Applications / Mortgage Analytics / Lenders / Utah / Veritas Funding
Midvale, UT · Independent non-bank lender · CFPB · 942 loans in 2025
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942
loans originated, 2025
1,988
applications, 2025
20
states and territories
0
gaps bigger than at similar lenders
Our analysis, 2025
Veritas Funding, a Utah non-bank, has turned itself into a lender of government-backed loans, which now make up nearly three-quarters of its business.
Some 49.5% of its loans are insured by the Federal Housing Administration (FHA) and 23.4% guaranteed by the Department of Veterans Affairs (VA). In 2020 only 13.2% were FHA and 4.2% VA. Similar lenders, independent non-banks making between half and twice as many loans, have 21.7% FHA and 6.1% VA. Refinances make up 62.8% of its lending.
Low- and moderate-income (LMI) borrowers received 45.7% of its loans, against 26.9% at similar lenders, a higher share than about nine in ten of them. Manufactured homes make up 4.5% of its loans, against 0.7%. Both fit a lender that leans on FHA and VA products.
Its typical rate, 6.12%, is lower than at about nine in ten similar lenders, whose typical rate is 6.62%. It turned down 1.5% of home-purchase applications, against 3.2% at its peers.
It made 942 loans in 2025, against 3,040 in 2020. With refinances most of its business, its volume may rise and fall with demand for refinancing. It now lends in 140 metros across 20 states. Utah is still its main state, but its largest share is in Idaho Falls, where it ranks 11 of 211 lenders with 2.1% of the market, up from 1.9%.
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Originated means the loan was made: applications denied, withdrawn or not accepted are not counted. Veritas Funding took 1,988 applications in 2025.
SOURCE: FFIEC HMDA, LOANS ORIGINATED (ACTION TAKEN: LOAN ORIGINATED)
FIG. 2 — PRODUCT MIX, 2025
Refinance 62.8% · Purchase 36.0% · Other 1.2%
FHA 49.5% · Conventional 27.2% · VA 23.4% · of 942 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 | 278 | 29.5% |
| Idaho | 85 | 9.0% |
| North Carolina | 67 | 7.1% |
| Florida | 61 | 6.5% |
| Georgia | 52 | 5.5% |
| Arizona | 44 | 4.7% |
| California | 43 | 4.6% |
| South Carolina | 43 | 4.6% |
| Ohio | 42 | 4.5% |
| Illinois | 35 | 3.7% |
Largest metro areas, 2025
| Metro area | Loans |
|---|---|
| Salt Lake City-Murray | 128 |
| Provo-Orem-Lehi | 81 |
| Idaho Falls | 70 |
| Ogden | 42 |
| Chicago-Naperville-Schaumburg | 23 |
| Phoenix-Mesa-Chandler | 22 |
| St. George | 19 |
| Charlotte-Concord-Gastonia | 18 |
| Indianapolis-Carmel-Greenwood | 17 |
| Albuquerque | 14 |
Identifiers
| LEI (Legal Entity Identifier, the global company code HMDA has used since 2018) | 549300UVOSI4XZZGUE14 | 2018–2025 |
| RSSD (the Federal Reserve's identifier for banks and their parents) | 3877641 | 2010–2023 |
| Respondent ID (the HMDA filer code before 2018) | 7861092244 |
Established 6 January 2004. Reported under HMDA 2006-2025.
Mergers, name changes, data editions and corrections: Veritas Funding's data.
Veritas Funding's data
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