wholesale lenders” and bought the wholesale business of Homepoint in 2023) come from a HousingWire article that says it was generated with the outlet's automation and reviewed by an editor, and from the company's statement; we did not verify them against a filing. Second, similar names exist: averra.com and averrafinancial.com are different websites that we did not use. The reliable identifiers are NMLS 1121650 and the HMDA identifier 254900DTLHVWQ7NP7R34.

How big: four years of federal loan data

HMDA obliges lenders to report each application and loan. The Loan Store filed from the 2022 data year. The counts below are originated loans (action taken 1) for LEI 254900DTLHVWQ7NP7R34; the loan and dollar totals match the FFIEC data browser aggregation for each year.

What it shows: the company went from a start-up filer to 42nd of 4,660 HMDA filers by record count (58,895 records in 2025, our ranking of the FFIEC filer list) in three years. Growth in 2025 was 70.0% in loans and 77.8% in dollars (our arithmetic), and the investor share of loans rose from 13.2% in 2023 to 29.7%. DSCR-type loans, which were a rounding error in 2024 (131), became 2,137 in 2025, a 16-fold rise (our arithmetic). The 2026 file is not published until 2027, so it cannot show whether the “non-QM volume up 68%” the company reports for January to August 2026 includes more rental loans.

The channel field supports the website. Every one of the 40,038 originated loans reports “submission of application” as not submitted directly to the institution, and 7,562 (18.9%) were not initially payable to the lender, which is how correspondent loans close (our tabulation). That is a broker and correspondent book, not a consumer one. Our Rocket Mortgage investor-loan page shows the retail side of the same market for comparison.

What the 2025 book is made of

“DSCR-type” is the definition used on our DSCR lender ranking: conventional, first lien, closed-end, one-to-four units, investment-property occupancy, business-purpose flag, no debt-to-income ratio reported and a term of 30 years or more. HMDA has no DSCR field, so this is a proxy. The other groups are exclusive: personal-purpose investor loans carry business-purpose flag 2.

“Denied share of decided” is denied applications divided by originated plus denied applications, the base of our DSCR ranking. Four readings:

• It is a mortgage company that also lends to investors, not a DSCR specialist. Owner-occupied loans are 66.7% of loans and 68.2% of dollars, and DSCR-type loans 5.3% of loans and 5.1% of dollars (our arithmetic). Investor-occupied loans of all kinds are 29.7% of loans and 28.1% of dollars. By DSCR-type count it is 21st nationally, behind specialists such as Champions Funding and Kiavi; by investor-occupied loans of any kind it is among the largest. See the portfolio loan page and the down-payment page, where it appears among the leaders for personal-purpose investor loans.
• Most investor loans are ordinary mortgages. 9,046 of the 11,898 investor loans (76.0%, our arithmetic) were personal-purpose, and 8,223 of those are 30-year first liens, which our investment property mortgage rates page ranks second after Rocket Mortgage. A rental borrower with W-2 income and a conventional loan is a more typical Loan Store investor customer than a DSCR borrower.
• Home equity is a separate business. 6,869 originations (17.2% of loans, $780 million) were open-end lines of credit, 6,006 of them in second lien position, at a median note rate of 9.35% and a $95,000 median line. 685 of the lines were on investment properties. The company's products page names a first-position line, Wealth Builder, and a line “Powered by Averra Financial” in partnership with Aven.
• Rate gaps are small. The DSCR-type median is 0.375 points above the investor personal-purpose median and 0.625 above owner-occupied. For market-wide rates see our DSCR rate page.

Inside the 2025 DSCR-type book

• Priced a little below the national median. The national DSCR-type median on our ranking page is 7.375%, with 23.3% of decided applications denied. Averra's is 7.25% with 13.4% denied. Among its own loans the median rate rises 0.375 points from 60% or less loan-to-value (7.0%) to above 75% (7.375%).
• A different geography. Florida, Texas, New York, New Jersey and California are 1,083 of the 2,137 loans (50.7%, our arithmetic). New York and New Jersey together are 370 loans (195 and 175); AmWest's 2025 DSCR-type book had 106 in New York, per our AmWest review.
• Loans are sold quickly. 2,087 of 2,137 DSCR-type loans (97.7%) were reported sold within 2025, all to buyer type 71, and 50 were not. Across the whole company 25,125 of 40,038 loans (62.8%) were not sold in the year. For a borrower, a sold loan means a different company will hold and service it; the lender says it does not service loans after closing in any case.
• Interest-only is the exception. 10.5% of the loans (225) report interest-only payments, against 100% at AmWest. 69 loans were above $1 million and the largest was $2,245,000.
• Fees are invisible. Business-purpose loans are exempt from HMDA's cost fields. None of the 2,137 reports total loan costs or a prepayment-penalty term. Rate is what you can see; points, broker compensation and prepayment terms come from your broker's Loan Estimate or rate sheet.

A worked example, our arithmetic: at the 7.25% median a $265,000 loan costs $1,601.04 a month interest-only ($265,000 × 7.25% ÷ 12) and $1,807.77 a month if it amortizes over 30 years. At the 7.375% a borrower would pay at the national median, the amortizing payment would be $1,830.29, $22.52 a month more.

What the company publishes about its investor programs

The public site is written for mortgage professionals and says so: “The information provided on this website is intended for licensed mortgage professionals and approved Averra Financial Inc. Partners.” Its products page lists Flex NQM DSCR, “for investors qualifying based on property cash flow rather than personal income,” and Flex NQM DSCR Max for “larger investment properties and expanded loan amounts,” alongside Flex NQM Income programs, second mortgages, conventional, FHA, VA and USDA loans and hard money through the affiliate. It says Flex NQM DSCR “qualifies borrowers based on the rental income of the subject property.” It publishes no minimum credit score, DSCR minimum, loan-to-value cap, rate, points or prepayment structure. Those are in the partner portal and rate sheets, which we cannot see. Compare that with lenders whose guides are public, such as the AmWest review, or with the best DSCR lenders page. For product background see what a non-QM loan is.

Licences and complaints

Licences. The company's licensing page lists a state-by-state table with licence numbers. For seven jurisdictions the number column reads “None”: Colorado, Louisiana, Nebraska, New Jersey, New Mexico, Texas and Utah (marked “Wholesale”). In the 2025 file those seven held:

The table does not say why, and some states do not license wholesale lenders or license them differently, so a blank is not evidence of a violation. One clue: in a loan-level due diligence exhibit filed with the SEC for a non-QM securitization (COLT Depositor III, filed March 25, 2024), some notes name “The Loan Store TX, Inc.” as the lender and others “The Loan Store, Inc.” HMDA reports Texas loans under the one identifier above. Its About page says “50 State Licenses” and the FAQ says it is “actively lending in 49 states and the District of Columbia.” NMLS Consumer Access, the regulators' public record, blocks scripted queries, so check NMLS 1121650 yourself, and check the broker.

Complaints. On October 22, 2026 we searched the CFPB Consumer Complaint Database, which held 18,590,360 complaints, for “loan store” in the company field, for “Averra” in all fields and for “Averra Financial” in the company field. Each returned 0. We found no state or federal enforcement action against the company in our searches, which are not a regulator search. How to read the zero: a broker-channel lender is not the face of the loan, and the company that services your loan, which is not Averra, receives the servicing complaints. Compare how others look in is this DSCR lender legit?.

What a reader can do with this

• If a broker quotes Averra, you are dealing with a wholesale price list. Ask for the program name (for example Flex NQM DSCR), the rate sheet date, the broker's compensation and the prepayment terms in writing; the lender publishes none of them.
• Ask who will own and service the loan. The lender says it does not service. HMDA shows 97.7% of its DSCR-type loans sold within the year, so expect a transfer notice.
• Check the licence for your state and your broker on NMLS Consumer Access. Use NMLS 1121650 for Averra and the broker's own number, especially in the seven jurisdictions where the website shows no number.
• Do not search for “The Loan Store” customer service. There is no consumer service. The company's borrower page directs payment questions to its closing documents and your loan officer.
• Shop one other lender the same day. In 2025, 18.8% of DSCR-type applications (647 of 3,448) were withdrawn by the applicant (our arithmetic), so many rental files end before closing. See DSCR loan rates and the ranked DSCR lenders.

FAQ

Sources, read October 22, 2026: FFIEC HMDA Data Browser loan-level files and aggregation totals for 2022 to 2025 (LEI 254900DTLHVWQ7NP7R34, all actions), tabulated by us with the occupancy, lien, business-purpose, debt-to-income, term and open-end filters applied locally, and the HMDA filer lists for 2022 to 2025; averrafi.com home, About, Products & Services, FAQ, Press, Licensing & Disclosures, Active States and Borrower Payments pages; HousingWire, “The Loan Store rebrands to Averra Financial,” October 5, 2026; the CFPB Consumer Complaint Database search API; SEC Form ABS-15G exhibit 99.5 of COLT Depositor III, LLC (CIK 0001935056; accession 0001999371-24-003932). This is analysis of public records, not investment, legal, lending or tax advice. We have no commercial relationship with Averra Financial; Kiavi is a paid link.