Applications / Mortgage Analytics / Lenders / California / Watermark Capital
Irvine, CA · Independent non-bank lender · CFPB · 696 loans in 2025
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696
loans originated, 2025
908
applications, 2025
36
states and territories
0
gaps bigger than at similar lenders
Our analysis, 2025
Watermark Capital is a national lender of conventional loans running at less than a tenth of its 2021 size: it made 696 loans in 2025, against 9,486 then.
Its loans fell from 9,486 in 2021 to 617 in 2023, and have edged up since. In 2025 they rose 3%, against 1% for similar lenders, independent non-bank lenders making between half and twice as many loans, and 10% for the whole market.
Conventional loans made up 91.8% of its lending, against 67.8% at peers. Loans insured by the Federal Housing Administration were only 3.3%, against 21.6%. Its typical loan was $455,000, and jumbo loans, larger than the conforming limit, were 8.8% of the total, a higher share than at more than nine in ten peers.
It lent in 36 states and 130 metros in 2025. Its largest market is the Los Angeles area, where it ranks 184 of 757 lenders. Refinances were 43.5% of its lending and purchases 53.4%.
Borrowers with low or moderate incomes took 13.1% of its loans, against 24.6% at peers, lower than at more than four in five. Its larger loans offer one possible reason, since bigger loans tend to go to higher earners. Its share in majority-minority neighborhoods, 34.2%, is above the peer figure of 25.1%.
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Originated means the loan was made: applications denied, withdrawn or not accepted are not counted. Watermark Capital took 908 applications in 2025.
SOURCE: FFIEC HMDA, LOANS ORIGINATED (ACTION TAKEN: LOAN ORIGINATED)
FIG. 2 — PRODUCT MIX, 2025
Purchase 53.4% · Refinance 43.5% · Home improvement 3.0%
Conventional 91.8% · VA 4.9% · FHA 3.3% · of 696 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 |
|---|---|---|
| California | 249 | 35.8% |
| Texas | 151 | 21.7% |
| Maryland | 37 | 5.3% |
| Arizona | 33 | 4.7% |
| Virginia | 26 | 3.7% |
| Washington | 23 | 3.3% |
| Florida | 21 | 3.0% |
| Nevada | 19 | 2.7% |
| North Carolina | 18 | 2.6% |
| Massachusetts | 14 | 2.0% |
Largest metro areas, 2025
| Metro area | Loans |
|---|---|
| Los Angeles-Long Beach-Glendale | 80 |
| Dallas-Plano-Irving | 49 |
| Houston-Pasadena-The Woodlands | 43 |
| Anaheim-Santa Ana-Irvine | 33 |
| Fort Worth-Arlington-Grapevine | 32 |
| Riverside-San Bernardino-Ontario | 30 |
| Baltimore-Columbia-Towson | 25 |
| Phoenix-Mesa-Chandler | 24 |
| Oakland-Fremont-Berkeley | 19 |
| San Diego-Chula Vista-Carlsbad | 19 |
Identifiers
| LEI (Legal Entity Identifier, the global company code HMDA has used since 2018) | 2549005Q4HZ55QX7YC64 | 2018–2025 |
| RSSD (the Federal Reserve's identifier for banks and their parents) | 4730172 | 2014–2023 |
| Respondent ID (the HMDA filer code before 2018) | 7204255880 |
Established 20 January 2006. Reported under HMDA 2013-2025.
Mergers, name changes, data editions and corrections: Watermark Capital's data.
Watermark Capital's data
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