Pacific Lending Mortgage Rates, Fees & Info

IRVINE, CA

LEI: 2549007IU6SKFLLNKZ07

Tax ID: 45-3726636

2.5 stars - out of 5 stars, based on 43 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Pacific Lending is a smaller mortgage company specializing in Home Purchase, Refi, and Cash Out Refi loans. Pacific Lending has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Pacific Lending has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Pacific Lending is typically a high fee lendor.


Originations

1,877

Origination Dollar Volume (All Markets)

$671,925,000

Relative Rate

Pacific Lending 's average 30 year fixed rate mortgage of loans were 3.12%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.03%.

Relative Fees

Pacific Lending 's average total fees for a 30 year fixed rate mortgage are $7,397.

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 $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Outside of Metro Areas 1,877 $671,925,000 $357,978 $7,188 3.09%

Pacific Lending 's top markets include

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,348 $474,640,000 $352,107 $5,769 3.14%
FHA 376 $129,080,000 $343,298 $11,727 3.08%
VA 151 $67,285,000 $445,596 $8,465 2.72%
USDA 2 $920,000 $460,000 $10,508 2.94%

For the 2021 period, Pacific Lending 's most frequently originated loan type of loans were Conventional, with 1,348 originations. Their 2nd most popular type is FHA, with 376 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 745 $288,505,000 $387,255 $9,072 3.19%
Refi 647 $212,335,000 $328,184 $5,262 2.92%
Cash Out Refi 485 $171,085,000 $352,753 $6,873 3.16%

For the 2021, Pacific Lending 's most frequently cited loan purpose of loans were Home Purchase, with 745 originations. The 2nd most popular reason of loans were Refi, with 647 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 1,744 $638,650,000 $366,198 $7,397 3.12%
15 Year 74 $17,870,000 $241,486 $4,361 2.64%
20 Year 41 $11,605,000 $283,049 $4,829 2.92%
10 Year 9 $2,035,000 $226,111 $3,566 2.41%
Other 9 $1,765,000 $196,111 $4,258 3.04%

For the 2021, Pacific Lending 's most frequently cited loan length of loans were 30 Year, with 1,744 originations. The 2nd most popular length of loans were 15 Year, with 74 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 999 $338,755,000 $339,094
$5k+ 377 $177,955,000 $472,029
$3k-4k 314 $101,090,000 $321,943
$2k-3k 171 $49,145,000 $287,398
$<1k 15 $4,225,000 $281,667

$7,397 of loans were Pacific Lending 's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 999 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 919 $335,985,000 $365,598
2.5-3% 714 $250,840,000 $351,317
<2.5% 204 $71,860,000 $352,255
4-5% 38 $12,150,000 $319,737
5-6% 2 $1,090,000 $545,000

During 2021, Pacific Lending 's average interest rate of loans were 3.12%, while their most frequently originated rate bucket of loans were 3-4%, with 919 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 993 $294,465,000 $296,541 $6,602 3.12%
$400k-600k 458 $219,650,000 $479,585 $8,304 3.04%
$100k-200k 257 $42,035,000 $163,560 $4,522 3.06%
$600k-1MM 145 $101,565,000 $700,448 $12,163 3.14%
$100,000 or less 12 $1,090,000 $90,833 $3,877 3.00%
$1MM+ 12 $13,120,000 $1,093,333 $13,979 2.99%

2021 saw Pacific Lending place emphasis on $200k-400k loans with 993 originations, totaling $294,465,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 449 $186,735,000 $415,891 $7,749 3.11%
$50k-75k 414 $115,050,000 $277,899 $7,006 3.14%
$75k-100k 387 $132,595,000 $342,623 $7,471 3.11%
$150k-250k 261 $122,775,000 $470,402 $7,482 3.09%
$50k or less 186 $38,860,000 $208,925 $5,648 3.07%
$250k+ 86 $42,170,000 $490,349 $7,496 3.17%

Pacific Lending lent most frequently to those with incomes in the $100k-150k range, with 449 originations. The second most popular income band? $50k-75k, with 414 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 607 $215,715,000 $355,379 $6,699 3.12%
<20% 425 $131,345,000 $309,047 $5,505 3.09%
30-36% 325 $123,765,000 $380,815 $7,662 3.15%
37% 58 $22,000,000 $379,310 $10,379 3.12%
38% 46 $19,220,000 $417,826 $9,438 3.10%
42% 39 $16,285,000 $417,564 $9,100 3.03%
36% 39 $16,035,000 $411,154 $9,258 3.12%
39% 37 $15,215,000 $411,216 $8,418 3.11%
41% 33 $12,265,000 $371,667 $9,784 3.14%
46% 33 $13,215,000 $400,455 $11,084 3.10%
45% 31 $12,775,000 $412,097 $8,884 3.11%
43% 27 $10,275,000 $380,556 $8,575 3.10%
40% 26 $10,320,000 $396,923 $9,559 3.16%
44% 21 $7,115,000 $338,810 $8,436 3.03%
47% 9 $3,205,000 $356,111 $7,542 2.93%
49% 9 $2,705,000 $300,556 $6,423 3.05%
50-60% 8 $3,890,000 $486,250 $15,179 2.92%
48% 3 $925,000 $308,333 $5,049 3.00%
>60% 1 $335,000 $335,000 $11,608 3.13%

Pacific Lending lent most frequently to those with DTI ratios of 20-30%, with 607 originations. The next most common DTI ratio? <20%, with 425 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,599 $561,965,000 $351,448 $7,050 3.10%
Asian 124 $52,970,000 $427,177 $8,273 2.95%
American Indian 70 $24,950,000 $356,429 $6,221 3.08%
Black 51 $17,965,000 $352,255 $9,719 3.18%
Native Hawaiian 24 $10,310,000 $429,583 $8,478 2.96%
Filipino 4 $1,780,000 $445,000 $7,527 2.40%
Asian Indian 4 $1,730,000 $432,500 $4,708 2.72%
Other Asian 1 $255,000 $255,000 $8,611 3.25%

Approval Rates

Total approvals of all applications
99.52%

Pacific Lending 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
84.91%

Pacific Lending has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,877 $671,925,000 $357,978

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,877 $671,925,000 $357,978

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 119 $28,095,000 $236,092 $4,521 2.88%
40-60% 345 $110,685,000 $320,826 $5,326 2.97%
60-80% 675 $250,585,000 $371,237 $6,358 3.17%
80-100% 725 $277,385,000 $382,600 $9,129 3.11%
Over 100% 8 $4,570,000 $571,250 $23,030 2.95%
Under 20% 5 $605,000 $121,000 $4,150 2.70%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
PACIFIC WESTERN BANK Home equity loan or line of credit (HELOC) Trouble during payment process 1 100.0%