New Wave Loans Residential Mortgage Rates, Fees & Info
Wilmington, DELEI: 2549004LHWTI9UAUAJ26
Tax ID: 80-0860660
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Mortgage Data
Review & Overview
New Wave Loans Residential is a smaller mortgage company specializing in Home Purchase and Home Improvement loans. New Wave Loans Residential has a high proportion of conventional loans. Their top (well, only) market is Miami.New Wave Loans Residential has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.
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Originations
7Origination Dollar Volume (All Markets)
$4,575,000Top Markets
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 7 | $4,575,000 | $653,571 | $0 | 8.64% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 7 | $4,575,000 | $653,571 | $0 | 8.64% |
For 2020, New Wave Loans Residential's most frequently originated type of loan was Conventional, with 7 originations.
Loan Reason
For 2020, New Wave Loans Residential's most frequently cited loan purpose was Home Purchase, with 4 originations. The 2nd most popular reason was Cash Out Refi, with 2 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 3 Year | 5 | $3,705,000 | $741,000 | $0 | 8.72% |
| Other | 2 | $870,000 | $435,000 | $0 | 8.45% |
For 2020, New Wave Loans Residential's most frequently cited loan duration was 3 Year, with 5 originations. The 2nd most popular length was Other, with 2 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $5k+ | 3 | $3,035,000 | $1,011,667 |
| $3k-4k | 2 | $810,000 | $405,000 |
| $4k-5k | 2 | $730,000 | $365,000 |
New Wave Loans Residential's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 3 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 5 | $2,805,000 | $561,000 |
| 7-8% | 2 | $1,770,000 | $885,000 |
During 2020, New Wave Loans Residential's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was Over 8%, with 5 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $400k-600k | 4 | $1,780,000 | $445,000 | $0 | 8.68% |
| $1MM+ | 2 | $2,570,000 | $1,285,000 | $0 | 8.45% |
| $200k-400k | 1 | $225,000 | $225,000 | $0 | 8.90% |
2020 saw New Wave Loans Residential place emphasis on $400k-600k loans with 4 originations, totaling $1,780,000 in origination value.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 6 | $4,350,000 | $725,000 | $0 | 8.60% |
| Not provided | 1 | $225,000 | $225,000 | $0 | 8.90% |
Approval Rates
Total approvals of all applications100.00%
New Wave Loans Residential 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-57.14%
New Wave Loans Residential has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 12271.5 | 1 | $465,000 | $465,000 |
| 14145.0 | 1 | $1,365,000 | $1,365,000 |
| 25245.0 | 1 | $1,205,000 | $1,205,000 |
| 5245.0 | 2 | $810,000 | $405,000 |
| 5685.0 | 1 | $225,000 | $225,000 |
| 6245.0 | 1 | $505,000 | $505,000 |