Residential First Mortgage Rates, Fees & Info

Newport Beach, CA

LEI: 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 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.

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Originations

39

Origination Dollar Volume (All Markets)

$18,345,000

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) 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%
Residential First Mortgage's top markets include Los Angeles, San Francisco, San Diego, Riverside, and Santa Maria among others.

Their top states include:
  • California (FHA|USDA|VA)
  • Washington (FHA|USDA|VA)
  • Nevada (FHA|USDA|VA)
  • 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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 25 $7,735,000 $309,400 $20,509 9.72%
    Home Purchase 8 $7,780,000 $972,500 $27,403 9.28%
    Refi 6 $2,830,000 $471,667 $12,574 10.21%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    1 Year 11 $7,055,000 $641,364 $16,713 9.48%
    Other 11 $6,945,000 $631,364 $30,192 9.98%
    5 Year 9 $3,165,000 $351,667 $26,614 10.11%
    30 Year 6 $400,000 $66,667 $3,548 9.08%
    3 Year 2 $780,000 $390,000 $15,319 9.50%

    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

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 16 $14,000,000 $875,000
    $1k-2k 6 $610,000 $101,667
    $<1k 5 $385,000 $77,000
    $3k-4k 5 $1,595,000 $319,000
    $4k-5k 4 $1,420,000 $355,000
    $2k-3k 3 $335,000 $111,667

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 8 $510,000 $63,750 $4,238 9.53%
    $200k-400k 8 $2,230,000 $278,750 $25,251 9.97%
    $100k-200k 7 $925,000 $132,143 $7,872 10.07%
    $600k-1MM 6 $4,840,000 $806,667 $39,460 9.29%
    $1MM+ 5 $7,495,000 $1,499,000 $44,530 10.15%
    $400k-600k 5 $2,345,000 $469,000 $11,395 9.10%

    2018 saw Residential First Mortgage place emphasis on $100,000 or less loans with 8 originations, totaling $510,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 17 $9,765,000 $574,412 $23,730 9.70%
    $150k-250k 7 $3,345,000 $477,857 $16,594 9.32%
    $250k+ 7 $4,145,000 $592,143 $34,435 10.03%
    $50k-75k 4 $810,000 $202,500 $8,247 9.81%
    $100k-150k 3 $195,000 $65,000 $3,486 9.75%
    $75k-100k 1 $85,000 $85,000 $3,351 9.50%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    50-60% 6 $2,080,000 $346,667 $14,478 9.58%
    >60% 6 $2,180,000 $363,333 $12,230 9.75%
    <20% 5 $1,595,000 $319,000 $8,242 9.75%
    20-30% 4 $1,790,000 $447,500 $22,917 10.31%
    42% 2 $180,000 $90,000 $5,008 8.99%
    43% 1 $825,000 $825,000 $18,677 8.50%
    30-36% 1 $205,000 $205,000 $107,091 9.50%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not provided 26 $13,840,000 $532,308 $19,425 9.59%
    White 8 $3,780,000 $472,500 $32,290 9.72%
    Black 1 $295,000 $295,000 $16,003 9.50%
    Asian 3 $265,000 $88,333 $6,443 10.75%
    Not applicable 1 $165,000 $165,000 $8,714 9.50%

    Approval Rates

    Total approvals of all applications
    98.15%

    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 origination
    82.05%

    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

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 11 $3,615,000 $328,636 $23,447 9.70%
    40-60% 5 $2,105,000 $421,000 $11,374 9.85%
    60-80% 8 $8,310,000 $1,038,750 $30,713 9.56%
    80-100% 2 $1,910,000 $955,000 $22,771 9.13%
    Under 20% 13 $2,405,000 $185,000 $15,491 9.82%

    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%