Kwik Mortgage Corporation Rates, Fees & Info

Parsippany, NJ

LEI: 2549004CU9LAM5CYA280

Tax ID: 22-3626334

5 stars - out of 5 stars, based on 61 reviews

2020 Data | 2019 Data | 2018 Data


Overview

Kwik Mortgage Corporation is a small mortgage company specializing in Refi loans. Kwik Mortgage Corporation has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include New Brunswick, Newark, New York, Oakland, and Los Angeles among others. They have an above average approval rate for mortages when compared nationally -- and they have a below average pick rate when compared to the same sample of other lendors. Kwik Mortgage Corporation is typically a low fee lendor.


Originations

3,716

Origination Dollar Volume (All Markets)

$1,388,430,000
Show all (50) awards

Relative Rate

Kwik Mortgage Corporation's average 30 year fixed rate mortgage of loans were 2.93%.

The 2020 average 30 year fixed rate mortgage across all markets of loans were 3.36%.

This yields a difference of -0.43%.

Relative Fees

Kwik Mortgage Corporation's average total fees for a 30 year fixed rate mortgage are $3,144.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $5,021.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
NEW BRUNSWICK-LAKEWOOD, NJ (FHA|USDA|VA) 1,204 $435,150,000 $361,420 $3,076 2.75%
NEWARK, NJ-PA (FHA|USDA|VA) 446 $172,120,000 $385,919 $4,103 2.84%
NEW YORK-JERSEY CITY-WHITE PLAINS, NY-NJ (FHA|USDA|VA) 347 $129,525,000 $373,271 $4,456 2.86%
OAKLAND-BERKELEY-LIVERMORE, CA (FHA|USDA|VA) 114 $55,720,000 $488,772 $1,605 2.73%
LOS ANGELES-LONG BEACH-GLENDALE, CA (FHA|USDA|VA) 102 $41,970,000 $411,471 $1,715 2.87%
SEATTLE-BELLEVUE-KENT, WA (FHA|USDA|VA) 95 $41,785,000 $439,842 $2,240 2.78%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 93 $39,485,000 $424,570 $2,130 2.87%
ANAHEIM-SANTA ANA-IRVINE, CA (FHA|USDA|VA) 87 $37,715,000 $433,506 $1,556 2.96%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 99 $33,885,000 $342,273 $1,956 2.60%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 88 $31,880,000 $362,273 $3,124 2.69%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 96 $30,090,000 $313,438 $2,654 2.78%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 83 $28,835,000 $347,410 $1,423 2.82%
DALLAS-PLANO-IRVING, TX (FHA|USDA|VA) 79 $27,575,000 $349,051 $2,439 2.80%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 66 $23,020,000 $348,788 $1,809 3.06%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 67 $22,815,000 $340,522 $2,018 2.89%
SAN FRANCISCO-SAN MATEO-REDWOOD CITY, CA (FHA|USDA|VA) 42 $21,040,000 $500,952 $1,728 2.82%
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV (FHA|USDA|VA) 49 $20,555,000 $419,490 $1,460 2.75%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 37 $20,125,000 $543,919 $1,868 2.75%
MONTGOMERY COUNTY-BUCKS COUNTY-CHESTER COUNTY, PA (FHA|USDA|VA) 58 $18,250,000 $314,655 $3,276 2.68%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 38 $13,320,000 $350,526 $2,620 2.94%
CAMDEN, NJ (FHA|USDA|VA) 38 $12,450,000 $327,632 $3,316 2.77%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 30 $9,210,000 $307,000 $1,692 2.72%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 22 $8,710,000 $395,909 $1,578 2.76%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 19 $7,795,000 $410,263 $1,638 2.86%
STOCKTON, CA (FHA|USDA|VA) 16 $6,290,000 $393,125 $1,886 2.69%
FREDERICK-GAITHERSBURG-ROCKVILLE, MD (FHA|USDA|VA) 16 $6,000,000 $375,000 $1,718 2.88%
FORT WORTH-ARLINGTON-GRAPEVINE, TX (FHA|USDA|VA) 16 $5,520,000 $345,000 $3,148 2.89%
NASSAU COUNTY-SUFFOLK COUNTY, NY (FHA|USDA|VA) 11 $5,205,000 $473,182 $3,642 2.83%
RALEIGH-CARY, NC (FHA|USDA|VA) 17 $4,805,000 $282,647 $1,826 2.73%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 14 $4,510,000 $322,143 $4,856 3.05%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 11 $3,805,000 $345,909 $2,791 2.93%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 9 $3,375,000 $375,000 $2,430 3.06%
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL (FHA|USDA|VA) 9 $3,185,000 $353,889 $2,552 2.69%
Outside of Metro Areas 10 $3,040,000 $304,000 $1,970 2.84%
CHICAGO-NAPERVILLE-EVANSTON, IL (FHA|USDA|VA) 9 $2,985,000 $331,667 $1,941 2.71%
RICHMOND, VA (FHA|USDA|VA) 7 $2,695,000 $385,000 $1,705 2.59%
PHILADELPHIA, PA (FHA|USDA|VA) 10 $2,600,000 $260,000 $3,043 2.86%
CHICO, CA (FHA|USDA|VA) 7 $2,555,000 $365,000 $2,064 2.88%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 9 $2,445,000 $271,667 $1,830 2.54%
SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 10 $2,380,000 $238,000 $2,084 3.40%
FRESNO, CA (FHA|USDA|VA) 9 $2,335,000 $259,444 $2,811 3.08%
SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 5 $2,275,000 $455,000 $1,200 2.75%
SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 6 $2,250,000 $375,000 $1,263 2.77%
PITTSBURGH, PA (FHA|USDA|VA) 5 $2,015,000 $403,000 $3,989 2.53%
SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 5 $1,895,000 $379,000 $1,295 2.98%
VALLEJO, CA (FHA|USDA|VA) 5 $1,785,000 $357,000 $2,480 3.13%
SALINAS, CA (FHA|USDA|VA) 4 $1,760,000 $440,000 $1,713 2.66%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 5 $1,755,000 $351,000 $1,314 2.43%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 5 $1,725,000 $345,000 $1,530 2.80%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 5 $1,675,000 $335,000 $3,192 2.70%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 4 $1,480,000 $370,000 $1,827 2.41%
MODESTO, CA (FHA|USDA|VA) 4 $1,420,000 $355,000 $1,930 3.06%
SAN RAFAEL, CA (FHA|USDA|VA) 3 $1,275,000 $425,000 $1,069 3.13%
OCEAN CITY, NJ (FHA|USDA|VA) 4 $1,140,000 $285,000 $2,321 2.81%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 6 $1,080,000 $180,000 $1,992 3.40%
OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 3 $935,000 $311,667 $1,111 3.04%
BOSTON, MA (FHA|USDA|VA) 3 $815,000 $271,667 $1,380 2.67%
SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 2 $810,000 $405,000 $2,603 2.88%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 2 $800,000 $400,000 $1,772 2.69%
NAPA, CA (FHA|USDA|VA) 2 $650,000 $325,000 $1,385 2.81%
BAKERSFIELD, CA (FHA|USDA|VA) 2 $650,000 $325,000 $1,830 2.88%
JACKSONVILLE, FL (FHA|USDA|VA) 2 $610,000 $305,000 $1,938 3.06%
MIDLAND, TX (FHA|USDA|VA) 2 $600,000 $300,000 $2,477 2.69%
ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 2 $550,000 $275,000 $4,882 3.06%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 2 $520,000 $260,000 $1,127 2.56%
REDDING, CA (FHA|USDA|VA) 2 $520,000 $260,000 $2,759 3.13%
MIAMI-MIAMI BEACH-KENDALL, FL (FHA|USDA|VA) 1 $515,000 $515,000 $1,593 2.50%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 1 $505,000 $505,000 $1,477 2.88%
DETROIT-DEARBORN-LIVONIA, MI (FHA|USDA|VA) 1 $465,000 $465,000 $1,407 2.63%
LAKE COUNTY-KENOSHA COUNTY, IL-WI (FHA|USDA|VA) 1 $445,000 $445,000 $2,130 2.63%
NORTH PORT-SARASOTA-BRADENTON, FL (FHA|USDA|VA) 1 $435,000 $435,000 $1,360 3.13%
CAMBRIDGE-NEWTON-FRAMINGHAM, MA (FHA|USDA|VA) 1 $425,000 $425,000 $1,357 2.38%
GAINESVILLE, FL (FHA|USDA|VA) 2 $390,000 $195,000 $1,428 3.00%
CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) 1 $385,000 $385,000 $2,122 2.50%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $385,000 $385,000 $3,106 3.38%
KENNEWICK-RICHLAND, WA (FHA|USDA|VA) 1 $335,000 $335,000 $1,144 3.25%
MERCED, CA (FHA|USDA|VA) 1 $335,000 $335,000 $1,072 3.00%
BEAUMONT-PORT ARTHUR, TX (FHA|USDA|VA) 1 $325,000 $325,000 $1,967 3.38%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 2 $320,000 $160,000 $3,655 3.00%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 1 $315,000 $315,000 $7,276 3.13%
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 1 $305,000 $305,000 $2,772 2.50%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $295,000 $295,000 $7,585 3.50%
SAN ANGELO, TX (FHA|USDA|VA) 1 $295,000 $295,000 $1,664 2.75%
TALLAHASSEE, FL (FHA|USDA|VA) 1 $285,000 $285,000 $2,495 3.00%
TACOMA-LAKEWOOD, WA (FHA|USDA|VA) 1 $285,000 $285,000 $2,812 3.13%
COLUMBUS, OH (FHA|USDA|VA) 1 $275,000 $275,000 $2,112 2.50%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $265,000 $265,000 $1,757 2.88%
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL (FHA|USDA|VA) 1 $265,000 $265,000 $3,714 3.25%
MADERA, CA (FHA|USDA|VA) 1 $265,000 $265,000 $1,722 3.38%
HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 1 $255,000 $255,000 $2,053 3.25%
AKRON, OH (FHA|USDA|VA) 1 $255,000 $255,000 $2,112 2.63%
WORCESTER, MA-CT (FHA|USDA|VA) 1 $255,000 $255,000 $1,842 2.25%
WARREN-TROY-FARMINGTON HILLS, MI (FHA|USDA|VA) 1 $245,000 $245,000 $977 2.63%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $225,000 $225,000 $2,071 2.63%
ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 1 $215,000 $215,000 $2,227 3.00%
BURLINGTON, NC (FHA|USDA|VA) 1 $205,000 $205,000 $1,941 2.88%
WACO, TX (FHA|USDA|VA) 1 $205,000 $205,000 $2,710 2.75%
COLORADO SPRINGS, CO (FHA|USDA|VA) 1 $205,000 $205,000 $1,135 3.13%
SAVANNAH, GA (FHA|USDA|VA) 1 $195,000 $195,000 $2,193 2.50%
YORK-HANOVER, PA (FHA|USDA|VA) 1 $195,000 $195,000 $2,221 2.88%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $115,000 $115,000 $3,723 3.25%

Kwik Mortgage Corporation's top markets include New Brunswick, Newark, New York, Oakland, and Los Angeles among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 3,679 $1,374,825,000 $373,695 $2,820 2.80%
FHA 31 $11,225,000 $362,097 $11,814 2.96%
VA 6 $2,380,000 $396,667 $3,498 2.71%

For the 2020 period, Kwik Mortgage Corporation's most frequently originated loan type of loans were Conventional, with 3,679 originations. Their 2nd most popular type is FHA, with 31 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 3,300 $1,237,110,000 $374,882 $2,485 2.78%
Home Purchase 401 $146,155,000 $364,476 $6,169 2.95%
Cash Out Refi 15 $5,165,000 $344,333 $6,101 3.10%

For the 2020, Kwik Mortgage Corporation's most frequently cited loan purpose of loans were Refi, with 3,300 originations. The 2nd most popular reason of loans were Home Purchase, with 401 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 2,365 $925,405,000 $391,292 $3,144 2.93%
15 Year 968 $328,440,000 $339,298 $2,375 2.48%
20 Year 275 $99,075,000 $360,273 $2,772 2.85%
Other 60 $21,920,000 $365,333 $2,718 2.85%
10 Year 48 $13,590,000 $283,125 $2,153 2.44%

For the 2020, Kwik Mortgage Corporation's most frequently cited loan length of loans were 30 Year, with 2,365 originations. The 2nd most popular length of loans were 15 Year, with 968 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 3,293 $1,239,495,000 $376,403
$1k-2k 126 $42,540,000 $337,619
$5k+ 121 $50,765,000 $419,545
$3k-4k 114 $35,840,000 $314,386
$2k-3k 62 $19,790,000 $319,194

$3,144 of loans were Kwik Mortgage Corporation's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 3,293 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 1,927 $757,905,000 $393,308
<2.5% 1,031 $372,885,000 $361,673
3-4% 743 $253,605,000 $341,326
4-5% 15 $4,035,000 $269,000

During 2020, Kwik Mortgage Corporation's average interest rate of loans were 2.93%, while their most frequently originated rate bucket of loans were 2.5-3%, with 1,927 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 2,150 $656,400,000 $305,302 $2,766 2.79%
$400k-600k 1,228 $582,990,000 $474,748 $3,118 2.77%
$600k-1MM 182 $122,240,000 $671,648 $3,058 2.80%
$100k-200k 154 $25,610,000 $166,299 $2,742 3.15%
$100,000 or less 1 $65,000 $65,000 $2,118 4.38%
$1MM+ 1 $1,125,000 $1,125,000 $6,165 3.38%

2020 saw Kwik Mortgage Corporation place emphasis on $200k-400k loans with 2,150 originations, totaling $656,400,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 1,341 $480,585,000 $358,378 $2,901 2.79%
$150k-250k 1,309 $534,265,000 $408,147 $2,679 2.75%
$250k+ 399 $175,275,000 $439,286 $2,943 2.79%
$75k-100k 389 $127,085,000 $326,697 $3,170 2.86%
$50k-75k 236 $62,090,000 $263,093 $3,457 3.00%
$50k or less 38 $7,780,000 $204,737 $3,309 3.12%

Kwik Mortgage Corporation lent most frequently to those with incomes in the $100k-150k range, with 1,341 originations. The second most popular income band? $150k-250k, with 1,309 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 1,137 $421,215,000 $370,462 $2,505 2.74%
30-36% 737 $281,875,000 $382,463 $2,876 2.78%
<20% 371 $129,895,000 $350,121 $2,311 2.71%
44% 124 $45,540,000 $367,258 $3,434 2.90%
36% 117 $47,235,000 $403,718 $2,964 2.86%
37% 117 $44,315,000 $378,761 $3,160 2.83%
43% 116 $43,460,000 $374,655 $3,351 2.86%
41% 113 $42,245,000 $373,850 $2,946 2.84%
40% 111 $42,225,000 $380,405 $3,228 2.82%
38% 106 $41,500,000 $391,509 $3,132 2.85%
42% 101 $38,515,000 $381,337 $3,773 2.91%
39% 99 $38,495,000 $388,838 $3,513 2.87%
46% 97 $35,935,000 $370,464 $3,808 2.89%
49% 95 $34,605,000 $364,263 $3,458 2.86%
45% 92 $34,500,000 $375,000 $3,182 2.92%
48% 84 $29,840,000 $355,238 $3,027 2.96%
47% 74 $27,540,000 $372,162 $3,114 2.84%
50-60% 19 $7,435,000 $391,316 $7,986 2.97%

Kwik Mortgage Corporation lent most frequently to those with DTI ratios of 20-30%, with 1,137 originations. The next most common DTI ratio? 30-36%, with 737 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
Asian 2,487 $936,535,000 $376,572 $2,755 2.76%
White 903 $325,085,000 $360,006 $3,340 2.93%
Asian Indian 132 $53,650,000 $406,439 $2,280 2.60%
Not provided 134 $52,140,000 $389,104 $2,409 2.89%
Black 35 $11,365,000 $324,714 $6,144 3.01%
Other Asian 9 $3,635,000 $403,889 $2,600 2.64%
Filipino 6 $2,680,000 $446,667 $2,156 2.65%
Native Hawaiian 5 $1,505,000 $301,000 $1,891 3.00%
Chinese 2 $980,000 $490,000 $2,360 2.63%
American Indian 2 $490,000 $245,000 $1,508 2.81%
1 $365,000 $365,000 $2,712 3.38%

Approval Rates

Total approvals of all applications
97.38%

Kwik Mortgage Corporation has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
87.88%

Kwik Mortgage Corporation has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 3,716 $1,388,430,000 $373,636

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Single Family (1-4 Units):Site-Built 3,716 $1,388,430,000 $373,636

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 190 $58,060,000 $305,579 $2,139 2.69%
40-60% 1,024 $364,830,000 $356,279 $2,284 2.71%
60-80% 1,948 $755,490,000 $387,829 $2,831 2.83%
80-100% 545 $207,235,000 $380,248 $4,538 2.91%
Over 100% 1 $425,000 $425,000 $0 3.00%
Under 20% 5 $1,315,000 $263,000 $2,479 2.73%