Residential First Mortgage Rates, Fees & Info
Newport Beach, CALEI: 2549009I5SQ5XN6WFU76
Tax ID: 55-0063209
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Mortgage Data
Review & Overview
Residential First Mortgage is a smaller mortgage company specializing in Cash Out Refi, Refi, and Home Purchase loans. Residential First Mortgage has a high proportion of conventional loans. Their top markets by origination volume include: Los Angeles, San Diego, Riverside, San Francisco, and Sacramento among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Residential First Mortgage 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. Residential First Mortgage is typically a high fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have relatively high rates.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.72% | 4/5/25 |
| 30 Year Conventional Refi | 11.95% | 4/5/25 |
| 30 Year Cash-out Refi | 11.87% | 4/5/25 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Residential First Mortgage Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
69Origination Dollar Volume (All Markets)
$44,205,000Relative Rate
Residential First Mortgage's average 30 year fixed mortgage rate was
11.46%.
The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.
This yields a difference of 4.91%.
Relative Fees (Closing Costs)
Residential First Mortgage's average total fees/closing costs for a 30 year fixed rate
mortgage were $24,033.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $8,356.
Top 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 |
|---|---|---|---|---|---|
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 46 | $28,430,000 | $618,043 | $15,798 | 11.17% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 10 | $9,100,000 | $910,000 | $24,203 | 11.45% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 8 | $4,050,000 | $506,250 | $20,653 | 11.08% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 4 | $2,290,000 | $572,500 | $35,859 | 11.69% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $18,368 | 10.75% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 69 | $44,205,000 | $640,652 | $19,688 | 11.22% |
For 2024, Residential First Mortgage's most frequently originated type of loan was Conventional, with 69 originations.
Loan Reason
For 2024, Residential First Mortgage's most frequently cited loan purpose was Cash Out Refi, with 35 originations. The 2nd most popular reason was Refi, with 20 originations.
Loan Duration/Length
For 2024, Residential First Mortgage's most frequently cited loan duration was Other, with 29 originations. The 2nd most popular length was 30 Year, with 19 originations.
Origination Fees/Closing Costs
Residential First Mortgage's average total fees were $24,033, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 48 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 69 | $44,205,000 | $640,652 |
During 2024, Residential First Mortgage's average interest rate for loans was 11.46%, while their most frequently originated rate bucket for loans was Over 8%, with 69 originations.
Loan Sizing
2024 saw Residential First Mortgage place emphasis on $200k-400k loans with 23 originations, totaling $6,255,000 in origination value.
Applicant Income
Residential First Mortgage lent most frequently to those with incomes in the $50k or less range, with 32 originations. The second most popular income band? $250k+, with 16 originations.
Applicant Debt to Income Ratio
Residential First Mortgage lent most frequently to those with DTI ratios of >60%, with 9 originations. The next most common DTI ratio? 20-30%, with 7 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.58%
Residential First Mortgage has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination44.93%
Residential First Mortgage 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 |
|---|---|---|---|
| 108103.34 | 1 | $2,255,000 | $2,255,000 |
| 10924.91 | 1 | $305,000 | $305,000 |
| 11384.0 | 1 | $125,000 | $125,000 |
| 12474.38 | 1 | $705,000 | $705,000 |
| 12835.0 | 1 | $245,000 | $245,000 |
| 14220.23 | 1 | $205,000 | $205,000 |
| 14287.0 | 1 | $305,000 | $305,000 |
| 16078.8 | 1 | $805,000 | $805,000 |
| 17122.0 | 1 | $255,000 | $255,000 |
| 18451.0 | 1 | $645,000 | $645,000 |
| 20453.5 | 1 | $385,000 | $385,000 |
| 21417.39 | 1 | $155,000 | $155,000 |
| 21551.0 | 1 | $505,000 | $505,000 |
| 21664.5 | 1 | $525,000 | $525,000 |
| 27855.0 | 1 | $1,505,000 | $1,505,000 |
| 28763.0 | 1 | $755,000 | $755,000 |
| 31012.16 | 1 | $2,275,000 | $2,275,000 |
| 4414.94 | 1 | $975,000 | $975,000 |
| 45509.94 | 1 | $805,000 | $805,000 |
| 4879.14 | 1 | $75,000 | $75,000 |
| 5526.16 | 1 | $205,000 | $205,000 |
| 57334.0 | 1 | $575,000 | $575,000 |
| 6111.06 | 1 | $545,000 | $545,000 |
| 6453.0 | 1 | $125,000 | $125,000 |
| 66847.0 | 1 | $1,505,000 | $1,505,000 |
| 7199.75 | 1 | $265,000 | $265,000 |
| 8199.66 | 1 | $305,000 | $305,000 |
| 86600.83 | 1 | $1,955,000 | $1,955,000 |
| 88964.25 | 1 | $1,105,000 | $1,105,000 |
| 89955.14 | 1 | $4,005,000 | $4,005,000 |
| NA | 39 | $19,805,000 | $507,821 |