Residential First Mortgage Rates, Fees & Info
Newport Beach, CALEI: 2549009I5SQ5XN6WFU76
Tax ID: 55-0063209
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
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 Francisco, San Diego, Riverside, and Santa Maria 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 low 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.
Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.
Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.
Originations
39Origination Dollar Volume (All Markets)
$18,345,000Top 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 |
|---|---|---|---|---|---|
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 21 | $12,955,000 | $616,905 | $18,092 | 9.66% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 5 | $2,195,000 | $439,000 | $40,647 | 10.60% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 3 | $1,945,000 | $648,333 | $18,437 | 8.92% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 5 | $525,000 | $105,000 | $6,243 | 9.25% |
| SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $16,276 | 9.75% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $107,091 | 9.50% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $4,780 | 10.25% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $6,734 | 11.50% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $2,827 | 8.50% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 39 | $18,345,000 | $470,385 | $20,703 | 9.70% |
For 2018, Residential First Mortgage's most frequently originated type of loan was Conventional, with 39 originations.
Loan Reason
For 2018, Residential First Mortgage's most frequently cited loan purpose was Cash Out Refi, with 25 originations. The 2nd most popular reason was Home Purchase, with 8 originations.
Loan Duration/Length
For 2018, Residential First Mortgage's most frequently cited loan duration was 1 Year, with 11 originations. The 2nd most popular length was Other, with 11 originations.
Origination Fees/Closing Costs
Residential First Mortgage's average total fees were $3,548, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 16 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 39 | $18,345,000 | $470,385 |
During 2018, Residential First Mortgage's average interest rate for loans was 9.08%, while their most frequently originated rate bucket for loans was Over 8%, with 39 originations.
Loan Sizing
2018 saw Residential First Mortgage place emphasis on $100,000 or less loans with 8 originations, totaling $510,000 in origination value.
Applicant Income
Residential First Mortgage lent most frequently to those with incomes in the $50k or less range, with 17 originations. The second most popular income band? $150k-250k, with 7 originations.
Applicant Debt to Income Ratio
Residential First Mortgage lent most frequently to those with DTI ratios of 50-60%, with 6 originations. The next most common DTI ratio? >60%, with 6 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications98.15%
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 origination82.05%
Residential First Mortgage has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 39 | $18,345,000 | $470,385 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 1 | $555,000 | $555,000 |
| Single Family (1-4 Units):Site-Built | 38 | $17,790,000 | $468,158 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| RESIDENTIAL MORTGAGE CORP | VA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |