Home Purchase Mortgage Preapprovals

Fair Lending

Origination Trends

Table comparing originations rates of mortgage applications with and without preapproval requests.

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Data Points

Preapproval Originations Applications All Race/Ethnicity Originations Rate Non-Hispanic White Originations Rate Minority Originations Rate Minority Delta Preapproval not requested 3,199,084 4,886,689 65.5% 69.3% 61.8% -7.6% Preapproval requested 183,990 393,241 46.8% 55.4% 49.3% -6.1%

Date Published:

August 11, 2025

Date Updated:

August 11, 2025

Chart type:

Table

Suggested Citation:

Polygon Research. Polygon Vision – HMDAVision. Accessed August 11, 2025. Filters: Home Purchase; First Lien; Nationwide; Metrics: Net Applications, Originations, Closing Rate; Breakouts: Preapproval Requested vs. Not Requested; Race/Ethnicity (Non-Hispanic White, Minority).

Key Insight and Commentary

This table from HMDAVision uses 2024 HMDA data to compare home purchase loan origination rates for first-lien applications nationwide, segmented by preapproval request status. It shows two rows:

Applications without preapproval (3.93M net apps, 3.19M originations, 81.4% overall originations rate) and
Applications preapproval (194K net apps, 184K originations, 94.7% overall originations rate).

Originations rates are broken out by non-Hispanic white (84.7% vs. 95.2%) and minority borrowers (77.6% vs. 94.6%), with a delta column highlighting gaps (-7.1% vs. -0.6%).

Preapprovals involve full underwriting and are reported in HMDA. For example - verifying income, assets, credit - conditioning only on property/title, unlike prequals using stated info.

Strategically, lenders can deploy preapproval programs to accelerate originations rate, minimize fallout, and empower agents with buyer certainty for faster wins in tight markets. This drives volume growth, optimizes warehouse lines, and fosters better experience for real estate agent partners.

From Analysis to Action

This analysis provides a clear blueprint for how to uncover meaningful market dynamics. Its true power is unleashed when you apply this same methodology to your own local markets. Because all real estate is local, this granular approach is essential for crafting precise strategies that effectively address the unique conditions of each community.

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