Applications / Mortgage Analytics / Lenders / Illinois / Key Mortgage Services
Schaumburg, IL · Independent non-bank lender · CFPB · 1,456 loans in 2025
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1,456
loans originated, 2025
1,859
applications, 2025
15
states and territories
0
gaps bigger than at similar lenders
Our analysis, 2025
Key Mortgage Services, a Chicago-area mortgage company, lends almost entirely for home purchases and almost entirely with conventional loans, and has held steady for three years.
Home purchases made up 92.2% of its 1,456 loans in 2025; refinances were 7.6%. Conventional loans were 91.4% of the total, against 67.1% at similar lenders, independent mortgage companies making between half and twice as many loans. Loans insured by the Federal Housing Administration (FHA) were only 6.4%, against 22.7% at the middle of its peers.
It made 1,456 loans in 2025, 1,447 in 2024 and 1,470 in 2023. Its growth of 1% trailed the 5% of similar lenders and the 10% of the whole market. Its peak was 4,356 loans in 2020, when its typical rate was 3.12%; at 6.75%, fewer borrowers have a reason to refinance, which may explain much of the drop since.
Only 10.4% of its loans went to low- and moderate-income (LMI) neighborhoods, against 19.0% at similar lenders, lower than about nine in ten of them. Its share of loans to LMI borrowers, 26.7%, was near the middle. A book light on FHA loans, which often serve buyers in such areas, and the markets it serves are possible reasons. Its refinance denial rate, 0.8%, was among the lowest tenth of similar lenders.
Chicago-Naperville-Elgin is its largest market, where it has lent since 2003 and ranked 28 of 902 lenders. JPMorgan Chase Bank led there. In 2025 it entered Seattle, San Diego and Bremerton for the first time.
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, 2018–2025
Originated means the loan was made: applications denied, withdrawn or not accepted are not counted. Key Mortgage Services took 1,859 applications in 2025.
SOURCE: FFIEC HMDA, LOANS ORIGINATED (ACTION TAKEN: LOAN ORIGINATED)
FIG. 2 — PRODUCT MIX, 2025
Purchase 92.2% · Refinance 7.6% · Home improvement 0.2%
Conventional 91.4% · FHA 6.4% · VA 2.2% · of 1,456 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 |
|---|---|---|
| Illinois | 1,382 | 94.9% |
| Indiana | 20 | 1.4% |
| Wisconsin | 16 | 1.1% |
| Florida | 10 | 0.7% |
| Arizona | 7 | 0.5% |
| Michigan | 6 | 0.4% |
| Washington | 5 | 0.3% |
| Ohio | 2 | 0.1% |
| South Carolina | 2 | 0.1% |
| California | 1 | 0.1% |
Largest metro areas, 2025
| Metro area | Loans |
|---|---|
| Chicago-Naperville-Schaumburg | 1,026 |
| Elgin | 199 |
| Lake County | 125 |
| Rockford | 14 |
| Lake County-Porter County-Jasper County | 12 |
| South Bend-Mishawaka | 6 |
| Phoenix-Mesa-Chandler | 4 |
| Milwaukee-Waukesha | 3 |
| Prescott Valley-Prescott | 3 |
| Tacoma-Lakewood | 3 |
Identifiers
| LEI (Legal Entity Identifier, the global company code HMDA has used since 2018) | 549300VJ7C5JB4W87F48 | 2018–2025 |
| RSSD (the Federal Reserve's identifier for banks and their parents) | 3869691 | 2010–2023 |
| Respondent ID (the HMDA filer code before 2018) | 77705300001 | 2003–2017 |
Established 16 September 1988. Reported under HMDA 2003-2025.
Mergers, name changes, data editions and corrections: Key Mortgage Services's data.
Key Mortgage Services's data
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