Applications / Mortgage Analytics / Lenders / Delaware / Keystone Funding
Dover, DE · Independent non-bank lender · CFPB · 3,731 loans in 2025
Keystone Funding's data, $215Buy the data, $2,110Get Jenner, the SAS-compatible software
3,731
loans originated, 2025
4,493
applications, 2025
27
states and territories
0
gaps bigger than at similar lenders
Our analysis, 2025
Keystone Funding, a Delaware mortgage company that first reported in 2018, grew by more than a third in 2025, far faster than similar lenders or the market, and is now the second-largest lender in its home market of Dover.
Its loans rose 37%, from 2,715 to 3,731, faster than about four in five similar lenders, independent mortgage companies making between half and twice as many loans. They grew 10% at the middle, as did the whole market. It made 238 loans in 2018. It filed no report for 2020, a gap in the record rather than a year without lending.
In Dover it ranked 2 of 274 lenders, with 5.3% of lending, behind United Wholesale Mortgage. It lends in 27 states and 152 metros, and in 2025 entered Nashville, Bismarck and Rochester, Minnesota.
Home purchases made up 85.2% of its lending. Loans guaranteed by the Department of Veterans Affairs (VA) were 12.2% of the total, against 6.8% at similar lenders, more than at about four in five of them. Loans insured by the Federal Housing Administration fell from 26.9% to 19.1%.
Its refinance denial rate was 4.5%, against 6.9% at similar lenders, lower than at about two-thirds of them, and its purchase rate was 3.9%, near the middle. Low- and moderate-income neighborhoods received 16.5% of its loans, against 19.2% at its peers. The markets it serves and its purchase-heavy, VA-heavy mix are possible reasons.
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Originated means the loan was made: applications denied, withdrawn or not accepted are not counted. Years with no HMDA report from this lender are left out: since 2020 a bank making fewer than 100 closed-end loans a year need not report. Keystone Funding took 4,493 applications in 2025.
SOURCE: FFIEC HMDA, LOANS ORIGINATED (ACTION TAKEN: LOAN ORIGINATED)
FIG. 2 — PRODUCT MIX, 2025
Purchase 85.2% · Refinance 14.8%
Conventional 67.9% · FHA 19.1% · VA 12.2% · USDA (RHS or FSA) 0.9% · of 3,731 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 |
|---|---|---|
| Pennsylvania | 1,018 | 27.3% |
| Delaware | 564 | 15.1% |
| Colorado | 463 | 12.4% |
| Massachusetts | 193 | 5.2% |
| New Hampshire | 188 | 5.0% |
| Maryland | 177 | 4.7% |
| New Jersey | 166 | 4.4% |
| North Carolina | 153 | 4.1% |
| Florida | 150 | 4.0% |
| Virginia | 95 | 2.5% |
Largest metro areas, 2025
| Metro area | Loans |
|---|---|
| Montgomery County-Bucks County-Chester County | 450 |
| Denver-Aurora-Centennial | 328 |
| Wilmington | 251 |
| Dover | 210 |
| Philadelphia | 188 |
| Allentown-Bethlehem-Easton | 180 |
| Baltimore-Columbia-Towson | 84 |
| Manchester-Nashua | 72 |
| Cambridge-Newton-Framingham | 67 |
| Camden | 64 |
Identifiers
| LEI (Legal Entity Identifier, the global company code HMDA has used since 2018) | 5493002GI63WHHUTUD85 | 2018–2025 |
Established 4 January 2011. Reported under HMDA 2018-2025.
Mergers, name changes, data editions and corrections: Keystone Funding's data.
Keystone Funding's data
$215
Keystone Funding 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.
Buy Keystone Funding's data, $215Jenner Mortgage Analytics: all the data
$2,110
Every mortgage application reported under HMDA from 1990 to 2025, cleaned and corrected, every lender followed across name changes and mergers, with the market-share and fair-lending tables behind these pages and the Jenner programs that built them: the warehouse and the datamart, as Parquet files.
Buy the data, $2,110Jenner, the SAS-compatible software
See prices
Jenner runs programs written in the SAS language. It drew every chart on these pages and fitted the fair-lending model, PROC GLIMMIX on 3.5 million applications. Run the programs that come with the data, or your own.
Get JennerQuestions, or the data and Jenner together: [email protected]