Applications / Mortgage Analytics / Lenders / Utah / Direct Rate Home Loans
Cottonwood Heights, UT · Non-bank or government lender · CFPB · 366 loans in 2025
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366
loans originated, 2025
579
applications, 2025
13
states and territories
0
gaps bigger than at similar lenders
Our analysis, 2025
Direct Rate Home Loans went from 14 loans in 2024 to 366 in 2025, with Utah its main state; it already ranks 22 of 308 lenders in Ogden.
It first reported in 2023 but made no loans that year, and only 14 in 2024. Its 366 loans in 2025 gave it faster growth than any similar lender, meaning non-bank lenders of the same type making between half and twice as many loans. Purchases were 79.5% of its loans.
It entered its Utah markets in 2024. By 2025 it held 0.9% of Ogden and ranked 22 of 308 lenders there. In Salt Lake City-Murray it ranked 38 of 363, with 0.6%, and in Provo-Orem-Lehi it had 0.3%. In 2025 it also began lending in Seattle and Phoenix.
The typical similar lender made only conventional loans. Direct Rate made 19.7% of its loans with a guarantee from the Department of Veterans Affairs, the highest share in its peer group, and 11.2% with insurance from the Federal Housing Administration. Its typical loan, $455,000, was larger than the $325,000 at peers, and its typical rate, 6.38%, was lower than their 6.78%.
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, 2023–2025
Originated means the loan was made: applications denied, withdrawn or not accepted are not counted. Direct Rate Home Loans took 579 applications in 2025.
SOURCE: FFIEC HMDA, LOANS ORIGINATED (ACTION TAKEN: LOAN ORIGINATED)
FIG. 2 — PRODUCT MIX, 2025
Purchase 79.5% · Refinance 20.5%
Conventional 69.1% · VA 19.7% · FHA 11.2% · of 366 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 |
|---|---|---|
| Utah | 334 | 91.3% |
| Washington | 10 | 2.7% |
| Idaho | 5 | 1.4% |
| Arizona | 4 | 1.1% |
| Oregon | 4 | 1.1% |
| California | 2 | 0.5% |
| Colorado | 1 | 0.3% |
| Michigan | 1 | 0.3% |
| Montana | 1 | 0.3% |
| New Mexico | 1 | 0.3% |
Largest metro areas, 2025
| Metro area | Loans |
|---|---|
| Salt Lake City-Murray | 132 |
| Ogden | 124 |
| Provo-Orem-Lehi | 49 |
| St. George | 8 |
| Seattle-Bellevue-Kent | 5 |
| Phoenix-Mesa-Chandler | 3 |
| Boise City | 2 |
| Logan | 2 |
| Tacoma-Lakewood | 2 |
| Coeur d'Alene | 1 |
Identifiers
| LEI (Legal Entity Identifier, the global company code HMDA has used since 2018) | 984500F5665613E36549 | 2023–2025 |
Established 13 September 2022. Reported under HMDA 2023-2025.
Mergers, name changes, data editions and corrections: Direct Rate Home Loans's data.
Direct Rate Home Loans's data
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Direct Rate Home Loans and its peers, 2018–2025: every application in the HMDA data, cleaned and corrected, as Parquet files, with the Jenner programs that made these pages.
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