From boom to trickle
Its loans fell 17% in 2025, from 35 to 29, close to the 16% fall at similar lenders (non-bank lenders making between a quarter and four times as many loans), while the whole market rose 10%. The longer slide is the bigger story: 899 loans in 2021, 230 in 2022, 44 in 2023. Refinancing makes up 62.1% of its lending, and its typical rate rose from 2.99% in 2020 to 6.50%. A lender that leans on refinancing can lose much of its business when rates climb that far, though the figures do not show how much of its 2020 lending was refinancing.