Residential First Mortgage Rates, Fees & Info

Newport Beach, CA

LEI: 2549009I5SQ5XN6WFU76

Tax ID: 55-0063209

1 stars - Updated: 11/3/24 - out of 5 stars, based on 8 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Residential First Mortgage is a smaller mortgage company specializing in Cash Out 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, San Francisco, Oxnard, and Riverside among others. We have data for 9 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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Originations

71

Origination Dollar Volume (All Markets)

$46,385,000

Relative Rate

Residential First Mortgage's average 30 year fixed mortgage rate was 10.29%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 3.81%.

Relative Fees (Closing Costs)

Residential First Mortgage's average total fees/closing costs for a 30 year fixed rate mortgage were $10,621.

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 $9,089.

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) 41 $31,195,000 $760,854 $14,704 10.63%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 11 $7,335,000 $666,818 $12,857 10.34%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 9 $2,725,000 $302,778 $4,864 10.25%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 3 $2,435,000 $811,667 $0 10.66%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 3 $1,415,000 $471,667 $16,777 10.16%
STOCKTON, CA (FHA|USDA|VA) 1 $655,000 $655,000 $0 12.99%
KAHULUI-WAILUKU-LAHAINA, HI (FHA|USDA|VA) 1 $275,000 $275,000 $0 9.75%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 1 $245,000 $245,000 $3,010 10.25%
SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 1 $105,000 $105,000 $0 10.50%
Residential First Mortgage's top markets include Los Angeles, San Diego, San Francisco, Oxnard, and Riverside among others.

Their top states include:
  • California (FHA|USDA|VA)
  • Hawaii (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 71 $46,385,000 $653,310 $13,016 10.53%

    For 2023, Residential First Mortgage's most frequently originated type of loan was Conventional, with 71 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 44 $21,280,000 $483,636 $10,586 10.40%
    Home Purchase 15 $17,625,000 $1,175,000 $26,033 10.35%
    Refi 8 $3,330,000 $416,250 $3,761 11.37%
    Other 4 $4,150,000 $1,037,500 $0 11.00%

    For 2023, Residential First Mortgage's most frequently cited loan purpose was Cash Out Refi, with 44 originations. The 2nd most popular reason was Home Purchase, with 15 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 24 $6,660,000 $277,500 $10,621 10.29%
    Other 16 $14,530,000 $908,125 $13,005 10.78%
    1 Year 12 $16,090,000 $1,340,833 $22,980 10.50%
    3 Year 10 $6,350,000 $635,000 $0 10.57%
    5 Year 9 $2,755,000 $306,111 $3,878 10.73%

    For 2023, Residential First Mortgage's most frequently cited loan duration was 30 Year, with 24 originations. The 2nd most popular length was Other, with 16 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 47 $38,895,000 $827,553
    $2k-3k 6 $850,000 $141,667
    $3k-4k 6 $1,370,000 $228,333
    $4k-5k 6 $1,460,000 $243,333
    $1k-2k 1 $45,000 $45,000

    Residential First Mortgage's average total fees were $10,621, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 47 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 71 $46,385,000 $653,310

    During 2023, Residential First Mortgage's average interest rate for loans was 10.29%, while their most frequently originated rate bucket for loans was Over 8%, with 71 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 26 $6,870,000 $264,231 $8,361 10.53%
    $1MM+ 15 $29,115,000 $1,941,000 $28,257 10.56%
    $100k-200k 12 $1,510,000 $125,833 $7,494 10.54%
    $400k-600k 7 $3,195,000 $456,429 $0 10.11%
    $600k-1MM 7 $5,485,000 $783,571 $23,519 10.39%
    $100,000 or less 4 $210,000 $52,500 $4,227 11.37%

    2023 saw Residential First Mortgage place emphasis on $200k-400k loans with 26 originations, totaling $6,870,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 44 $24,100,000 $547,727 $14,856 10.68%
    $150k-250k 9 $9,135,000 $1,015,000 $8,944 10.44%
    $250k+ 9 $11,075,000 $1,230,556 $0 10.47%
    $50k-75k 4 $760,000 $190,000 $8,970 10.00%
    $100k-150k 2 $510,000 $255,000 $6,518 9.25%

    Residential First Mortgage lent most frequently to those with incomes in the $50k or less range, with 44 originations. The second most popular income band? $150k-250k, with 9 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    >60% 13 $15,065,000 $1,158,846 $20,885 10.65%
    <20% 8 $5,240,000 $655,000 $6,904 10.25%
    50-60% 7 $4,875,000 $696,429 $10,242 10.37%
    20-30% 6 $2,370,000 $395,000 $4,745 10.31%
    37% 4 $1,740,000 $435,000 $18,250 10.62%
    43% 3 $1,425,000 $475,000 $13,821 10.41%
    30-36% 2 $960,000 $480,000 $0 11.12%
    39% 2 $710,000 $355,000 $0 9.63%
    41% 2 $410,000 $205,000 $5,543 11.63%
    49% 2 $270,000 $135,000 $4,747 10.63%
    45% 1 $305,000 $305,000 $8,970 9.75%
    46% 1 $205,000 $205,000 $0 10.75%
    36% 1 $255,000 $255,000 $0 10.00%
    38% 1 $855,000 $855,000 $23,311 9.99%
    42% 1 $105,000 $105,000 $0 10.50%

    Residential First Mortgage lent most frequently to those with DTI ratios of >60%, with 13 originations. The next most common DTI ratio? <20%, with 8 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 46 $31,130,000 $676,739 $14,512 10.34%
    Not provided 5 $6,195,000 $1,239,000 $0 10.95%
    Asian 11 $5,635,000 $512,273 $4,658 11.00%
    Black 5 $1,885,000 $377,000 $8,791 10.97%
    Not applicable 2 $1,210,000 $605,000 $0 10.00%
    Native Hawaiian or Islander 1 $205,000 $205,000 $0 10.50%
    Other Asian 1 $125,000 $125,000 $0 10.75%

    Approval Rates

    Total approvals of all applications
    100.00%

    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 origination
    28.17%

    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
    10348.43 1 $255,000 $255,000
    10868.12 1 $305,000 $305,000
    11048.0 1 $345,000 $345,000
    11099.36 1 $305,000 $305,000
    11463.7 1 $105,000 $105,000
    12200.85 1 $105,000 $105,000
    12284.5 1 $205,000 $205,000
    12483.7 1 $175,000 $175,000
    12821.0 1 $115,000 $115,000
    13429.56 1 $155,000 $155,000
    13524.08 1 $435,000 $435,000
    13968.03 1 $115,000 $115,000
    14979.5 1 $295,000 $295,000
    15284.0 1 $305,000 $305,000
    153033.66 1 $3,535,000 $3,535,000
    16079.2 1 $275,000 $275,000
    18557.07 1 $275,000 $275,000
    18582.0 1 $405,000 $405,000
    21116.0 1 $205,000 $205,000
    22482.0 1 $215,000 $215,000
    22495.0 1 $1,005,000 $1,005,000
    26096.2 1 $205,000 $205,000
    28296.0 1 $205,000 $205,000
    30379.4 1 $565,000 $565,000
    33932.7 1 $805,000 $805,000
    34933.4 1 $305,000 $305,000
    44508.7 1 $3,005,000 $3,005,000
    47614.5 1 $805,000 $805,000
    4918.73 1 $235,000 $235,000
    5633.44 1 $55,000 $55,000
    56739.0 1 $1,305,000 $1,305,000
    58677.75 1 $1,255,000 $1,255,000
    71454.5 1 $1,105,000 $1,105,000
    7664.54 1 $455,000 $455,000
    7876.0 1 $105,000 $105,000
    80088.7 1 $1,655,000 $1,655,000
    8043.0 1 $325,000 $325,000
    8966.0 1 $125,000 $125,000
    93133.0 1 $1,365,000 $1,365,000
    93230.41 1 $925,000 $925,000
    9745.4 1 $55,000 $55,000
    9866.18 1 $425,000 $425,000
    9912.0 1 $215,000 $215,000
    NA 28 $21,750,000 $776,786

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    71 $46,385,000 $653,310

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 16 $12,620,000 $788,750 $15,829 10.64%
    40-60% 8 $6,290,000 $786,250 $6,917 9.75%
    60-80% 2 $1,760,000 $880,000 $33,490 11.87%
    80-100% 5 $8,055,000 $1,611,000 $23,728 10.00%
    Over 100% 1 $1,255,000 $1,255,000 $0 9.25%
    Under 20% 36 $13,830,000 $384,167 $8,884 10.64%