New Wave Loans Residential Mortgage Rates, Fees & Info
Wilmington, DELEI: 2549004LHWTI9UAUAJ26
Tax ID: 80-0860660
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
New Wave Loans Residential is a smaller mortgage company specializing in Home Purchase and Refi loans. New Wave Loans Residential has a high proportion of conventional loans. Their top two markets are Miami and North Port .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
18Origination Dollar Volume (All Markets)
$17,970,000Top 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) | 17 | $17,465,000 | $1,027,353 | $0 | 8.24% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $0 | 9.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 18 | $17,970,000 | $998,333 | $0 | 8.29% |
For 2021, New Wave Loans Residential's most frequently originated type of loan was Conventional, with 18 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 11 | $12,865,000 | $1,169,545 | $0 | 8.10% |
| Refi | 7 | $5,105,000 | $729,286 | $0 | 8.57% |
For 2021, New Wave Loans Residential's most frequently cited loan purpose was Home Purchase, with 11 originations. The 2nd most popular reason was Refi, with 7 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 8 | $10,630,000 | $1,328,750 | $0 | 8.18% |
| 3 Year | 6 | $4,200,000 | $700,000 | $0 | 8.63% |
| 1 Year | 4 | $3,140,000 | $785,000 | $0 | 8.00% |
For 2021, New Wave Loans Residential's most frequently cited loan duration was Other, with 8 originations. The 2nd most popular length was 3 Year, with 6 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 12 | $13,730,000 | $1,144,167 |
| 7-8% | 5 | $3,865,000 | $773,000 |
| 5-6% | 1 | $375,000 | $375,000 |
During 2021, 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 12 originations.
Loan Sizing
2021 saw New Wave Loans Residential place emphasis on $1MM+ loans with 7 originations, totaling $12,665,000 in origination value.
Ethnicity Mix
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 origination16.67%
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 |
|---|---|---|---|
| NA | 18 | $17,970,000 | $998,333 |