Applications / Mortgage Analytics / Lenders / California / Cake Mortgage
Los Angeles, CA · Independent non-bank lender · CFPB · 3,122 loans in 2025
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3,122
loans originated, 2025
4,889
applications, 2025
42
states and territories
0
gaps bigger than at similar lenders
Our analysis, 2025
Cake Mortgage, a Los Angeles non-bank, nearly quadrupled its lending in 2025, to 3,122 loans, and it makes far bigger loans than similar lenders.
Its loans rose 292%, from 796, against 11% for similar lenders (independent non-banks making between half and twice as many loans). The record swings hard: 2,502 loans in 2022, its first year of reporting, then 115 in 2023. The data do not say why 2023 was so low. A lender that does half its business in refinancing may see its volume swing with rates more than most.
Its typical loan was $615,000, against $315,000 at peers, the largest among them. Jumbo loans, larger than the conforming limit, made up 24.0% of its lending, against 1.1%. Its loans totalled $2.56 billion, more than all but a few peers. Los Angeles is its biggest market, where it ranks 12 of 757 lenders.
Conventional loans made up 98.9% of its lending, with almost no government-backed loans. Refinances were 52.9% of its loans and purchases 47.1%.
Only 11.6% of its borrowers had low or moderate incomes, against 28.4% at peers. Loan size offers one possible reason: loans twice the peers' typical size tend to go to higher earners. Half its loans (50.1%) were in neighborhoods where most residents belong to minority groups, against 26.2%, which may reflect its biggest markets, Los Angeles and Miami.
Similar lenders: same lender type, originations between half and twice the lender's in the data year. Written from the 2025 HMDA data and checked figure by figure against it.
FIG. 1 — LOANS ORIGINATED, 2022–2025
Originated means the loan was made: applications denied, withdrawn or not accepted are not counted. Cake Mortgage took 4,889 applications in 2025.
SOURCE: FFIEC HMDA, LOANS ORIGINATED (ACTION TAKEN: LOAN ORIGINATED)
FIG. 2 — PRODUCT MIX, 2025
Refinance 52.9% · Purchase 47.1%
Conventional 98.9% · FHA 1.0% · VA 0.1% · of 3,122 loans. Purchase: buying a home. Refinance: replacing an existing mortgage, including cash-out. FHA: insured by the Federal Housing Administration. VA: guaranteed by the Department of Veterans Affairs. Conventional: neither.
SOURCE: FFIEC HMDA 2025, LOANS ORIGINATED
Where it lends, 2025
| State | Loans | Share |
|---|---|---|
| California | 2,354 | 75.4% |
| Florida | 223 | 7.1% |
| Texas | 92 | 2.9% |
| Arizona | 81 | 2.6% |
| Nevada | 64 | 2.0% |
| New Jersey | 46 | 1.5% |
| Washington | 28 | 0.9% |
| Georgia | 25 | 0.8% |
| Colorado | 20 | 0.6% |
| Virginia | 17 | 0.5% |
Largest metro areas, 2025
| Metro area | Loans |
|---|---|
| Los Angeles-Long Beach-Glendale | 1,706 |
| Riverside-San Bernardino-Ontario | 158 |
| Miami-Miami Beach-Kendall | 102 |
| Anaheim-Santa Ana-Irvine | 101 |
| San Diego-Chula Vista-Carlsbad | 81 |
| Oxnard-Thousand Oaks-Ventura | 76 |
| Phoenix-Mesa-Chandler | 66 |
| Las Vegas-Henderson-North Las Vegas | 59 |
| Houston-Pasadena-The Woodlands | 56 |
| Fort Lauderdale-Pompano Beach-Sunrise | 46 |
Identifiers
| LEI (Legal Entity Identifier, the global company code HMDA has used since 2018) | 5493000EUC3MM52PJV85 | 2022–2025 |
Established 16 March 2018. Reported under HMDA 2022-2025.
Mergers, name changes, data editions and corrections: Cake Mortgage's data.
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