Institutional Investor Loan Trends in HMDA Data: 2018–2024

Origination Trends

A bar chart showing institutional vs Non-Institutional Originations Mix Trend from 2018 to 2024. Institutional loans are shown in purple, Non-Institutional in yellow bars.

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Data Points

2018 2019 2020 2021 2022 2023 2024 Individual 66.9% 66.3% 67.5% 70.4% 66.9% 65.0% 65.7% Institutional 33.1% 33.7% 32.5% 29.6% 33.1% 35.0% 34.3% Grand Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

Date Published:

January 9, 2026

Date Updated:

January 9, 2026

Chart type:

Bar Chart

Suggested Citation:

Polygon Research. "Institutional vs. Non-Institutional Loans, 2018–2024." Polygon Vision - HMDAVision, accessed January 2026. Filters: Home purchase loans, Business Purpose Loans, Investment Property, 1st Lien, Closed-End, HMDA 2018–2024, national scope.

Key Insight and Commentary

This chart analyzes investor loans from 2018 through 2024 in HMDAVision. These are defined as home purchase loans made for business purposes, secured by investment properties, limited to 1–4 unit, first-lien, closed-end mortgages. Scope: national, HMDA 2018–2024.

Within this subset, institutional investor loans are identified by the absence of borrower demographic data—specifically, cases where fields such as age of borrower are reported as “NA.” This HMDA signal strongly indicates entity-based borrowers (LLCs, REITs, etc.), as opposed to individuals, making it a useful proxy for institutional activity.

From 2018 to 2021, institutional and non-institutional investor volumes trended upward. A surge occurred in 2022, with institutional investors sharply increasing their share. However, this trend reversed in 2023–2024, with institutional loan counts falling significantly, suggesting a retreat in the face of higher borrowing costs and tightening margins.

Non-institutional investor activity remained more stable, potentially reflecting smaller-scale or local-market dynamics.

These patterns help support better forecasting of purchase demand, credit appetite, and regional investment saturation.

These patterns are also useful as a context for policy discussions.

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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